We have to say that if you haven’t already been involved with the MICFX broker, do not start now. This company is not worth your time or money. Of course, we wouldn’t just be saying it, so here’s the detailed explanation of why we do not trust brokerage and why we advise anyone against trading with it.
So, read our honest MICFX review, and you’ll see for yourself!
- But, before we move forward, we encourage you to read our recently updated Primefin and InstaForex broker reviews.
|Broker Status:||Offshore Broker|
|Regulated by:||No Regulation (Unlicensed Brokerage)|
|Operating Status:||Active Forex Trading Scam|
|Blacklisted as a Scam by:||N/A|
|Broker Owner:||Multi Investment Company Ltd|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Online Trading Platforms:||MT4 (MetaTrader 4)|
|Crypto Assets:||BTC, DOGE, ETH|
|Available Trading Assets:||Forex (FX), Commodities, Indices, Cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Experts’ Verdict:||Don’t Invest in This Scam Broker!|
Is MICFX Safe? – The Importance Of Broker Regulation
MICFX is a brand of Multi Investment Company Ltd from Saint Vincent and the Grenadines. The company claims to have SVGFSA regulation, but at the same time, it says to be based in Cyprus. These two facts are a bit opposite, so we decided to find out the truth.
Not to mention that they said they opted for the ASIC license and hope to get it by 2021. Since it’s the ninth month of the year, we somehow believe they never opted for anything.
Questions to MICFX License – Reputation Problems
Just in case, we’ve searched SVGFSA, CySEC, and ASIC registers looking for MICFX regulations. Yet, we found nothing. It simply means that if you wondered whether MICFX is regulated, the answer is no, and you should avoid this broker.
MICFX Trading Platform Review – Trading Software
One good thing to mention is the MICFX trading platform. The broker offers an MT4, which is the most popular trading platform out there. It’s preferred by 80% of market investors and highly secure. However, having a proper platform means nothing without a valid financial license.
On the platform, the broker provides the account with a spread starting from -1.0 pips as well as accounts with a bit higher spread and no commission. The leverage is set to 1:200 by default, which is against regulatory rules.
MICFX App – iOS and Android Mobile Trading
MICFX provides links to download an MT4 for both iOS and Android mobile devices. The app shows real-time quotes, multiple time-frames, 3 different charts, and over 30 technical indicators, solid for a mobile app.
MICFX Trading Accounts – Demo & Real Accounts
MICFX offers six different account types, including:
- ECN Pro
All of the accounts besides ECN Pro come with a specific spread and zero commission, while ECN Pro has a negative spread and commission. Swap-free is an Islamic account without swap for Muslim clients. However, the MICFX minimum deposit hasn’t been disclosed, which is a huge red flag.
MICFX Demo Account
MICFX does offer a Demo account where clients can practice trading and test the MT4. However, it still means nothing since you’re dealing with an unregulated bogus broker pretending to have a license.
MICFX Deposit Methods – Payment Options
There are 6 different deposit methods with MICFX, and none of them is easy to reverse. Therefore, be careful when investing funds with this fraudulent broker. Here’s the list of methods:
- PayTrust88 – instant with fees
- Bipipay – instant with fees
- FPX 5Pay – instant with fees
- Local Depositor – 1-2 business days with fees
- International EFT – 2-5 business days with fees
- Crypto deposit – instant with fees
As you can see, all of the deposit methods carry a certain fee, and most of them are for the Asian market. We can tell this is the most prominent target area for the brokerage. Beware of MICFX trading scams.
There’s no information on withdrawal methods and fees, making it risky to even start investing with the company.
MICFX Deposit Bonus – Welcome Bonus Scam
Besides Robo-trading, which is something MICFX brags about a lot, the second favorite scam tool of offshore brokers is a bonus. Brokers are hooking inexperienced traders with fake promises of giving them a 100% cash bonus for every deposit they make. However, if you keep reading, you will see that the highest amount you can get is $100. Besides, you will need to trade a minimum of 2 lots to repay the bonus (only $10). Even if you trade on the smallest market assets, you will spend more than $10 for 2 lots.
The company started giving bonuses on the 1st of August, and the so-called promotion ends in December 2021.
Not to mention that based on MICFX reviews, we’ve seen that withdrawals are not an option even after you pay off the loan. Think carefully is a $100 bonus worth all the stress you will go through.
Scammed By MICFX Broker? – Talk To Our Experts Today!
Unfortunately, scams are nothing new, and they can happen to anyone. Nowadays, brokers have sophisticated tactics for extorting funds, and you shouldn’t be ashamed. In fact, if you have been scammed by MICFX or any other illicit brokerage, report it immediately.
Here at Global Fraud Protection, we’ve received numerous complaints from MICFX victims. Let our support department book your free consultation so our experts can find a suitable money-back solution for you. Do not let scammers run with your hard-earned money. Let’s get it back. Contact us via online chat now.
Don’t Let the Scammers Go Away for Free!
What Is MICFX, And Should I Invest Money In It?
Basically, MICFX is a scam offshore brokerage without a trading license, definitely not worth your time or money.
Is MICFX Safe?
This trading platform is not safe and not a legit online trading brokerage. Make sure to avoid this.
Which Products Does MICFX Offer?
Broker offers trading with currency pairs, commodities, indices, and cryptocurrencies.
Which Trading Platforms Are Supported By MICFX Broker?
Company supports MT4 for desktop and MT4 mobile apps for iOS and Android.