Evidence Of Fraud In the Medifinance Limited Review

Is Medifinance Limited a legit brokerage? Not at all, dear trader. Mediafinance Limited is an anonymous scammer with foul plans.

Everything we found on this spooky website was fraudulent and there is plenty of evidence to support that claim. Please read our Medifinance Limited Review and arm yourself with knowledge against cyber trading scams. 

Is Medifinance Limited a Scam Broker?

Yes. Medifinance Limited put a UK address on the Contact page, implying that this brokerage is run by a legitimate London-based company.

However, one simple search through the database of the UK’s Financial Conduct Authority (FCA) showed us that not only is Medifinance Limited unregulated, but this entity is blacklisted!

Yup, the FCA has issued a warning against Medifinance Limited. Case closed; if you want to protect yourself from online scams, stay away from anonymous scammers that are on the FCA’s blacklist such as Medifinance Limited and Stam Capital Invest.

If you’re from the UK, make sure your provider is registered with the FCA. That way, you get numerous benefits such as negative balance protection, segregated funds, leverage restriction (1:30), and a compensation scheme (up to 85,000 GBP). Also, the brokerage company has to possess a minimum operating capital of 730,000 GBP. 

Warning Issued by Financial Authorities 

Speaking of the FCA, we are going to post the warning that the UK regulator issued against Medifinance Limited. This warning was issued on January 13, 2023.

Aside from the FCA’s warning, the Bank of Russia also flagged Medifinance Limited as an unauthorized trading scam. We noticed numerous complaints against the broker written in Russian, which probably prompted the Russian central bank to react.

The Opinions of Traders On About Medifinance Limited

Here’s what we were talking about. This unfortunate victim decided to share his/her experience with Medifinance Limited. We found this complaint on forexdepositbonuses.com. This could happen to anybody that deals with the Medifinance Limited and GC Option trading scams.

Had come across this platform,and yes, I’ve lost a lot money on it, can’t get it back yet whatsoever.

– ForexDepositBonuses user, February 9, 2023.

Medifinance Limited’s Trading Platform

Medifinance does not support a proper trading platform from a legit third-party provider such as MetaTrader 4, SiriX or cTrader. Instead, this fraudulent broker opted for WebTrader.

WebTrader is a rudimental browser-based trading terminal with elementary charts, graphs and indicators. It lacks advanced features such as automated trading or multiple timeframes.

Thus, you will quickly outgrow this platform and Medifinance Limited doesn’t offer any upgrades. To make matters worse, the platform could be rigged given the broker’s shady status.

Which Financial Instruments Does The Platform Include?

According to Medifinance Limited’s website, the broker offers the following trading assets:

• Forex currency pairs – EUR/USD, AUD/USD, USD/JPY…
• Commodities – crude oil, natural gas, gold…
• Indices – S&P 500, NASDAQ 100, FTSE 100…
• Stocks – Apple, Toyota, Yahoo…

Medifinance Limited’s Areas Of Activity

It’s interesting to know in which areas in Medifinance Limited engaged in providing illicit services. Here’s a list of countries where the financial swindler was active:

• United Kingdom;
• Italy;
• Spain;
• France;
• Ukraine.

Medifinance Limited is blacklisted in its alleged home country of the UK. The Romanic countries are all under ESMA’s jurisdiction, which is merciless toward scammers. The Ukraine regulator did not authorize Medifinance Limited to operate in that country.

Account Options Offered by Medifinance Limited

Let’s take a look at the five available trading accounts that Medifinance Limited offers:

• Basic – 250 EUR;
• Silver – 2,500 EUR;
• Gold – 5,000 EUR;
• Platinum – 10,000 EUR;
• VIP – 50,000 EUR.

If you want to have access to all the trading assets listed in one of the above sections, you need to open a VIP account. The Basic tier offers only 9 FX major pairs. The Platinum and VIP account types offer bonuses (50%-70%). 

Leverage, Spreads and Fees

Based on various sources, the maximum leverage that Medifinance Limited offers is 1:200. Yet more proof that this isn’t a true UK broker. 

The FCA has imposed a leverage cap for all UK-based brokers – 1:30 for retail clients. As for the spreads, the fraudster simply mentioned that they can be either fixed or variable. Commissions are unknown.

Basically, you have super-high and risky leverage and unknown trading costs. Please do not run into this trap blindly.

Can a Trader Use a Demo Account?

No. There is no risk-free demo account available on Medifinance Limited’s website. Without a demo account, you cannot try out trading.

In order to trade with Medifinance Limited, you would have to open a live account and risk getting scammed. Legit brokers always offer a demo account.

Terms of Service for Medifinance Limited 

Do not get fooled by the Terms and Conditions. It was put there as a cunning ruse to convince you that Medifinance Limited is a legit broker.

Just the alleged company name – Medifinance Limited LTD, is confusing, i.e. why are there two limiteds? At least there’s no shady bonus policy.

Withdrawing Profits From Your Broker Account

According to the website, Medifinance Limited accepts payments via four methods:

• Credit/debit cards;
• Wire transfers;
• Crypto;
• QIWI.

The broker also claims that deposits and withdrawals are free of fees. Only wire transfers may include fees charged by the bank. The processing time for withdrawals is either three to five business days (wires) or up to 24 hours (cards & crypto). 

What Should I Do If I Got Scammed By Medifinance Limited?

You can start by writing a complaint on the forums to warn fellow traders about this foul plot. If you need help reporting the scammer to the authorities, we’re at your disposal.

Book a free consultation with our team if you noticed that Medifinance Limited violated any terms and conditions. We can assist you with the chargeback procedure or trace your crypto transaction using CipherTrace.

• If you were scammed by a broker, let us know.