While the forex market is a mix of legit and scam brokers, one of the most crucial things you can do to safeguard your money from con artists is to investigate or research brokers. As a result of our investigation, we believe that the broker MondialFx is a fraud and have done this review to warn potential customers. Let us share our findings with you as well.
MondialFx - A Quick Overview
MondialFx (https://www.MondialFx.com/) is an online broker providing trading services across various financial markets, including currencies, stocks, indices, commodities, and ETFs. While the broker hasn't listed any information about its inception, it claims to have its headquarters in the United Kingdom. Based on different minimum deposit requirements, the company offers multiple types of accounts besides supporting numerous payment methods. Although the company claims to offer a proprietary trading platform via web and mobile, both trading terminals remain inaccessible even after you sign up for an account. Except for a handful of research tools, the broker neither offers an education facility nor supports demo trading. Clients can only contact the company via email and telephone since the broker doesn't offer live chat support either.
Is MondialFx Regulated?
No! MondialFx is not regulated. The company asserts that it is a licensed broker while providing no evidence of its regulation other than mentioning that it is licensed and controlled by HBMC, a non-forex authority.
The broker holds a poor reputation among clients. Clients reported the broker as a scam entity on BrokersView and other review websites. According to clients, the company first asks them to make deposits while luring them into false profit-making schemes and then restricting their access to trading accounts. Almost every other customer claimed that the broker doesn't process withdrawals ever. Here are some screenshots for your reference.
What Makes MondialFx A Scam Broker?
The broker misleads the public regarding its licensing status. While the absence of regulation is enough to raise doubts about the broker's legitimacy, false information about its authorization confirms that the company is a scam concern.
The broker doesn't provide access to its trading platforms even after you become a registered user. While we attempted to log in to the trading interface, the system displayed an error of wrong
The company seems to be only concerned with clients' deposits since none of the buttons works except for the deposit and withdrawal options on the dashboard.
Honestly, we have strong reservations about depositing funds with the broker. Who knows if the firm will allow you to access its trading terminals even after deposits? Also, restricting clients from exploring the available trading platforms before signing up or making deposits doesn't make sense either.
Furthermore, the broker has been blacklisted by a forex regulator - the Commissione Nazionale per le Società e la Borsa (CONSOB - Italy) issued a warning that MondialFx did not have the proper licensing to offer its services in the country.
According to some online resources, FCA has also not authorized this broker to provide financial services even though the broker is based in the country.
Companies like MondialFx only care about taking your money. They keep devising dubious methods to achieve this goal. Therefore, you need to stay vigilant and do thorough research about a broker before signing up with it. Opening an account with a regulated broker can help you reduce the risk of being scammed. At least, you have all the right to sue the company if it breaches the code of conduct.
If you have any problem about a broker, please feel free to contact Service@BrokersView.com.