Looking at the website of Margex, it appears that they are not governed by any regulatory body. This is a very large red flag!! That is enough to make you decide against investing with them. In addition, they work with websites offering “Automated online trading software,” which is a red flag because this type of website is well-known for fraudulent schemes. Read this Margex review to know more about how the scam works for this unregulated broker.
So this is another unlicensed online broker, which implies that clients are unprotected, and it’s quite probable that they’ll walk away with the funds that you earned with hard work, with no regulatory authority to hold them accountable.
How Does It Work?
Scammer brokers have only one target in mind, which is to acquire maximum funds from the traders. To do so, they use various tricks, the first trick is, they try to entice traders that are beginners and have less or no prior experience. They give them greed by stating hefty boundless profits. Then they ask them to deposit an initial amount to activate their accounts.
If someone makes an initial deposit, then they offer him, too good to be true deals, if the trader is unaware of the trading risks and scam, he may likely fall for greed. I urge you not to believe in any of such phone calls from the scam brokers, who are eying on stealing your hard-earned savings.
With an unauthorized broker such as Margex, your funds are never safe. First, they are not liable to any financial institution. Second, they are a threat themselves to you. From day one, they have evil eyes on your money. Once you deposit the money with them, they will make it very hard for you to withdraw. Margex withdrawing policy is unclear, and they delay the withdrawals for no reason adding to the headache of the clients.
Margex also asks for deposits in cryptocurrencies. These payments are irreversible, so in case of a scam, you can’t ask for a refund as you have this option with banking cards and PayPal, etc.
What About Wire Transfers?
It’s impossible to charge back a wire if you sent it to them. You’ll need to take the struggle to a new level for this stage. Tell them you’ll report them to the authorities and make a complaint. This will cause them to reconsider the likelihood of a refund. Another option is to write a letter or send an email to the regulatory agencies. You can look up the governing authority for Brokerage firms in your nation on Google, based on where you live. After that, you can write a letter or send an email explaining how you were scammed by them. If they don’t return your funds, show them this email or letter and warn them you’ll submit it to the regulatory agency.
Post negative Review
Another strategy to penalize them and prevent others from becoming victims is to tell others your story. You can do so by writing negative reviews and warning others not to be a part of this broker. If you have been a victim, then write a review in the comment part of this website.
Genuine brokers take care of everything and spend money to take everything into account on how to make the trading experience traders. While the sole purpose of scammers is to make money from the traders, so they don’t place SSL encryption and other security checks to safeguard the funds and information of its client. The same is done by Margex.
It is a delight for us to write the Margex review, and we aim to rescue as many users as possible from squandering their hard-earned funds. Before you conduct any purchase, it is a rule of thumb to consider carefully all Forex brokers, as well as any other firm. We hope you found our Margex review to be informative.