MFTtrade is just another scam broker that operates in near-complete anonymity. Do not be fooled by any of the claims that they make on their landing page as this brokerage is clearly comfortable with lying to their users/victims.
The first thing that we noticed when taking a look at this broker’s website was the fact that they do not provide an address to which the business is registered. This is a major red flag as it is a clear indicator that this broker is trying to remain as anonymous as possible.
Looking a little deeper, this broker also fails to mention a license or any regulatory body that provides oversight of them. Meaning that they are completely unregulated. Just based on these two facts it is safe to conclude that trading with this broker is anything but safe.
Aside from the false claims that they make like being “a world-renowned” broker, there is nothing that would give a trader a reason to select them.
Below is a table that outlines some of the key information for this MFTtrade review.
|Phone||+44 2080 972521 +612907 23029|
Is MFTtrade Safe? Regulation and Security
MFTtrade, in an attempt to hide just how unsafe as a broker they are, has neglected to disclose where they are based. This leads to the question, of who regulates this broker.
That’s just it, this is another fully unregulated and unlicensed broker. For traders, this means that their funds are completely unsafe with MFTtrade.
This is due to the fact that the broker is not in compliance with any of the rules or regulations that legitimate brokers have to follow, allowing them to scam traders out of their money with no consequence.
When searching for a brokerage, it is crucial that traders first identify where the broker is based. For example, if a brokerage states that they are based in the UK, it is very easy for traders to check the FCA’s website to confirm that this is a legitimate broker.
The FCA is a top-tier regulator in charge of regulating investment firms in the UK. This applies to any jurisdiction.
MFTtrade Trading Software Overview
Like with everything else MFTtrade makes the false claim that they have the world’s best crypto trading platform. The software provided by this scam broker is a very basic web trader that offers just the bare minimum that is required to be deemed functional.
This, of course, is not something that you could possibly know ahead of time as they don’t provide a free demo account. When choosing a broker, after making sure that they are legitimate, it is worth checking out the platform that they offer.
If the broker is legitimate, odds are that they will also offer a legitimate trading platform like the industry favorite MetaTrader4-5. This trading platform provides a whole host of advanced tools and a high degree of customizability. With the tools offered by MetaTrader4-5, the needs of all traders will be met ranging from novices to seasoned pros.
Deposit and Withdrawal Method
The current state of the broker’s website is that they are unable to take deposits, as when a client/victim gets to the payment page, a field prompting the user to choose a payment option pops up but without any payment options.
This is great as we recommend not making a deposit to this broker as they are certainly going to run off with your money as soon as it is deposited. Prior to the website removing all payment options, the only available payment option was via Bitcoin, a common investment scam tactic.
In terms of making a withdrawal, it seems just as impossible as it is to currently make a deposit.
Even prior to this it would have been impossible to make a withdrawal as the scammers give each account a bonus that comes with a required minimum trade volume which is quite unreachable before a withdrawal can be made.
How the Scam Was Performed
Most current investment scams, especially those centered around crypto trading like the MFTtrade scam, function the same way. The scammers run a series of social media ads in order to reach clients/victims where they offer some form of get-rich-scheme via investing with them.
They then make all sorts of outlandish promises and claims in order to get the victim to make a deposit via cryptocurrency. We suggest only using brokers that offer legitimate payment methods such as credit cards, wire transfers, or e-wallets.
After the funds have been deposited there are a number of ways the brokerage can hold onto the funds without making a deposit a viable option.
The way this broker does it is by applying an unexplained bonus to the user’s account with the stipulation that they can not make a withdrawal prior to reaching a minimum trade volume that is virtually unreachable.
Forex Brokers Suggested
Finding a broker that meets all of your needs as a trader is difficult. It becomes far more difficult once you take into account all of the scam brokers doing their very best to at least appear legitimate.
This is why we have made the table below which lists a few legitimate brokers and their minimum deposit requirements. Each of these brokers is regulated by at least one top-tier regulatory body.
|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|
MFTtrade is a scam broker that relies on inexperienced traders as a means of earning a quick buck. This brokerage does not even attempt to seem legitimate as they do not provide any of the necessary information starting with where they are based.
Brokers like this lean towards making sweeping broad statements that mean nothing such as “world’s best crypto trading platform”. Whilst it may sound appealing to use the world’s best trading platform there is nothing that this broker provides that substantiates this claim at all. With a little more digging we have found that this is true for pretty much every claim that MFTtrade makes on its landing page.
It is also uncommon for a legitimate broker to specifically state in huge letters on their homepage that “there are no intricacies with withdrawals”. This should not be a selling point for the broker but rather an expected bare minimum.
All in all, we recommend that you do not trade with this broker as they are nothing more than an anonymous investment scam. Instead, take a look at the list of legitimate brokers that we have provided above.
FAQs About MFTtrade Broker
Is My Money Safe with MFTtrade?
Absolutely not, MFTtrade is clearly an investment scam.
Does MFTtrade Offer a Demo Account?
This broker does not offer a free demo account.
How Long Does it Take to Withdraw from MFTtrade?
Making a withdrawal from this broker is not possible at all as the requirements they put in place prevent withdrawals from happening.