The Multitradingfx website says that it represents an “award-winning broker acknowledged and commended by the most respected specialists of the industry” that is regulated and operates in some of the world’s leading financial hubs.
These claims fail scrutiny. Multitradingfx is a fraud targeting inexperienced traders.
Multitrading FX Regulation and Fund Safety
A financial services provider’s regulatory status matters most. Licensed brokers disclose their owner, location, jurisdictions, and regulating organizations.
Its legal information is conflicting and incorrect. The US Financial Services Authority regulates MultitradingFX Ltd., according to its website (UFSA).
No such institution exists. A US forex broker must be registered as a futures commission merchant and foreign exchange dealer with the Commodities Futures Trading Commission (CFTC) and a member of the National Futures Association (NFA). The NFA does not list MultitradingFX.
Multitradingfx claims financial services authorization in the UK, Malta, Germany, and France. Financial regulator records show otherwise.
The Conflicts of Interest section mentions EM Ltd.’s fraudulent websites, which have discrepancies.
Terms & Condition
Multitradingfx hides its Terms and Conditions, which must be accepted while creating an account. We don’t know our partner or the terms. Such situations make it unwise to risk our money.
Investing in financial products through a certified intermediary is essential to avoid internet scams. Never give money to unknown websites with incorrect and inconsistent information. Instead, you can choose one of the many companies regulated by reputable regulatory agencies like the Cyprus Securities and Exchange Commission (CySEC) or the UK Financial Conduct Authority (FCA).
Negative balance protection and bankrupt broker fund guarantee up to EUR 20,000 in the EU and 85,000 GBP in the UK are available to customers. Transparency and investor protection are promoted by UK and EU regulations, including transaction reporting. Licensed brokers must separate customer funds from operating funds.
MultiTradingFX Software
Multitradingfx’s lack of trading software is another sign of fraud. This lead broker cannot trade financial items.
A good broker will give you high-tech software that works on all devices and operating systems.MT4 and MT5 are the most popular trading platforms (MT5). These systems are industry standards due to their customization, multiple account usage, custom scripts for automated trading, and backtesting trade procedures.
FX Multi-Trading Conditions
Reputable forex brokers offer trading accounts for clients with varying capital and investment goals. These brokers do a good job of explaining terms like leverage, spread, commissions, order execution technique, and others.
The Multitradingfx website lists account types but do not describe trading requirements.
During registration, Multitradingfx offers binary options trading, which is linked to many scams and banned or heavily regulated in the jurisdictions where it claims to be registered.
After signing up, we may see a list of plans with assured returns.
Genuine brokers cannot guarantee earnings. Regulators require licensed organizations to notify clients about the substantial risk of losses while trading financial instruments.
The minimum deposit is also unclear—500 USD or 100 USD. In any event, a diligently licensed broker, many of whom offer to let you start trading with a little initial commitment, is better.
MultitradingfxI offers bonuses. Licensed brokers cannot give bonuses or promotions. Scammers typically offer large bonuses to extort victims.
MultiTradingFX Deposit/Withdraw Methods and Fees
We expected Multitradingfx to accept only cryptocurrencies. Because cryptocurrencies are non-refundable, scammers prefer them.
Several legal brokers accept Bitcoin with a credit or debit card, bank transfer, or popular e-wallets like Skrill, PayPal, Neteller, or Sofort.
Multitradingfx does not give legal papers; thus, the scammers’ traps are unknown. Fake brokers charge exorbitant fees and require an impossible trading volume to withdraw funds.
How the scam works
Cryptocurrency success stories entice many to invest. Nonetheless, online scammers are abundant, so beware. These fraudsters masquerade as brokers and offer to simplify investments.
Scammers will first ask for a few hundred bucks. They may even pretend your investment is making huge profits to get you to pay more. Your funds won’t be invested. You cannot withdraw your money or purported gains.
They may claim a market shift has wiped out your investments. They’ll also refer you to secret sections in their Terms and Conditions that compel you to satisfy impossible minimum trading volume criteria to withdraw your money. These fraudulent sites employ phony names and offshore organizations to disappear.
When scammed
If you’ve been scammed, report it to the police and alert others online. Recovering your money is unlikely.
Chargebacks are possible if you used a credit or debit card. If you show the scammers an ID, you can dispute such requests. Never trust online scammers who claim they can recover your money for a price. Scammers all.
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