There is no clear way to categorize Mnettrade’s visuals, mainly because the whole thing feels like a mess with hints of polish here and there. And anyway, what does your imagination produce when you try to visualize a website by the name of Mnettrade, never mind a broker? For us personally it spawned a mental image of a website not really equipped for what it thinks it was doing. The why of it is clear, but the execution is far from adequate. Well we can just say it without restrains- Mnettrade is involved in a scammer scheme, but it could have done a better job at concealing its fraudulent purpose. We digress. The following review goes into detail.
The process of registration went in the following direction: we wrote all the required prerequisites, completed the form, clicked on register, waited. Then the registration page refreshed, and we had to do the process all over again. And then the same thing happened. Three times. This leads us to believe that Mnettrade’s sign up page is either broken, or it has received our application, but due to its limited resources and lack of professional commitment (among other things) does not notify the user. However we checked our email and there was no confirmation that Mnettrade has accounted for our registration. Which leaves us with a third possibility- Mnettrade checks applications, and bases its decision on how susceptible the applicant is to a broker scam (check the How Does the Scam Work for more details).
With no access to an area dedicated to registered user, we can neither use a trading software nor can we check on the trading conditions. Too bad that the Mnettrade website does not disclose any information on a platform or trading conditions. In fact, there is no indication on spreads, leverages, and forex instruments. If we were a random internet user, we would never classify Mnettrade as a broker.
So what is Mnettrade anyway? If we are to judge by the Home Page, it looks like a crypto trading broker, with a focus on the main digital coin categories. However, as you shall see, it barely, if at all, comes close to any semblance of a broker.
The interface of Mnettrade is available on in English.
MNETTRADE REGULATION AND SAFETY OF FUNDS
Mnettrade has done something that we have never seen before, or rather has shown us something that we have never encountered before.
It claims to be regulated by CySEC, which is overkill if you ask us, and gives a link to a CySEC clone-like website filled to the brim with the names of hundreds of illicit brokers.
It seems that we have stumbled upon a gold mine of unregulated brokers. But this is also quite worrisome, exemplifying just how far illegitimate brokers will go steal your money!
Please, do not mistake this for the official CySEC website!
There is also a short mention in the Terms and Conditions that the company operates under the laws of Malta, but this is absolutely not true. What this is, is another instant where Mnettrade endeavors to lure you into their confusing fraudulent schemes.
Considering what was just said and discovered, we conclude that Mnettrade is completely UNREGULATED, and a source of risk to all investments.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
MNETTRADE TRADING SOFTWARE
This review has been very interesting thus far, however it’s about to lose its momentum. The reason for this being the incredibly confined nature of the website, which discloses no information on a trading platform. Nothing! One must be logged in to be granted access…
Seeing the state of Mnettrade, we can predict that the platform is either a 3rd party chart, or one of the most common ones used by similar firms, like the Activ8 or StatusWebTrader. What ever it may be, this is yet another red flag signaling traders that there is nothing for them to accomplish at Mnettrade.
Unfortunately, this is all we have to say in this section of the review.
MNETTRADE DEPOSIT/WITHDRAWAL TIME AND FEES
We thought the trading details were a joke. Wait till you see the payment information, or rather not see it. That’s right, as expected the so called broker has no included not one detail on deposits or withdrawals.
We only know that the base currencies available to users are USD, GBP, and EUR.
The review is more than revealing of the true nature of Mnettrade. This is one of the worst we have reviewed in a while, and that is saying something seeing as we encounter illegitimate brokerage firms on a daily basis.
Even you find a way to deposit, why you would proceed with it considering what we just revealed, is beyond us. In any case, should you chose to deposit, we advice you to do so with the minimum amount only!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.
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