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No valid regulatory information, please be aware of the risk!
The FCA has a warning in regards to Mayfair Exchange (Mayfair.exchange), a ruthless offshore broker. Once you land on their homepage, its easy to fall for a well-designed website. These are offshore brokers whose intent is to steal your hard-earned money.
Mayfair Finance is your common shady brokerage that is immediately noticeable. Their website lacks any information on trading conditions, their registered address is in an infamous offshore destination, and the UKs Financial Conduct Authority has made it clear that the broker is best avoided.
May Fair Exchange won‘t bother to inform members of the status of their license. The broker is hiding relevant information to users, which is an offense. There’s no security of funds which is a critical feature in any trading platform
The fact that the broker is offshore is a pointer that funds are not safe with them. Offshore brokers rarely undergo any scrutiny by regulators. And this is the reason why Dominica and the Marshall Islands are a haven for such brokers.
These brokers wont deposit any money with regulators as insurance for funds deposited by investors. The lack of any supervision enables them to do as they please at the expense of investors.
ACCOUNT AND LEVERAGE
The broker is offering users three account plans to choose from. These account plans include Basic, Premier, and Platinum. We did notice that the broker does not indicate the acceptable minimum deposit.
Most of the features are the same, with all accounts having daily withdrawal limits. Only Premier and Platinum account holders have a minimum deposit set at 50,000 and 100,000 Euros, respectively. It seems that Basic account holders can deposit from 49,000 Euros and below.
Tradeable instruments the broker claims to offer includes forex, commodities, indices, and stocks.
The broker claims to offer several trading platforms to members. Three platforms available include advanced, mobile, and web trader. None of these platforms are available on the website. We could not get links to these platforms, which indicates they are not worth the hype. Claims of having powerful charting tools with 80 technical indicators are a lie.
The broker uses an overly simplified web based platform, which you can see in the screenshot below. It lacks many advanced features readily available on MetaTrader and, given that Mayfair Finance is a confirmed scam, we would better suggest brokerages who offer trading on the advanced MT5 platform instead.
DEPOSIT AND WITHDRAWAL METHOD
There are several payment options available on the platform. These options include Maestro, MasterCard, Skrill, Visa, and wire transfer. Depositing funds is easy, and the process takes less than five minutes to complete.
Theres a Telegram channel you can join to chat with representatives of this platform. What was shocking with the support is the use of AnyDesk, which is a desktop sharing app. These scam artists will pose as support to gain access to your computer.
Based on this user feedback, it appears that Mayfair Finance is not a trustworthy broker, and hence, extreme caution should be applied before investing through their brokerage platform. There are a lot of brokers out there operating under fake company names or that have other fraudulent operations.
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