Recover Your Funds From MFP Investment Scam: MFP Investment is an unlicensed forex brokerage platform. After opening a demo account with them we discovered that potential clients have leverage of up to 1:200 and a floating spread of 3.6 pips on EUR/USD. They have an excessive minimum deposit requirement of $500.
The regulatory status of MFP Investment; How safe it is to invest
After carefully observing the broker’s website we learn that the firm behind the brokerage is the infamous BALI LIMITED LTD. Both the Spanish Regulatory authority, (Comisión Nacional del Mercado de Valores – CNMV) and Finland’s Finanssivalvonta have issued warnings about BALI LIMITED LTD and have stated that they are operating illegally.
Note, BALI LIMITED LTD has other financial brands providing services without a license such as POint Investment Group, Capital245, GBOCaptal, MM Financial Experts – MFP Investment is just one of them. The lack of regulation opens up traders t lots of financial risk. Trading with an unlicensed broker provides no security to funds because the broker can do whatever they like with clients’ funds and there is nobody to hold them accountable. This can be avoided by not trading with this broker and there are warnings from some regulatory authority to help you decide.
Prestigious regulatory authorities, such as the Financial Conduct Authority in the United Kingdom and the Cyprus Securities and Exchange Commission, requires compliance with strict regulatory requirements that are aimed at ensuring the safety of clients’ funds.
The segregation of accounts is among the rules which are especially important in the trading world because it drastically lowers the risk of possible commingling.
Another is the participation in a compensatory scheme by which the client’s losses will be covered in the unlikely case the broker goes bankrupt or attempts to swindle traders
Based on its registration status, MFP Investment is considered a shady business and traders are advised to avoid them.
Recover Your Funds From MFP Investment Scam
MetaTrader4 Not Supported
The MT4 trading platform is one of the most popular and effective tools in the world of forex and CFD brokerage services. MetaTrade4 (MT4) is known for its amazing analytical data and tools, financial charts and more, it is considered one of the most important trading tools a trader needs in this modern age of forex trade.
Unfortunately, the MFP Investment website does not support the MT4 trading platform and the technical specification of the website is not properly defined as well. Alongside this, there is no option for a demo account for traders on the website also. Demo accounts are used to get practise and sharpen customers trading skills. Demo accounts are also used to test how reliable a website is and to learn more before starting live trading.
No Information about Spreads
Their website has everything other than useful information concerning the spreads that it is offering. Spreads is one of the important pieces of data a trader needs these days. Without appropriate information of spreads during a trade is just like walking into a gunfight with a knife. The website has been operating for a good period and a vintage website like this, it is expected that at least information about spreads and the ratio in comparison to the standard ranges of the spreads in the current market should be provided to traders.
How to recover lost funds
If you have paid into this platform already, the best thing is to get your money out as quick as possible. Submitting a withdrawal request might not be fruitful in this case because the broker will probably put the request on hold or just cancel it, this is what most fraudulent broker does when it comes to withdrawal.
When you contact them about this issue, the fraudulent broker will take you to the next step of the scam scheme, which is to tell you to pay a fee to activate your withdrawal request, do not send any money to them again as this is another scheme in the sham. If you pay the money you still won’t be able to withdraw.
Hire an Expert that specializes in recovering funds lost to brokerage scams to get your money, the recovery expert might need to work with you if they will be filing for a chargeback or just require you to provide some information if they are using another method.
You can find a professional Fund Recovery Expert on Duolabs. Duolabs is a recovery platform with about an 80% success rate for Forex broker fund recovery-related issues. Go speak with an agent on Duolabs as soon as possible to get your money before it is too late.
Recover Your Funds From MFP Investment Scam