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Owners of MFX Broker wanted

MFX Broker

Back in November 2016, there was an influx of negative feedback regarding MFX Broker. Traders complained they had difficulties in withdrawing their funds, while the company did nothing to solve the problems. Later in May 2017, the news broke that owners of MFX Broker were declared wanted.

MFX Group is a group of companies founded by Igor Volkov. The group includes investment companies MFX Broker, MFX Fund, and MFX Capital.

MFX Broker has legal registration in the offshore jurisdiction of Belize, and at the time of its activities had two licenses. Note that the International Financial Services Commission (IFSC), the financial regulator of Belize, has never defended interests or solved problems of clients of forex brokers under its jurisdiction.

Have you seen these people?

In May 2017, CEO of Master Services, owner of MFX Broker and MFX Capital brands, Igor Volkov and his assistant Margarita Zhiznevskaya were declared wanted by the financial police of Georgia. As it turned out, Georgia’s law enforcement bodies were investigating a large-scale fraud case with Volkov and Zhiznevskaya being the prime suspects.

Igor Volkov and Margarita Zhiznevskaya

According to investigators, Russia’s residents Volkov and Zhiznevskaya established MFX Broker in Georgia. From 2014 to 2017, the company offered residents of Georgia investment deposit programs with a monthly return of hundreds of percent and refunds on demand. However, depositors never got their money back. The investigation found that the total damage of 105 depositors amounted to $1.5 million.

Volkov and Zhiznevskaya were sentenced to imprisonment in absentia by the Georgian court for the duration of the investigation. Owners of MFX were declared wanted. A criminal proceeding was initiated under the article "Misappropriation and embezzlement committed by a group of people on preliminary conspiracy on a very large scale", which implies a prison term of 7 to 11 years.


In October 2017, customers of MFX Broker in Georgia and other regions where the broker was represented faced problems. They could not withdraw their funds, and it was impossible to contact representatives of the company.

Volkov and Zhiznevskaya at the opening of the office in Batumi, Georgia

At that time, Igor Volkov launched a new project called MFX Capital. Its clients were offered to invest and receive a fixed annual return of up to 45%. There was no clarity regarding the mechanism of MFX's work, and the broker's founders gave no official comments.

Earlier in August 2016, the company established a branch in Batumi, Georgia. The region was flooded with advertising of high-yield programs from MFX, and it worked. Meanwhile, the broker's activity in Russia noticeably declined.

The situation with payouts only worsened further, and Volkov kept a low profile for some time. However, Igor Volkov returned to hold the reins in March 2017, promising to do everything possible to revive the business and give customers their funds back.

He even gave an interview to Forex Magnates, in which he argued that payments on deposits had already been made. He also asked depositors to give him a month to settle the matter.

Apparently, the grace period was used by MFX owners for other purposes. A month later, an alarming number of complaints were received from the citizens of Georgia. The broker's clients could not contact MFX representatives, not to mention the return of lost funds. Igor Volkov vanished into thin air, while Zhiznevskaya continued to openly conduct financial activities on behalf of Master Services (MFX).

The weird thing is that Margarita Zhiznevskaya still actively promotes her business coach services and holds financial and investment webinars. She does not hesitate to post publicity materials in various social networks, while MFX clients are shedding tears over losing their money, and prosecutors are searching for evidence.

Zhiznevskaya actively runs an Instagram account. Photo posted on January 20, 2018.

Author of MFX Broker: Adisa | Date 2019-01-15
I know that it has been over a year already but I am still upset and traumatized with my past experience with MFX Broker. I was determined to invest a good amount of money at this broker so my initial deposit was $5000. Then I had a few deposits and my capital totaled to $7000. However, their platform had very poor quality that the execution takes almost a minute and the charts are delayed by a few minutes. This already costed me my funds. So I decided to just take back my money and look for another broker but when I requested, I was blocked immediately with no explanation.
Author of MFX Broker: Rhoy | Date 2019-01-03
Are these people jailed yet? They took more than $5000 and a year wasted on trading from me. If I have invested that amount on a more reliable and trustworthy broker, then I am probably celebrating my earned profit now. I don't understand why they had to steal from other people when they can earn from commissions from traders. Their platform is actually pretty stable so they could have made a lot of money from here. Why commit a crime? I just hope they don't start another bogus company. This kind of people have that tendency.
Author of MFX Broker: Kilhen | Date 2018-12-28
I never should have trusted MFX Broker. I thought that Zhiznevskaya could be trusted. She was the one I was able to talk with and she really seemed nice and approachable. She even helped me with my troubles in trading. But things were different when I started to request for a withdrawal. She stopped responding to me and they constantly denied my requests. Until one day I found my account to have 0 balance and when I asked them about it, they ignored me. I didn't leave any open position there so I don't know how that happened. I lost almost $5000.
Author of MFX Broker: Ivenzka | Date 2018-12-19
MFX Broker never released my fund. After a year, I was able to earn around $2000. I still remember my account manager contacting me and commending me on the results of my trading and he proposed that I should deposit at least $500 to enhance my profit rate. I told him that I'd still think about it. Then he kept bugging me about that almost every other day. It became irritating so I just did what he wanted. At this time, I am still continuously earning. Then a month later I requested for a withdrawal. They denied the first one and when I requested again, they told me to wait. They just told me to wait whenever I follow up until the news about them broke out.
Author of MFX Broker: Iligra | Date 2018-12-11
Aren't these people jailed yet? They took more than $5000 from me! I am just a small trader who wished to grow my funds through trading but I ended up being scammed by MFX Broker. I did multiple deposits as per their advise because they assured me that they would help me grow this investment. Well, at first, they really did help me. They guided me through my trades for a good month. Then I continued on my own. I was profiting more than half of my capital so I decided to try a withdrawal. But then they rejected my request and asked for identification documents even though my account was already verified. I complied but they still kept on rejecting my requests. Until it was never given to me and I just didn't know what to do anymore because they wouldn't respond to any of my emails.
Author of MFX Broker: Mautina | Date 2018-12-06
To start off, MFX Broker didn't provide the best trading condition and environment right from the beginning. The platform was unstable. The spread is not competitive as well. And before I found out that this was a fraudulent broker, the only thing I liked about them is their customer support because they seemed very nice. Now I realize that they are only smooth talkers because they want to take my money. I had my suspicions when I was on my 8th month of trading and there was still no improvement in the platform. I had a hunch that it could have been manipulated. My suspicion was confirmed when I tried to withdraw whatever was left in my account before it was all gone. They did not allow the withdrawal and blocked my account without giving any valid reason.
Author of MFX Broker: Jordan | Date 2018-11-28
I hope Igor and Margarita be arrested already before they even start another brokerage. I can never forgive them for robbing me off my hard-earned money. I have deposited a total of $1500 and spent almost a year of trading all just be put to waste! At first this broker was very accommodating. That's their tactic. They gain our trust by being very friendly and attentive. I had a good start, profiting then they convinced me to add another deposit to earn more. Their friendliness was consistent until I requested for a withdrawal. They did not approve my request because they detected a suspicious action in my account. They asked for documents which I diligently submitted but still in the end, I never got my money and they closed my account.
Author of MFX Broker: Gel | Date 2018-11-23
I never thought that this kind of thing would ever happen to me because I was always careful whenever I am on the internet and I don't easily believe sites especially when money is involved. But I guess no matter how careful you are, if there are people like them who are good at deceiving people, then you're still not safe from frauds. I deposited $1000 at MFX and they manipulated my platform. I think this way because all of my trades lost. No matter what I do, whenever I open a position, the price will move against me. And I've confirmed it when I opened an account at another broker and the price movements are way too different. This is one of their tricks to taking their traders' money. Good thing I found out about this early because they probably would try to convince me to replenish my account before my capital is gone.
Author of MFX Broker: Uriel | Date 2018-11-16
I was a small trader at MFX Broker. I only deposited 70USD as they have very low minimum deposit and that was the amount I could risk that time. I only lasted for about three months and nothing was left in my account. Yes, I am not a seasoned trader but I know for sure that it's not because of me. Their platform often crashes, freezes, or disconnects that I am unable to close my orders on the right price. Most of the time, when I log in again, I had already lost by a lot of pip. So I have no other choice but to close it at that price before it becomes worse. Then the execution is also very slow. It sometimes even takes minutes, so in the end, I get requotes. When I demanded to their staff that they give me back my initial deposit because their platform is faulty, they badmouthed me. They told me that I have no right to demand when my deposit didn't even reach a hundred dollars. They told me not to act like I've lost millions. See how rude they were?
Author of MFX Broker: Patrick | Date 2018-11-06
I have already lost my account at MFX Broker even before the news about them broke out. I started with a $1000 deposit and used it for trading. At first I was profiting but then after a few months, my account was gradually declining. Not because I'm incompetent but because their platform was crashing, lagging, or disconnecting. Then the SL and TP I set is not followed. So I lose way more than I should or the profit is not taken even when it should have been. I complained to them about it but I guess they just don't care. I tried to retrieve my losses but in the end, my account was just zeroed.
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