Beware! MartFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MartFX is an offshore broker that tries to pass itself as a licensed entity – which is nothing new of course, but it does mean that the broker is not to be trusted in any circumstance. There are more reasons to avoid MartFX, of course – for example, the company not providing any kind of Terms and Conditions. If you still wish to trade with MartFX after reading our warning, please keep reading – the following review exposes MartFX in quite some detail.
However, before we step into it, we should say that all the links that MartFX had to sign-up pages were broken at the time of writing – so we could not get the full experience that a client of the broker would have – and yet, there is still ample evidence that MartFX is not to be trusted listed below:
MartFX regulation and safety of funds
MartFX claims to be a company, licensed by the Dubai regulatory agency, the DMCC. Here is what the broker would have you believe:
However, anyone can claim to be licensed – it is another thing entirely to actually hold one. Dubai is part of the United Arab Emirates and FX trading is quite popular there. Therefore, there are some high requirements that a broker needs to cover before being issued a license from the DMCC – they need to have over a million dirham, which, at the time of writing equates to about $272 000, for example. This is done to ensure that all companies on the markets have the liquidity needed to withstand the volatile markets.
Additionally, the DMCC has an online register where one can easily and quickly verify claims of regulation – we did that for MartFX:
Unsurprisingly, nothing came up when we looked the number that MartFX provided us with.
MartFX trading software
MartFX provides access to a distribution of the Metatrader 5 platform – however, it is not branded by the broker in any way, and once we got it installed we got what is a stock version of the platform – here is what it looks like:
The spreads on it do not reflect MartFX’s actual trading conditions. The broker also provides a leverage of 1:500, which is common with unlicensed companies – most regulators have deemed the extreme amounts as too risky for retail traders – and yet, as MartFX and its peers do not care for anything but getting more deposits from their clients, they offer such amounts. In fact, nine out of ten brokers that have such ridiculous leverage are unlicensed, so exercise caution!
MartFX deposit and withdrawal methods and fees
MartFX does not state what its deposit methods are, and we could not check. This is crucial information with a broker that does not have its Terms and Conditions available – the way you deposit also determines whether you can use a chargeback or not. And a chargeback might be the only way you can get your money from MartFX – it might have all sorts of policies envisioned that make withdrawals difficult and expensive!
How does the scam work?
At this point, it should be fairly obvious that MartFX is nothing but a scam – and what’s more, the broker is following a very well-established pattern that we have seen hundreds of times before. Here is how that pattern plays out:
First off, the scammers buy some ads on a social media platform and have them promise incredible return rates on deposits. These ads lead to websites like the one MartFX operates from, where would-be victims are prompted to make an account and leave their phone number in the process – this is crucial to the scammers, who use the number to start harassing their victim to deposit. And should they do that, more and more money are demanded under various creative excuses. This solicitation continues until the victim realizes they are being scammed and tries to either request a withdrawal or stops pouring money with the scammers. At that point, the criminals simply cut the victim off and never contact them again.
What to do when scammed?
Have you been scammed by MartFX, or another similar scheme? Well, do not despair – here is what you can do to prevent further losses:
First off, restore your privacy – this can be done by deleting all desktop-sharing software the scammers had you install on your PC – quite often, they will use programs like TeamViewer to snoop around it. Secondly, it is imperative that you recall what forms of ID, credit cards and so on the scammers had access to – and try and get new ones issued ASAP.
Once that is done, the next step you need to take is trying to recover your losses – the best way to do that would be to contact your bank, explain your predicament and ask for their help. They will walk you through your available options. However, you should be careful with recovery agencies – if you are contacted by one, which promises you to restore your funds at the cost of an advance fee, know that this is simply another scam.
Finally, do not hesitate to share your experience with the scam below – by doing so, you will be raising the general awareness of the scam, which is the best way to combat it and make sure it does not affect others!
Rich Snippet Data