A warning is already out from the FCA regarding MallonFX. It seems Mallon FX is a clone and is using the registration details of another entity. We have seen this before from platforms trying to get their hands into the European market. Luckily, regulators are there for a reason, to flash out such platforms. We have the reasons why such a platform is seen as a high-risk investment platform. Learn more in our detailed MALLONFX REVIEW.
We don’t have much to go on in regards to who owns and runs the platform. There’s no such information regarding their background and history. We only have a vague website claiming to offer world-class forex services.
With cloned websites, we expect nothing less. The platform will try and use every trick in the book to entice investors into signing up. Those who have already done so are now ruing the decision.
MallonFX is withholding funds from investors by blocking all withdrawal attempts. There’s no way to recover funds from such a platform. Hiring recovery agents will only incur costs, and there’s no chance of such an event.
Recovery agents don’t have the mandate to freeze such accounts. Moreover, the people behind such platforms use offshore banks to store funds. It makes it even harder for regulators to protect investors.
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When deciding which platform to invest in, you need to do due diligence. Do some research and find out what others are saying about a particular platform. It will help you find out more about what others are facing.
MallonFX offers six accounts with the leverage set at a minimum of 1:1 and a maximum of 1:1000. In addition, you can trade using several currency pairs, including Crypto, against leading currencies such as USD.
Here’s a closer look at these accounts and what they bring to the table;
Basic
With the basic account, the platform plans to target newbies. The minimum allowed deposit is $150 to $500. There are no unlimited orders, and spreads are set at 15 points. The lot size is 0.1 to 1, with leverage set at 1:100 to 1:1000.
Standard
You have to deposit $500 to $10,000 to start using this account. Members can only trade with one currency, USD. Available trading instruments include currency pairs and metals. Unlimited order quantity is unavailable with spreads set at 14 points.
Bronze
Members have to deposit $10,000 to $25,000 with the base currency set at EUR/USD. Trading instruments available include currency pairs, metals, and stocks. Unlimited order quantity is also missing with the Bronze account.
Silver
With the silver account, members have to deposit $25,000 to $50,000 to start using the platform. You can only trade with EUR/USD as the base currency, which is totally unfair. Members get unlimited trading instruments with leverage set at 1:100 to 1:1000.
Gold
For the gold account, members have to deposit $50,000 to $100,000. Available currency pairs include crypto against other major currency pairs. Bitcoin is the only available crypto coin on the platform.
Platinum
Deposits are from $100,000 and above with spreads set at 1 point. The lot size is set at 0.1 to 100. Leverage is set at 1:100 to 1:1000.
There’s a disclaimer claiming the platform is owned by MallonFX. However, if this is an entity, there’s no mention of the CEO or CFO of the platform. And this means the platform is another anonymous investment option.
You should avoid anonymous investment platforms with everything possible. These platforms offer users nothing less than pain. You won’t get the chance to recover funds once they decide to block access to your account.
If you look closely, you will notice the platform does not have direct contact details. There’s no live chat to help investors solve issues in real-time. And to add salt to injury, the platform rarely responds to emails.
Before joining any investment platform, test their response time. Please make sure the contact details they offer are working. We can determine the phone number listed rarely goes through. It seems the platform wants to control the communication lines.
All platforms ensure that the deposit process is straightforward. You can deposit funds with ease using several methods. Investors can deposit using bank transfer, Bitcoin, and wire transfer. Withdrawing funds with Mallon FX is another cup of tea.
In the past few weeks, no one has managed to withdraw funds with the platform. So you won’t get past sending a withdrawal request. It’s what made the FCA issued a warning. There are several complaints regarding withdrawal issues.
MallonFX is not a licensed platform and does not have any license documents to prove otherwise. The platform is already facing a warning from the Financial Conduct Authority. Other regulators in the region plan to follow suit.
Although the platform claims to be fully regulated, they are using cloned details. The registration details belong to AMC Trade Finance Ltd. It goes to show the lengths they will go to fool investors.
When selecting the best investment platform, choose one regulated by reputable institutions. These include ASIC, BaFIN, CONSOB, CySEC, and FINMA. Others include CNMV, NFA, and the SEC.
The above regulators ensure everyone follows protocol. As a result, you will get the protection you need to invest in a safe environment. Without any regulatory framework, the platform is free to operate as they please.
There’s a huge risk using their mobile trading platform. The terminal is unstable and slow at executing trades. It’s another reason why members trading on the go is losing funds. In addition, the platform is custom-built and lacks professional testing.
You should try and use platforms using world-class trading terminals. These include MT4, MT5, and SIRIX. It’s one of the best platforms to use as they offer a huge advantage. In addition, these platforms will offer advanced charting tools and accurate technical analysis.
The platform claims to have professional analysts and automated strategies. However, we have an issue with who these professionals are. There’s no mention of who they are or their qualifications. For all we know, they could be quarks.
The accuracy of the automated strategies is also in doubt. Those who have signed up for this service end up losing funds. It seems the strategies come too late or have no effect at all. And this is another reason for regulators to flag the platform.
Your funds are not safe with a platform using cloned registration details. The platform does not indicate whether they segregate accounts. We believe they don’t further put funds at risk. In the event of bankruptcy, everyone ends up losing funds.
Here are the reasons why we believe the platform is a high-risk investment platform
And now you know the risks that come with Mallonfx.com
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