Forex Broker

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.

The opinion of the review`s author is private and not obligated to reflect the position of the resource. If you have any remarks and suggestions on new articles please contact us via this form.
Author of MFX Broker: Filma | Date 2019-12-03
I wasted eight months of my life believing that I am doing something amazing. I finally had the courage to try Forex trading but I was so unfortunate to end up dealing with a fraud broker. They dropped empty promises which I naively believed. I lost more than a thousand dollars on this broker and I feel so frustrated. I am not sure if I will try Forex trading again in the future because right now, I still can't trust anyone yet.
Author of MFX Broker: Ferno | Date 2019-11-26
I can't help it. Every time I see Margarita's posts on her social media networks, I just can't help but click on the report button because I can't believe how thick-faced she could be that she still openly shows the world that she can teach about financial investments. I don't understand how people can still believe all the lies coming from their mouth. Do they not know that she was one of the owners of a broker who took all of its clients' funds?
Author of MFX Broker: Kanspio | Date 2019-11-18
It is just so funny to see that Margarita is still very active on her social media accounts and still has the confidence to boast of her coaching services. People should be made aware that this woman has deceived thousands of traders before and stole from them. MFX Broker did a heinous deed and it made an impact to a lot of people. I invested hard-earned money on this broker that is why it is more devastating to lose everything.
Author of MFX Broker: Oscaar | Date 2019-11-12
I am so mad about what happened to my fund at MFX Broker but what maddens me even more is that I can't do anything about it. I met someone who was also a fellow trader at this broker and she also lost quite a huge amount of money. The owners are really good at fooling people. They sound and appear trustworthy that is why I also invested a huge amount. Now I learned not to trust so easily because even the companies that look promising could just turn out to be a fraud.
Author of MFX Broker: Opmero | Date 2019-11-04
The day I hear that the owners of MFX Broker have been caught and punished will be the happiest day of my life. As an average person, I cannot do much about this problem. I can only send complaints to the authorities but there is no guarantee that my complaint would be addressed. It has also been quite a long time already since their fraudulence have been found out but why are they still free? I had a little more than $8000 left on my account and I will never get a hold of that money anymore. I've accepted that fact but I cannot accept that these people are not punished by law.
Author of MFX Broker: Verabie | Date 2019-10-29
How shameless can these people get? Are there no reports about the punishment given to these fraudsters? I can still see Zhiznevskaya freely using her Instagram account and even conducting webinars. How can people still subscribe to her even after everything that they did to their clients? I just really hope they are not planning to create another company to deceive people again.
Author of MFX Broker: Demahora | Date 2019-10-22
When I heard the news that the owners of MFX broker were wanted, I knew right then that there would be no hope in retrieving my fund. I have been hearing complaints about the withdrawal already but I didn't think it was going to be this grave because the people from this broker sounded professional and trustworthy. I now learned my lesson that no matter how decent anyone may seem, I must still never give my full trust. Especially when it comes to financial investments.
Author of MFX Broker: Isarya | Date 2019-10-14
I have been devastated for a long time that it affected my performance on my day job. Now, I have started to accept that there is no hope in retrieving my money anymore. However, I can't stand that fact that the people behind MFX Broker are not punished accordingly. I hate that they are able to live freely doing whatever they want to. The other one even has the audacity to conduct webinars on her social media account. I also wonder, how can anyone still trust them? Do they not know what they did to their former clients?
Author of MFX Broker: Weston | Date 2019-10-11
I really took the effort to save up in order to start an investment in the Forex Market. MFX Brokers is one the popular brokers n my area so I chose to invest on this one. My initial capital was $5000 then I made a few more replenishment. The trading experience itself was great. The platform was excellent and the trading fees are not that high. However, these are all in vain if we are unable to withdraw our fund. As it turns out, this broker is a fraud, and I chose the wrong broker.
Author of MFX Broker: Truong | Date 2019-10-01
These people don't deserve freedom! For a retail trader like me, the amount that I invested on this broker is a huge deal. It is not just an excess on my savings but I really saved up just to have a trading capital. I worked hard to enter the market and look at what these fraudsters did? They wiped away the hope that I had to at least improve my financial status. Because of what they did, I did not only lose my money but my confidence as well. They are horrible.
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