MerchantFX (Merchantfx.com.au) is a Brutal CFDs and Forex broker to hit the lucrative commodities world. Merchant FX is boasting of offering lightening fast execution and claims of having Australian-based support. Complaints have reached our help desk by users who have lost money with MerchantFx. That’s why we decided to conduct a thorough research to find out more regarding this broker. Find out the honest and real truth regarding this broker.
Newbie investors should make a habit of reading reviews before signing up with any online investment platform. As we all know, the internet is full of crazy people who are out to cause malice. That’s why we need to protect the Lucrative Forex trading market by exposing scam sites such as Merchantfx.com.au. Get to find out more by reading this detailed and factual review regarding MerchantFX.
All investors need to know that scammers will do or say anything to get people to sign up with them. Mostly, they just want people to deposit funds and later shut their website down. Don’t give these scammers the satisfaction of stealing your hard-earned cash. Here, we will reveal the tricks used by fraudsters to scam thousands of Forex investors. Read this whole review and find all dirty tricks used by Merchant FX.
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First red flag we noticed with this broker is the fact that there’s no notable owner. How comes they have failed to disclose the people who are behind MFX? This does not come as a shocker to us as we believe this is a professional scam outfit. Is it true that they come from Australia? Folks, this information cannot be trusted as they have no ownership claims. No one knows who the mother company is.
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Why have they failed to disclose the actual names of people who are behind this platform. Fraudsters will always want to remain anonymous for fear of reprisal. Scammers are afraid of the backlash they will receive from victims and authorities. Now you know why this broker is hiding their real identity, they are involved in fraudulent activities. It’s best to stay away from Merchant FX as this is a disaster awaiting to happen.
Earlier, we stated that scammers will do or say anything to help legitimize what they are selling. MerchantFX is no different as they have posted fraudulent registry claims. At the footer of their homepage, one can easily see numbers posted as licensing claims. ABN 13 610 010 743 AFSL 297499 has been posted as their licensing number. Folks, these are simply random numbers that try and make the brokerage firm appear regulated.
Did you know that these people have no registry documents to back up their claims? A real broker will easily post their registration certificates and documents for everyone to see. That makes verification easier for any type of trader. With this broker, all they have given us is random numbers. Furthermore, the Australian Financial Services Commission does not use this algorithm to license brokers.
MerchantFX offers users two different account types, this is according to the homepage. What we noticed with this broker is that they fail to disclose more information regarding accounts. To begin with, they don’t have a different account’s page. A real broker would have a different account page that directs users to it for clarification. Merchant FX has bluntly used four lines to explain their accounts.
Talking of accounts, this broker offers MFX Standard account and True ECN Pricing account. Standard account holders are promised reliable execution speeds and spreads starting from 0.5 pips. Each and every standard account holder has access to over 20 liquidity providers. True ECN account holder are promised consistent tight spreads from 0.1 pips. There’s no details regarding minimum required deposit.
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Depositing with this broker has been made easy, that’s the only thing these scammers got right. However, this is not a valid reason to go ahead and deposit with them. There’s more than meets the eye with this broker. Users can deposit using various channels such as MasterCard, Skrill, UnionPay, and Visa. With this said and done, problems will start when you decide to withdraw funds with Merchant FX.
It has been noted that all complaints sent to us had one thing in common, withdrawal issues. MerchantFX apparently gives users excuses as to why they can’t withdraw their money. An excuse they commonly use is that users have not reached the required trading volume to warrant any withdrawal. Folks, this is clear evidence that we are dealing with a rogue Forex broker who wants to keep funds to themselves.
Funds are never safe with an imposter broker who has fake credentials. Did you notice that they claim to deposit money with Westpac bank? Another fake claim they use to lure investors into believing this is a legit broker. Funny thing is, users maybe depositing money straight to the owner’s persona bank account.
Another disturbing detail with this broker is that they are pooling funds in one account. What this means is that they don’t segregate accounts. When faced with bankruptcy or insolvency, funds are not protected. What this reveals is that MerchantFX does not participate in a compensatory scheme at all. Funds will always be at the mercy of these Forex fraudsters and thus lack of security of funds.
Problem with this platform is that they fail to offer a live chat support. What they have done is offer a live chat support dashboard. What this means is that users will never have their questions answered to on time. How can we trust a broker who is never available?
And now we have concrete proof that this broker does not want to be contacted. Anonymity is a dangerous character to have as a broker. Why don’t they want to have a one on one conversation with users? Brokers such as these simply want to sign up as many newbie investors as they possibly can. Once they reach their fill, they will shut down without warning.
Without a doubt, we are dealing with a professional scam outfit. Ensure that you stay away from this broker as you possibly can. Ignore all their promotional materials stating with their emails. Mark all their emails as Spam and never click on any links sent by them. Having your email address will give them access to sending these links.
How about we ask relevant authorities to take a look at this broker. Evidence clearly produced will surely bring their fraudulent activities to a halt. Only option we have is add this broker to our scam blacklist. Make sure to warn your friends and relatives from signing up with this broker. Anyone who signs up with them will face the same consequences, losing all their deposits.
Always go for Tested and Trusted Forex brokers when dealing with Forex investment. Sign up today and enjoy the perks of having authentic Forex brokers by your side.
Finally, we wish you all the best in your Forex trading ventures.
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