WikiFX Scam Alert: Beware Of MondialFX, A Confirmed Forex Scam
Abstract：While the forex market has both legitimate and fraudulent brokers, one of the most important things you can do to protect your money from con artists is to study or research brokers. Based on what we learned from our research, we think that the broker MondialFX is a scam. We wrote this review to warn other people about it. Let us also share our results with you.
A Quick Overview of MondialFX
MondialFX (https://www.MondialFX.com/) is an online broker that lets you trade currencies, stocks, indices, commodities, and exchange-traded funds (ETFs) in a number of different financial markets. It isn't much known about where the broker came from, but it says its main office is in the United Kingdom. In addition to supporting different ways to pay, the company offers different types of accounts with different minimum deposit requirements. Despite the fact that the firm promises to provide a proprietary trading platform online and on mobile, both trading terminals are unavailable even after you sign up for an account. Aside from a few tools for research, the broker doesn't offer lessons or demo trading. Clients may only contact the broker by email and phone since the broker does not provide live chat service.
Is MondialFX a regulated broker？
No! MondialFX is not a regulated entity. The company says it is a licensed broker, but the only proof it gives is that it is registered and regulated by HBMC, which is not a forex body.
Client Reactions
Clients claim that the firm requests deposits first before luring them into bogus profit-making schemes and then restricts their access to trading accounts. Almost every other consumer said the broker never processes withdrawals. Here are a few screenshots for your convenience.
What Characterizes MondialFX as a Scam Broker？
The broker deceives the public about its license status. While the broker's authenticity is already questioned due to the lack of regulation, incorrect information regarding its licensing proves that the business is a scam.
Even if you become a registered user, you will not have access to the broker's trading platforms. The system gave an error of incorrect as we tried to log in to the trading interface.
The organization seems to be only interested in customer deposits since none of the buttons on the dashboard operate except for the deposit and withdrawal choices.
To be honest, we are hesitant to deposit money with the broker. Who knows whether the company will let you use its trading terminals even after you've made a deposit？ It also doesn't make sense to stop customers from looking into different trading platforms before they sign up or make deposits.
Furthermore, the broker has been banned by a forex regulator: the Commissione Nazionale per le Società e la Borsa (CONSOB - Italy) issued a warning that MondialFX lacked the necessary authorization to operate in the nation.
Despite the fact that the broker is its headquarters in the nation, the FCA has not approved him to offer financial services, according to certain web sources.
Let's look up “MondialFX” in the WikiFX APP to learn more about this broker. WikiFX is a well-known worldwide search tool that gives basic information and lets you look up licensing and regulatory information. WikiFX can assess the safety and dependability of over 36,000 worldwide forex brokers. WikiFX provides you with a significant edge while looking for the top forex brokers.
As you can see, according to WikiFX (https://www.wikifx.com/en/dealer/1045672962.html), MondialFX now lacks a legitimate regulatory license and has a low score of 1.01/10! WikiFX assigns a score to brokers ranging from 0 to 10. The higher the score, the more trustworthy the broker.
In conclusion
Companies like MondialFX are solely interested in your money. They continue to devise questionable means to attain this aim. So, you should be careful and learn as much as you can about a broker before signing up with it. Opening an account with a registered broker will help you lower your chances of getting ripped off. At the very least, you have the legal right to sue the firm if it violates the code of conduct.
WikiFX says that there are a lot of forex scams, so before you invest, look at the broker's information and customer reviews on WikiFX. WikiFX may also help you reveal forex frauds. WikiFX will do everything it can to help you, find scammers, and warn others not to fall for them.
If you think your broker has done something wrong, please get in touch with WikiFX Support using the information below.
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