Mycoinology was registered in September 2020 and is already declaring that they can help diversify your income streams and increase your gains.
They want to compete with the most established brokers yet we know that this broker is not doing it right.
Even with the best trading tools and investing services, you can’t make any progress when you partner with a bogus broker.
Mycoinology is even claiming that they have professional account managers, personal advisors and support agents standby who can help investors with building and executing profitable trading strategies.
The company is basically running a brokerage operation where the minimum deposit to start trading would be $250 and trades can be placed for as low as $20.
Mycoinology also claims that they can provide the right tools to enable traders make progress.
Currently, they are peddling their help with trading of shares, indices, commodities and building of an investment portfolio.
Mycoinology also contradicts the truth because they claim their customized WebTrader was released in 2005, yet we know that they just came online the other day.
Because this is a new entity that is soliciting funds from the public with no clear regulatory oversight, we would like to get to the bottom of this because our job is to protect your interest.
The phone number that they provide is from the United Kingdom. But their terms and conditions state that they observe laws from Estonia, where scams like WorldMarkets actually reside.
Mycoinology claims that they provide 24/5 support but no live chat to facilitate instant communication with their support.
On the other hand, they’re giving a UK phone number which means they’re also targeting residents of the UK. More on this later.
Mycoinology is posing as a broker whose main area of business is to facilitate traders and investors to make money from Forex, Stocks, Indices, Shares and Commodities trading.
Furthermore, Mycoinology is also claiming that they can help investors with trading of IPOs or company shares.
This is a unique strategy since most brokers don’t provide this sort of facility in their trading environment.
To sign up with Mycoinology, you have to provide details like phone number and email.
We are aware of the fact that shady internet marketers often sell this data to third parties which use it to send all kinds of promotion to your inbox, including blackmail emails.
Mycoinology trading platform
While the title of the page says “MT4” trading platform, we doubt whether this is a true MT4 trading platform.
Our suspicion is that this is a white label trading software that offers features that are similar to those of MT4 trading platform.
For example, the platform offers a generous charting package, up to 30 indicators, market analytics and so on.
The interface and trading background is black in color. While it looks attractive, we can’t really tell for sure whether this software is secure and diverse like the real MT4 trading software.
Mycoinology funding methods
The funding methods are in forms that one cannot initiate charebacks.
While then $250 minimum deposit is a significantly small amount of money, these brokers have often employed silver-tongued salesmen who will go ahead and convince victims to deposit even more money.
So the $250 that is the minimum deposit is a baseline because at any given point, a victim will be holding more than this amount of money in their trading account.
The funding methods involved include NeoBanc, iPayTotal and others
We can’t initiate chargebacks from these platforms, so scammers love them very much.
This broker is not regulated
First of all, we have no idea where this broker is operating from.
Yet they claim that they have the tools that can help us expand our portfolio and make meaningful gains from trading and investing in IPOs.
Since they are providing a UK phone number, we expected them to say something about their regulatory status with the FCA.
The FCA is the oversight authority that keeps UK brokers in check.
If a broker is accepting UK clients but is not regulated by this body, chances are that the broker is shady.
This is the case with Mycoinology. They promise big things but fail to tackle the issue of why they are not regulated.
What this means for the client is that the broker does not have a responsibility of safeguarding your money and they can also steal from you if they wish.
They might promise all the good features that traders wish to see a broker providing, however this does not mean that the broker will keep his word.
Mycoinology is a very new broker with zero reputation by the way. So we will be watching out this space from now onwards.
All in all, the broker is not as reliable as most people would think.
Our advice is to avoid brokers who are not regulated and are promising big things which they can’t achieve. They are most likely a scam.