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 How To Check Your Forex Broker Is Genuine Or Scam, Real FX Broker VS Scam FX Broker

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kuladruw
post Apr 8 2020, 09:23 PM

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QUOTE(yapth11 @ Apr 8 2020, 04:54 PM)
Hi, was approached by someone to trade gold on Mahamudra. At first i wasnt told which platform(asked but was avoided) till she got me registered with my IC and ATM card number(thinking she wont be able to withdraw anything), so with the registration approval email received with my username, password, MT4 download link and of coz the deposit link too. Two things i found suspicious before i make any deposits into it:
1) I'm not able to register from their official website as the server's IP was not found.
2) Account set up with my ATM card number and not with my ACCOUNT Number, maybank swift code not tally. SO i dun think they will be able to deposit any money to me at all.
Correct me if I'm wrong
<a href='https://pictr.com/images/2020/04/08/5R2GOj.md.jpg' target='_blank'>https://pictr.com/images/2020/04/08/5R2GOj.md.jpg </a>
<a href='https://pictr.com/images/2020/04/08/5R2Val.md.jpg' target='_blank'>https://pictr.com/images/2020/04/08/5R2Val.md.jpg </a>
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Mahamudra Group Limited
a Seychelles-based Company & St. Vincent and the Grenadines
also claimed to be Australia ASIC regulated but missing AFSL number & FINTRAC number

https://mmdfx.com/about-us

Very High risk, and theres no proof real trading is carry out when based in offshore. try ask them use legit broker which has PAMM

example :
https://www.icmarkets.com/sc/en/forex-trading-tools/mam-pamm
https://www.etoro.com/copyportfolios-partne...folios_partners
https://keytomarkets.com/en/pamm-account/social-pamm/
https://www.darwinex.com/investors
kuladruw
post Apr 9 2020, 11:19 PM

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QUOTE(WJC 8991 @ Apr 9 2020, 10:12 PM)
Thanks bro, I will take a look and do the research, all is the legal trading agency, right? And only got this four?
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yes all using legal broker

btw there is another managed fx service : https://www.zulutrade.com/traders
kuladruw
post Apr 14 2020, 04:53 PM

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QUOTE(Sadru @ Apr 14 2020, 02:45 PM)
Hi everyone, i got a question regarding broker.
My friend introduced me to XM (https://www.xm.com)

I quite interested to learn on about trading, before signing up and creating an account were these legit, genuine and trusted?

I would like to hear fellow traders knowledge and opinion on this.

THANK YOU!
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XM regulated at Belize, Cyprus & Aus. its better to use broker has regulated in UK, as london is main financial hub of the world. world's biggest fx trading server always located in following location

New York NY3
London LD4
Tokyo TY3

for protection of your deposit fund, broker regulated in following country is good idea, Switzerland, UK, Hong Kong, Netherlands, Singapore, Australia
kuladruw
post Apr 14 2020, 05:46 PM

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QUOTE(Sadru @ Apr 14 2020, 05:20 PM)
Thanks for the input, would you recommend others apps beside XM atm? thanks!
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CODE

https://private.iticapital.com/
http://www.cmcmarkets.com/
https://www.britannia.com/gm
https://www.interactivebrokers.com.hk/en/home.php
http://www.plus500.com.sg/
http://www.saxomarkets.com.sg/
http://www.swissquote.com/
https://www.ig.com/sg
kuladruw
post Apr 14 2020, 11:30 PM

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QUOTE(terrytan @ Apr 8 2020, 09:33 PM)
Why would Malaysian believe in Indonesia platform? Some how i cant understand the logic.
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i just come across this broker, https://www.straitsfinancial.com/id/en/contact
regulated and global based, it has a branch in Jakarta. so not all indonesia is scam tongue.gif
CODE
PT Straits Futures Indonesia
(A Member of the CWT Group)

Sampoerna Strategic Square
South Tower Level 22
Jl. Jend. Sudirman Kav. 45-46
Jakarta, Indonesia 12930
Tel: +6221 5795 2355
Customer Care:
Tel: +6221 5795 2355 Ext. 203
kuladruw
post Apr 16 2020, 10:54 AM

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QUOTE(lcs111 @ Apr 16 2020, 12:25 AM)
Hi, If I have a huge fund to invest in forex, but I am not interesting  on self trade. can u introduce a legal broker and trustable trader for me? TQVM
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refer https://forum.lowyat.net/topic/4942424
kuladruw
post Apr 18 2020, 06:41 PM

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QUOTE(DrFX @ Apr 16 2020, 06:31 PM)
After the collapsed of Gold Tinkle, we expect Veonco, Sentratama, Tradesto and TriumphFX will follow. Ponzi scheme FX program hardly survive during MCO.
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btw, OctaFX still promoting their managed fund service around facebook

CODE

Arlear Inc OU - Registration No. 14459825
Harju maakond, Tallinn, Lasnamae Linnaosa, Sepise tn 9 // Valukoja tn 8-110, 11415, Estonia.

Octa Markets Incorporated - Registration No. 19776 IBC 2011 - https://www.octafx.com/
Suite 305, Grifth Corporate Centre, Beachmonth, Kingstown, St. Vincent and the Grenadines.

Octa Markets Cyprus Ltd (HE359992) - www.octafx.eu
Cyprus Securities and Exchange Commission (CySEC) - 372/18


This post has been edited by kuladruw: Apr 18 2020, 06:42 PM
kuladruw
post Apr 19 2020, 12:45 PM

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QUOTE(MNet @ Apr 19 2020, 10:05 AM)
Sorry, i did not find any managed acc info at the site
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on facebook ads, showing spectacular pips making strategy, when you FB msg them, they're using octaFX broker to make all these "pips"

This post has been edited by kuladruw: Apr 19 2020, 12:48 PM
kuladruw
post Apr 22 2020, 12:39 AM

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QUOTE(Khabib Nurmagomedov @ Apr 21 2020, 10:26 PM)
Just curious...
» Click to show Spoiler - click again to hide... «

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is CK Ltd a forex training academy and which broker they recommend?
kuladruw
post Apr 22 2020, 12:42 PM

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QUOTE(terrytan @ Apr 22 2020, 04:18 AM)
Tradesto is their partner in crime.
*
CODE

TRADESTO UK LIMITED
Company No : 09785168
Director : Mr Law Yi Soon (November 1979)
Correspondence address : Suite 5, Courtyard, Bishops Stortford, The Old Monastery, Windhill, Essex, England, CM23 2ND
Company type : Private limited Company (This Company is NOT REGISTERED nor authorised, regulated by the Financial Conduct Authority,UK)
Nature of business (SIC) :
62020 - Information technology consultancy activities
62090 - Other information technology service activities
64304 - Activities of open-ended investment companies
82110 - Combined office administrative service activities

Reference : https://beta.companieshouse.gov.uk/

CODE
https://tradesto.com/
On their official website, they claimed company is ASIC registered, No. 616 567 698
but when you searched at ASIC, there is no such company. Search at ABN, ACN has no result as well, they put fake number

https://www.abr.business.gov.au/Search
https://connectonline.asic.gov.au/RegistryS...lRegisters.jspx

CODE
Tradesto Broker (Tradesto Corporation) also claimed registered at St Vincent, with Registration No 22360 IBC 2014
But St Vincent & the Grenadines official website do not have online search for International Business Companies
only can search via form request. http://svgfsa.com/mdocs-posts/ibc-forms-request-for-name-search/

However local authority did mention any IBC company registered, there is no regulation in place for Foreign Exchange (Forex) Trading and Cryptocurrency offerings in St. Vincent and the Grenadines.
http://svgfsa.com/alert-1-of-2018-foreign-...ptions-trading/
http://svgfsa.com/alert-2-of-2018-foreign-...ency-offerings/

CODE
Vanuatu Financial Services Commission
https://www.vfsc.vu/
Company Name : TRADESTO CORPORATION
Company Number : 14736
Vanuatu can be search online and have result of company registration, but based on data from World Bank, vanuatu score -0.47 or ranked at No.125
with such a low quality in regulatory policy of local government, it is dangerous doing business with company registered at vanuatu, as you dont know
if real trading is carried out or just trading demo account. definitely not safe putting money in that jurisdiction as local gov officer, auditor
can be easily bribed and manipulate forex server & client's money will went missing.

https://www.theglobaleconomy.com/rankings/wb_regulatory_quality/


my conclusion : stay away from Tradesto, use real broker
kuladruw
post Apr 25 2020, 01:29 PM

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CODE
FULLERTON MARKETS LIMITED
FSP number : FSP477046
NZBN : 9429041986592
FSP status: Deregistered
Deregistration date: 30/08/2018

this company was legal for fx trading only from 20/03/2016 - 30/08/2018
Reference : https://app.companiesoffice.govt.nz/fsp/app...d/searchFsp.do#

after that i assumed they moved to Saint Vincent and the Grenadines?
there is no online company search option in that country
CODE

Fullerton Markets International Limited 24426 IBC 2017
http://svgfsa.com/mdocs-posts/ibc-forms-request-for-name-search/


local authority already made it very clear. THERE IS NO REGULATION in place for Foreign Exchange (Forex) Trading and Cryptocurrency offerings in St. Vincent and the Grenadines. so nobody knows if there is real trading, or fake trading, or alien stole their money, they can give any excuse, local authority wont take action brows.gif
CODE
http://svgfsa.com/alert-1-of-2018-foreign-exchange-forex-trading-or-brokerage-or-binary-options-trading/
http://svgfsa.com/alert-2-of-2018-foreign-exchange-forex-trading-and-cryptocurrency-offerings/


This post has been edited by kuladruw: Apr 25 2020, 01:31 PM
kuladruw
post Apr 27 2020, 04:31 PM

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CODE
REAL FX LTD
Company No  12041063
Address :
85 Great Portland Street, Great Portland Street, London, England, W1W 7LT

Mr Abdelqader Rashid Shaath (Director)
January 1982
Nationality : Jordanian
Country of residence : United Arab Emirates


Status : NOT REGISTERED with UK Financial Regulator
kuladruw
post Apr 27 2020, 08:45 PM

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» Click to show Spoiler - click again to hide... «



after did a bit of research, this is no longer a forex market. you are trading in a market called "Chinese Gold & Silver Exchange Society (CGSE)" located at HK
CODE

2/F, Gold & silver Commercial Building, 12-18 Mercer Street,
Sheung Wan, Hong Kong. (Conference Room)
Tel:36780000
Reference : http://www.cgse.com.hk/chines/en/visiting
https://www.bullionstar.com/gold-university/hong-kong-gold-market


These are gold spot contract
http://www.cgse.com.hk/chines/en/latest-quotes

Mahamudra Company Limited is in the list, No 192
http://www.cgse.com.hk/chines/en/cgse-reco...ing-member-list

MMDFX is not related with Mahamudra, from mmdfx website they claimed also member of CGSE, but didnt find it in the member list. mmdfx is scam

This post has been edited by kuladruw: Apr 27 2020, 08:52 PM
kuladruw
post Apr 27 2020, 11:04 PM

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..companies providing Loco London gold trading services in Hong Kong are not required to register with or apply for a license from the Hong Kong Monetary Authority (HKMA) or the Securities and Futures Commission

..the public can invest in gold or gold-related products through various channels.  Among them, gold exchange-traded funds (ETFs) and gold futures traded on the exchange, paper gold schemes, and funds invested in gold derivatives

..As for companies providing gold trading services in general in Hong Kong, they are not required to register with or obtain a license from the SFC.

Reference : https://www.info.gov.hk/gia/general/201111/02/P201111020199.htm


Extra info
kuladruw
post Apr 27 2020, 11:18 PM

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QUOTE(alrasla @ Apr 27 2020, 10:04 PM)
Thank for ur information
But you see login use mmdfx wedsite to login Deposit n withdraw but download app only MT4/mahamudra

MAHAMUDRA COMPANY LIMITED
MAHAMUDRA GROUP LIMITED

Abit confuses this two name are same?
*
CODE
MMDFX website : https://mmdfx.com/
Address : Global Gateway 8, Rue de la Perle, Providence, Mahé, Seychelles
*this address is shared by many offshore company, just google it

also claimed to be regulated by ASIC, but doesnt display on their website
FINTRAC : N/A
Chinese Gold and Silver Exchange Society (CGSE) : N/A

Conclusion : there is no evidence MMDFX is a company nor related with trading, mmdfx is just a website with general info

CODE

Mahamudra official website : https://www.192.com.hk/en/contact-us
Phone : +852 3705 5878
WeChat ID: mahamudras_cs
QQ : 3087441773
Email: info@192-hk.com

MMDFX website : https://mmdfx.com/contact-us
Phone : +852 3705 5641
Wechat ID : mmdfxcs01
Email : cs@mmdfx.com
QQ : N/A

so are you sure receiving email from Mahamudra? or mmdfx? it is clear both is SEPARATE company. for deposit an account with Mahamudra, they already mention here https://www.192.com.hk/en/open-account-4/deposit

no need login to mmdfx
CODE

Bank: Bank of Communications Co. Ltd
Company Name: Mahamudra Company Limited
International remittance code: COMMHKHH

Bank Address:
Unit B B/F & G/F, Unit C G/F, Wheelock House
20 Pedder Street, Central
Hong Kong


This post has been edited by kuladruw: Apr 27 2020, 11:50 PM
kuladruw
post Apr 28 2020, 11:50 AM

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mmdfx website never mention anything related with Mahamudra, except the email. this means maybe scammer use mahamudra company name and attempt to deceive they appear legitimate. you can compare contact phone number, wechat id, email, it is not the same company, both is separate entity

mmdfx website doesnt have company number, missing CGSE membership no, missing ASIC & Fintrac, you dont know who you are dealing with.
kuladruw
post Apr 28 2020, 11:10 PM

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the official company name registered is "Mahamudra Company Limited" (CR no.2338521) you can check here, from companies registry,
CODE
https://www.icris.cr.gov.hk/normal.html


while MAHAMUDRA GROUP LIMITED is another company, CR. 2873461 both name is similar, but it has separate record, nobody knows it is related or not, unless you purchase the CR record and can check if both company director name is the same or not

in my opinion, the official name registered with CGSE is "Mahamudra Company Limited", so common sense is only deal with authorised company, as CGSE is more of like authority in gold trading
CODE
http://www.cgse.com.hk/chines/en/cgse-recognized-e-trading-member-list


XPD = Palladium
XPT = Platinum
Loco London Gold (LLG)
Loco London Silver (LLS)

i dont know what is your particular reason must open an account with them, in case you didnt know, these price movement is similar to XPD/USD ,XPT/USD, XAU/USD, XAG/USD pair, which is available to trade in almost all forex broker

the only thing forex broker doesnt have is
-LKG/CKG/RKG/Renminbi Kilobar Gold
-9999 Tael Gold (9999 TG) = Quoted in HK dollar per tael
-99 Tael Gold
-HKG = Hong Kong Gold
-HK Silver 1 (HKS1)

if really must trade those metal quoted in china/hk currency, there are better broker choice than mahamudra

CODE
https://cpmbullion.com/en/gold/index.html
http://www.henfin.com/eng/price.php
https://www.wfbullion.com/
http://www.successfn.com/en/Metals_Info
http://www.mibd-gold.com/en/goldtrading/35/131.html


This post has been edited by kuladruw: Apr 28 2020, 11:11 PM
kuladruw
post Apr 29 2020, 08:57 AM

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QUOTE(alrasla @ Apr 29 2020, 08:26 AM)
Thanks  a lot for sharing those information good to investors before start.

Just find it pdf
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in the pdf, didnt mention about official "Mahamudra Company Limited", word of mouth or wechat cannot be treated as proof for same group of company & dont use company registered at St vincent and grenadines, post no 2943
kuladruw
post Apr 30 2020, 01:47 PM

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Grade A Broker
- Registered in USA, NFA regulated/FDM member (Forex Dealer member)
- Forex license, Minimum paid up capital US$20 million
- max leverage only 1:50

Grade B Broker
- Registered in Singapore, Australia, UK, HK, NZ
- Regulated by SG Money Authority/ASIC/AFSL/FCA/hk-SFC
- Forex license, Minimum paid up capital $50k - 5Million(SG), AUD$1million (Aus), EUR$730k (UK), EUR$1.5m - 3million (HK)
- Australia allow max leverage 1:500, SG,UK,HK leverage offered very low 1:30

Grade C Broker
- Registered in Cyprus/Malta/Bahamas/Belize
- Regulated by CySec/MFSA/IFSC
- Forex license, Minimum paid up capital EUR$125k - EUR$730k / US$300k
- leverage 1:500 or higher

Grade D Broker
- Registered in Vanuatu/British Virgin Island/Seychelles/Estonia/Bulgaria/Mauritius/Labuan
- Forex license US$50k - 125k
- leverage 1:500 or higher

Grade E Broker
- Registered in St Kitts and Nevis, Dominica, St Vincent and the Grenadines
- Forex license, Not required
- Not regulated
kuladruw
post May 5 2020, 11:01 AM

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QUOTE(Ananais @ May 5 2020, 01:06 AM)
Hi everyone and experience sifus,

May I know does anyone come across this Auvoria Prime?

This is their website

https://auvoriaprime.com/about-us/#team
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FX managed fund better, there are professional manage your money, its manual trading and dont rely too much on bot
https://forum.lowyat.net/index.php?showtopic=4942424&hl=
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