Keep Away: Mastertradeplusfx is a Scam Broker

WikiFX | 2023-03-20 12:30

Abstract：Since trillions of dollars change hands on the foreign exchange market daily, it becomes highly intriguing to scammers.

On top of that, increasing numbers of financial intermediaries in the forex market make finding a legitimate broker even more challenging. This piece will drive your attention to a scam broker - Mastertradeplusfx.

Mastertradeplusfx - A Quick Overview

Mastertradeplusfx (https://mastertradeplusfx.com/) claims to be a forex and CFD broker based in the United Kingdom, facilitating retail trading across multiple financial markets, including forex, stocks, indices, energies, commodities, and cryptocurrencies. While the broker claims to offer unparalleled trading conditions, a diverse range of trading platforms, and multiple account types, it also boasts its multi-regulated environment and competitive pricing structure. Considering the need of newbies, the company also provides educational resources. Since the company neither provides telephonic support nor offers live chat, clients can only raise their concerns with the company via email. However, you may also contact the broker on social media platforms like Facebook, Twitter, Youtube, Instagram, etc.

Is Mastertradeplusfx Regulated？

No! Mastertradeplusfx is not regulated. Although the company claims to hold multiple regulations, no evidence can be found to confirm its claim. And we are sure the broker lies about its regulation status, as the screenshot from FCA below.

Is Mastertradeplusfx Legit？

No! Mastertradeplusfx is not a legitimate broker. The company deliberately makes false claims to mislead clients and make them lose their money.

First, the broker claims to hold regulations in multiple jurisdictions, including its home country (United Kingdom). According to the company, the Financial Sector Conduct Authority (FSCA) regulates it in the UK. However, the FSCA is a South African Regulatory Authority that has nothing to do with the regulations of UK-based brokers. Instead, all brokers operating within the UK must have a valid license from the Financial Conduct Authority (FCA).

Further, the company's website has many broken links, except for the signup page. It seems that the broker only wants you to sign up, deposit funds, and leave away from the money forever.

Moreover, the fund can only be deposited via cryptocurrencies. The broker doesn't support any other payment method, and the reason is apparent - the company doesn't want to reveal its identity. So it may remain untraced.

Has Mastertradeplusfx Ever Been Blacklisted？

Yes! the UK's regulator FCA has recently blacklisted the firm after finding it engaged in providing unauthorised trading services to UK nationals. The regulator warned the public that if something goes wrong, affectees won't have any recourse through the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS).

Bottom Line:

Mastertradeplusfx is a confirmed scam broker blacklisted by the FCA. The company plays professionally to trap clients and make them lose their funds. When you visit the broker's website, you might be unable to differentiate it from a legit broker's website. Further, the company has mentioned false information about its regulatory status on its website, so newbies might consider it a legitimate broker. Fraud elements dress themselves up to look legitimate.

Related broker

Not Regulated

Mastertradeplusfx

Company name：Mastertradeplusfx

Score

1.61

Website：https://mastertradeplusfx.com/

2-5 years | Questionable Regulatory License | Suspicious Operational Region | High Potential Risk

Score

1.61

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