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The WikiFX Score of this broker is reduced because of too many complaints!

MIA

Australia|5-10 years|
Suspicious Regulatory License|Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://www.mia491.com/#

Website

Rating Index

Contact

https://www.mia491.com/#
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

More

Danger

MY SCM
2020-01-01

Warning

SG MAS
2019-08-14

Contact number

Broker Information

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Company Name

My Group Fintech Co Pty Ltd.

Company Abbreviation

MIA

Platform registered country and region

Australia

Company website

Pyramid scheme complaint

Expose

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This platform is a Ponzi Scheme. Please stay away! 6
Previous Detection : 2024-06-20
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.
  • The number of the complaints received by WikiFX have reached 14 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The AustraliaASIC regulation (license number: 224022) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The United StatesNFA regulation (license number: 0509912) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

MIA · WikiFX Survey

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Others

Orders were made at its will

Two large money-lossing orders were made in a row, causing a negative balance. As far as I know, all accounts are involved.

2019-06-04 23:37
Scam

Pay attention! MIA is informal! Expose the fraud broker!

Mr. Li was a victim of investing in MIA. Because he couldn't make money from doing business, he began to find another way to make money. Recently, Mr. Li received the information about the MIA introduced to him by the salesperson of the MIA when he was trading stocks online, promoting high-yield and zero-risk. It is a good way to make a fortune. Although Mr. Li doubts but can't stand some of the profit temptation sent to him by the other party, he made a fascinating deposit of 200,000 yuan and followed the so-called analyst to make orders, but the next few days were not the same at all. The profitable list was very high. Less and less profit, but the loss is a large amount, not as good as the salesman promised. Mr. Li felt that something was wrong but subconsciously did not want to believe it, and every time he lost money, MIA analysts would confuse him and talk a lot of professional terms, and induce him to increase the amount of money. Increase the position, get more profits, and get back the previous losses and there are more. In this way, Mr. Li invested a total of more than 330,000 from the deposit to the increase. Almost all his family savings were used up. He lost more than 170,000 and has more than 160,000 in lock-up. At this time, Mr. Li had realized that he had been cheated and wanted to withdraw the money, but the analyst of the Michi platform meant that he would add another 200,000 to the money before he could withdraw the money. The same thing has been said several times, Mr. Li is angry and aggrieved but helpless

2021-03-12 15:18

    MIA · Company Summary

    Aspect Information
    Registered Country/Area Australia
    Founded Year Not provided
    Company Name My Group Fintech Co Pty Ltd
    Regulation Suspicious regulatory license
    Minimum Deposit Not provided
    Spreads Spread information not available
    Trading Platforms No trading software mentioned
    Tradable Assets Forex, Precious metals, Indices, Crude oil, other financial trading products (specific range may vary)
    Account Types Regular, Manager, Agency Manager, Regional Manager
    Compensation Plans Regular, Manager, Agency Manager, Regional Manager
    Customer Support Not provided

    Overview of MIA

    MIA is an online trading platform based in Australia that claims to offer investment services in various financial instruments, including foreign exchange, precious metals, indices, crude oil, and other trading products. However, based on the available information, there are several red flags and suspicions surrounding MIA's legitimacy. The company names mentioned, such as Money Cat Group Pty Ltd and My Group Fintech Co Pty Ltd, are suspected to be suspicious clones with dubious regulatory licenses.

    The regulatory licenses claimed by MIA, including the Australia Securities & Investment Commission (ASIC) and the National Futures Association (NFA), lack supporting details such as license type, website, address, or phone number of the licensed institutions. This raises concerns about the authenticity of the licenses mentioned. Moreover, MIA is listed as a potential scam broker on WikiFX's Scam Brokers list, with multiple complaints filed against it in recent months.

    Furthermore, negative reviews and experiences shared by users highlight various issues, including substantial financial losses, fraudulent practices, and difficulties in withdrawing funds. These reviews contribute to the overall lack of trust and raise significant doubts about the integrity of MIA as a reliable and legitimate trading platform.

    In conclusion, based on the available information and the numerous suspicions and red flags surrounding MIA, it is strongly advised to exercise caution and avoid engaging with this platform. The potential risks and concerns associated with MIA's operations, along with the lack of transparency and negative user experiences, indicate a high likelihood of fraudulent activities and financial harm for investors.

    basic-info

    Pros and Cons

    MIA, an online trading platform, has a number of pros and cons to consider. On the positive side, MIA offers foreign exchange trading, enabling investors to participate in the global currency markets. It also allows for trading of precious metals, access to various stock indices, and trading of crude oil. Furthermore, MIA provides a range of financial trading products and utilizes the Mirror Trade System for account management. However, there are several concerns regarding MIA. The regulatory licenses claimed by the platform are suspicious, raising doubts about its legitimacy. It has also been listed as a potential scam broker, with multiple complaints and negative reviews. The lack of disclosed spreads and transparency is another drawback. Additionally, there have been reports of fraudulent activities associated with MIA, and the compensation plans offered are unclear.

    Pros Cons
    Offers foreign exchange trading Suspicious regulatory licenses
    Enables trading of precious metals Listed as a potential scam broker
    Provides access to various stock indices Multiple complaints and negative reviews
    Allows trading of crude oil Lack of disclosed spreads and transparency
    Offers a range of financial trading products Reports of fraudulent activities
    Utilizes Mirror Trade System for account management Unclear compensation plans

    Is MIA Legit?

    Based on the provided information, the Money Cat Group Pty Ltd, which is claimed to be regulated by the Australia Securities & Investment Commission (ASIC), is suspected to be a suspicious clone. The license type mentioned is an Investment Advisory License, and the license number is 224022. However, there is no sharing of the license type or the website of the licensed institution. The address of the licensed institution is Suite 802, 815 Pacific Highway, Chatswood NSW 2067.

    Similarly, the My Group Fintech Co Pty Ltd, which is claimed to be regulated by the National Futures Association (NFA) in the United States, is also suspected to be a suspicious clone. The license type mentioned is a Common Financial Service License, and the license number is 0509912. However, there is no sharing of the license type, website, address, or phone number of the licensed institution.

    Based on the provided information, it is stated that this platform is a Ponzi Scheme and has been verified to be illegal. The platform is mentioned to be a potential scam and is listed in WikiFX's Scam Brokers list. It is advised to stay away from it due to the risk involved.

    Additionally, the information suggests that there have been 14 complaints received by WikiFX about this broker in the past 3 months, further highlighting the potential risks and concerns associated with it. The ASIC regulation claimed by this broker is suspected to be a clone, as well as the NFA regulation claimed by them.

    Furthermore, it is mentioned that the current information indicates that this broker does not have a trading software, which is another aspect that raises concerns. It is advisable to exercise caution and be aware of the potential risks associated with this platform.

    regulation
    regulation

    Market Instruments

    FOREIGN EXCHANGE: Mia offers foreign exchange trading, allowing investors to participate in the global currency markets. Foreign exchange trading involves buying and selling currencies to profit from fluctuations in exchange rates. Traders can access a wide range of currency pairs to trade, including major, minor, and exotic currency pairs.

    PRECIOUS METALS: Mia enables investors to trade precious metals, such as gold, silver, platinum, and palladium. Precious metals are often considered as a safe-haven investment during times of economic uncertainty. Traders can speculate on the price movements of these metals and potentially benefit from their value fluctuations.

    INDICES: Mia provides access to various stock market indices, allowing traders to speculate on the overall performance of a specific stock market or a group of stocks. Popular indices, such as the S&P 500, Dow Jones Industrial Average, or FTSE 100, can be traded through Mia's platform. Traders can take positions based on their expectations of the index's direction.

    CRUDE OIL: Mia allows investors to trade crude oil, one of the most actively traded commodities in the financial markets. Crude oil trading involves speculating on the price movements of oil, influenced by factors such as global demand, geopolitical events, and supply disruptions. Traders can take advantage of both upward and downward price trends.

    OTHER FINANCIAL TRADING PRODUCTS: In addition to the above-mentioned instruments, Mia may offer access to a range of other financial trading products. These may include commodities, such as natural gas, agricultural products, or industrial metals. It's important to note that the specific range of trading products offered by Mia may vary and it is advisable to refer to their official website or contact the broker directly for detailed information on available instruments.

    Pros and Cons

    Pros Cons
    Foreign exchange trading allows participation in global currency markets Regulatory licenses claimed by MIA are suspicious
    Enables trading of precious metals as a safe-haven investment MIA has been listed as a potential scam broker
    Provides access to various stock market indices for speculation Multiple complaints and negative reviews associated with MIA

    Accounts Management

    MIA offers an accounts management service that utilizes the Mirror Trade System (MIRROR TRADE) to facilitate trading activities within the international foreign exchange trading platform. The Mirror Trade System employs advanced technology to support trading strategies and potential outcomes.

    Spreads & Commissions

    The spread information for MIA is not available as the official website cannot be accessed. The absence of disclosed spreads raises concerns about the transparency of trading conditions offered by this broker.

    Compensation plans

    MIA offers four different investment plans: Regular, Manager, Agency Manager, and Regional Manager. The Regular plan requires affiliates to purchase at least one Mia pax, while the Manager plan has a minimum investment requirement of $3,000. For the Agency Manager plan, the minimum investment amount is $5,000, and the Regional Manager plan requires a higher investment of $10,000. The exact cost of one Mia Pax is not disclosed on the site, but it is indicated to be less than $10,000.

    Pros Cons
    Offers multiple investment plans Lack of transparency regarding the exact cost of Mia Pax
    Provides options for different investment levels Minimum investment requirements may be high for some investors
    Potential for higher returns with higher investment levels Limited information on the benefits and rewards of each plan
    Allows affiliates to earn through the referral program Lack of detailed explanation on how the compensation system works

    Reviews

    MIA has received multiple negative reviews on WikiFX, with a total of 14 exposures. The reviews highlight various issues and concerns. One victim, Mr. Li, invested a significant amount of money but experienced losses instead of the promised profits. The platform's analysts used professional terms to confuse and persuade him to increase his investments, resulting in a loss of over $170,000. Another reviewer mentioned that MIA cheated all clients and disappeared overnight, leading to substantial financial losses. There are claims of fraudulent practices, such as making orders at will and trading abnormally. Some reviewers also expressed frustration with the platform's inability to withdraw funds. Overall, the reviews suggest a lack of trust and indicate that MIA has been involved in fraudulent activities, causing financial harm to its clients.

    reviews

    Conclusion

    In conclusion, based on the information provided, MIA raises several concerns and disadvantages. The regulatory licenses claimed by the company, such as the ASIC regulation and NFA regulation, are suspected to be clones, as there is no sharing of important license details or contact information for the licensed institutions. The platform is listed as a potential scam and has been associated with illegal activities, including being listed in WikiFX's Scam Brokers list. Multiple complaints have been filed against MIA in the past few months, further emphasizing the potential risks involved. Additionally, there is a lack of transparency regarding trading conditions, as the spread information is not available. The negative reviews on WikiFX indicate fraudulent practices, substantial financial losses, and difficulties in fund withdrawals. Given these factors, caution is advised when considering MIA as a trading platform.

    FAQs

    Q: Is MIA a legitimate broker?

    A: Based on the provided information, MIA is suspected to be a scam broker involved in fraudulent activities.

    Q: What trading instruments does MIA offer?

    A: MIA offers foreign exchange (forex), precious metals, stock market indices, crude oil, and potentially other financial trading products.

    Q: Does MIA offer account management services?

    A: Yes, MIA offers an accounts management service utilizing the Mirror Trade System.

    Q: Are the trading conditions transparent with MIA?

    A: The absence of disclosed spreads raises concerns about the transparency of trading conditions offered by MIA.

    Q: What are the compensation plans offered by MIA?

    A: MIA offers four investment plans with varying minimum investment requirements.

    Q: What do the reviews say about MIA?

    A: Negative reviews on WikiFX indicate that MIA has been involved in fraudulent practices, causing financial harm to its clients.

    Q: Should I trust MIA?

    A: Based on the available information, it is advised to stay away from MIA due to suspicions of being a scam broker.

    User Reviews

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    Comments

    Write a review

    FX1619887035
    more than one year
    I've been using MIA Forex for a while now, and I've got to say, I'm pretty disappointed. They promised deposit bonuses, but guess what? Still haven't seen a dime of that bonus they talked about. It's seriously not cool when a company doesn't stick to their promises.
    2024-02-07 15:54
    Reply
    0
    0
    FX1352371297
    more than one year
    Let me tell you the cruel truth, buddies: the real trading experience in Live account was different from demo account. On demo accounts there were no slippage. It was instant execution. On Live accounts, there were much slippages. These two trading environments were totally different. I finally gave up opening real trading opening advanced trading accounts here. It was so horrible. Losses were not big…
    2023-03-23 10:09
    Reply
    0
    0
    Stevano
    more than one year
    Mia is a terrible company! I was defrauded of nearly 10,000 US dollars, can wikifx help me recover the funds? We victims really need help... please!
    2022-12-12 11:20
    Reply
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    14
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