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: Grace | Date 2021-01-21
I was following Margarita before on her socials and I was actively listening to her webinars. I had no idea about what she did so I kept listening to her. Honestly, I still couldn't believe that she and her partner defrauded thousands of people because she looked like someone who is trustworthy. Well, it's no wonder they were able to convince many people.
Author of MFX Broker: Meriam | Date 2021-01-11
When the news broke out about MFX being a fraud, I did not believe it right away. I could not believe it because I trusted this broker so much and it's just hard to accept that information. But then problems started to arise in my trading account and the broker just shut down in no time. When they did not release our money, that was only when I accepted that the news was true.
Author of MFX Broker: Nivas | Date 2021-01-06
I remember being so outraged when I saw that Margarita was actively giving finance advice through her social media. This was after they were exposed of their fraudulence. I couldn't understand how she had the face to act as if nothing happened. I lost more than a thousand dollars on this fraud broker and they were able to get away with it so easily.
Author of MFX Broker: Imeca | Date 2020-12-24
Now that I am back to investing, I can comfortably share my experience with MFX Brokers already. This broker damaged my trust so much that it took me a long time before having the courage to invest again. MFX appeared reputable back then and did not have a hint of malice. That is why I became too afraid no matter how trustworthy a company appears. Thankfully, I now found a decent and legitimate broker.
Author of MFX Broker: Gagera | Date 2020-12-14
When MFX Broker was exposed, all their clients got mad. There was even an initiative in one country wherein they formed a group and asked assistance from a lawyer. I don't know if they have been successful but as how it seems now, I think that the owners of this broker got away so easily.
Author of MFX Broker: Amabelle | Date 2020-12-29
I was a part of that and sadly, it was too late when we did it. We could no longer chase the owners of MFX Broker as they have already gone away. Then when we saw that Margarita was on social media, we tried to get to her but we also failed. Not long after, she became inactive as well.
Author of MFX Broker: Annrocel | Date 2020-12-03
It is infuriating that the owners of MFX Broker seem to have gone away with what they did to their clients. I no longer see Margarita on socials now but the audacity she had for conducting webinars even after they deceived their clients! Right now, I know and have accepted that I will never get my money back. All I want is for the people behind this broker to be punished as they should.
Author of MFX Broker: Tomli | Date 2020-11-16
MFX Broker had lucrative offers. My brother was lured towards this broker because of their incredible promises. My brother invested $500 and for a while he was studying the market through the materials provided by the broker. This made them even more trustworthy. But then the day came when the company was exposed and they left their clients hanging. My brother was not able to get back any money and he became so devastated after this.
Author of MFX Broker: Jeric | Date 2020-11-12
Among the many fraud brokers now, MFX Broker was the one that appeared the most trustworthy. I have been a victim of this broker and they easily got my trust because they are very good in communicating with their clients. I was even able to speak with Margarita once and she sounded very pleasing. Unfortunately, they are a fraud and I lost everything that I invested in them.
Author of MFX Broker: Yamin | Date 2020-11-03
After depositing money to MFX Broker, they suddenly stopped responding to me. They did not give me the my log in details and I think they even blocked me. This broker was outright a fraud and I don't understand how they were able to attract and deceive many clients. I threw away $500 on this horrible broker.
Author of MFX Broker: Vetlana | Date 2020-11-24
I had the same experience! They did not even allow me to have a little trading experience. They really just took my money and never reached out to me again. I think I was even blocked on all their communication platforms. This broker appeared trustworthy yet they still turned out to be a fraud. It really is just so hard now to trust any company.
Author of MFX Broker: Jabari | Date 2020-10-30
When I opened an account at MFX Brokers, I was assured that I can easily withdraw my money if I am not satisfied with my trading experience or if I change my mind. My first few months were amazing and it led me to depositing more money. However, when I decided to withdraw some profits, the company did not process it. Until it was found out that the company was a fraud. In total, I lost $2500.
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