Martyn Services Limited Review: Is This Broker Reliable?
Martyn Services Limited Review, This provider is a vicious scammer. It wasn’t around for a long time, but it created chaos in its wake, on a way to its downfall.
In August 2022 UK regulator, the FCA (Financial Conduct Authority), issued a warning about Martynservices.com as this scammer was a clone of a registered company.
The regulator listed websites which this fraudulent broker operated from. And since then, all of them are down, except one. An ominous login page with the Martyn Service Limited logo and no additional information.
Martyn Services Limited Overview
We give you a list of basic information that gives insight into the kinds of tools these bogus brokers use and the trails they leave behind.
We would list the address information as it is also part of an overview but the address is fake and it only points to a real company whose identity they copied.
Martyn Services Limited Regulation and Fund Security
The regulation of Martyn Services Limited is not even an issue in this case. This bogus broker fraudulently identified itself as a regulated UK company and simply targeted unsuspending victims mostly in the UK. Funds were unsecured all along.
The only way of ever committing such a crime in this manner was to fake to be another company and convince even those that informed themselves through the FCA registry that they are regulated by a top-tier regulator.
Risks of Trading with Unregulated Brokers
You can see how important the work of a regulator is by looking into the Martyn Service Limited case. The FCA sniffed out fraud and issued a warning. It didn’t take too long for it all to collapse. Only a few months. For some unfortunate, even that was too long.
It’s important to check with a regulator whether they list a company they regulate. If they don’t, there’s foul play at work. If you were scammed by this or any other fraudulent broker, we would be grateful if you could share it with us.
How Does the Scam Implement?
The scam Martyn Services Limited was executed in the run-and-gun style. They came in the regulated market offering leverage of 1:500 which is illegal in the UK and capped at 1:30.
Investors are drawn by big leverage. Unaware of standard regulations, they invest funds, start trading on a fraudulent web trading platform, and keep getting sucked into investing more. Unscrupulous money-grab, to say the least.
High Withdrawal Threshold
There can always be fine print in the Terms And Conditions. Watching out for Withdrawal Policies is something you should take a notice of.
It should be laid out clearly and you should think in advance about whether those withdrawal procedures are fair or not. A high threshold inhibits you to withdraw money but also forces you to trade and keep investing.
Fake Profits and Withdrawal Cost
There are several ways in which scammers go about defrauding you. Withdrawal costs can be hidden or they may be subject to change according to the company’s Terms And Conditions. In which case they can just straight up empty your account of funds at will.
Costs of your withdrawal may be subject to change on their side by T&C so it’s unlikely that they will restrain from using or abusing their set of rules.
There are no guarantees, yet there are a lot of promises of getting big returns. When a broker comes into a regulated market that provides a regulation, (in this case a cap on leverage) and offers different conditions than what the regulation allows, it means that a serious investigation has to be issued. Something or everything in their presentation can be fraudulent.
Trading Platform Used by Martyn Services Limited
Offering a web trader is not something that can be a good thing when the market already adopted MetaTrader4, MetaTrader5, and cTrader.
When a fraudulent broker operates a web trader it can manipulate you into believing that you are trading, placing orders, and tracking stocks, while you push money into the scammer’s pockets. Whenever you see a trader not trading through these platforms it should ring some alarm bells.
Martyn Services Limited Deposit and Withdrawal Process
They used to provide Wire Transfers, Qiwi, and Cryptocurrencies. Probably just for deposits since it’s doubtful that they ever let anyone withdraw their money. Some wallets do not offer protection through the Chargeback procedure.
Your money is as good as gone. You should always make sure to know the withdrawal conditions before you make any judgment on which payment method to use.
Martyn Services Limited Summary
It would be funny if it wasn’t so dangerous. They straight-up defrauded who knows how many people posing as a legitimate company. FCA issued a warning listing fake addresses, numbers, and websites from which they operated.
Not long after issuing the warning, their operation was halted. They only left behind angry victims in their wake reminding us how a bogus company can wreak havoc in people’s lives even with crude tools like Martyn Service Limited used.
FAQs About Martyn Services Limited Broker
Is Martyn Services Limited Legitimate?
No. Martin Services Limited is a fraudulent internet broker involved in an illegal operation.
What Are the Funding Methods at Martyn Services Limited?
They advertised to provide Wire Transfers, Qiwi, and Cryptocurrencies. Not used as funding, but rather as a way to scam people.
Is my Money Safe with Martyn Services Limited?
No. Your money can’t be safe, as they are committing a crime that involves taking money away from you, without ever returning it.