MinosFutures Review- Great Trading Tools Turned Against Investors

MinosFutures isn’t a well-established, multi regulated brokerage they claim to be. Not only does this platform lack a valid Forex license, but the swindlers behind it go above and beyond to seem credible by forging certificates.

All of the vicious intentions and regulatory issues of this shady offshore company are presented in the following MinosFutures review, so read on.

License Forging

In a desperate attempt to appear credible and their clients’ trust, the MinosFutures scam falsifies several licenses allegedly issued by prominent regulators. The firm claims to operate out of SVG, but SVGFSA has no record of Minos Markets LTD or the reg number they publish on the site.

Next is the forged NFA membership, which would otherwise mean the firm was properly regulated by CFTC. The NFA database clearly says that Minos Markets LTD is not a member. DFSA also reveals no company under this name, although they claim to have an office there, as well. 

Lastly, the company is registered with FINTRAC, but this agency doesn’t regulate brokerage activity, which means that the broker is essentially unlicensed to provide online trading services.

Another offshore sham you should avoid is 70Trades.

South-East Asian Operation

Ever since the end of 2022, when the website was set up, the main focus source of targets have been the residents of the following countries:

• Vietnam
• Malaysia
• Thailand

This could indicate the real location of the broker or simply their aim to keep off the radar by targeting less strictly regulated zones. 

To attract new users, the trading platform does what every common sham does – employs phone agents to promote their business and rush unsuspecting victims into risky investments.

Trading Conditions Violate Regulations

No NFA member would be able to allow leverage of up to 1:500, like this shady trading firm does. Such drastically different trading parameters compared to what’s within the regulatory limitations suggest illegal practice.

The starting leverage for the basic account is 1:200, while the spreads on EUR/USD begin at 4 pips, which is far higher than the current industry average. Trading costs at this site are absolutely abysmal.

Attractive Trading Features

While there are some interesting offerings on the MinosFutures platform, the added risks and costs undermine any benefits. Their trading app is one of the best currently in use, and the accounts allow for diversified trading opportunities. Selection of assets is also quite large, but these are all intended as a bait for potential victims.

cTrader Platform

No matter what prestigious technological solution for online trading this broker offers you, it’s all in vain. Without the obligatory Forex license, even the first class MinosFutures platform like cTrader is of little use.

The broker requires a simultaneous MinosFutures login in both desktop and web cTrader. This might indicate a phishing scam, where the fraudsters abuse your credentials for other purposes.

Otherwise, this is one of the currently most downloaded and used trading software, and it easily compares to MetaTrader with it’s richness of features, speed, comprehensiveness and reliability.

Apps For Mobile Users

Both cTrader and web trader are available for MinosFutures mobile users. Users with an iOS device get a generic piece of software from the App Store, which requires further customization.

While Android users downloading from Google Play can expect a fully customized cTrader mobile, the number of unique downloads is only around 100, which is not very reassuring.

Diverse Trading Instruments

The broker offers an attractive range of trading instruments. These are divided into several groups in order to emulate a reputable brokerage. BizzTrade uses a similar strategy to attract victims, so take it all with a grain of salt.

Here are the asset groups with a few examples:

• Forex (EUR/USD, AUD/CAD, USD/JPY, GBP/CHF)
• Cryptocurrencies (BTC/USD, ETH/USD, XRP/USD, DOGE/USD)
• Shares (Ebay, Toyota, Boeing, Rio Tinto)
• Indexes (Dow Jones, Nasdaq100, USD Index)
• Indices (JPN225, US30, SPX500, GER40)
• Commodities (Copper, Aluminium, Natural Gas, Brent, Cocoa, Soybeans)

Mediocre Account Features

The MinosFutures accounts do not include any particular options and tools. It’s as if they only differ in trading costs. 

Even so, even the most expensive package offers costs above what properly regulated brokers will sell you for a far lower price. Registration process is quite quick though, but verification is demanded if you wish to do anything on the platform. Here’s the prices list:

• STANDARD – $100
• PREMIUM – $10,000
• PLATINUM – $25,000

Missing Withdrawal Policy

In the range of mostly useless legal documentation, the MinosFutures Withdrawal Policy doesn’t exist. The single website page that lists all the transaction methods and potential fees doesn’t reveal anything of importance. 

Presence of several crypto channels implies that the monetary transfers are all anonymous, as preferred by most of the illegally operating online trading agencies.

The fees either do not occur at all or are very rare and so low that they’re neglectable. Unfortunately, these website details do not necessarily mean they’re true. Especially when no license confirms the broker’s legitimacy. 

Slow Customer Service Options

The company doesn’t provide any live support methods through the website. Clients may opt to use an FAQ section, or create a support ticket through the dashboard. Whatever method you choose, you’re not likely to get a prompt response.

Get Your Money Back! Start A Chargeback

There are some interesting and attractive features with MinosFutures broker, like cTrader and diverse assets. All of them are pretty much useless since the company has no license.

Unregulated firms don’t submit to any supervision. They are likely to defraud their clients for the money and disappear. Don’t wait for this to happen to you! Contact our legal experts and start your chargeback today!

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