MoreFx way Review – 4 Troubling Details of the Broker

MoreFx way Review

Everyone in today’s day and age are aware that while you can enjoy a lot of benefits thanks to the internet, you always have to be careful because scams are also a common occurrence. The financial markets, in particular, have seen more than their fair share of these fake companies and this is because of the money involved in this space.

After all, criminals are interested in money and there is a great deal of it involved in the trading world. But, you should note that not all such companies are easy to recognize and this MoreFx way review is the perfect example.

If it was so easy to avoid scams, don’t you think people would have stopped falling into their traps by now? They have been happening for years and still their numbers continue to go up instead of coming down.

Yes, sometimes it is because people do not pay attention to the clear warning signs they see because they are in a hurry, but other times, it is also because the platform in question checks all the right boxes. This is because the criminals have made the effort to hide their true nature in order to con people.

They are able to succeed because people are willing to believe what is on the surface and do not look underneath. If they do so, they will not have a lot of difficulty in learning the truth because try as their might, fraudulent brokers cannot be the same as legitimate ones, no matter how hard they try.

Thus, if you are dedicated enough and want to avoid a scam, you should be ready to do some homework instead of just taking their word for it.

A great example of such a brokerage is MoreFx way which, at first glance, comes off as just the one everyone would want. They seem to have the right credentials and conditions that a trader could ask for, but things get troubling very quickly once you begin looking into it. Here are some of the troubling things you will uncover about MoreFx way.

Absence of licensing

If there is one surefire way of avoiding losses due to a scam and fraudulent broker, it is by opting for a company that has a license to provide its services. This would mean it is under the oversight of the regulatory authority in the jurisdiction it is operating in and has to comply with the rules and policies of the region.

This can offer you protection and enable you to enjoy reliable and quality services, depending on where the brokerage is based.

In the case of MoreFx way, you will find it that the address on its website puts it in Southampton and this would mean that it should be regulated by the Financial Conduct Authority (FCA).

This is recognized as one of the top regulatory bodies in the world and a license from it is considered quite valuable. Unfortunately, when you check its online register for MoreFx way, you will not find it mentioned and this is very disappointing.

This indicates that either MoreFx way is lying about where it is based, or it is operating from there illegally, neither of which inspire any trust in the brokerage. Essentially, you are dealing with a completely anonymous broker because you know nothing about the company and there is no way for you to verify anything they tell you.

No trading platform

Perhaps the most crucial feature that an online broker has to offer is the trading platform that you use for trade execution. Without this platform, you cannot participate in the financial markets, so it is vital for the process, but this does not mean that any platform would do.

There are a number of them that can be found, but you want a modern and cutting-edge trading solution that lets you make the most profits.

Therefore, a lot of people will be drawn to MoreFx way because the brokerage is promising a simple, reliable and innovative trading platform. As a matter of fact, their presentation has also made a mention of the MT4, which is one of the best trading solutions that currently exists.

Hence, it is easy to be impressed with the brokerage, but in reality, you will not be able to access a platform at all. An online broker not offering the one feature for which its services is needed does not make sense and shows that it is not genuine at all.

Excessive leverage

The leverage offered by a brokerage is an attractive feature because it provides traders flexibility during trading. But, the ratio it offers can make a big difference. Lots of regulatory bodies have defined caps on leverage because excessive ratios can be quite risky and lead to huge losses for retail traders.

If you check out the leverage ratios that MoreFx way is offering, you will find that it does not seem to be following the rules.

Despite claiming to be based in the UK, its leverage ratios are beyond the FCA cap of 1:30. In fact, it seems that MoreFx way itself is unsure of how much leverage it offers because in one place it advertises 1:1000 and in another it has mentioned 1:5000.

No chargeback possible

The payment methods of an online broker dictate if you can file for a chargeback and get your funds back if there is a dispute. You will notice that more than 20 payment methods are mentioned by MoreFx way and this is a lie. When you check out the real options, you will only find bitoin and Ethereum payments supported.

This means that you can only use cryptocurrencies to make your deposits at MoreFx way and these do not come with the chargeback option. So, when you make a deposit, it is irreversible and your money will be lost if you are scammed.

Wrapping up

The four troubling details about MoreFx way make it apparent that it has zero credibility and cannot be trusted.