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: 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: 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.
Author of MFX Broker: James | Date 2020-06-15
In 2014, I had an account at MFX Broker. It was a short trading experience because this broker showed their true color right away. I deposited quite a huge amount because I was confident about this broker. It appeared reputable and trustworthy. I made my trading activities, the platform was average and my trades went well. But when I asked for the withdrawal of my fund, they did not allow it. I made a few more attempts and it was always rejected. So I decided to just close my account and take all my fund. They did close my account but they did not release my money. I couldn't contact them as well.
Author of MFX Broker: Nicole | Date 2020-06-08
I can't believe that Margarita can even dare to openly conduct webinars! What she did together with her co-owner to the clients of their fraud company MFX Broker is unforgivable. They should already pay for it but I don't this is what is happening. The reality is actually the opposite. Despite the evidences saying that they are a fraud, they seem to still be living the life. Where is justice?
Author of MFX Broker: Nales | Date 2020-05-27
MFX Broker ruined my good impression on forex trading. When I opened an account with them, I was very excited. I was looking forward to a future wherein I would be earning well through this investment. But I chose the wrong broker. I was deceived and betrayed. Now I can't make myself to trust any brokers again. I don't know when I would have the courage to start again in Forex trading because this company broke my trust.
Author of MFX Broker: Basit | Date 2020-05-18
Margarita's social media account can no longer be found now. But I was able to witness how actively she was on her account promoting financial investment. She even had the audacity to conduct webinars to help people on their ventures. Sadly, many still believed her. By this time, MFX Broker has already closed down so I hope that no one fell victim to another fraudulence by this person. I used to be a client of this broker and I deposited at least a thousand dollars. Not even a cent was returned to me. When I demanded the release of my fund, this broker just closed my account and blocked me from contacting them again.
Author of MFX Broker: Dafie | Date 2020-06-03
The audacity! How were they able to live as if nothing happened? How dare they show to their victims' face that they are living the life while we are struggling to move on from the loss that we took. I invested $700 on this broker and I was played by a few months. I was made to believe that I was earning well. But when I tried to withdraw, they did not approve the request. They never released any fund then they ran away.
Author of MFX Broker: Aira | Date 2020-05-11
The owners of MFX Broker were cunning. They seemed to be very used to tricking people as they do it with utmost confidence. Now these owners are nowhere to be found. They were able to get away with what they did to their clients even though they have deceived a huge number of people. I guess I will just let fate get back to them. Their bad deeds would get back to them somehow, I hope.
Author of MFX Broker: Karzon | Date 2020-05-04
I deposited a total of $700 at MFX Broker. My account manager kept encouraging me to make my capital big so that I could have better trading results. It deemed true on the first few deposits but then after some time, I started to lose my fund. The platform was faulty and I had a lot of losing trades. They exposed themselves when I started to ask for the withdrawal of my remaining balance. I no longer enjoy my trading experience that is why I decided to just close my account. But of course, this fraud broker did not let me.
Author of MFX Broker: Nereson | Date 2020-04-27
I think Margarita has stopped conducting webinars now. She probably realized that their former clients would not stop going after them and that we would not stop until they are arrested. This is a huge fraudulence and they deceived a huge number of investors. Naturally, they shouldn't be able to get away with it. That is why I am infuriated that this incident doesn't seem to have affected them at all.
Author of MFX Broker: Shuaib | Date 2020-04-14
I was one of the unfortunate people who crossed paths with MFX Broker. I was looking for a Forex broker back then and I found this broker. At that time, this broker did not have that much of negative feedback. In fact, it seemed reputable and trustworthy. That is why when I inquired and the representative briefed me about the company, I was easily convinced that this broker would be worth it. However. I was mistaken and I realized it when it was too late. I already made a deposit of $500 and I was never able to take it back anymore.
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