Mffeex Review(2020 Updated): Is this Broker a Scam?
Is Mffeex a legit broker or a scam? Are your funds safe if you entrust them to mffeex brokers to trade? Read this review to know what experts think about mffeex.com.
In your bid to make real profit in forex trading, one of the most important things to consider is to trading with the right forex brokers. Our job here is to review various broker websites and help you tell which is real and which is not. The following review will tell you all you need to know about Mffeex brokers.
About Mffeex Brokers
Mffeex brokers, according to their website, mffeex.com, is a financial service company located in Australia. The name of the company behind this broker appears to be brokers. quite like a few other illicit Myanmar Financial Futures Exchange Ltd. According to their website, traders have the opportunity to choose what leverage level they would want, i.e. 1:100, 1:200, etc.
This broker has a bunch of positives to it’s name, but also a bunch of other negatives. Let’s take a look at them.
Why You Should Be Wary of mffeex.com
Mffeex brokers have a well-organised website, we’ll give them that. But it take more than just a good website to make a good broker. Here are some things about mffeex.com you should probably be aware of.
Mffeex Withdrawal and Deposit
For some unkown reason, Mffeex brokers have chosen to withhold information concerning their deposit and withdrawal information. They do not state explicitly. This is one very suspicious move because your regular, legit broker should outline this in their terms and conditions.
One interesting thing however, about mffeex brokers is that they have a standard minimum deposit of $100, which is not irregular for legit brokers. This doesn’t prove anything though, as even scam brokers can reduce their minimum deposit to attract unsuspecting victims.
Also, it doesn’t excuse the fact that nothing else concerning deposit and withdrawal is mentioned. Red flag, anybody?
Mffeex.com Trading Platform
Mffeex.com claims to use the popular MetaTrader 4 as it’s trading platform. This is another good sign because the MT4 is arguably the best trading platform out there for a lot of reasons. In fact, it is used by virtually every legit broker out there. They claim to offer the desktop and mobile version of the trading platform.
Some of the other statistics they present include; an average EURUSD spread of 0.5, trading volume of 0.01 to 100 standard lots and the ability to choose between different margin leverages (100:1, 200:1, etc.). This makes perfect sense, considering the ASIC maximum leverage is 500:1.
But… that brings us to the final point of this review.
Mffeex Licensing and Regulation
This might be the most controversial part if this review. Mffeex.com claims that they are located in Australia. Their leverage range falls perfectly within Australian laws. Then they shot themselves in the foot! They added a licensing information to their website, claiming to be licensed by the MSB.
The MSB is a regulatory body in the United States, not Australia. And their leverage range is a maximum of 50:1. This would mean they’ve fallen out of line and could not have been licensed. A little further research showed that the licensing information posted by mffeex.com acutally belongs to a US company named Myanmar Financial Futures Exchange Ltd (MFEX).
We can only conclude that Mffeex brokers is not licensed and is illegal.
Mffeex Review Conclusion: Is mffeex.com Legit?
No. Mffeex.com is not regulated by any regulatory agency. Hence, it is a scam and you will do best to avoid the website. We always recommend that you trade with broker regulated by a reputable agency for your own safety and that of your funds. Avoid illicit brokers such as mffeex.com.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!
