The financial markets are overflowing with brokers and you will find that all of them, one after the other, promise you the most professional trading services and a memorable trading experience. Can all of them live up to these promises? If you do your homework, you will discover that not even half of them can do so. Fraudulent platforms have become rampant in the space because of the ease of access and scams are happening left and right, due to which going through this Milliva review is a must.
Doing your homework can make all the difference because it can help you eliminate shady options and allow you to find a brokerage that can fulfill your trading needs in the best possible way. The high number of companies does increase your chance of finding the perfect fit, but you have to make a bit of effort to do so. What about Milliva? This is one of the options you will find on your list when you begin looking. A quick look at its offerings makes it appear to be an apt solution for everyone.
The fact that Milliva is offering the MT5 (MetaTrader5) trading platform is definitely something that will draw in traders. Even novices are aware that this is the best trading platform in the market and can offer you the ultimate trading experience because it has all the powerful trading tools and features that are essential for making smart decisions. Hence, its availability may make it seem that Milliva is the brokerage you need for making profits in the trading process.
While this is certainly an impressive feature, you shouldn’t ignore the problems with Milliva when you take a closer look. What are they? Let’s check them out:
No licensing or regulation
If there is one lesson you should learn from scam broker incidents is that you should never opt for a brokerage that is not properly licensed and regulated. These companies are monitored by regulatory authorities and have to comply with strict rules and regulations, so there is very little possibility of them turning out to be scams. Thus, you want to ensure that Milliva is also a licensed and regulated brokerage because that means it is trustworthy.
You are in for a disappointment because you will not find any proof of licensing or regulation on Milliva’s website. According to its website, the brokerage is owned and operated by a company named MILLIVA LTD, which was incorporated in the United Kingdom in 2021. It also claims to have offices in Singapore, the United Arab Emirates (UAE) and India. Of course, this does sound impressive and if you don’t follow up, you will fall into their trap.
But, when you do follow up, you will discover that all of these claims are false. In order to be incorporated in the UK for providing trading services, Milliva would require a license from the Financial Conduct Authority (FCA). It is one of the leading regulatory authorities in the world and has a very strict criteria for licensing brokerages. However, you will not find Milliva mentioned anywhere in their online register, which means either it is operating illegally from the UK, or lying about it altogether. In addition, it is also worth noting that Milliva contradicts two of the FCA’s policies directly, which means it is not licensed at all.
Outrageous bonus conditions
The first policy of the FCA that Milliva contradicts is the offer of trading bonuses that you will find on its platform. These bonuses have been prohibited in a number of jurisdictions globally because of their exploitative nature; companies often have strings attached to their bonus policies that are not fair to the clients. It is why the FCA has also imposed a ban on them.
Yet, you will discover that trading bonuses are not only available at Milliva, but they also have an outrageous policy. They require you to achieve a certain turnover before you are permitted to make a withdrawal, which is nearly impossible to achieve. In fact, it gets even worse because Milliva has imposed a time limit of one month for you to achieve this impossible turnover that you will not be able to do. Thus, they will neatly box you in and prevent you from withdrawing your funds. No legitimate brokerage would ever do this.
The second policy of the FCA that’s contradicted on the Milliva platform is related to leverage. Yes, it is the norm for online brokers to offer leverage to the traders, but as it comes with risks, most regulatory authorities have imposed restrictions on the amount of leverage that can be offered. This is true for the UK and also other areas, such as the US, EU and Australia.
But, when you check out Milliva’s offerings, you will find that the brokerage is offering a leverage of 1:500. If it were truly operating legally from the UK and licensed by the FCA, it wouldn’t have been able to do so because the maximum leverage that can be offered here is 1:30.
One payment method
There is no shortage of problems where Milliva is concerned and you will come across another in the form of its payment methods. When you check their claims, you will notice that the broker promises a variety where payment methods are concerned, but it doesn’t really deliver. Ultimately, it becomes obvious that they only support one payment option and that is bank wire transfers. This is not good news because this payment method does not give you the flexibility of filing for a chargeback.
Therefore, if anything goes wrong and you want your money back, you will not be able to do so. Only debit and credit cards give you this option and Milliva has conveniently failed to offer them on its website. Bank wire transfers are final and cannot be reversed, so your money will be lost.
Now that have gone through the offerings of Milliva properly, you can determine that it is a broker to be avoided at all costs.