Beware! MKJmarkets 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.
MKJmarkets is yet another shady broker, operating from a barely functional website, translated poorly into English. If that is not enough of a reason for you to stay away from MKJmarkets, please read on – here are the rest of the company’s shady activities:
MKJmarkets regulation and safety of funds
MKJmarkets does not share its address with us – therefore, we cannot know what regulatory agency is responsible for overseeing the broker. Regulation is a very important aspect of a legitimate broker, which ensures that it is not running a scam – for example, the companies beholden to supervision from the EU authorities have to keep client accounts segregated and report back on a daily basis on open and closed trades.
But, as MKJmarkets does not share its address, much less, any details about its regulation, we can only assume the broker to be operating without license – avoid it and stick to brokers that can guarantee the safety of your deposits!
MKJmarkets trading software
MKJmarkets provides access to a distribution of the Metatrader 4 platform – the revered piece of software is widely recognized in the trading community for its powerful automated trading features. Unfortunately, we could not actually open a trading account with the broker – that is because our main account got into some kind of verification limbo. So, we can only show you this much from MKJmarkets’ distribution of the platform:
We cannot know what trading conditions are available – but we do know that the leverage MKJmarkets provides, 1:200 is too much for retail traders – and the majority of regulatory bodies out there agree with us – so they have placed caps on the amounts that can be accessed by such traders, which are much lower than the amounts MKJmarkets offers. In general, should you see such a high leverage, you need to stay away – it is usually the sign of an unlicensed broker, trying to attract more clients.
MKJmarkets deposit and withdrawal methods and fees:
As for deposit methods, we could not access them – the broker demands that all deposits go through its customer support, which is unnecessary – legitimate brokers do not place that restriction. Here is proof of MKJmarkets’ outlandish deposit policy:
There is also the question of the broker concealing its Withdrawal policy by not having its Terms and Conditions available whatsoever. This usually means it is up to no good and withdrawals are expensive and complicated!
How does the scam work?
With a broker like MKJmarkets, there is only one conclusion that we can come to – it is running a scam. What’s more, we are quite familiar with the exact scam the broker is running, as we have seen it countless times before – it plays out like this:
First, someone stumbles upon an ad, promising them uncharacteristic returns on deposits. Once they follow up on it, they are taken to a website like the one MKJmarkets runs – and from there, they are prompted to make an account, leaving their contact information, for example a phone number in the process – the scammers use that phone to start bombarding their victims with calls, demanding more and more money. And should you demand to withdraw your money, or simply stop depositing, the scammers will just cut you off and move on to further victims
What to do when scammed?
If you have been scammed, there are several steps you need to take to limit your losses – first off, you need to restore your privacy by removing any software the scammers had you install, especially desktop sharing programs like TeamViewer. Next, you should recall what forms of ID, credit cards and so on you gave the scammers access to – and immediately get new ones issued.
Once that is done, you can think about getting a refund – the best way to do that is by contacting your bank and explaining your predicament to them. However, if you are contacted by a recovery agency, which demands an upfront payment for its services, know that this is simply another scam – the agency will not restore your losses, but instead it will simply add to them.
Finally, do not hesitate to share your experience with the scammer below – the best way to combat the scam is to raise the general awareness of it! You can save someone else from trading with MKJmarkets, and respectively, getting conned.
Rich Snippet Data