TradeMTF looks just like any run of the mill forex broker’s website, but one takes a closer look, it becomes clear that this is just another offshore brokerage which should be avoided.
Is TradeMTF a legitimate broker?
No, they aren’t legit – registered offshore and lacking any credibility whatsoever. You are much better off sticking to brokers authorized to operate in the EU for example.
From TradeMTF’s website we understand that the broker is owned and operated by TMTF Ltd., a company allegedly registered on the Marshall Islands. This is an offshore jurisdiction known for the lack of satisfactory financial regulation, which is why we don’t recommend dealing with any brokers registered there. Simply because they aren’t legit and could be involved in scams.
With properly licensed brokerages on the other hand, such as the ones authorized by the Cyprus Securities and Exchange Commission (CySEC) or the UK’s FCA, there are a number of strict rules, which prevent clients from falling victims to an investment scam.
For example, forex providers licensed by CySEC should meet certain capital adequacy requirements, segregate clients’ funds, provide negative balance protection, and also take part in a compensation mechanism in the event of broker insolvency. All these requirements aim to guarantee that business is done in a fair and transparent manner and that investors’ interests and funds are well-protected.
Victim’s Complaint
Recently , A user from Tamilnadu, India filed a complaint against TradeMTFS broker. He quoted in his complaint that “he is a newbie” who began trading with TradeMTFS on J
une 2021. As He has no idea about it so his account Manager used to send him signals by voice call or mail. “I followed his instructions for almost two months. Then My manager compelled me to invest with the broker. Therefore, in the end I made a $200 investment with TradeMTFS” Victim said.
He told after Investing, the account manager stopped responding.“I got suspicious about the broker so I decided to withdraw my funds. I placed many withdrawal requests but they were always rejected .” Victim stated. In his complaint, Victim said, he sent several emails to the broker but got no reply. Further, the complainant said, two weeks later he received an email from the account manager that his account has been closed by the company due to some technical issue. “After this, I am unable to communicate with broker and unable to get my funds.” He adds.
So, don’t underestimate scam brokers – once you bite the hook, there’s no easy way out.