Malfex Group Limited claims to be registered in licensed in many different countries. Starting with St. Vincent and Grenadines, the United States, Malta, Switzerland and South Africa. Yet, we learned that offshore brokers can’t be trusted.
The first thing bothering us is the open lie about regulations in St. Vincent and Grenadines. FSA in fact, doesn’t issue FX and CFD trading licenses. Therefore, we needed to double-check all the other claims of this broker. It comes out that Malfex trading is nothing but a scam.
The Malfex scam principle is quite simple. They are trying to build a reputation with fake statements. Sadly, inexperienced traders don’t know where to look and they fall for their lies. Consequently, they get manipulated by the broker to deposit higher amounts of money.
Ultimately, many of those end up scammed and never hear from the broker again. In case that was you, feel free to contact us. The refund might be completed faster than you think.
Since its registration in 2022, the company spread its fingers all across the world. Mostly affected countries are the ones with very strict regulations. Some of the countries with many scammed traders are:
Don’t be surprised if your country comes up on the list next. To know what to do if you already became a victim, get in touch with us today!
In general, they claim to offer cTrader and Meta Trader. Yet, there are a few discrepancies. Primarily, the company is misleading traders to believe that they can use trusted cTrader. Instead, they offer Malfex cTrader which has just over 100 downloads on PlayStore.
It is a proprietary app designed for scamming. Even though they provided a download option for MT5, it might be the case that you don’t have it available in reality.
As can be seen, the Malfex app is available for iOS and Android devices. But it still remains questionable what exactly you can use. Important to realize is that none of these apps support Malfex crypto trading.
Malfex MT5 trading only supports a few categories. Those are:
The account type offer mainly differs in Malfex fees. Whether through spreads or commission. Anyway, you can choose between:
Practically, no. If the broker really offers MT5, a demo account would be an available option. In this case, you can’t use risk-free options.
Overall expenses with Malfex broker are quite average. With spreads from 0 pips and a commission of $6, it’s not that unreasonable. If that’s the only cost you will have, of course. However, without negative balance protection and insanely high leverage of 1:500, you can easily end up in debt.
Nowhere is to be seen any information about the bonuses. However, if you accept any from this scam broker, Maflex money back option is not available. Mostly because the bonuses with scam brokers come along with shady policies.
If you still believe that Malfex payout is possible, you can try and test it out. But with all the mentioned conditions and open lies, you will quickly realize it’s not possible. Have in mind that the broker accepts the equivalent of USD in deposits.
This most likely leads to irreversible crypto transfers. If you are sending money to unregulated brokers via crypto, you are filling their pockets directly.
Firstly, you should report the broker to domestic authorities and regulators. If you can’t complete the Malfex withdrawal procedure, there is a chargeback option. But only in case, you have used a debit or credit card.
Other Malfex problems could be related to poor customer support, blocked accounts and non-existent fees or taxes. But all this comes after they take everything from you. Don’t let these swindlers get away with your money! Get in touch with our fund recovery team and find out all the necessary steps for the procedure.
Malfex is a scam broker that claims numerous false regulations and tries to manipulate inexperienced traders worldwide.
Most likely not because the company is openly lying about many features they claim to offer.
The only contact options are e-mail and online contact form. You can only hope for their response.
The company claims not to have any withdrawal fees. Such scenarios are seen often, but in the end, they require from you additional payments. In this case, contact us immediately.
The post Malfex Review – Misleading Traders and Building Fake Credibility appeared first on Global Fraud Protection.
