MICFXM Global Limited is the platform that claims to offer unmatched forex services. In addition, the platform claims to adopt a strict STP trading model to allow transparent investment. Once you land on their homepage, you get a feeling of a professional investment service provider. And that’s what probably the platform wants investors to look for. Here’s our full MICFX REVIEW and the red flags we spotted.
On their company profile page, the platform claims to reside in the United States. And that’s why they claim to have fully complied with NFA strict regulations. We will get to their license and registration status later on.
The platform claims to be an international online futures contract trading platform. Their main engagement is in CFDs and futures. The platform claims to have provided more than 200,000 traders with professional trading services.
At the same time, the company later claims to have its company headquarters in Hong Kong. That alone means they are not telling the truth regarding their company headquarters. And this is the reason why we feel micfxm.com is an anonymous platform.
When looking for the best options for investing, you need to choose tested platforms. These are platforms that enjoy the backing of industry experts. Then, go for industry-backed investment options that offer realistic returns.
With its international appeal, the platform claims to have investors from more than 180 countries. Unfortunately, we could not prove it; however, there are members seeking compensation for damages incurred.
MICFX does not provide any information on available packages. You have to sign up and deposit funds before knowing which account type to use. And this puts investors in peril as they go in blind.
You should know the features that come with each package before committing funds. What if the features are untenable such as high leverage? The platform is also hiding the acceptable minimum deposit with the platform.
Without an agreed amount, the platform is free to ask for any amount. As a result, you might get the same account features as one who deposits $1. We believe the platform is doing this with good reason. The platform wants to target all classes of investors under one roof.
Accounts should also come with desired feature combinations, such as algorithmic trading. We don’t know any features available on the platform. Members-only get to know of the available trading instruments on the platform.
The platform claims to be fully professional and offers professional account managers. We believe these are call agents who solicit funds from members. These call agents will call you with claims of having a lucrative investment option.
All you have to do is deposit funds and wait for the profits to soar. Those who make the mistake of adding funds end up ruing the decision. After a few days, the calls go silent, and the account manager is no longer available.
When you reach out to the platform, they will assign a new account manager. The platform will claim the first account manager is on leave or unavailable. MICFX claims you have to wait for the account manager to come back and clear your issues.
We have seen this play out in more cases than one. No one ends up profiting from the platform, and members lose funds every other day. And this is why we must expose the platform for even claiming to be regulated.
There’s an affiliate program where investors earn money with the platform. You can earn passive income by directing clients to the platform. We don’t know for sure whether the platform actually pays affiliate members.
Before joining such a venture, you need to know the repercussions of it. You will be held liable for any losses incurred by referred clients. The clients will point the finger at you for directing them to a rogue investment platform.
Your funds are far from safe with an unregulated platform. The platform does not deposit the acceptable capital requirement with authorities. All platforms in the U.S must deposit capital with regulators that act as insurance.
MIC FX does not offer any safety net for anyone who deposits with them. If they close shop today, no one will receive any compensation. Moreover, the regulator won’t protect your funds since the platform does not comply with strict regulations.
There are various trading instruments available on the platform. These include CFDs, Commodities, and Futures. Commodities include gold and silver, while the platform only offers major currency pairs.
In the forex class, the spreads are determined by the currency pair. All contract standards are set at 100,000. Bonds are also set at 1000, with maximum leverage set at 1:100. The set leverage is one of the few features the problem got right.
Although the platform claims to reside in two distinctive locations, we are not convinced. The platform has pages that come with the Chinese default language. All we have is a platform that fails to offer any information on the staff members.
It remains to be seen who owns and runs the platform. Joining an anonymous investment platform should be the last thing on your mind. There’s no telling what the platform does with your funds. For all we know, they could be funding an illegal operation.
You will notice that the platform does not have any live chat or contact information. It’s one of the red flags that most investors easily ignore. You should ensure that all platforms you choose should have direct lines of communication.
With an international investment platform, we expect them to offer live support. Support should also come with multi-lingual services. And this is another reason why we doubt the credibility of micfxm.com.
Depositing funds is straightforward as the platform offers accessible depository channels. You can fund your account using bank and wire transfers. The platform does not accept crypto deposits as of publishing this post.
Withdrawing funds with the platform remains the biggest hurdle facing investors. Unfortunately, you don’t get the chance to withdraw funds as easily as you expect. All investment platforms offer straightforward withdrawal processes within 24 hours.
MICFX is not a licensed or registered entity despite claiming to be fully compliant with the NFA. We did a check with National Futures Association to confirm their registration details. Unfortunately, the NFA does not have a platform licensed with the above name.
And this means MIC FX is using false registration credentials to fool investors. And this is one of the main reasons why we have to expose the platform. Micfxm.com is using false credentials to fool investors.
When looking for a safer way of investing, there are certain attributes that you should look for. First, go for a platform that is fully regulated by a reputable regulatory body. These bodies include ASIC, BaFIN, CNMV, CONSOB, CySEC, FCA, FINMA, and the SEC.
The above bodies ensure all parties fall under the legal framework. You get to enjoy the protection that comes with a regulated platform. With MICFXM, no one is fully protected from bankruptcy or insolvency.
We won’t recommend MICFXM for the following reasons
Now you know the risks that come with micfxm.com
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