Mskfinance10 – Are They Secure?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Mskfinance10 - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2020
Mskfinance10 has not mentioned much information about the types of accounts and the conditions related to each type of account, except that they are offering a real account and a demo account. This is a clear red flag because such information is essential so customers will know how much investment is required from them and the terms and conditions associated with every account.
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://mskfinance10.com
Founded: No information was found on the website.
Regulations: Unregulated
Languages: English, and Russian
Deposit Methods: Credit/Debit cards (Visa and Master), Wire transfers
Minimum Deposit: No information found on the website.
Free Demo Account: Yes
Number of Assets: No information found on the website.
Types of Assets: Currency pairs, Cryptocurrencies, Indices, Metals, Energies, Futures, Shares, and Swaps
Trading Accounts and Conditions
Mskfinance10 has not mentioned much information about the types of accounts and the conditions related to each type of account, except that they are offering a real account and a demo account. This is a clear red flag because such information is essential so customers will know how much investment is required from them and the terms and conditions associated with every account.
MSKFINANCE10 – ADVANTAGES
After a careful research, we found out that there are no advantages this broker can offer its clients.
MSKFINANCE10 – DISADVANTAGES
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An Unregulated Enterprise
Mskfinance10 describes on their website that they operate within the European Economic Area but they have not shown any license or proof of authorization anywhere on the website. However, this is untrue because European Economic Area includes the UK and EU countries where forex brokers are bound to provide their customers all their details related to the license numbers, contact details, registration numbers, or physical address. Apart from this, there is no information mentioned on Mskfinance10’s website about who is regulating them.
In addition, a deposit confirmation blank sample was found to have the address of the Marshall Islands with the name of another company, which is nowhere mentioned on the website of Mskfinance10. Moreover, the Marshall Islands is an offshore zone famous for its lack of financial regulation. It means brokers operating in this offshore zone are not regulated by any authority and they solely operate in their own direction.
Therefore, we can conclude that Mskfinance10 is an unregulated offshore broker having no license and does not operate under any regulatory authority.
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.
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Unsecured Personal Information of Customers
Once you sign up on the website of Mskfinnce10, you cannot do anything until you upload a bunch of personal documents like bank cards which is totally unacceptable. Only then your account will be active. This makes Mskfinance10 more suspicious of who might be involved in identity theft.
On the other hand, legit forex brokers let you open a demo account first, let you read through their terms and conditions, allow you to ask questions, and sign an agreement. Only after these all activities will they ask you for the identification proof. So, you should never submit your personal documents with any anonymous websites or scam brokers like Mskfinance10 because you will surely end up being a victim of identity theft.
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High Trading Leverage
Mskfinance10 offers the leverage of 1:400 which is a very high leverage level. This value is considered to be too high because regulated brokers are only allowed to give as much as 1:300. Going beyond this value is already considered as gambling since you’re putting so much risk to your funds.
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Shady Bonus Policy
Mskfinance10 offers bonuses that are associated with the requirements of the minimum trading volume. The customer will have to fulfill these requirements to execute and withdraw the bonus amount. There is no such thing as gifts or bonuses. These are only tricks used by scammers to trap new victims.
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Missing Important Information
Mskfinance10 does not mention any details related to the initial minimum deposit amount, spreads, dormant account policy, and fees for an inactive account. However, a legit broker will never miss such kind of important details to mention on their website.
Mskfinance10 offers the funding methods of debit/credit cards and bank wires, but due to the broad information mentioned in their terms and conditions, they fail to clearly define their funding policy.
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Non-Functional Trading Software
Mskfinance10 claims to offer its customers the Metatrader4 web-based platform but when we tried downloading the trading platform it was nowhere to be found and the links provided for were all broken.
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Shady Withdrawal Policy
Mskfinance10 mentions on its website the minimum withdrawal amount is $50 and there are no fees charged for it. The withdrawal requests will be processed in three days which is a long time because other regulated brokers only take 24 hours to process the withdrawal requests.
In addition, Mskfinance10 claims to offer its customers a deposit bonus. For the withdrawal of that bonus amount, the customer will have to execute 25% of the amount received in the terms lots. It means if you get $1000 as a deposit bonus, you will have to trade at least 250 lots in terms to make a withdrawal request. Whereas 250 lots are equal to the $250,000 of trading volume and the customer has to reach this volume in just 60 days. This is a clear scam clause!
Conclusion
Mskfinance10 is a broker that promises high safety of funds, attractive leverage levels, and fast execution. They claim to be trustworthy, secure, reliable, and transparent brokers. Although Mskfinance10 makes such attractive commitments, they fail to deliver their promises. It is a shady, undisclosed entity that does not provide information about its legitimacy. Their fake promises of quick profits and risk-free trading are clear signs of a scam. Therefore, Mskfinance10 is an unregulated, unauthorized, and unlicensed scammer. Your funds are not safe if you deposit your funds with them.
Hence, we recommend to always choosing legit, transparent, trustworthy, and reliable brokers who are licensed and regulated under authentic regulatory authorities like FCA in the UK, ASIC in Australia, and CySEC in Cyprus. They apply strict conditions on the brokers to ensure customer protection and safety of funds. This is the only way to make sure that your funds are in safe hands.
Mskfinance10
Pros
- None
Cons
- An unregulated enterprise
- Unsecured personal information of the customers
- The high trading leverage
- Shady bonus policy
- Missing important information
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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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 platform which offers CFD and non CFD products. 74% 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.