MaBanqueCrypto

MaBanqueCrypto claims to be a regulated broker, and we almost believed it, up to the point when we actually started looking for evidence. Read on to find out what we discovered.

All we could find about MaBanqueCrypto’s license is an address in the UK, said to be the corporate headquarters on the outskirts of Southampton. This is an odd location for a broker to base his operation. But this isn’t a typical broker, is it? If we are to be thorough, since MaBanqueCrypto is based in the UK then it must be authorized by the FCA to provide forex and CFD trading. Well, it wasn’t difficult for us to realize that MaBanqueCrypto is not registered with the FCA. Furthermore, MaBanqueCrypto claims to have a Money Services Business status in FinCEN in the United States:

Even if such was the case, they wouldn’t be eligible for providing forex services without a NFA/CFTC authorization. In order to be eligible for providing Forex trading, a would be broker must first maintain a net capital of $20 million minimum. All fingers point to one thing. That MaBanqueCrypto does not hold a proper license, making it UNREGULATED.

Trust us when we say that, after extensive digging, we were unable to find both a leverage value and a cost of trading. As of writing this review we are still waiting for a confirmation email (on both our email addresses) with which we can access the trading platform and read the EUR/USD spread.

The only asset that are tradable with are Cryptocurrencies, Metals and Energies.

There are only two languages available: English and French.

MABANQUECRYPTO LOGIN

The proprietary MaBanqueCrypto trader platform is the only one that is mentioned.

MABANQUECRYPTO TRADER

Because of our two unsuccessful attempts to register both a demo and live account, we are left with absolutely no information concerning the trading terminal. All our assumptions are based on the below snap that we took form the homepage.

From here we can derive the following information: that it’s user friendly, has a plethora of analysis tools, and is accessed on mobile/tablet devices and as a desktop trader.

MABANQUECRYPTO MINIMUM DEPOSIT

The minimum deposit is $10 000.

This is an absurd number, and is one huge giveaway of this broker’s illicit activities. The only reason for including such a tremendous deposit requirement is that there are still people being tricked into investing such sums.

As for the funding methods, they are shown on the home page:

In the Terms and Conditions funding is showcased as being only available through a Bank Transfer.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation, among other imperative things. It’s only logical that we advice traders against depositing here. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. Not to mention that they would never allow for such a tremendous minimum deposit amount to be required. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

MABANQUECRYPTO WITHDRAWAL TIME AND FEES

There is no minimum withdrawal amount indicated. This is perhaps because the broker has no intention of paying you back.

There are transaction fees, yet there are no details, leaving us to believe that they are either to high or too many, or both.

The broker also charges for processing transactions:

There is also a monthly fee concerning profit sharing accounts,

There are 2 dormant account fees, one occurring every 12 month, the other every 24 months. This is irregular, but by now we are prone to accept anything from MaBanqueCrypto:

ADDITIONAL FEES AND TAXES

Even with all these fees, don’t be surprised if they throw more at you. Be sure that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to MaBanqueCrypto: they clearly work under their own rules and above the law. Such “brokers” use the anti-money laundering legislation as front for when traders start to get suspicious, and will remorselessly use all your personal details against you.

The most import thing to note is that such brokers never had the intention of paying you back. The best advice is to walk away from it, and go straight for a regulated one, most notably one that is overseen by the FCA or CySEC.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and explain to them the reasons and your suspicions.

They will probably proceed to annul your credit card, which is something that we recommend you do in any case, especially if you have given away your card’s CVV code.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

MaBanqueCrypto very fast showed its true colors. We feel like this broker is not even operating anymore, hypothesized after we were faced with the inability to register, and the general confusion surrounding almost every one of its building foundations further proved our hypothesis. Even if we are wrong about that, we are 100% right when we say that this is an UNREGULATED broker and most certainly a SCAM. Stay away!