Beware! Mskfinance10 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.
Warning! Mskfinance10 is a Forex broker which claims to be secure, reliable and transparent, but fails to prove it. In fact, it’s an obscure shady entity that withholds crucial information about their legitimacy. Their promise of risk-free trading and quick profits is one of the many red flags that we were able to discover, and it’s a scam sign. Find out everything you need to know about this vague Forex broker in the full Mskfinance10 review.
Mskfinance10 REGULATION AND SAFETY OF FUNDS
Mskfinance10 claims to operate within the European Economic Area, but no license or proof of authorisation is showed anywhere on their website, which is an evidence of scam itself. EEA includes the EU and UK, jurisdictions that stringently regulate their financial sectors, having a variety of rules and requirements towards the Forex brokers that operate within the area. Forex brokers licensed to operate there are bound to provide the public with their registration numbers, license numbers, address, contacts etc.
Mskfinance10 doesn’t even bother to list an address and a contact number, which is a major red flag.
Upon sign-up, you cannot do anything with your account before you submit copies of your documents and bank card, which is the ultimate red flag. The true Forex brokers will give you a chance to have a look, open a demo account, read the full T&Cs, ask questions, sign a contract and then they will ask for proof of identification from you! You should never submit copies of your documents to fishy websites and dodgy Forex brokers because you might end up being a victim of Identity Theft!
Most interestingly, however, we found a deposit confirmation blank containing a piece of troubling information. The address on the sample indicates an address in the Marshall Islands and the name of another company, which isn’t mentioned anywhere else on the Mskfinance10 website. The Marshall Islands is a notorious offshore jurisdiction known for the lack of financial regulation, meaning that the Forex brokers based there are not supervised in any way and might act solely on their own discretion. They might even conduct activities that might harm the traders and investors.
Your funds are not safe if you deposit with Mskfinance10, it’s an unlicensed, unauthorised and unregulated Forex broker, which shows many red flags and it’s most probably a scam that should be avoided!
Your broker should be legit, transparent and preferably regulated in EU or UK, as these jurisdictions provide the safest environment for your funds. ESMA, the European Securities and Markets Authority imposed several customer protection measures, designed to work for the benefit of the traders. A fine example is the negative balance protection rule that the Forex brokers are bound to keep, meaning that the investors cannot lose more than the sum deposited. In case the balance goes negative, the broker has to bring it back to zero as soon as possible, at no cost!
But most importantly, capital protection funds were inaugurated, such as ICF in Cyprus and FSCS in the UK, which was set up to protect the deposits made by the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Mskfinance10 TRADING SOFTWARE
Mskfinance10 claims to offer Metatrader4 accounts to the traders; Metatrader5 is not available. In reality, however, you are unable to get their platform because the download buttons on their website are not functioning. You cannot get it upon sign-up either, because you are demanded to upload a bunch of documents before your account becomes active. We suspect that Mskfinance10 might as well be involved in Identity Theft. During the identity confirmation process, you are required to submit even a copy of your bank card, which is totally unacceptable and another major red flag!
Mskfinance10 will surely use the name of Metatrader, the most popular Forex trading software in the world that is used by many banks and financial institutions, as well. It’s highly renowned for its stability, trustworthiness and flexibility. Metatrader has developed its own marketplace, where you can find a variety of sophisticated trading tools such as expert advisors, complex indicators or automated trading robots, to name a few.
No information about spreads, but the highest leverage ratio is said to be 1:400, which we do not recommend. It’s risky for everyone, not only for the novice traders and investors, and will most probably cause you lightning-quick losses rather than profits.
Mskfinance10 DEPOSIT/WITHDRAW METHODS AND FEES
No minimum initial deposit defined. The funding methods are supposed to be Credit/Debit cards and Wire transfers, but we are guessing, based on the broad information in their T&Cs, as they fail to clarify their funding policy. The minimum withdrawal amount is $50, no fees applicable. The withdrawal request will be processed within three days.
No dormant account policy and no fees for inactivity specified, which itself is another red flag.
Mskfinance10 grants a deposit bonus but doesn’t specify the maximum amount in terms of percents. To become eligible for withdrawal, you will have to execute 25% of the sum received in terms of lots. If you get $1000 will have to trade at least 250 lots before you can make a withdrawal. 250 lots are equal to $25 000 000 in trading volume, and you need to reach it within 60 days! It’s totally a scam clause, and another red flag, stay away from Mskfinance10, it’s most probably a scam!
Mskfinance10 has an Introducing Broker partnership programs, but we do not recommend to our readers to interact in any way with this shady Forex broker.
HOW DOES THE SCAM WORK
The scam is a financial crime including all the fraudulent and ill-intentioned activities, used by the criminals to make money illicitly! The scammers want to defraud you and will create as many scam schemes as possible while trying to do it.
Fraudsters are acting in social media nowadays; more and more scammers will first propose their “services” to the people through Facebook or Instagram. You will click on a page, they will contact you, probably offer you a demo account and after some time you will be invited to register, enabling you to invest and “make guaranteed profits”. Once signed-up they will want from you to deposit money, and this is just the beginning because in the most of the cases the scammers will ask, again and again, no matter the results of your trading. The end is always the same: a robbed-off investor who lost his hard-earned money.
WHAT TO DO WHEN SCAMMED
No one is immune to scam; anyone can fall into the trap. Scammers are always looking for new and unusual ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience; it is essential to protect others, as well. Be responsible!