Review of MFTTrade – 5 Alarming Details Concerning This Cryptocurrency Fraud

Since the company doesn’t offer any other asset than cryptocurrency that’s already a bad sign. It is not like a crypto exchange, which is trusted mostly. This is a trading company, working in the financial market without regulations.   Only limited information is provided in terms of security if there is any.

There is no office location information or license information required for trading on the CFD market. Since this is CFD trading with cryptocurrencies you are required to have regulation.

A lack of it leads us to jump to the conclusion that this is all just a bogus scam. But let’s stick to the facts and check out this MFTTrade review until the end.

In addition to the above, we strongly advise you not to invest in ViaMarketsGo, TGKK Limited and Antares Trade fraudulent brokers.

MFTTrade –  Is It a Legal Broker or a Fraud?

You can’t expect much from a company that exists since 2022. They don’t provide any registration number and country jurisdiction that they comply with. According to MFTTrade reviews, the company is scamming traders from UK and Australia.

Trading cryptocurrencies is always speculative since they are very volatile. When people don’t understand how it works it’s easy to trick them.

And that is exactly what non-licensed companies are doing.

In the end, MFTTrade doesn’t have any integrity. Anonymous website, freshly created in 2022. Lack of regulation, ownership and office information is a bad sign. High leverages and cheesy T&Cs. Avoid at all costs.

Arguments For Trading With a Licensed Broker

Licensed companies are offering you some protection. In case you were scammed by a broker you can get some funds back. With non-licensed companies like MFTTrade broker, it’s the wild west.

Nobody has control over their actions. Therefore they are harmful to people’s pockets. Just to have proof, we double-checked Tier 1 Regulators like FCA, BaFin and ASIC.

As a result, we couldn’t find any records of the MFTTrade trading company.

Analysis of Customer Reviews Related to MFTTrade

We always look first for warnings from regulators. Since this is a freshly developed scheme, there is still none.

However, we did take a look at MFTTrade reviews. In a total of 18 reviews, more than 40% on Trustpilot were negative. All positive reviews look sketchy and fake. Same as the company website.

MFTTrade Software – How Safe Is The Platform?

Since the website is poorly designed, we couldn’t expect much more from the platform itself. They only provide a web-based trading platform. These platforms are mostly unreliable.

They are using data from the real market. But sometimes that data is not in real-time. That’s why we always suggest using platforms like MT4 or MT5.

Trading For Mobile Devices

A huge downside of web-based platforms is that mostly they don’t have apps for mobile devices. Same values for MFTTrade.

So, if you are in a rush, you have to deal with web-based software. Those are mostly not optimized for phone devices, so you will have a lot of trouble there.

What Financial Instruments Does The Platform Include?

This company surprisingly only offers cryptocurrency trading. Those are volatile and there is a lot of potentials there. Especially if you are misleading people.

Some cryptocurrencies available on their platform are:

• Bitcoin
• Ethereum
• Tether
• Binance Coin
• USD Coin
• XRP
• Cardano
• Dogecoin

Areas Of MFTTrade Scam

As we mentioned, we don’t know where they operate. But what is found in the MFTTrade reviews is that they are targeting people from:

• UK
• Australia

These countries still haven’t developed systems to protect their clients. Besides that, residents are wealthy and good prey for companies like this.

MFTTrade List of Account Types

There are 4 account types available. We will present now only the minimum requirement for the following accounts:

• Basic           250 EUR
• Silver           10.000 EUR
• Gold            25.000 EUR
• Platinum      100.000 EUR

Every higher lever brings you certain benefits. From better spreads, bonuses, financial planning, trading signals and more.

MFTTrade Demo Trading Account

Unfortunately, the company doesn’t offer a demo account. Practically, you can’t see how the platform works unless you put in some money. Then it’s usually too late. You are in a machine.

That’s why we suggest trying micro accounts with 10$. Those are available these days mostly in licensed companies.

Does the Broker Use SSL?

The SSL keeps your data safe. From personal information to card details. Any website these days should have those available.

Luckily, this is the case with MFTTrade. We managed to find something good in the MFTTrade review.

However, websites with luring advertisements might not be secured. Therefore, be careful with handing your personal information online.

MFTTrade Terms and Conditions

In the T&C document, there is no information about additional fees or charges. So, we can only discuss trading conditions. Leverages are going up to 1:400. Which is not allowed according to regulations. Since this company doesn’t have it, there comes its freedom.  

Spreads are not stated anywhere. For example, the mentions that on a Platinum account, you get VIP spreads.

Whatever that means. One more interesting thing is “Prioritized withdrawal”. That means that someone has the advantage of prior withdrawal if they have a higher account type. They can make up a reason why not to process your withdrawal.

MFTTrade Broker Scammed You? – Please Tell Us Your Story

A lot of people these days fall for fishing advertisements. It’s nothing embarrassing. It’s just important that you share your story. That way other people will know.

If you were part of a scam by a MFTTrade broker, let us know. A chargeback is always an option.

What Is the Chargeback Procedure?

This procedure involves a request for the bank to reverse the transaction. It is performed when a Debit or a Credit card is used.

Of course, it needs to be filed in a certain period. Therefore, don’t waste your time and lose that money.

Get in touch now for a free consultation with our experts!

FAQ About MFTTrade