MICFX claims to create a better value when it comes to investing in Forex. With three bonus incentives, the platform is bound to entice newbie investors. You get a cash, credit, and trading bonus all under one roof. Micfx.co also promises trading gifts to members who show commitment. Despite trying to sound impeccable, there are a few red flags we must point out. Please find out more in our thorough MICFX REVIEW.
The platform sells itself as a reliable business partner in the forex market. Their commitment is to empower people to invest and trade. When it comes to values, the platform uses customer orientation and high integrity.
On their about us page, the platform claims to have over 312,500 live accounts. There’s also a statement claiming they have been in business for over 5 years. The total number of employees globally is 92, with 11,200 social followers.
Little is known about the parent company behind this platform. We also don’t know the leader pulling strings. So what looks like an appealing website at face value is actually an anonymous website.
You will notice there are no names mentioned on the entire platform. And this is the reason that makes us question the intent of the platform. A forex investment platform should be clear on who handles funds. We need to see accountability and know who is responsible for fund safety.
When you’re looking for a credible investment platform, there are few factors to cross. First, the platform must be credible and offer innovative investment solutions. Current market trends point towards Coin Staking, DeFi, and Masternoding as the next frontier.
Even the disclaimer at the footer of their about us page says nothing about their history. So we have to expose the platform for what it really is, an offshore and unregulated platform. Some risks come with such platforms.
MICFX comes with six different account packages to choose from. These six include classic, Standard, advanced, business, swap-free, and ECN Pro. What’s funny is that there’s no mention of the acceptable minimum deposit.
Let's take a closer look at what each account has to offer;
Classic
The classic account comes with 1.5 pips and is perfect for EA traders. There are no commissions, and users can provide PAMM and MAM accounts. The platform also claims to provide high liquidity thus, maximizing profit.
Standard
You can customize your standard account with +0.5 pips. According to the platform, this plan is perfect for experienced traders. There are zero commissions and no mention of tradeable trading instruments.
Advanced
Members can also customize pips and set them to +1.0. The platform claims it’s perfect for an experienced partnership. In addition, you get a trading environment with exclusive spreads and zero commission.
Business
There’s a custom-made commission structure with the business account. The account offers great advantages for team and group expansion. You can customize spreads to +2.0 pips and have zero commission too.
Swap-Free
It comes with fixed spreads of 1.5 pips and is ideal for Muslim traders. The account is typically the Islamic package.
ECN Pro
There’s a negative spread feature of -1.0 pips, and the platform claims it's perfect for professional traders. In addition, the platform claims to offer supremacy spreads in the market with no commission on the account's page.
You can trade with five assets which include Crypto, energies, forex, indices, and metals. These assets are divided into two types of spreads, ECN, and standard. In addition, you can trade major crypto against the US Dollar. These Crypto include Bitcoin, Dogecoin, Ethereum, and Ripple.
Energies found on the platform include UK and US crude oil. You can choose to trade with UK Brent oil or US Crude oil. Standard spreads for US oil are 18, and ECN is 3. For the UK oil, the standard spread is 19, and ECN is 4.
There are five major cryptocurrencies to choose from. These include AUD/USD, EUR/USD, GBP/USD, USD/CHF, and USD/JPY. The spreads are divided into classic and ECN, with 18 being the maximum for classic and -1 for ECN.
You can trade leading indices such as DowJones and FTSE. Other notable indices include NASDAQ, NIKKEI, and SP500. The maximum standard spread is 155 for DowJones, and the maximum ECN spread is 140.
There are only two spot metals found on the platform, and these include gold and silver. The maximum standard spread is 38 for Gold against Euro. ECN spread is set at 15 as the maximum for the same pair.
With several bonuses and promotional incentives, you might want to rethink your step. There’s a reason regulators are banning platforms that offer these incentives. MIC FX offers five bonuses and promotions.
These include a welcome bonus, 30 percent credit bonus, and 50 percent trading bonus. The other two are cash incentives of 100 percent cash bonus and trade gifts. It would be best if you understand the impacts of accepting these gifts.
The platform will hold your withdrawal request until you pay back the full bonus or promotion amount. So it seems these platforms are offering small loans in the form of bonuses. And this is what the regulators want to put an end to.
With their claim to offer a transparent trading environment, there’s no contact detail. The platform only gives users a chance to leave a message and wait for a response. We don’t see any direct access to support.
You can imagine the problems institutional clients go through when in need of fast response time. Customer support is nowhere to be seen as there's a lack of clear communication channels. The platform should invest in live chat or offer phone contacts.
We could see a total of seven funding methods on their platform. You can fund accounts using E-wallets and wire transfers. Other listed payment methods include credit/debit cards and international EFTs.
The platform claims to process all withdrawals Monday all through Friday. We haven’t heard any reports of anyone withdrawing funds. With the claim of being around for five years, there’s no withdrawal evidence.
MICFX is not a licensed platform and does not hold a valid license. If they did, they would have posted copies of their license certificates. Despite claiming to have a license from the Financial Service Authority, there’s no proof.
Make sure to check with reliable regulators to confirm whether a platform is licensed or not. For example, you need to check with ASIC, CySEC, FCA, and the SEC. Other reliable regulators include BaFIN, CNMV, and CONSOB.
There’s no security of funds with a platform that fails to comply with industry regulations. In addition, MIC FX does not provide insurance cover for deposits made. Finally, being an offshore platform, we suspect segregation of accounts is unavailable.
After weighing the pros and cons of the platform, we have to call it as we see it. We can’t recommend using the platform for various reasons, which include;
If you want to trade safely, you need to invest in proven platforms.
For those with any queries, feel free to leave a comment or email us.
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.
0 Comments