MTFXG

MTFXG is like 95% of all other shady brokers out there, down to the last detail. Nothing about its site or services distinguishes this one from the rest. Prepare yourself for one underwhelming and scammer experience that is best avoided.

First things first. The official registration of MTFXG is in Saint Vincent and the Grenadines, a nation that is well known for superb scammer broker conditions. Mainly two preconditions- looser laws and a complete lack of an FX regulator. That's right, even if MTFXG is incorporated in Saint Vincent and the Grenadines, it definitely is not licensed there, and the latter makes the whole difference ion the world.

Moreover, to call the legal document limited is an understatement. There are, in fact, only AML docs, and no other provisions whatsoever. The legal docs are usually there to guarantee the safety of users, but here they do not help at all because they do not exists.

It is with no remorse that we dub MTFXG a unregulated broker and a full scam, All deposits are at a risk of being lost.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

Registering was very easy, and this leads us to think that the broker will let anyone in. This is an old fraudster trick to open its doors to just about anyone in order for the broker to have increased chances of scamming users.

The user area that came after the registration was a very scammer user area, one that immediately reminded us with the type of broker we were dealing with.

There is a fully operational MT4 out there, but we could not open an account with it. The reason for our powerlessness with the account opening procedure is to be found it the process itself. The broker wishes to verify the account of the user, and required details form us, but even if we wanted to provide it with more info we could not have been able to do so.

Forex currency pairs, shares, commodities, cryptocurrencies, and bonds are the promoted financial instruments. However, no no leverage nor spread value have been revealed.

MTFXG LOGIN

Because we had no way to open a trading account, the MT4 remained out of reach.

However, the MT4 is available, we can say that for sure. If you might not yet be aware, the MT4 is the most popular trading software, not only among the legit brokers, but also with scammers. However, they mainly use it to attract an audience and not to allow their clientele greater trading freedom.

The MT4 with this broker is available both on desktop and as a web trader.

MTFXG MINIMUM DEPOSIT

All deposits made within unlicensed brokers are a risk and will be lost!

The user area was useless. We were not granted access to make a deposit, unless we were first verified.  Enthought this approach is a welcome with legit brokers, scammer brokers uses this to gather as much personals details form the user in order to manipulate him or her through it.

On the website, we see hat the minimum deposit is $100.

There was no info on the available payment methods.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

MTFXG WITHDRAW TIME AND FEES

Withdrawing form unlicensed brokers is the equivalent of an oasis in the desert.

As with the depositing section, we had no access to the withdrawal section without first passing the  verification process.

However, what made us worried was that there was no information on the site about the state of withdrawals and the processes surrounding their execution.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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

MTFXG is a common FX scam. So much so, that it can be used to educate others on similar frauds. Do not invest anything in this company.