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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.

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Author of MFX Broker: Paige | Date 2019-04-08
I thought that showing one's face to the public could be an assurance that they would do business with honesty and integrity. But I guess that is not the case with MFX Broker. How can they be so confident to meet clients and speak in front of many people knowing that they have malicious intentions towards us? It's just very heartbreaking and infuriating that I have entrusted my funds and all my efforts to the wrong people. Now it's hard to even believe in myself because I'm afraid I would make the wrong decisions again.
Author of MFX Broker: Jacov | Date 2019-04-04
I had an account at MFX Broker until 2016. I was there for two years and in terms of trading experience, I did not have any trouble. The problem really is just with the payouts. I had my first and only withdrawal request for two years in May 2016. I requested for $4000. It wasn't approved on my first request. I waited for a week and sent a request again but still, it was denied. On my third try, I was getting furious at this moment. The representative told me that they are having a high volume of requests so she asked me if giving me only half of my request would be fine. Of course, at first I thought, "That's your problem, not mine." But if it meant I would be able to get my fund, then I compromised. However, it was still not sent. I already did what they asked yet I still received nothing. I told them that I will send a complaint to their regulator. They got mad at me and terminated my account without valid reason.
Author of MFX Broker: Thony | Date 2019-03-28
I had a good start at MFX Broker-- or so I thought. I was personally assisted by a representative and she successfully convinced me to open an account at their company. At first she tried to persuade me to deposit at least $5000 but I told her that $1000 is all that I could afford. She was understanding and our conversation ended well. Of course, I had high expectations from their customer support because of the way I was treated. But when I had a question regarding the terms and conditions, they were unresponsive. I had other concerns which they also ignored and it was very disappointing. I guess they were only good when recruiting new clients and since they know that I couldn't shell out any more money, they didn't bother to assist me anymore.
Author of MFX Broker: Ermikiel | Date 2019-03-05
At first, trading at MFX Broker is really good. I appreciate the stable platform and tight spreads. However, when I reached a profit of $100, they started bombarding me with messages. They kept asking me to deposit more and try their other services like the affiliate program. But aside from that, I've noticed a slight change in the platform. Lags has occurred frequently and the spread has become wider. I though it was a temporary issue but it becomes worse as time passes by. In the end, I lost the profit I made and even my capital was affected.
Author of MFX Broker: Farqal | Date 2019-03-14
I had a similar experience. Although in my case, they deliberately refused to give me back my funds even when I already clearly told them that I want to end my transactions with them and close my account. I had this decision because just like you, they have been flooding me with messages about replenishing my account even though I already have enough funds. And they also kept telling me to invite more people to trade with them. I know that this is part of their job but the problem is that they become rude when I disagree to their suggestions. Naturally, I got annoyed and so decided to close my account. But then they rejected all my requests and terminated my account without paying me.
Author of MFX Broker: Jhan | Date 2019-02-26
I already closed my account at MFX even before the issue on withdrawal has started. But before closing my account, I already encountered many problems with this broker. In fact, these were the reasons I left. First of all, their platform is terrible. It needs to be refreshed many times before it completely loads and it often lags. I also encountered a lot of delays in my withdrawals which takes weeks before being transferred. Because of the poor platform, I started losing almost all of my balance so I just decided to close my account.
Author of MFX Broker: Alfero | Date 2019-02-19
Had an account at MFX Broker in 2015-2016. First few months went well. The broker provided a good trading environment and I was able to trade with not much of a trouble. Only a few lags from time to time. Anyway, so I had a $2500 capital and was able to earn $518. I really had no plan to withdraw from my account as I just want it to grow. But I needed money for medical purpose and I had no choice but to take $1000. So I requested and waited for approval. It was on pending status for a week and I followed up. They said it was due to technical problems so I waited again. I needed the money ASAP so I bombarded them with follow ups. But it remained pending for a month then rejected. I was very frustrated so I resorted to closing my account and taking all of my fund. This time, they didn't bother to respond anymore and just terminated my account without paying me.
Author of MFX Broker: Merkes | Date 2019-02-07
I've had an account at MFX Broker in 2015 until it ended its operation. I thought at first that I made the right decision of choosing this broker because their services were excellent especially the platform. Unfortunately, this was only a facade to attract more clients and make them stay until they request for a withdrawal. I didn't withdraw anything for two years because I just wanted my funds to grow in my account. But when I needed money for the hospitalization of my sister, I had no choice but take some. I requested in February 2017 but it was never transferred to me. Our exchange of emails went on from February to April with them only saying that my request is being processed and that there had just been some error. I tried to be patient but they suddenly stopped responding on the later days of April. Until I heard the news about them. I knew then that it was over, I wouldn't be able to take my money back.
Author of MFX Broker: Sandor | Date 2019-01-29
It's hard to admit to the people I know that I have been scammed by MFX Broker when I was boasting about it before. I was so proud of myself for investing in Forex trading and for seeing that I am actually earning a lot. I've been sharing this experience to my friends and colleagues and I have been inviting them to invest as well. But most of them are uninterested. Now, after depositing over $5000 and profiting at least 50% of it, my account was blocked when I requested for a withdrawal. I've been sending them emails but they ignore it. The people behind this broker are just heartless.
Author of MFX Broker: Wilma | Date 2019-01-24
Don't these fraudsters realize that they could be ruining someone's life by doing this act of crime? I wasn't the only victim of this broker. There are many of us. And I don't know how they were individually affected by this but in my case, it was traumatizing. After not paying back my funds and after I realize I have been scammed, it has damaged my mental health. It brought me disappointment in myself and I felt like a failure. I felt very naive for being fooled and I still get anxious whenever investment is being brought up. I also lost the confidence in myself. I felt like I would be making the wrong decision everytime. They should pay for all that they did.
Author of MFX Broker: Naning | Date 2019-02-11
Absolutely! Investing in this market is not easy. Investment does not simply refer to money. We also invest our time and effort to succeed in this market. I exerted a lot of work to study and understand the market, but I made the single mistake of choosing the wrong broker and all of my efforts are gone. And to think that thousands of other traders have been victims of these fraudsters, how can they keep on living their lives like nothing happened? When all of us are in despair because of what they did. They didn't even try to subtly steal my money, they simply closed my account and took all my fund when I tried to withdraw.
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.
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