Don’t Trade With Them Before Reading this Review
There are several trading companies out there that help traders in making easy money with the help of analytical data and a good number of currency pairs to trade with. Sadly, not all of these websites have the best intention for the traders. Most of them are merely market makers and can act against the traders when it comes to high-value deals or by hiding bids. There is this particular website that goes by the name of MFP investments and I will be discussing this particular company in detail.
Firstly, there is no financial regulatory authority that has approved the function ability of this site so it cannot be completely trusted. The investment site provides insight into a lot of markers and there are several account types for new traders out there. But these few things do not make a company worthy of a trader’s time. There are so many loopholes regarding the functioning of this site and today I’ll be discussing them in detail alongside some advantages:
Why You Shouldn’t Do Business with MFP Investments:
A Shady Company –
This company has not been able to provide any kind of documentation or proof on the website regarding any financial regulatory approval and that is one of the primary reasons for calling this a shady company. It is operated by a company that goes by the name of BALI Limited, which has a warning itself from the financial authorities in Spain and is not able to operate in that particular part of Europe.
Some financial authorities in the Scandinavian region have restricted the expansion of the company in Finland and other neighboring countries. The firm has a legal warning against its name and due to such warnings in the future days, investors will not be trusting this site as a viable trading option. The parent company that goes by the name of BALI Limited has several such small companies that provide trading facilities and services to people and none of them have proper licensing work done under their name nor do they have any kind of financial regulatory body approving their trading licenses.
So all of them are clone companies operating on a large scale to rip people off their money. The parent company claims to be operating and having its offices in some parts of Bulgaria. Furthermore, it also claims to have its origins laid in the Netherlands but none of that is true as there was no information available when proper research was done with the address provided on the company website. It is quite evident that this is a scam broker that has just changed its name and is now operating as a new company providing forex trading facilities.
It clearly indicates that MFP Investments is a shady organization that doesn’t have legitimate roots. Doing business with such a company can lead to major losses for anyone. If they steal from you, you have nowhere to go. You can’t complain to anyone, because they don’t come under the jurisdiction of any regulatory authority.
MetaTrader Not Supported –
Meta Trader as we all know is one of the most popular tools in the world of Forex and CFD brokerage services. The importance of the version 4 of this tool cannot be denied as it provides brilliant data when it comes to financial charts, analytical data, etc and many more and it can be said to be one of the most important things that a Forex trader needs in the present times to trade.
Unfortunately, this website does not support Meta trader and the technical specifications of the website have not been properly defined as well. Alongside that, the company does not offer demo accounts to new traders as well. Demo accounts are essential for getting work done before starting your trade with the live account. Trading is one of the most popular home-based money earning jobs these days and people are doing that daily.
No Information about Spreads –
Their website has everything other than proper information regarding the spreads that it is offering. It is one of the most important pieces of data a trader needs these days. Without proper information of spreads during a trade is just like walking with a knife into a gunfight. 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 their ratio in comparison to the standard ranges of the spreads in the current market should be provided.
Abnormally High Deposit Requirements –
MFP Investments requests for a massive amount of money when it comes to trading costs. Trading costs denote the additional amount of money that a trader needs to deposit to earn some good amount of money during Forex trade. For example, the amount that you’re paying to open a live account with a website can be put under the trading cost category. There are so many forex brokers out there with whom you can just open an account with $100 but here the trading cost that the broker asks for is $500 which is a lot and one pays that much amount of money when there are no such facilities from this broker. A website that gets involved in that much amount of money must have some sort of financial regulation to support the authenticity of operational work that it is getting involved with. Still when a website can operate that way if it reduces the asking rate of the initial deposit, at least somewhere between $200-250 or even with a $100.
Now we discuss some advantages of this website. An MFP investment review cannot be complete without highlighting some good things about this website.
Good Leverage Guarantee –
The only good thing that one can talk about this website is that there is a good amount of leverage that traders can expect. It has been seen in the past as well that traders have complemented this website due to their offers of high leverage to new traders as well and it is one of the reasons that people stick to it. The leverage in the current market varies by a massive ratio. However, based on the different account types, the leverage ratio varies from somewhere around 1:200 to 1:400.
But an important point to note is, high leverage leads to more risk. And you can end up losing a lot of money.
The site has shown fraudulent features of many likely Forex brokers that have been banned in the past. And people should not consider this as an option to carry on their Forex trade with. MFP Investments is quite a fishy broker and you must not make a naive decision when it comes to choosing the right one. With the above evaluation regarding the facts about this website, it can be clearly said that this is not a website that you should use for trading purposes.
You can find many competent brokers who provide quality services to their clients. But one thing is certain, MFP Investments isn’t a broker of that sort and you shouldn’t do business with them.This review (MFP Investments) was originally published at Gripeo. To read the full review, go to – www.gripeo.com/mfp-investments-review/