MBChains is a relatively new broker on the financial market. It’s less than a year old and already has a negative reputation.
The reasons for this will be elaborated on in our MBChains review. Keep reading to learn more about the firm.
MBChains is an anonymous brand. We don’t know who the owner is and their legal documents don’t exist. All we have is an address in London, UK. By logic, it implies that MBChains’ regulation is with the UK authority, FCA.
Upon checking the registration, we found nothing. Since the website is mainly in German, we searched for regulation in the databases of BaFin, FINMA, FMA, etc., but once again, without success. This reminds us a lot of the KryptoEUClub, similar broker with the same purpose.
It should be noted that the EU and the UK have a leverage limit imposed by the EU watchdog, ESMA. According to it, the leverage for retail traders cannot exceed 1:30. MBChains, on the other hand, offers up to 1:150. This is conclusive evidence of our claims and should be one of your many red flags.
Avoid MBChains by any means and share with us any details you may have.
MBChains is an alleged UK-based broker, with their site being in German by default. The company has no FCA or any other authorization.
As mentioned, this investment fraud has a website primarily in German. Therefore, the list of their most targeted countries doesn’t come as a surprise. They mainly operate in the following countries:
On the website, you can find two MBChains trading platforms – WebTrader and a desktop app based on it. However, this broker doesn’t allow opening an account without speaking to their representatives first.
And since there’s no Demo account, we cannot review any of the software. Judging by the fact it’s a browser-based platform, we can immediately conclude it can’t be as good and safe as third-party ones, including MT4, MT5, and cTrader.
With each of the aforementioned, you have a large number of technical tools and indicators suitable for in-depth market analysis. More importantly, you have a higher level of fund safety as third-party apps are not susceptible to hacking and manipulation.
If you check the bottom of the site, you will find links for AnyDesk and TeamViewer. These remote desktop access apps can be helpful for many purposes. However, scammers are often abusing them to steal clients’ funds.
Once you allow someone from the broker firm to connect to your desktop or a mobile device, they can take full control of it. Then, they can navigate to your online banking or crypto wallet and wipe it off. When you report the incident, the investigation will show that the transfer came from your IP address, making the whole process more complex.
Avoid approving access to your device to anyone you don’t fully trust. And don’t fall for stories about education and assistance. Unregulated brokers have only one goal, and that’s to steal your money and vanish.
Simply put, you shouldn’t choose any of the MBChains account types. But by making a choice, you’re opening the door to being scammed. However, here are your options:
There is no minimum deposit for any of them, just a brief list of benefits. These include VIP trading signals on Telegram, risk management strategies, guided trading sessions, and more. Yet, you don’t know how much you will have to pay for any of this.
There’s no MBChains Demo account. In fact, you cannot even register without speaking to broker employees and being pressured to invest money right away.
Your broker is a scam and should be avoided by all means. Don’t fall for their telltales and cheap tricks. They will say anything to convince you to deposit the money, and once you do, you will learn the harsh truth.
Let’s start by asking if MBChains withdrawal is even possible. The short answer is – we don’t know.
The company has listed two viable payment options:
However, they can easily ask for money via crypto during a mandatory phone call. What’s worse, there is no Withdrawal Policy or any other legal document indicating how and when you will receive your money. Judging by the reviews, it’s a hassle task that requires legal aid more often than not.
Don’t give up if you find yourself a victim of the MBChains scam. Inform Global Fraud Protection, and our chargeback experts will evaluate your case during a free consultation.
We’ve been doing our best to help victims for nearly a decade. Let our specialists work and find the best way to help. And most importantly, don’t give up on your hard-earned money!
MBChains is not a legit broker and runs unlicensed. If you have already deposited and cannot get the funds back, we might be able to help you with the issue.
No, MBChains doesn’t provide a good trading platform. In fact, it’s inaccessible.
No, MBChains doesn’t offer its customers a mobile app for trading.
MBChains is not a legit broker and runs unlicensed. If you have already deposited and cannot get the funds back, we might be able to help you with the issue.
No, MBChains doesn’t provide a good trading platform. In fact, it’s inaccessible.
No, MBChains doesn’t offer its customers a mobile app for trading.
The post MBChains Review 2023 – Lurking German Customers appeared first on Global Fraud Protection.
