MFTTrade – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://mfttrade.com
Founded: 2022
Regulations: Not Regulated
Languages: English, German
Deposit Methods: Cryptos
Minimum Deposit: €250+
Free Demo Account: No
Number of Assets: 200+
Types of Assets: Cryptocurrencies
Trading Accounts and Conditions
According to their website, MFTTrade offers their clients the following types of trading accounts:
- Basic: The minimum funding requirement is €250. Leverage is up to 1:100.
- Silver: The minimum funding requirement is €10,000. Leverage is up to 1:200. You are offered Bonus funds.
- Gold: The minimum funding requirement is €25,000. Leverage is up to 1:300. You are offered Bonus funds.
- Platinum: The minimum funding requirement is €100,000. Leverage is up to 1:400. You are offered Bonus funds.
Commissions, fees and spreads are not mentioned anywhere.
MFTTrade – Advantages
There are no advantages to trading with MFTTrade.
MFTTrade – Disadvantages
Given below are all the issues that tell us that we are dealing with a scammer in MFTTrade:
-
Lies About Regulation Status
The first thing we notice about MFTTrade is their lies about their regulation and identity. Legitimate brokers need to provide details about their corporate identity, location and licensing information.
With MFTTrade, most of that information is missing. We are given a UK address and telephone number, but we do not know the name of the company that runs this operation. Even this broker’s Terms and Conditions do not mention their company name – they are operating anonymously.
Furthermore, the UK address implies that this broker is regulated by the Financial Conduct Authority (FCA). We checked the regulator’s online database to make sure and we were unsurprised to see that there was no broker (or company) by this name listed with them. Our search came up empty.
All that we learned about this broker tells us that we are dealing with an unregulated and anonymous broker, i.e., a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Poor Trading Software
Another clear red flag that tells us that we are dealing with a scammer is this broker’s trading software.
The trading platform is a broker’s main offering. Therefore, legitimate brokers make it a point to offer only the best trading platform in the market. This usually means offering the MetaTrader platforms – either the MT4 or MT5 or even both. These platforms are extremely user-friendly so that even novices can navigate them with ease. Added to that, they have a range of features and functions that cannot be rivalled by any other platform in the market. Plus, they offer a marketplace with thousands of trading related 3rd-party software.
With scammers such as MFTTrade, you get a poorly designed trading platform, one that barely functions and offers hardly any added features. After all, a scammer’s main aim is not for you to trade well, but to make as much money off of you as possible.
-
Issues with Trading Conditions
We also see a number of red flags in MFTTrade’s trading conditions – all of which tells us that we are dealing with a scammer.
The first is that their trading conditions are not complete. Legitimate brokers specify every single aspect of their trading conditions. This means clearly spelling out what their trading costs are (spreads, commissions per lot, etc.), their risk levels are (leverage ratios), order execution methods, fees, asset classes and so on.
With MFTTrade, we know what the leverage ratios are. That’s it. There is no further information provided by this broker.
And the leverage ratio that this broker does offer is much too high. In strongly regulated markets such as the UK and Europe, authorities have placed stringent limits on how much leverage retail traders can be offered. In both the UK and the EU, that limit is capped at 1:30 (for forex) and 1:2 for cryptocurrencies (in the EU). So, leverage of 1:100 and above are not just seriously risky, they are also illegal.
Another sign that this broker is not a legal entity is the fact that they claim to be a crypto broker based in the UK. The UK government has made trading in crypto derivatives illegal, so any broker claiming to offer trading in these assets cannot operate legally in this country.
Yet another red flag that tells us that we are dealing with a scammer is the fact that while this broker claims deal only in cryptos, when you check their Terms and Conditions, MFTTrades also claims to offer their clients forex for trading.
-
Single Funding Option
The only way that you may be able to fund your MFTTrade trading account is via cryptocurrencies. This single available funding option clearly tells us that this broker is a scammer.
We need to point out that most online brokers today offer cryptocurrencies as a funding option. However, with legitimate brokers, you also get a wide range of alternatives – credit cards, debit cards, online transfers through e-wallets, Western Union, and so on.
With scammers, you will usually get limited or, as in this case, a single funding option. And the funding option offered (cryptos) is irreversible and untraceable. This means that once you have carried out a transaction using cryptocurrencies, there is no way possible for you to get your money back.
This is the reason why we recommend that traders trying out new brokers should use credit cards as a funding option. With credit cards, you are allowed to file for a chargeback if you feel you have been scammed. This way, there is a chance for you to get your money back – something that is just not possible with cryptos.
-
Bonuses Offered
MFTTrade also offers their clients bonuses. These bonuses have been banned in most jurisdictions because they have extremely unfair withdrawal conditions.
With MFTTrade, if you use their bonuses – also called non-deposited funds – you will not be allowed to make withdrawals until you have traded a volume of 30 times your deposit + the bonus amount. This is an impossible target to reach, which means that you will never to take your money.
Conclusion
MFTTrade is yet another scammer to enter the market. It would be safest to stay away from this broker.
MFTTrade
Pros
- None
Cons
- Lies About Regulation Status
- Poor Trading Software
- Issues with Trading Conditions
- Single Funding Option
- Bonuses Offered
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.