Main Group FX Pty Ltd is a Contract for Difference (CFD) broker founded in Australia in 2023, with its headquarters situated in New South Wales. The primary services offered by this broker include CFD trading in forex, stocks, indices, energy, and precious metals. The official website for this broker is https://maingroupfx.com.au/, and the website is available in English.
Company Background:
Main Group FX Pty Ltd's website claims its establishment in 2018, and the company is legally registered as Main Group FX Pty Ltd with the ACN (Australian Company Number) 665 904 236. However, the information available from the Australian Securities and Investments Commission (ASIC) indicates that the company was established in 2023 and does not possess an Australian Business Number (ABN), which could potentially limit its ability to engage in business activities and transactions.
Additionally, as per Whois information, the broker's website domain was last updated on March 29,2023, with the specific registration date of the domain not disclosed.
Regulatory Information:
Main Group FX Pty Ltd's official website asserts that it is regulated by the Australian Securities and Investments Commission (ASIC) with certificate number 421246. However, information obtained from the ASIC website reveals that this certificate is associated with the company "MGF CAPITAL PTY LTD." Main Group FX Pty Ltd has only purchased an authorized representative (AR) license from MGF CAPITAL PTY LTD. It's important to note that the regulatory oversight and investor protection provided by this AR license are relatively limited.
Moreover, MGF CAPITAL PTY LTD has sold AR licenses to more than 20 similar companies, including Main Group FX Pty Ltd. These companies have no direct affiliation with MGF CAPITAL PTY LTD and seem to use the AR licenses for promotional purposes, raising concerns about potential fraudulent activities.
Trading Products:
Main Group FX Pty Ltd offers various financial instruments for user trading, including:
Forex: Providing opportunities to trade various currency pairs in the forex market. Forex CFDs allow investors to trade based on the price fluctuations of one currency against another. Examples of available currency pairs include EUR/USD, GBP/USD, and USD/JPY.
Stocks: Traders can engage in CFD trading for stocks of different companies, including well-known companies like Apple, Microsoft, and Amazon. This allows investors to participate in the market without owning actual shares.
Indices: Index CFDs enable investors to trade based on the price performance of market indices without the need to buy or sell the actual index component stocks or assets.
Energy: Energy CFDs are contracts based on the price changes of energy commodities, allowing investors to go long (buy) or short (sell). This enables investors to participate in the energy market without holding actual energy commodities.
Precious Metals: CFDs for precious metals like gold and silver provide trading opportunities based on price fluctuations. Precious metals CFDs do not require investors to hold physical assets, allowing them to potentially profit from price movements.
These products offer investors access to various financial markets and the ability to manage risk through different investment portfolios.
Trading Platform:
Main Group FX Pty Ltd provides investors with the MetaTrader 5 (MT5) trading platform. MT5 is widely recognized and popular in the financial industry for its advanced trading features and a variety of analytical tools. Through MT5, investors can access real-time market data and utilize various technical indicators and charting features to analyze market trends.
Account Registration:
The Main Group FX Pty Ltd website indicates that the company provides a registration link for real accounts. The registration process for real accounts involves clicking on "OPEN ACCOUNT" or "Join now" on the website's homepage or in the top right corner, and then following the required steps to choose or fill in trading name, country, phone, email, password, and other information to complete the registration.
Account Types:
Main Group FX Pty Ltd offers five account types, namely:
- Basic Account (Specifics such as spreads starting from 1 pip, commission of 1 pip, minimum deposit, leverage ratio, minimum trade size, etc., are not provided.)
- Standard Account (Specifics such as spreads starting from 0.8 pip, commission of 0.9 pip, minimum deposit, leverage ratio, minimum trade size, etc., are not provided.)
- Advanced Account (Specifics such as spreads starting from 0.5 pip, commission of 0.7 pip, minimum deposit, leverage ratio, minimum trade size, etc., are not provided.)
- Premium Account (Specifics such as spreads starting from 0.3 pip, commission of 0.5 pip, minimum deposit, leverage ratio, minimum trade size, etc., are not provided.)
- Pro Account (Specifics such as spreads starting from 0 pip, commission of 0.3 pip, minimum deposit, leverage ratio, minimum trade size, etc., are not provided.)
All five account types offer customer support, and investors can choose based on their trading requirements.
Deposits and Withdrawals:
The Main Group FX Pty Ltd website only provides information about deposit methods such as VISA, Skrill, bank wire transfer, etc. However, critical information such as accepted currencies, fees, and deposit processing times is not provided. Furthermore, the brokerage does not offer details about withdrawal methods, supported currencies, fees, and withdrawal processing times.
Customer Support:
Investors can access Main Group FX Pty Ltd's 24/5 customer service through phone, social media channels (such as Facebook, Twitter, LinkedIn), and email.
Educational Resources:
Investors can access basic forex knowledge and trading techniques through electronic books (e-books), glossaries, and webinars provided by Main Group FX Pty Ltd.
Summary:
Main Group FX Pty Ltd raises suspicions of potential fraud. Firstly, the brokerage lacks key information about deposit and withdrawal procedures. Secondly, the brokerage appears to engage in deceptive practices by misrepresenting the year of its establishment and utilizing a license acquired from MGF CAPITAL PTY LTD. MGF CAPITAL PTY LTD has sold authorized representative (AR) licenses to over 20 similar companies, including Main Group FX Pty Ltd. These companies have no direct affiliation with MGF CAPITAL PTY LTD, and they seem to use the AR licenses they purchased for promotional purposes, raising concerns about potential fraudulent activities. As of now, Main Group FX Pty Ltd is flagged as "suspected fraud" on Trade Circle's platform. Trade Circle advises investors to exercise caution when considering the services provided by this company and to prioritize the safety of their financial assets to avoid falling into potential fraud traps.
