February 3, 2024

MobaTrade FX Review- Mobatrade.com SCAM Broker) Full Details

mobatrade.com

Consider trading with MobaTrade FX? Why MobaTrade.com is a scam! Read MobaTrade review to know about this forex broker.

This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.

What is MobaTrade FX?

MobaTrade FX also known as MobaTrade.com is an offshore brokerage with a lot of promises for forex traders. The company openly presented office address in London, UK.

Address
Address

What is more, there are different account types presented such as Bronze, Silver, Gold, Platinum, Diamond, Premium and VIP.

Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.

Deposit and Withdrawal

MobaTrade FX Minimum Deposit:

MobaTrade deposit is shown $10,000 according to the account type. Although the broker claims traders are allowed to trade for $250 only. In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.

Account types
Account types

As for the funding methods, the broker claims to accept  bank wire transfers, credit/debit cards, and eWallets.

Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!

Withdrawal process:

MobaTrade withdrawal FX leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements  that must be met before a withdrawal.

MobaTrade Platform:

MobaTrade platform FX claims to use web traders or desktop platforms. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.

Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.

The broker does not indicate its leverage level. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.

Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Why You Should Avoid MobaTrade.com Forex Broker

First and foremost, MobaTrade.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.

A check of the regulator’s database confirms that there is no authorized broker using MobaTrade’s trading name and domain.

FCA Database
FCA Database

On MobaTrade’s website, we also see a statement that this broker is certified by the Crypto Conduct Authority. But no such institution exists. The supposed document also mentions only a brand name, but not a company name.

Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

MobaTrade FX Licensing and Regulation

It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

Bottom Line:

MobaTrade FX located at MobaTrade.com claims to appear like a trustworthy trading broker, however, that cannot be trusted. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.

In case you found this information valuable, please share with us your experience in the comment section below.

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