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: Palak | Date 2020-09-14
I was one of those who have been horribly deceived by the owners of MFX Brokers. Actually, it's not only the owners. Even their employees are very good at manipulating us and convincing us to invest more to them. In total, I deposited $1500 to this broker. I did not even have the chance to withdraw my money because my account was already terminated without any valid reason.
Author of MFX Broker: Trevior | Date 2020-09-07
MFX Broker scarred me for life. This is my first ever broker and this was the first time I ever trusted a financial company other than banks. I believed everything that they said. Margarita even talked to me herself and gave me assurance that my fund will be secured with them. My trust in them was strong and it made me confident to invest a huge amount. But as we all know by now, this company is a fraud and just like the other clients, I lost everything that I invested in them.
Author of MFX Broker: Kundan | Date 2020-08-31
Never did it cross my mind that MFX Broker would be a fraud broker. This company appeared reputable. Their website is professionally designed and the information are well put together. Even their customer support team is really sounding trustworthy. So I seriously haven't suspected them at all. It was only after I tried to withdraw my fund that the services suddenly changed. It was noticeable. The platform was not as stable anymore, the spread widened, and orders were not executed immediately. Well in the end, I just lost everything.
Author of MFX Broker: Reychel | Date 2020-08-25
I wonder what happened to the owners of MFX Broker now. I haven't heard about them properly being punished by law. It is just so unfair that these people were able to get away with their crime while their clients were left devastated. What's worse is that some of their clients were only beginning in the market just like me. I entrusted them with what I have but they only betrayed me. It seriously made a huge impact on me.
Author of MFX Broker: Rienz | Date 2020-08-18
I don't know if Margarita is still active in her online presence but I was able to witness her webinars back when the issue about MFX Broker spread out. All I could think that time was the she is audacious. I believe the other owner already fled but she had still had the face to engage with people. I am still hoping that these fraudster would be caught one day and be punished as they deserve.
Author of MFX Broker: Anton | Date 2020-08-10
Everytime I look back at the time when I had an account at MFX Broker, all the regrets are coming back. If only I had been more careful in choosing which company to deal with, I probably would have avoided being scammed by a broker. But also, a part of me is telling me that it was hard to tell a fraud from a real broker. The one at fault here are the owners of MFX Broker and I hope they would be punished accordingly.
Author of MFX Broker: Blaze | Date 2020-07-20
The people behind MFX Broker are heartless. When I saw Margarita actively conducting webinars on her social media page even after the issue of the broker has been spread, there was no remorse in her. She did not seem regretful at all. And I couldn't believe that she was doing webinars when she herself was a fraud. I also wonder why there were still people following her.
Author of MFX Broker: Paulo | Date 2020-07-14
I gave my full trust to MFX Broker but all they did was betray me. My initial deposit was $100. An account manager was assigned to me and at first, he was really helping me. For a while, I have been earning decently. But then my account manager started asking me for more deposits. At first it was subtle but later on it has been a almost everyday. And when I insisted that I would not be depositing more since I still hve enough funds, my account was terminated.
Author of MFX Broker: Rona | Date 2020-06-29
My experience at MFX Broker was terrible. It was the worst trading experience I had. I switch to this broker because my previous broker had a faulty platform and this broker appeared to be more stable and reliable. But as it turned out, I only ended up with a lot worse company. This costed me more than $1000 and I will never be able to get that money back.
Author of MFX Broker: Abeer | Date 2020-07-27
I'm so sorry to hear about that. I also have a friend who had the same experience as yours. She transferred her investment to MFX Broker because it looked more trustworthy but she only ended up losing everything. Now she is steering away from the Forex market. She no longer wants to have anything to do with this industry. It's sad because these fraud brokers ruins the image of the whole Forex trading industry.
Author of MFX Broker: Hisha | Date 2020-06-23
My overall trading experience at MFX Broker was horrible. I was with them for less than a year. At first they would make your trading experience awesome: stable platform, tight spread, high profitability. But then after a while, the spread would widen and the platform would be shaky. It has caused huge losses and they shrug the issue off when I report it to them. This continued until I decided to just close my account and take my remaining balance. However, the broker did not release my money. They said that the money left in my account would be the payment o various violations and loans which I don't even remember having and was never notified about.
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