Mastertradeplusfx Review – Who Is Behind This Scam Broker?
Mastertradeplusfx is allegedly a UK-based broker offering trading services for forex, stocks, and crypto. They also claim to be licensed, give good sign-up bonuses, and provide client support that is always there to guide you.
We took some time to check all the different claims they made to sound more legit so read our in-depth Mastertradeplusfx review. This will give you an insight into many tactics they use to deceive you and take your money.
On the contrary, you should avoid dealing with dubious brokers such as TradaCoin, Jetbitx, and TargoSwiss.
|Address||30 Dukes Avenue, Hounslow, UNITED KINGDOM, TW4 6BA|
|Bonuses||deposit bonus of up to 50%|
Is Mastertradeplusfx a Trustworthy Broker? Regulation and Security
One of the first questions that probably pops into your head may be – Is Mastertradeplusfx legit?
The short answer is no, but let’s explain it further. On their website, Mastertradeplusfx claims to operate from the UK and possess the license under the number 08938176 issued by the Financial Sector Conduct Authority (FSCA). First of all, this regulatory body does not even exist in the UK and in order for the broker to operate from there it must follow the regulations set by FCA.
Not only does this broker lie about having a license, but they actually have been issued a warning by FCA for providing scam financial services.
Licensed entities are covered by hundreds of requirements, many of which apply financial compensation schemes, and anti-fraud practices. In other words, they are the exact opposite of what this broker is.
Trading Platform Overview
While making this Mastertradeplusfx review, we of course took a look at the trading software available to their clients. It took us by surprise that they have no platform at all. By reading many complaints about the broker made online we concluded that some clients in the past had access to the very inadequate binary options trading software where even the charts are from a third party and many of the technical stuff didn’t seem to be doing anything.
You should know that the fact that some kind of trading software exists if it actually does, is in no way a guarantee that the broker is a genuine one. Scam brokers often make lousy trading platforms to fool their victims that the money is being invested.
Funding Methods at Mastertradeplusfx
Mastertradeplusfx broker claims you can deposit via
- Mastercard and VISA debit/credit cards
But in reality, judging by many complaints it seems you can only choose to deposit via crypto. This is quite a common trick investment scams use because for these transactions it is much harder to get a refund. The minimum deposit requirement is also $50.
Allegedly, the exact same withdrawal methods are used. But judging by the many withdrawal issues people reported it is likely you will need to wait a long time before they actually approve your request.
In addition, they will try to find many obstacles to why you can’t yet withdraw your money. The legal docs on the website reveal that there are some withdrawal fees that depend on the amount withdrawn, however, no further details are revealed.
How the Scam Was Executed
Initial contact usually begins at the online ads level and expands to phone calls relatively fast after you give your personal information. Agents will call you non-stop trying to push you to invest and claiming the whole thing could not be more legit.
Reliable brokers rarely go beyond the limits of formality, whereas scammers will try to behave as close friends, and will try to get as much as they possibly can.
It is easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers. There are surprisingly advanced swindle techniques that will leave you empty-handed faster than you know. So, make sure to think before you act, and to ask for professional guidance if necessary.
Forex Brokers Recommended
While many brokers are no more than lousy scams operating with the only purpose of taking advantage of you, there are some willing to help you achieve your financial freedom.
Choosing to invest with a broker who hasn’t violated any terms and conditions will ensure your money isn’t just going to be stolen and will give you an opportunity to earn some profit along the way.
With this thought in mind, we have gathered all the important information about legit brokers that will make your trading experience easy and enjoyable. In the table below are listed some of the best, regulated, and user-recommended brokers.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
By writing this review we wanted to give you an insight into how a Mastertradeplusfx scam operates. Not only are they unregulated and unlicensed but they falsely claim to be. This scam broker offers its customers an opportunity to invest in forex, CFD, and much more. However, something as basic as their platform is missing, indicating that you are dealing with a scam.
In conclusion, we advise you to stay away from them since you would be putting yourself and your funds at risk. Remember to always be careful with where you invest your money and don’t forget to read reviews made online.
FAQs About Mastertradeplusfx Broker
What Funding Methods Does Mastertradeplusfx Accept?
They have many funding methods listed on their website but in reality, only accept crypto.
Is Mastertradeplusfx a Trustworthy Broker?
No, Mastertradeplusfx is not a reliable or trustworthy broker because they operate without a license and therefore offer no safety to your funds.
Is Mastertradeplusfx Regulated?
No, Mastertradeplusfx is a scam broker that follows no regulations regarding the financial services they offer.