While selecting a trading platform, investors tend to focus on factors such as spreads and swap rates but may not give enough consideration to the broker's service attitude, another crucial aspect. Therefore, we monthly update the list of brokers to provide valuable insight into how they value their clients' opinions and the overall level of customer service they provide.
This month's most common complaints we received from investors contained inability to withdraw, unreasonable profit deduction, withdrawal scams, account blocking without reason, and phony websites. To assist investors, BrokersView publishes the list of brokers involved for reference purposes.
Below are the Lists of specific brokers and their complaints satisfaction.
MTFE, a Ponzi scheme, poses as a legitimate forex broker by highlighting the MSB license it holds issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Their MSB license, however, cannot support their legitimacy in providing investment services/products, as the Canada's financial intelligence unit has explicitly stated that registration with FINTRAC doesn't indicate it endorses or licenses the business.
Furthermore, despite being a Canada-registered company, MTFE mainly launches business in South Asia and Africa, without disclosing their regulatory status in each country. This raises red flags and strongly suggests that MTFE is a scam. BrokersView has conducted a thorough investigation into MTFE, and you can find more information here.
Now, let's turn to MBBO, a crypto-task scam that has defrauded numerous victims. It operates a digital asset exchange without registration, as warned by the Malaysia Securities Commission (SC), and frequently changes its domains, from mbbo.vip to mbbo4.vip.
According to complaints we received, MBBO lures unsuspecting investors with job opportunities to their groups on WhatsApp or Telegram. It asks them to create an account on MBBO and deposit a certain amount to fulfill tasks it assigns. When the task is completed, individuals will get benefits. Investors are promised benefits upon completing the tasks. However, as the amounts involved increase, the tasks become extremely difficult, and many investors can't afford to continue. Ultimately, people failing to pay are removed from the group and the money in the MBBO crypto exchange/wallet is not allowed to withdraw.
We strongly urge the public to be cautious about online investments and to use the internet to research relevant information, such as platform licenses and reviews, to protect their best interests.
In addition, Pocket Option, Saham Berjaya, Penzo, Rong Hui, FXTM Investment Option, and NovaTech are scam brokers that have no authorization or regulation. We strongly advise investors to steer clear of these platforms.
BrokersView wants to highlight the importance of staying informed about broker-related complaints which, along with regulatory information, can serve as helpful indicators when it comes to selecting a broker. Taking complaints into account helps reduce risks. In case of any suspected violations, investors can file a complaint through BrokersView. Acting as a third party to protect your rights at no cost, we will assist you in communicating with the broker or help you send emails to the regulator.
Submit a complaint via this link to BrokersView: https://www.brokersview.com/complaint