MBFX Trading Platform Review: High Risk (Suspected Fraud)

MBFX Company Overview:

MBFX is a forex broker registered in Saint Lucia, providing trading services in forex, metals, energy, stocks, and indices to investors. According to the Saint Lucia International Financial Centre (IFC) website, the company is indeed registered in Saint Lucia. Additionally, based on a WHOIS search conducted by TraderKnows, the broker's official website domain was registered on May 22, 2022, indicating a registration period of less than two years.

Is MBFX Compliant and Legitimate? Does it hold relevant financial regulatory licenses?

MBFX is not regulated by any financial regulatory authorities. The official MBFX website does not provide information about any regulatory or authorization details for the broker. A check on the website of the regulatory body in the company's registered location, the Saint Lucia Financial Services Regulatory Authority (FSRA), did not yield any regulatory or authorization information related to the company. Thus, MBFX is involved in unlawful financial operations by conducting financial activities without proper authorization and lacking regulatory licenses.

Trading Instruments Offered by MBFX:

According to the official MBFX website, the broker offers trading services in forex, metals, energy, stocks, and indices. While the MBFX website provides spreads and commission information for some of these trading products, it does not offer details on all the products covered, including information on spreads, commissions, minimum and maximum trade units, etc.

Trading Software Provided by MBFX:

On the broker's official website, the offered trading software download link is for MetaTrader 5 (MT5), supporting desktop versions (Windows/MacOS), web versions, and mobile versions (iOS/Android).

Fund Security:

MBFX has not disclosed any relevant information about third-party fund supervision on its official website, raising concerns about the lack of security for user funds.

Deposit and Withdrawal Channels:

The MBFX website indicates support for wire transfers, bank transfers, China UnionPay, WeChat, VISA, Mastercard, Skrill, Perfect Money, Bpay, PayPal, and other channels and methods. However, the website does not provide specific information on supported currencies for each deposit and withdrawal channel, associated fees, and processing times.

Leverage Ratios:

Although MBFX displays on its official website that it provides leverage ratios of up to 1:500 in the "Account Types" section, it does not offer information on the leverage ratios for specific trading products in forex, metals, energy, stocks, and indices under different account types. Moreover, the revealed leverage ratios are considerably higher than the typically accepted range of 1:10 to 1:100 for compliant brokers, presenting substantial trading risks.

Conclusion:

MBFX operates as a forex broker engaging in illegal financial activities without regulatory oversight, and critical information regarding user fund security is not disclosed. TraderKnows recommends exercising caution, as MBFX is considered a highly risky forex trading platform, and users are strongly advised to steer clear of the platform to avoid potential financial losses. Currently, MBFX is flagged as "Suspected Fraud" on TraderKnows.