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MXTrade: king of kings among scammers
Nowadays, traders usually make a profit trading on Forex as it is viewed as one of the best markets to invest in. However, most speculators often lose their money and thus suffer big losses. Does it happen due to their constant mistakes? Do they not learn from them? Unlikely. The fact is that traders often lose their capital because of fraudulent schemes woven by the broker they chose to cooperate with. According to data provided by Autorité des Marchés Financiers, 80% of traders lose their money due to dishonest brokers.
Sometimes it is difficult to see at once the true colors of the broker because many of them obtain a license yet in an offshore zone. At first glance, the company looks quite decent and reliable. Besides, the lower the traders’ experience, the greater their chance to make a deal with a fraudster. Conditions with low spreads, promises of large margins, and even minimal investment are typical baits used by the forex kitchen brokers to trap investors.
Today we are going to talk about MXTrade. After having studied reviews about this company, one can comprehend immediacy that this firm is a forex kitchen. The company’s brand is owned by Capital Solutions Limited, an organization that provides financial services. Notably, it is registered in Cyprus. On the broker's website, there is information about trading conditions, namely more than 250 trading instruments, a demo account, an Islamic account, and various types of accounts suitable for different categories of traders. One of the company's strong points is the opportunity for beginners to learn trading through training materials and video courses. Experienced traders can improve their skills through various training sessions.
Despite the allegedly favorable trading conditions and bonuses, the Internet is full of negative comments from customers who complain about the loss of deposit and difficulties with money withdrawal. By analyzing these reviews, it can be concluded that MXTrade is blacklisted by two reputable financial regulators – Consob and CySEC. Initially, the broker was supervised by CySEC but after some time the regulator took away its license.
This evidence alone is enough to make a conclusion: MXTrade is definitely a scammer. However, let's look at the comments of people who opened an account with this broker. Most of the comments are complaints about losing money. Lured by the promises of easy money, customers make a big deposit, and later they cannot contact the support service and withdraw their profit.
MXTrade does not allow you to withdraw money from the trading account. I am unable to get back my $2,300.
Complaints about Forex scammers
Hello, Vladimir!. DO NOT TRANSFER ANY ADDITIONAL MONEY TO SWINDLERS! THIS IS A REGULAR FOREX SCAMMER!
If you have any questions about how to return your money, contact us by 159@Chargeback.Me
We recommend that you make a DETAILED report!! Please, write a complaint about these crooks according to the sample below.
I closed positions today with a loss of 300. The thing which I strongly dislike about MXTrade is that there are constant problems and delays. I cannot withdraw my profit and the broker just gives me empty promises. I am so fed up with different sorts of verifications in order to get my money back.
Moreover, the company has the same account that works simultaneously with two other companies – TradingBanks and Trade12. Some customers were also alarmed by this fact:
Attention! MXTrade is a SCAMMER!!!!
Gleb, February 14, 2016
Be careful! MXTrade is a con enterprise that does not allow its clients to withdraw money. I have been able to collect more than 40 reviews from traders. Soon I will post everything here. Curiously enough, this swindler does not work alone. There are three other similar firms working together – MX Trade, TradingBanks, and Trade12. They all have the same account. I would strongly recommend everyone who has opened any positions there, close them immediately, do not take any loans or bonuses from them, do not transfer money, withdraw your own. Do it little by little so that they do not find out what you are actually doing. Do not trust these brokers! They will make sure your balance will turn negative and then they will take your money. I am going to post a lot of unpleasant facts about them. I cannot even write everything at once. I will do it proportionally. I contacted people who were deceived by these brokers to post their reviews online on specially created blog pages, social networks, etc. All reviews will be left by real people. If you have also been hoodwinked by these scammers, do not hesitate to contact me. Only together we can put an end to this dishonesty. Together we will become a powerful force that is sure to catch attention. Maybe we could return our money, at least there is a chance. Remember all transactions as they can change any numbers in the trading platform at any time or close your positions.
Deceived clients also talk about a fake client agreement, which is "on legal terms" allows the broker to take money from the clients’ accounts.
This broker is 100% a forex kitchen. Just look at clause 7 of the agreement:
The Client acknowledges that the transactions entered in CFDs with the Company are not undertaken on a recognized exchange, rather they are undertaken over the counter (OTC) and as such they may expose the Client to greater risks than regulated exchange transactions. Therefore, the Company may not manage to have an Order executed, or it may change the opening (closing) price of an Order in case of any technical failure of the trading platform or quote feeds.
Further to this, the Client agrees to the fact that his orders will be executed outside Regulated Market.
Clients are given a paper to sign. If you read it thoroughly, you can understand that the company is entitled to get a loan on your behalf.
In fact, the company uses your signature to con money out of you, threatens to fill a lawsuit and by any means tries to get more money. In any case, do not take this piece of paper seriously, it has no legal power. The company is engaged in fraudulent activities. Strictly speaking, it does not have the right to even conduct trading activities or issue loans.
Judging by the numerous complaints from customers, it is not hard to see the true nature of this broker: MXTrade uses clients’ money for its own aims, e.g. conduct trading. No wonder, customers usually lose their money quite soon after opening an account. Sometimes, as an excuse from the company's representatives, you can hear that the money is yours, and you are responsible for it and the expert advisors do not bear any responsibility. However, you may consider yourself lucky if you are able to contact anyone from this roguish company.
MXTrade is a bunch of scammers. Opening an account with this broker will lead only to significant losses. This is why do not forget to read reviews about any broker before starting your cooperation with it. Traders should understand one simple truth: there is no such thing as free lunch. Money is not earned easily without any effort. When the broker promises easy money, stay away from such companies.
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