The forex market has become increasingly popular over the years, attracting both experienced and novice traders. However, with the rise in popularity comes the increase in fraudulent forex brokers who prey on unsuspecting traders. One such broker is MasterexForex, which has been flagged as a potential scam by several financial regulatory bodies. This article aims to provide an in-depth review of Masterex Forex and highlight the red flags that traders should be aware of.
Overview
Before we delve into the details, let’s have a quick overview of Masterex Forex’s key features:
Broker Name | Masterex Forex |
Regulation | Unregulated |
Warning | Multiple |
Currency Pairs | Limited |
Customer Support | Available 24/7 |
Trading Method | MT4 |
Trader Feedback | Negative |
Is Masterex Forex Regulated?
Unfortunately, MasterexForex is not regulated by any financial authority. The lack of regulation is a significant red flag and should be a cause for concern. It means that the broker is not subject to any oversight, which makes it easier for them to engage in fraudulent activities.
Their website’s about us section is not rich with their information. Also, when you click on their several top menus, you will some mismatches with their menu name and URL. This clearly indicates the scam background.
Warnings from Financial Regulations
Several financial regulatory bodies have issued warnings against MasterexForex, indicating that the broker is potentially fraudulent. The Financial Conduct Authority (FCA) in the UK has issued a warning against the broker, stating that it is operating without authorization. Similarly, the Australian Securities and Investments Commission (ASIC) has warned the public that Masterex Forex is not authorized to provide financial services in Australia.
What Currency Pair Do They Offer?
Masterex Forex offers a limited range of currency pairs for trading. The available pairs include the most popular ones such as EUR/USD, GBP/USD, and USD/JPY.
Customer Support
Their customer service is not good. They offer customer service by phone and email. But these are not responsive.
Trading Method (MT4/MT5/Any other method)
They don’t have any clue about their trading platform. They did not mention anything about their platform.
What Do Traders Think About Masterex Forex?
The feedback from traders who have dealt with MasterexForex is overwhelmingly negative. Traders have reported issues such as slow withdrawal times, unresponsive customer support, and questionable trading practices. Some traders have even accused the broker of outright fraud, claiming that their funds were stolen or lost due to manipulative trading practices.
What To Do If You Get Scammed?
If you believe that you have been scammed by Masterex Forex or any other fraudulent Forex broker, you can contact us. We will evaluate your case and will provide you with a free consultation and recovery service recommendations. They can help you in recovering your lost funds.
If you face scammed and lost money to companies like claim-ens, BBINExchange, or Joywealth, please report it today by below form
File A Complaint & Get Free Consultation
Final Thoughts
In conclusion, Masterex Forex is an unregulated Forex broker that has been flagged as a potential scam by multiple financial regulatory bodies. The limited range of currency pairs, negative trader feedback, and warnings from financial authorities all point to the broker being potentially fraudulent. Traders should exercise caution when dealing with Masterex Forex or any other unregulated broker and take steps to protect themselves from potential scams.
