Beware! Micfxm is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Micfxm is another offshore broker that tries to pass itself as a legitimate one. We feel this warrants an in-depth look at the company – however, before we do so, a disclaimer needs to be made. We never actually managed to open an account with the broker – after submitting our data, we were left to stare at that following message:
And even though that means we cannot know everything about Micfxm, we feel confident in warning you against investing with the company, as there are a lot of issues with it. Let’s examine them more thoroughly:
Micfxm regulation and safety of funds
Micfxm is not regulated, and what’s more, it lies about it – check out what the broker claims:
The National Futures Association is one of the strictest regulatory bodies out there, imposing a minimum capital requirement of $20 million on brokers – and what’s more, they need to report on a daily basis on open and closed trades to prevent scams from taking place, truly creating a safe trading environment. All NFA licensed brokers are listed on an online database the regulatory body maintains – but there is no need to look Micfxm on it – the broker does not comply with NFA regulation on leverage, providing more than the allowed 1:50 amount for retail traders.
Micfxm lies about its regulation, which is a huge red flag – stay away from it and stick to licensed companies if you wish to trade profitably!
Micfxm trading software
Micfxm provides access to the Metatrader 4 trading platform – the best piece of trading software out there, renowned for its powerful automated trading features. Here is what Micfxm’s distribution of it looks like:
Note that while we do endorse MT4, we still Micfxm is best avoided, as it is not licensed in the least. What’s more, while the spreads are quite tight, 0 pips on the EURUSD pair, the leverage Micfxm provides is too much, as we hinted above. Most regulatory bodies have been limiting leverage more and more to protect the retail trader – so whenever you see such a high amount, consider the fact that you might be dealing with a scam!
Micfxm deposit and withdrawal methods and fees
As we were unable to make an account, we cannot actually know what kind of deposit methods Micfxm accepts – and what’s more, we cannot know what fees there are on withdrawals. The broker keeps its Terms and Conditions hidden from us, which is quite suspicious – no legitimate company would do such a thing! We can only assume that if Micfxm doesn’t want us to know what its withdrawal policy is, it cannot be savory in the least!
How does the scam work?
It seems inevitable at this point – Micfxm needs to be labeled a scam. What’s more, we believe the company to be following a rather simple scheme, which we have seen hundreds of times before. Here is how the scheme plays out:
Someone stumbles upon the website the scammers run from – they could be following an ad on social media, a cold-call and so on. Should they decide to open an account with the broker, they are prompted to leave their phone number in the process – this is crucial to the scammers, who will use it to start barraging their victim with calls, demanding more and more deposits be made.
These calls will never stop, until the victim either stops depositing or demands a withdrawal after a realization they are being conned. At this point, the scammers will simply cut them off, without a second thought and move on to other targets!
What to do when scammed?
If what we described above sounds familiar, you could have been the victim of a scam – here is what you need to do to limit further losses:
First off, restore your privacy – recall what forms of ID, credit cards and other sensitive information you gave the scammers access to, and get new ones issued as soon as possible. Also remove any form of desktop-sharing software the scammers had you install on your PC!
Next, think about getting your money back – the best way to do that would be to contact your bank and explain your predicament to them – they will walk you through your available options. However, do not fall for the recovery agency scam – if contacted by one, demanding an advance fee for its services, do not give them even a dime!
Finally, please consider leaving your story and thoughts on Micfxm in the comment section below – by doing so, you will be helping us raise greater awareness of the scam, which is the best way to combat it.