Mensa Finance Review: Abusing Reputable Name For Illicit Gains
The people running this con scheme think they’re some really wize guys when they picked the name for their so-called brokerage. Contrary to what it implies, investing with this firm is the opposite of a smart move.
See the remainder of our Mensa Finance review to learn more about online scam platforms, and how you too can make a lucrative investment using one of our funded trading accounts.
|Type of the company
|Warnings from Financial Regulators
|Phone, Email, Address
|Majority of clients are from
|Turkiye, Netherlands, Germany, Cyprus, United States
|24/6 – Online Form, Whatsapp
Firm Doesn’t Exist
Originally, this firm was supposed to be incorporated in Bosnia, if we were to believe the location details given on the website.
The financial regulator in the country is KOMVP, which has a database of regulated financial markets participants, but this firm doesn’t appear among them.
Even if the brokerage in question was licensed by this authority, their license would hardly represent anything reliable, considering the devastating state of the economy and law implementation in the country.
That’s why we decided to look through several reputable registers like FCA, BaFin, ASIC and FINMA. Unfortunately, none of the regulatory institutions have any knowledge of this shady firm, except for the NFA that says the license number we found on the site belongs to an unsupervised entity!
The only result we got was a public warning about the company being an imposter, posted by the Australian Federal Government website powered by ASIC – Moneysmart.gov.au. This is, by all means, an unregulated online trading brand, just like Definite Area.
These cybercriminals own multiple social media profiles, which you may find on Facebook, Instagram and X. This, combined with WhatsApp chat service, allows the boiler room agents to easily get under the skin of a truly worldwide audience.
Pretense is the name of the game with any scam company, as the people behind the InvestOFund fraud can tell you. We can see this deception unfolding with Mensa Finance reviews on TrustPilot, where the comments are total fakes, with some of them not even mentioning the company they’re reviewing.
In a typical fraudulent scenario, the agents will claim to be affiliated with a company that reinvented online trading. Earning money is allegedly a breeze, and anyone can do it as long as they cough up a hefty deposit.
Web Trader Resembles Sirix
The Mensa Finance trading is done on a poorly designed web app that is based on Sirix – popular platform for web trading, especially among unregulated firms.
What this bogus terminal is especially known for is a social trading option that allows traders to utilize the strategies employed by other, seemingly successful traders. The trick hides in the fact that these allegedly lucrative trading techniques are completely false and unverified, so you’re only pushing yourself into additional risk.
There’s no need to even compare this faulty terminal with the industry standard platforms like MT5 and cTrader that have redefined trading environments as a whole. Without the properly organized distribution and implementation of advanced analytical options, this terminal only serves as another way to manipulate investors and urge them to deposit.
Mobile App Just as Unreliable
With a little over 500 downloads the alleged mobile app is advertised as a premium mobile solution for Android users. It is available on Google Play but not for iOS customers. Judging by the screenshots it doesn’t represent a reliable solution, so we can’t say we recommend it.
Costly Initial Investments
Clients are allegedly provided with several different live trading accounts. No demo is available, so the users are urged to make a leap of faith and invest before they can test the trading environment.
Here’s an overview of initial deposits:
- Silver – $100
- Gold – $1,000
- Platinum – $3,000
- Diamond – 4,000
The spreads are mentioned in as dubious a manner as possible. For the Silver account, you get “Average Spreads” and for the Diamond you can expect “Ultra Low Spreads”, but no numbers are given.
Commissions are said to be 0 over the board, but unfortunately we couldn’t verify this. Leverage is incredibly high and may go up to 1:2000, which is many times over the 1:30 maximum in the EEA.
Shabby Education Materials
On the website, we noticed something called Mensabook, which is apparently a page dedicated to trader education. The provided materials are incredibly basic and shallow, however, as the entire page consists of an advert and several FAQs.
While it is true that you may get some basic insight into the world of online markets, it is far from what we’d call informative. Indeed, you learn more about trading by reading a Wikipedia article.
Shady attitude towards monetary transfers is especially displayed when it comes to account funding and withdrawal options. You see, the website will have you believe how a variety of transaction channels are available:
- Credit cards (Visa, Mastercard)
- Bank transfer
However, the information found in the user area is anything but clear and comprehensible. At first, the only options available for deposits are crypto payments. Then the withdrawal of funds is supposed to be allowed via bank transfer or bitcoins. Nothing is certain and you can expect sudden fees and other unannounced conditions that make payouts difficult.
The legal papers do not clarify how the transactions are handled. Neither is the processing time and charging clarified. In such circumstances, you cannot expect to have your funds protected and to be able to withdraw whenever you decide to.
Forex Trading Recommendations
Trading through an illicit brokerage carries a significant risk not only to your investment, but to your sensitive information as well. Many of these illegal companies are known to abuse not just the bank card details, but for committing identity theft as well.
For those of you who are looking for a sleek and reliable way to up your portfolio, Proprietary trading might be the solution you’re looking for! With our funded trading, you can be allotted up to $180,000 in assets.
What is Mensa Finance?
It is an unregulated forex broker that allegedly operates from Bosnia and Herzegovina.
Is Mensa Finance a Legit Broker?
No, the company is completely illegal as none of their claimed licenses are valid.
How Can I Withdraw From My Mensa Finance Account?
It’s questionable whether these schemers will voluntarily release any of your funds. If you require help in the matter, contact your bank or regional financial regulator.