MondialFx Review: Find Out About This Broker Scam Activity
MondialFx presents itself as a brand name of Vie Finance, which is claimed to be licensed and regulated. The given address is in London, United Kingdom, however, the site further says not to provide its services in the UK.
Not only is there no legal proof of being regulated, but the Italian financial authority CONSOB has issued a warning against this firm.
When a jurisdictional regulator has alerted the public about a firm, clearly the broker cannot be trusted.
Taking into consideration that the broker chooses to remain anonymous and given the fact that they’ve been blacklisted, it is only rational not to want to invest here.
MondialFx Quick Glance
The solidly looking website recommends MondialFx as a broker with helpful trading tools, educational information on trading, and access to markets across the world. Some other helpful features like in-platform support, a reliable web platform, quick execution or order and analysis, and alerts.
Furthermore, claims are made about MondialFX being fully licensed and regulated brokers. SSL encryption, funds kept in segregated bank accounts along with great depositing and withdrawal options are all promised to be available.
|From 0.1 pips
Security and Regulation at MondialFx
MondialFX as a brand is supposedly owned by Vie Finance and regulated by HBMC. Even some license number is given to make all this seem believable. However, no regulatory body under the name of HBMC exists.
If the company is indeed on the UK address and if they claim to be regulated, it would be expected to find them in the jurisdictional regulator’s database. There is no regulated broker in FCA’s registry with the name MondialFX, though.
For that reason, we are free to conclude that this broker is not safe to invest with.
Trading Software Available at MondialFx
MondialFX offers trading software that is entirely web-based and is presumably an advanced platform that is multifunctional and rich in features.
It was designed to provide flexible tools and services to be of use to millions of traders across the globe.
Its reliability and speed would be guiding clients in establishing profitable trading strategies.
Along with a dedicated mobile app, users are expected to be able to use all the various features that the platform can give.
They include market analysis, SMS notifications, and a built-in economic calendar. Nonetheless, when promises like these come from an unregulated broker, they should be taken with caution.
MondialFx Deposit and Withdrawal Options
In order to start trading, a potential client has to make an account and deposit the initial sum of at least $200. The site is said to be accepting credit/debit card deposits and other popular ways such as Neteller, Paysafe, Bank Transfer, Skrill, and others.
To apply for withdrawal, customers have to fill in a form on the website. Funds withdrawn would be paid back to the client the same way the deposit was initially made. Even big brokerage companies refrain from claims about withdrawals being so fast.
How Do Offshore Brokers Execute the Scam?
Since MondialFx doesn’t clearly share the location of the owning company, it may as well be presumed this to be another offshore broker. Phony brokers are famous for wanting to keep their anonymity in order to perform cyber theft and get away with it unpunished.
Areas, where there are no jurisdictional regulators, are scammer havens. From there they can run their scamming business and persistently contact as many investors as they can in order to persuade them to invest.
Less experienced and knowledgeable traders are their preferred targets since regular traders are already familiar with their unscrupulous ways.
We have already come to the conclusion that what we’re having here is another unregulated broker, most likely an offshore company. Naturally, claiming that investing here is a smart choice is out of the question. Do not forget that frauds usually target first-time traders or those less experienced ones.
Rely on government authorities in case of a scam rather than recovery agents advertised online.
In the end, sharing experiences is precious for all potential future victims of scams.
FAQs About MondialFx Broker
Is MondialFx Trustworthy Broker?
No, being unregulated and unlicensed means a broker is not to be trusted.
Is my Money Safe with MondialFx?
No, clients’ funds are not safe with an unregulated broker like MondialFx.
How Long Does it Take to Withdraw From MondialFx?
MondialFx claims that it takes only one business day to process a withdrawal.