Stay far away from Margex! In our Margex review we will tell you why we think this broker is definitely a scam. If you want to start trading online we recommend you try a more reputable trading platform – you can try Bitcoin Revolution with a trusted broker.
Margex, an online broker claims to be a perfect solution to your trading needs. Nowadays, people try to get into financial markets with high hopes of making money, and obviously, this requires them to sign up with a broker. This part is the most crucial one as there are so many fraudulent platforms in the market and you have to check whether it’s an authentic trading platform or not. Here comes this Mergex review to let you avoid scammers and give you an insight into what to evaluate before registering. Let’s see how true they are in their promises to their customers in this Margex review.
When you come across Margex, which is represented as an investment platform and a digital trading asset. It claims to provide customers with worldwide access to cutting-edge trading infrastructure as well as numerous wealth-building chances. The entire deal sounds fantastic, and you may be tempted to take advantage of it right once, but you must wait. To figure out what you’re dealing with, you need to investigate for defects. What are some of Margex’s flaws? Take a look at the following:
No Valid Licence
To provide services to clients, every brokerage must obtain a license. The authorities supervise the broker’s operations and verify that it complies with all applicable laws and policies. So, if you want to investigate a broker, you need to see if they own a valid license.
When you try it with Margex, you’ll find that it doesn’t have any license. You may learn about fund security, price manipulation, transparency, and privacy by visiting their website. However, you will not discover any information concerning authorization or any type of licensing on their website.
A warning by the CNMV
Margex already lacks a legal license from any regulatory authority, as previously stated, and this is a red flag against the broker. However, things will deteriorate because the Spanish financial authorities have issued them a warning. Margex has been blacklisted by Spain’s financial authority (CNMV) the National Securities Market Commission. They’ve acknowledged that the broker and company behind it aren’t regulated or licensed, which should be enough to convince you that they’re not worth your time.
It is not an authentic website. You will now discover that no data is available there. When you look at their website, you won’t discover any information about the company or an address. They don’t even offer you a contact number to call. The only information available on its website is a chat option and an enigmatic email address.
When you visit Margex’s legal part on their website, you’ll notice the firm name, MARGEX TRADING SOLUTIONS LTD, as well as a reference to Seychelles’ jurisdiction. However, this is all you’ll discover on its website, which means there’s little you can do if the broker suddenly vanishes.
Unusual withdrawal policy
When researching a broker, be sure to read their Terms & Conditions because this will inform you what sort of policies you’ll have to follow. In the instance of Margex, this is a beneficial move to do because it reveals another problem. You’ll come across the broker’s Withdrawal policy, which states that they’ve set limits on the quantity of money which you can withdraw daily or regularly.
Margex does not fit into this category because no genuine broker would ever block their customers from withdrawing their funds. This is absurd as they only accept cryptocurrency deposits, which indicates they will take your money and refuse to let you take it back.
Only bitcoins accepted
As previously stated, bitcoins are the only payment method accessible at Margex, and you must use them for both deposits and withdrawals. Apart from the fact that you won’t be able to withdraw it, the issue with utilizing bitcoins is that it is an ultimate and virtually anonymous payment option. If something goes wrong, you won’t be able to file a refund or get your money back. Furthermore, you will be unable to track your funds, which is another issue.
You will be able to see that Margex is not an authentic and legitimate brokerage once you have found its shortcomings. So be aware of the scams!