The website of MallonFX broker whole a lot reminded us of Axis Capital Group, also presenting themselves as a UK broker, yet without any regulations. Both of the websites have no tabs, and everything is shown on the main page.
Let’s expose this fraudulent broker step by step in our MallonFX review.
|Regulated by:||No regulation or license|
|Blacklisted as a Scam by:||FCA|
|Owner by:||AMC Trade Finance Ltd (allegedly)|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Yes – BTC, ETH, XRP – 50+ assets|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
MallonFX Regulation and Security
MallonFX is allegedly a brand of AMC Trade Finance Ltd, based in the UK. Why do we say allegedly? Because AMC Trade Finance Ltd is really a UK registered business, as well as the FCA regulated. However, it’s a credit institution that is not related to MallonFX broker nor mallonfx.com website. It’s just another attempt by the broker to persuade clients about legitimacy.
The broker added a “regulation” link to their website, but it simply redirects you to the website’s main page. Why? Because MallonFX is not regulated and it’s a scam that you should avoid at all costs.
Warnings From Financial Regulators
As already mentioned, MallonFX represents itself as a part of the UK-regulated company. Therefore, we were not surprised to see an official FCA warning against the broker. According to the FCA, MallonFX is a clone firm of a UK registered business, and clients should avoid it at all costs.
Fund Withdrawal Issues
Like many unregulated brokers, MallonFX is no exception when it comes to withdrawal issues. According to many MallonFX reviews we’ve come across, the broker has several problems. First of all, if you start with a minimum of $150, you’ll be able to invest only with currency pairs. It means by default that you need more money if you plan to invest in other assets. Once you deposit more, you can be sure you won’t withdraw anything.
The broker claims to offer “risk-free” accounts managed by professionals. Only when you give money to this professional will he simply block your account and refuse to accept any of your withdrawal requests.
There are a couple of websites ranking brokers, so traders will know what they are going into. And according to all of those, MallonFX broker has a score under 1. It has a poor rating that suggests the broker is conducting a scam. Of course, the score was made based on traders’ votes and their opinions. According to these, the broker does not allow withdrawals, and clients’ accounts are suspended for no reason.
How Does Online Trading Scam Work?
Online trading scams are a prevalent tool at the moment. Since everyone is trying to make an additional income, showing an ad about extra 10-15 thousand dollars cannot be wrong. What is wrong are fake promises and financial advisers with no license. After you make your first deposit, you’ll be prompted to add more funds. And more. If you do so, withdrawals are impossible. Beware of the MallonFX scam and other brokers such as Axis Capital Group, Finexico, and FX Wonders.
Scammed by MallonFX?
If you were scammed by MallonFX, do not hesitate to report it. File a complaint and ask for a chargeback.
But what is a chargeback? It’s a way of retrieving your funds to your credit card in case of scams. Contact our support team via chat and let us help you out. Let’s file a complaint together and get your money back!
What is MallonFX?
MallonFX is an online trading platform without any sort of regulations.
Is MallonFX a scam?
MallonFX is a scam broker blacklisted by the UK FCA as a clone firm.
Is MallonFX regulated?
No, MallonFX is not a regulated or licensed trading company, and you should avoid it.