Mib40Fx Review: Is Mib40Fx.com Trustworthy or Not?
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Mib40Fx Review
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Regulation
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Fund Safety
Summary
We checked the financial regulator’s website, and unsurprisingly, we did not find the name Mib40Fx. The broker is unregulated by any financial watchdog at all. Even more disturbing is that the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy has already warned its citizens regarding this broker.
Mib40Fx claims its goal is to serve traders responsibly. However, this is an open lie. The company is dishonest about its dealings and aims to scam people. Being an offshore broker makes them very dangerous to deal with.
Although not all offshore brokers are scammers, it is advisable to avoid dealing with them because tracking them down is hard. In many of these regions, the laws are not stringent hence brokers are free to operate even without a license.
All is not lost, however. There are still many honest and transparent brokers in the market today. Those are the firms you should work with if you want your money to be safe. As a forex trader, capital is king. Thus, you should protect it by all means. One of the ways to do this is by ensuring you don’t trade with an unregulated forex broker.
About Mib40fx.com
A glimpse of the website says a lot about what the company is about and what it stands for. They claim to be a global brand whose priority is the profitability and success of the trader. This sounds a bit absurd because the job of a broker is to facilitate trading.
Whether or not a person makes a profit is outside the broker’s control, unless the broker can somehow manipulate the market. Promising customers that they will assist them in making a profit is therefore unrealistic.
You can trade currencies, precious metals, futures, commodities, and CFDs. They also say they have a well-equipped head office based in Dubai, UAE as well as a well-trained team. The broker offers four types of accounts to choose from, each with its pros and cons.
When we checked whois.com, we found some disturbing information. The broker’s domain was registered in September 2023 and will expire in September 2024. This reveals much about the broker. For one, it proves they’re lying about their international reach because they’ve only been operational for less than one year at the time of writing this review.
Contact Details
You can reach the broker via email or a phone number. From the phone number, however, we noticed that the area code is from the United Kingdom. This contradicts the earlier information which stated that the broker is from Dubai. If indeed the broker was based in Dubai, then the phone number would have had the Dubai area code.
Having reliable contact details is essential for a trader. Unfortunately, scam brokers give misleading contact information. In case a trader is in trouble, even the authorities cannot help them since the broker is unreachable.
Trading Conditions
Parameters like spread, commission charges, leverage, and minimum deposit are essential when selecting a trader. Mib40Fx’s spreads range from 0.6 to 1 pip. The leverage is 1:500, and the minimum deposit is $200. In some accounts, the maximum number of simultaneous orders you can open is 300.
Although these conditions may be attractive, in the long run, they are detrimental. As a trader, you can be tempted to open many positions. However, the high leverage that allows this can also lead to losses if a trade goes against you. Responsible brokers, therefore, do not allow high leverage.
Regulatory Status
Mib40Fx claims to be a fully registered and regulated broker. They have even included some customer testimonials alleging that they have worked with the broker and had a wonderful experience. However, there is no way to verify these claims. The three testimonials may be fake because the customers have not even provided their full names. It’s thus impossible to authenticate them.
At the webpage’s footer, the broker claims to be supervised and regulated by the Cyprus Securities and Exchange Commission (CySEC). We checked the financial regulator’s website, and unsurprisingly, we did not find the name Mib40Fx. The broker is unregulated by any financial watchdog at all. Even more disturbing is that the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy has already warned its citizens regarding this broker.
Final Verdict
Our research has left no doubt that Mib40Fx is a scam. They are dishonest, and thus, you must stay away from them. Instead, invest with honest and transparent crypto brokers only. With a regulated broker, you can be sure your money will be safe even if the broker goes bankrupt.
Regulated brokers are also easy to reach in case of any challenge. Unlike the scammers, they mean it when they say they are transparent. For a more realistic trading experience, work with a regulated broker.
