MFIP Genesis Group Review
Online trading made the financial markets accessible to the general public and this opened whole new doors for people to make more money. In your desire to profit from the opportunities that can be found in the financial markets, you shouldn’t throw caution to the winds. It is vital to remember that you will be trading online and this is not without its risks. The internet is a hotspot for different types of scams and frauds and brokers are a common disguise used by cybercriminals. But, how can MFIP Genesis Group review help?
You need to remember that no broker will come with a warning sign that can be used for sorting through good and bad brokers. In order to learn the truth, you will have to put in the effort and do the homework, which is certainly not a piece of cake. Every company tries their level best to come off as professional and reliable platforms and scam ones are no different. They know they have to hoodwink people, so they use all the tricks in the book to do so. Thus, it does take some effort and some thorough assessment for you to get to the bottom of it.
This means going beyond the homepage of a broker’s website and looking into some other aspects. It also means that you avoid being blinded by their offerings and not make hasty decisions that can come back to haunt you later. MFIP Genesis Group is one of the brokers you will find in the market and its review is helpful because it tells you exactly why this broker cannot be trusted. Want to find out? Take a look:
False licensing claims
Scam and fraudulent brokerages have become aware that people are now considering the regulatory status and license of a platform before they sign up. After all, it is mostly unregulated and unlicensed brokers that are responsible for the scams that have happened in the financial markets, so most people prefer to avoid them. This has prompted these fraudsters to claim to be licensed by some of the world’s top authorities in order to mislead their clients. It appears that MFIP Genesis Group is following the same approach.
If you take a look at their website, you will find that they claim to be licensed by the National Futures Association (NFA) in the United States. This is pretty massive, considering that the US is regarded as a strong bastion of financial regulation and involves some very strict rules. To be a member of the NFA, MFIP Genesis Group also needs to be licensed by the Commodity Futures Trading Commission (CFTC) as well. However, if you check the online registers of both the regulatory authorities, you will not find the broker there.
Moreover, when you dig deeper into the services of MFIP Genesis Group, you will discover that they have even violated a regulatory policy imposed by the two organizations.
Lack of transparency
The key indicator of a regulated and licensed broker is that they are transparent and upfront about all their services. This means that they don’t conceal any vital information from their clients, such as the fees they will be charged, the policies they will have to comply with and the services and conditions they can expect to have. All of these are outlined in the Terms and Conditions you find on their website. Hence, it is a shocker when you check out the MFIP Genesis Group website and find that they have no Terms and Conditions listed. When you sign up with them, you will have no idea what you are agreeing to, which means you can and may be exploited and abused with outrageous fees and restrictions.
Part of the trading conditions that are offered by a broker to their clients is the leverage available. It provides the flexibility you need for trading and is important. When you check MFIP Genesis Group’s website, you will notice that the maximum leverage provided is 1:100. While you may find this appealing, it is important to remember that this can be risky as well. Plus, this high leverage is not permitted by regulatory bodies like the CFTC and the NFA because of the risks associated with it. This gives further confirmation that it is not a regulated broker.
No credit cards accepted
When you take a look at the payment methods provided to you, it is surprising that MFIP Genesis Group has not added credit cards to its offerings, especially when they claim to be operating in the US. As a matter of fact, only two payment methods have been provided, which are bank wire transfers and Bitcoins. While these may not be unsafe payment solutions, you have to remember that they are permanent. In both cases, you will not be able to get your money back if you are scammed or there is another issue. Credit cards, on the other hand, give you the option of getting a chargeback, probably why the broker has chosen not to offer them at all.
Upon your survey of the MFIP Genesis Group website, you will discover that they have attempted to conceal their flaws behind a couple of reasonable offerings. For one, they offer traders the chance to use the MT4 trading platform, which is one of the leading trading solutions in the market. Many people would jump at the opportunity of using this advanced trading software. Furthermore, they have also been careful to not ask for a specific minimum deposit from their clients.
As per MFIP Genesis Group, traders can deposit as little or as much as they want, but this doesn’t give much advantage because there are brokers in the market that ask for a deposit as low as $10. Most importantly, none of these offerings can make up for the fact that it clearly lies about its location and regulatory status and the lack of transparency also indicates its intention to exploit you, making it an untrustworthy broker.