MobaTrade Review – Fake Regulation Makes This Scam Worse
With alleged headquarters in the UK, it’s easy to start researching this broker. However, with their anonymous attitude, it’s hard to believe they are up for good. Primarily because they don’t share any ownership information. But even the ones that they share are fake.
|Average 3.6 on Trustpilot
MobaTrade License and Fund Security
Every company operating in the UK should have primarily the FCA license. Another license on top of that is a plus. Thus, upon searching for MobaTrade in the FCA register there were no results. Not only there, but also with any other Tier 1 regulator. Starting with BaFin, ASIC and CFTC. With this in mind, we could already conclude that his broker is an investment scam. But we stopped or a second.
Actually, the broker claims to be licensed by Crypto Conduct Authority (CCA). We expect inexperienced traders to fall for this fake information. That’s why we are here to deny those statements. CCA is a malicious fictive institution trying to present scam brokers as legit. So, none of the fund protection measures are available with the MobaTrade scam broker.
Allegedly broker offers different trading and wallet accounts. But also regulated banks. However, everything they claim on their website is questionable because of missing regulations. Instead, you can find a Tier 1 licensed broker and avoid all headaches.
Trading Platform Overview
With a broker that claims to be licensed, you would expect trusted trading software. Thus, that’s not the case with MobaTrade scam broker. On the contrary, they are offering their traders poorly designed web trader. They promote trader-friendly features, but copy trading is missing. Not to mention algorithmic trading that is available with Meta Trader or cTrader for example.
The biggest problem with web-based software is its reliability. Firstly, they are not easily accessible from the mobile devices. Instead of getting an app for iOS or Android, you must use it via a browser. Secondly, brokers often manipulate market data on this software.
As we can see from MobaTrade reviews, that’s exactly how traders were scammed. Of course, besides not allowing withdrawals to happen. Also leverage on the platform goes up to 1:400. It’s 10 times higher than the maximum allowed by many regulators. Thus, fees and spreads remain unknown.
MobaTrade Account Types
With licensed brokers account types are designed to give more benefits to traders. However, at the same time, traders should deposit more money and trade with higher volume. Which in the end brings more profits to the company through fees and spreads. In this case, with MobaTrade those are just designed to extract more money from traders.
Traders can choose between 7 account types:
- Bronze 10.000 EUR
- Silver 25.000 EUR
- Gold 50.000 EUR
- Platinum 100.000 EUR
- Diamond 250.000 EUR
- Premium 500.000 EUR
- VIP 1M EUR
Besides market reviews, social trading and webinars you can’t get anything more for a VIP account. Surprisingly, none of the trading conditions are mentioned in account types. This doesn’t add up to the information provided by the broker about regulations.
On the positive side, they provide Islamic accounts. Thus, if they will comply with what they are saying remains mysterious. On the negative side, traders don’t have the option to use a micro or demo account with a MobaTrade scam broker.
Procedure for Deposit and Withdrawal
As the most important part of any trading company, we are coming down to withdrawals. But first, let’s go through funding methods:
- Debit/Credit cards
- Wire transfer
But for withdrawal options, the broker promotes crypto transfers. These transfers are anonymous and hardly traceable. Therefore, don’t be surprised if they pitch you to use that for a deposit. Also, have in mind that those transactions are irreversible. On top of all, the broker doesn’t reveal if there are any withdrawal fees. Not even a withdrawal processing time.
How Is the Con Carried Out?
Scam brokers like MobaTrade will lure traders everywhere. Whether it’s a marketing campaign, social media or affiliate program. Once they get you on board, their mission is to extract money from you. Don’t worry they are ready to go to the last penny.
Since their whole presentation is shady, you can’t expect anything good upon requesting a withdrawal. They can use different tricks to make you believe in things they want. But don’t fall for missing documents excuses or some fees or taxes that have to be paid.
To conclude, the MobaTrade scam broker is not one of the most reliable ones. They fail to deliver security to their traders. Also, the company is completely mysterious to its traders. Many trading conditions are missing. Altogether with regulations. All in all, a broker to be avoided.
In case you were one of their victims there is a solution. Our expert recovery team is there to guide you to recover your lost money. Get in touch today!
FAQs About Dizl FX Ltd Broker
Is MobaTrade Good for Beginners?
No. They are anonymous and don’t provide any security or transparency that beginners need.
Is Depositing with MobaTrade Safe and Secure?
No. Funding your account with MobaTrade is risky because they miss all important regulations.
How Long Will It Take to Process My Withdrawal Request?
It’s unknown. The broker doesn’t have a transparent withdrawal policy with the necessary information.