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In the last couple of years, the financial markets have seen a massive influx of people looking to trade in order to make profits. With other opportunities drying up because of the global coronavirus pandemic, people are looking for them in the financial markets. Obviously, this means they need to sign up with an online broker and this is a decision that needs the utmost caution. Why? This is because you don’t just have to choose between a high quality and low quality broker, but also steer clear of fraudulent platforms that are only in it to scam you. You will find this Margex review handy in such a situation.
No platform would ever tell you its own flaws and if you don’t know what to look for, you are likely to fall into a trap. This would leave you empty-handed at the end of the day, which is the opposite of what you are looking for. Your focus should be on ensuring that the broker you are considering does not have any such flaws that show it is fraudulent. If it has any such signs, you need to look for a different option, or else you will not be able to achieve your financial goals.
You have to do the same thing when you find Margex, which is advertised as a digital asset trading and investment platform. It claims to offer users with access to a cutting-edge trading infrastructure globally, along with plenty of wealth-building opportunities. The entire offer sounds great and you may want to avail it right away, but this is where you have to be patient. You need to look for any flaws in order to know what you are dealing with. What are the flaws that Margex has? You can take a look below:
No legitimate license
Every brokerage has to have a license to provide its services to its clients. The license is issued by regulatory authorities in the jurisdiction they are based in. These authorities oversee the operations of the broker and ensure that it follows the laws and adopts the right policies. They have to maintain high standards of service and can be held accountable in case of a problem. Therefore, in order to know the truth about a broker, you first need to check if they have a legitimate license.
When you try to do so in the case of Margex, you will discover that it does not appear to have any. You can go through their website and find information about security of funds, price manipulation, transparency and privacy. But, what you will not find on their website is any information about authorization, or any kind of license.
A warning by the CNMV
As mentioned above, Margex already lacks a legitimate license from any regulatory authority and this is already a black mark against the broker. But, you will find that things get worse because the financial authorities in Spain have actually issued a warning against it. The National Securities Market Commission (CNMV), which is the financial regulator in Spain, has blacklisted Margex. They have stated that the brokerage and the company behind it is not regulated and licensed, which is all you need to know they are not worth signing up with.
The flaws will continue to pile up when you are taking a close look at Margex because it is not legitimate. It is a given that before you sign up with a company, you would want to know everything about it in order to know who you are dealing with. We have already established that the broker is not regulated and licensed, not to mention blacklisted by a regulatory authority.
Now, you will find that there is no information available about Margex at all. When you go through their website, you will not find any corporate background or address available. As a matter of fact, they do not even provide you with a phone number to contact them. The only details that you do find on their website is an obscure email address and a chat option.
When you check out Margex’s legal section on their website, you will find the company name i.e. MARGEX TRADING SOLUTIONS LTD and there is also a mention of the jurisdiction of Seychelles. But, this is all you will find on their website, which is essentially nothing that can help you in case the broker disappears overnight.
Unusual withdrawal policy
When you are looking into a broker, checking their Terms and Conditions is a must because this tells you what kind of policies you will have to comply with and the fees and charges you will have to deal with. It is a good thing to do so in the case of Margex because this reveals another flaw. You will come across the Withdrawal policy of the broker, which states that they have imposed limits on the amount of money you can withdraw, whether daily or periodically.
No authentic broker would ever prevent their clients from withdrawing their money, which shows that Margex does not fall into this category. It gets worse because they also add that you cannot withdraw any cryptocurrency from your trading account and whatever crypto you might have in the account will be lost. This is downright ridiculous because they only accept deposits in crypto, which means they will grab your money and not let you withdraw it.
Only bitcoins accepted
As mentioned above, the only payment method that is available at Margex is bitcoins, which you have to use for your deposits and withdrawals. Aside from the fact that they won’t let you withdraw it, the problem with using bitcoins is that this payment method is final and virtually anonymous. You cannot file for a chargeback and get your money back in case something goes wrong. Moreover, you will not be able to trace your money either and this is another problem.
Once you have discovered the flaws in Margex, you will be able to understand that it is not a genuine and legitimate brokerage.