MICFX presents you with a fake brokerage platform for trading Forex and CFDs.
Like the other Forex brokers of the internet, MICFX is “proud” to offer MT4 trading platform where investors can earn money by trading the most popular assets including Crypto and stocks.
MICFX operates from the domain MICFX.co and also claims to be a Cyprus-based Forex broker. The company’s full name is Multi Investment Company Ltd.
Nevertheless, their regulatory status is not straight forward as we have detected a bunch of lies from their sales page.
The company claims that their regulatory agency is SVGFSA but upon checking it out, I discovered that Multi Investment Company Ltd does not actually hold any valid financial services license.
As it currently stands, MICFX can only be described as a new broker whose trust rating is so poor than we wouldn’t want to recommend or even include them in our list of the most trustworthy investing services to put your money in.
MICFX Review: Account types
They claim to provide up to 6 different account types on their trading platform.
These account types are aggressively advertised based on the spreads they charge.
MICFX would also want investors to believe that their account types are suitable for PAMM/MAM investors, traders who are of the Islamic faith and generally those who are seeking to trade in a financial platform with high liquidity.
They lie that Multi Investment Company Ltd is committed to empowering people to invest and trade confidently.
They also promise the best support from a multi-lingual customer support staff.
Apparently their website lacks a chatting functionality for reaching out to them in real time. It appears that this support is not any better than those providers by scam brokers like Trust Capital TC (Cyprus-based broker) or Saracen Markets.
Their website is also black in color, giving the impression of class, sophistication and authenticity. However, we’ve learned to smell these scams from a mile away and we’re no longer intimidated by mere website design.
How does Multi Investment Company Ltd financial markets look like?
While writing this review, I tried signing up but couldn’t because the links were not working.
This means that the website is still under construction despite the company encouraging investors to sign up.
It’s the worst type of mediocrity I’ve seen from scammers of this age.
Anyways, I was surprised that MICFX provides trading in indices as well. These include Dow Jones and FTSE.
Other markets being offered for trading include SP500, NASDAQ, NIKKEI and so on.
This rich selection should not fool you. Trading is only good if you have a broker that will not cheat you by withholding your profits.
MICFX Bonuses and promotions
The broker is enticing traders and investors with attractive bonuses and promotion.
They provide 30% and up to 100% deposit bonuses. It also appears that MICFX is running offers from time to time. The last offer was intended to “reward” people with an iPhone.
Unfortunately, their website is so new and with no substantial number of clients or traffic. The promotion ended sometime in June 2021 and I doubt if this company has any iPhones to offer.
MICFX is committed to lie and steal your money in the end. Why they don’t have a demo account is something they provide no explanation of.
This broker is not popular at all, leaving us with no option but to wait and see whether they’ll at least “improve” their lies to get more customers with feedback.
If you want to trade or invest wisely, getting involved with an unregulated, anonymous Forex broker is not the best option especially when you know that good investing services still exist out here.