MasterTradePlusFX Review: Dubious Scheme

Master TraderPluxFx Review
  • Regulation
  • Fund Safety
  • Customer Support
0.5

Summary

Master TraderPluxFx claims to be registered in the U.K. The broker also purports to have offices in countries like Australia, France, Germany, and China. Since the broker has proved good at faking legitimacy, you should treat the claims on jurisdictions with the contempt they deserve.  

Mastertradeplusfx is a globally licensed and fastest-growing forex broker in the CFD brokerage market. According to the broker, traders on this platform can trade over 150 trade instruments, including cryptocurrencies, stocks, indices, CFDs, commodities, and forex. Also, traders supposedly access unrivaled trading conditions, forex and crypto education, and investment control. However, we all know what happens if you fall for this broker’s marketing antics.

MasterTradePlusfx Review, MasterTradePlusfx Company

Traditional trading and investing methods have been completely transformed by forex trading. If done properly, this type of investment can be profitable. Some traders using legitimate forex brokers have seen enormous gains and swear by this venture. But if not done diligently, it can lead to massive losses. Trading on fraudulent forex websites results in more losses because the dubious brokers never offer value to investors. 

Lucky for you, we took it upon ourselves to audit Mastertradeplusfx to establish if it is a reliable forex broker. The disclaimers we found proved that this is a typical scam. Therefore, if you are still considering the opportunity to trade with the “best trading conditions” ever, as advertised on the website, you should reconsider and read the subsequent review. 

Mastertraderplusfx.com Review

Mastertradeplusfx is keen to convince you it is a credible broker. To do this, the broker claims to have multiple awards to its name and over 2 million engaged traders. However, with the whois database, we dispelled these claims. According to the database, the broker registered on 27 September 2022. With only 46 days in the market, it is impossible to have such a clientele base, let alone get global recognition. 

Regarding its trading platform, the broker claims to provide tight spreads and ultra-fast trade executions. The broker also gives trading guides and webinars as complementary resources. Also, investors allegedly make a profit when the broker earns. It is not clear how this works, though. The broker also guarantees that no decent broker gives- ultimate risk security and protection.

We say this because the forex market is highly volatile, which makes it unpredictable, meaning such guarantees do not hold ground. Mastertraderplusfx also has a demo account for trial but opening the account was impossible. If you ask us, such challenges point to deeper malfunctions of the website. 

Contact Details

Master TraderPluxFx claims to be registered in the U.K. The broker also purports to have offices in countries like Australia, France, Germany, and China. Since the broker has proved good at faking legitimacy, you should treat the claims on jurisdictions with the contempt they deserve.  

Interested investors can contact the broker via email or live chat. Such shaky correspondence casts shade on the broker’s customer service. The implication is that you may not access instant help if you are in urgent need. 

Deposit & Withdrawal Policy

According to Mastertradeplusfx, you can deposit funds using Bitcoins, VISA, Mastercard, PayPal, Neteller, and Skrill. However, since the account opening was unsuccessful, we could not verify these claims. We also noticed that the broker’s registration platform belongs to another rogue broker-  Smart Access Trade. This tells you that Mastertradeplusfx is not a real platform but a clone at best! Make no mistakes; the broker being a fake website, can lure you with such claims only for you to find it exclusively allows cryptos as the payment choice.

Mastertraderplusfx.com Review, Mastertraderplusfx.com Scam

Remember that under no circumstance can you reverse cryptocurrency transactions. Moreover, you are never sure of the recipient’s identity of the crypto wallet to which you send money. To avoid such predicaments, invest with brokers who are regulated. That way, you can be sure that your funds are safe even if they have crypto deposits among their options. 

Details on minimum deposits are unavailable, as are the applicable charges. If a broker can not disclose such trivial information, you should not expect them to be any more honest. Avoiding the broker is the wisest call you can make. 

Mastertradeplusfx Trading Software

For trading purposes, it is advisable to use MT4 and MT5 platforms. These platforms have a state-of-the-art architecture that avails a competitive interface, thereby optimizing your trading experience. One of the most intriguing features of MetaTrader 5 is the algorithmic trading option, which enables you to perform automatic trading sessions using robots. This feature supports all typical features, including back-testing, real-time quotations, and a full range of trade orders, including pending orders.

Mastertraderplusfx allegedly avails of trading apps, a web platform, and MT5. Despite claiming to provide an award-winning platform and even mentioning the industry standard MT5, the broker offers no trading platform. Why bother engaging if it cannot provide you with the platform?

Trading Conditions

Clarification on the terms of the engagement between investors and brokers is crucial. It ensures that the obligations and expectations of both parties are spelled out. The T&Cs, KYC, AML, and Risk and Disclosure policies are vital in specifying engagement terms.

Unfortunately, Mestertradeplusfx only attaches lousy T&Cs. Though appearing on its website, the other documents are inaccessible, not to mention that they belong to a different broker- Block Trade. The mix-ups evident with this broker are outrageous.  

The spreads and leverages are also unavailable. These are vital details whose omission you should not overlook as they determine how much returns you get. As a precaution, ensure that your broker complies with the 1:30 or 1:50 leverage capping. This keeps you from unnecessary risk exposure. As for the spreads, go for legit brokers with spreads below 1.   

The broker also awards a 50 percent bonus for your deposits. Also, the broker purports to give free commission when you trade. You should err on the side of caution anytime a broker offers such incentives. This is because such incentives will work against you when you want to withdraw funds. For instance, a broker will mandate you to meet ridiculous trading volume to access your funds. 

Mastertradeplusfx Regulation Status

Mastertradeplusfx claims to be licensed to operate in the U.K. Moreover, it is reportedly under FCA, KNF, and CMB. Oddly, the broker, allegedly in the U.K., claims to be regulated by the FSCA. This is laughable because FSCA is a financial watchdog in South Africa but not the U.K.

Surprisingly, the U.K.’s FCA has warned against the broker purporting to be under its oversight. In its warning, FCA cautions that investors engaging with the broker are not eligible for compensation should things go awry. A warning from FCA, one of the most reputable regulatory agencies, should be deterrence enough. 

The broker is also missing from Poland’s KNF, China’s CMB, Australia’s ASIC, and Germany’s BaFin registers. The broker is obviously faking authority to operate in these jurisdictions. The truth is that this fictitious broker is not worth your attention. 

It would be terrible to lose all of that money to con artists. By signing up with and investing with an unlicensed broker, you are wasting money on an illegal and pointless endeavor. We advise our investors to rely on licensed entities when choosing a broker. Licensed brokers have numerous financial compensation programs and anti-fraud procedures to cushion traders from unwarranted risks. 

Verdict

By now, you must have discovered that Mastertradeplusfx is a broker you should not involve in your investment. You can never be too cautious regarding the security of your investment. Therefore, thoroughly analyze your options, especially considering your preferred broker’s regulatory standing. 

As a reminder, it is your complete obligation to make sure you thoroughly audit a broker to ascertain if they are genuine. It is the only way to locate a reliable forex broker who can ensure security, safety, and, most importantly, the rewards on your investment.

 

 

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