MIC Markets is an online forex broker that offers a diverse range of financial trading services, including foreign exchange, precious metals, crude oil, and more. Although the company claims to be located in Limassol, Cyprus, no information about it can be found in the Cyprus Business Registry. Additionally, the platform lacks regulation and the company has low transparency. The official website of MIC Markets is: https://www.micmarkfx.com/index.html
Background of MIC Markets:
The company registered as MIC Markets Ltd, and according to information retrieved via a Whois search, the domain for the company's website was registered on September 22, 2023. The website claims the company address is at 117 Makariou III Avenue & Sissifou (ex Lefkosias-Limnazousas) Street, Quarter of Apostoloi Petrou & Pavlou, 3021, Limassol, Cyprus. In reality, no information about MIC Markets was found in the Cyprus Business Registry, indicating that MIC Markets has engaged in false advertising. It is advised that traders conduct further investigations and verifications before making any decisions, to ensure they have accurate company information and mitigate potential risks.
Regulation Information of MIC Markets:
In terms of regulation, MIC Markets claims to have a license from the US National Futures Association (NFA) with the number 0557897, but in reality, MIC Markets is not a member of the NFA nor is it regulated by the NFA, making this claim untrue.
Account Opening Process of MIC Markets:
First, visit the MIC Markets website and click "Open an Account" in the top right corner.
Then click "Register" in the top right corner.
Follow the steps to fill in the information (such as email, password, etc.) to complete the account registration.
Trading Products of MIC Markets:
MIC Markets offers a variety of trading products, such as precious metals, crude oil, foreign exchange, cryptocurrencies, stocks, and commodities but lacks specific product details such as trading fees. Potential investors should carefully consider the transparency of its products.
Trading Platform of MIC Markets:
MIC Markets provides the ST5 trading software, offering investors a potential trading tool but lacks detailed introductions to its features and user support.
Deposit and Withdrawal Process of MIC Markets:
MIC Markets has not provided specific deposit and withdrawal processes, which could present obstacles for investors in managing their funds, adding to the uncertainty of using the platform.
Customer Support of MIC Markets:
Although a customer service email (support@micmarkfx.com) and phone number (+61 2 8459 8050) are provided, the quality and responsiveness of customer service remain unknown due to the lack of effective regulation and transparency.
Summary:
The case of MIC Markets highlights the critical factors to consider when choosing a forex broker, such as regulatory compliance, company transparency, and the quality of customer service. Investors should conduct thorough investigations to ensure the legality and reputation of the broker to secure their investment safety. Currently, MIC Markets is listed as "Suspected Fraud" on Traderknows.
