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    MXC Group Is Not At Its Registered Address In Malaysia

      MXC Group Is Not At Its Registered Address In Malaysia

      Broker: MXC Group

      Date of visit: July 18th, 2019

      Conclusion: the broker's office is not at the registered address

    On-the-spot investigation

      According to the regulatory information from LFSA(Labuna Financial Services Authority), the licensed office of MXC Group in Malaysia is at Unit Level 14 (B) & 14 (C), Main Office Tower, Financial Park Labuan Complex, Jalan Merdeka, 87000 Labuan F.T. Recently, WikiFX team visited the forex broker in Malaysia.

      We saw a beautiful lobby as we arrived at the Financial Park Labuan Complex. But we couldn't find MXC Group when we reached level 14, as 14(B)&(C) which was supposed to be the broker's office turned out to Regus Management instead. The company staff told us that although MXC Group registered with this address, the broker's office wasn't here, nor did its employees work in the building.

    Analysis

      Lately, WikiFX received several calls from investors, reporting certain Malaysian brokers whose physical addresses didn't match their regulatory information. As Malaysia's capital, the fast-growing Kuala Lumpur is becoming another financial hub in Southeast Asia besides Singapore, and the local forex industry has consequently experienced dynamic development. However, such a rapid expansion led to many quality issues. Some Malaysian brokers are exploiting regulation loopholes, holding LFSA licenses while their real conditions, such as office addresses, failed to match regulatory information. The situation has left many investors confused and doubtful.

      Started in forex brokerage in 2015, MXC Group received LFSA's STP license in 2017. The broker currently focuses on forex brokerage and CFD trading. Despite its self-claimed highlights on the official website, MXC Group has been poorly rated by investors. The broker's website and regulatory information both showed the same office address, but WikiFX found through investigation that the alleged location belongs to another company's office instead, and MXC Group is under a “cloned” address.

      The visit reveals a tendency of Malaysian forex industry to pursuit instant success and benefits in their development, as well as the forex regulation deficiency of the country. Having just successfully concluded a finance exhibition in Kuala Lumpur this July, WikiFX hopes that such events will not only establish a knowledge sharing and business exchange platform for investors, but also promote the steady and sound development of Malaysian forex industry.

    Conclusion

      According to the WikiFX App, MXC Group is currently under regulation, holding an STP license issued by LFSA one year ago. The broker, rated at 1.93 on WikiFX App, is suspected of operating in overrun business. WikiFX reminds investors to avoid choosing such low rated brokers for the safety of your assets.

    United Arab Emirates Dirham

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand

    United States Dollar

    • United Arab Emirates Dirham
    • Australia Dollar
    • Canadian Dollar
    • Swiss Franc
    • Chinese Yuan
    • Danish Krone
    • Euro
    • British Pound
    • Hong Kong Dollar
    • Hungarian Forint
    • Japanese Yen
    • South Korean Won
    • Mexican Peso
    • Malaysian Ringgit
    • Norwegian Krone
    • New Zealand Dollar
    • Polish Zloty
    • Russian Ruble
    • Saudi Arabian Riyal
    • Swedish Krona
    • Singapore Dollar
    • Thai Baht
    • Turkish Lira
    • United States Dollar
    • South African Rand
    Nilai Tukar Saat Ini  :
    --
    Jumlah
    United Arab Emirates Dirham
    Jumlah Yang Boleh Ditukar
    -- United States Dollar
    Peringatan

    Data yang digunakan oleh WikiFX adalah semua data resmi yang diterbitkan oleh lembaga regulasi seperti FCA, ASIC, semua konten yang diterbitkan didasarkan pada prinsip-prinsip keadilan, objektivitas dan kebenaran fakta. Tidak menerima komisi dari broker termasuk biaya PR,biaya iklan,biaya peringkat,biaya penghapusan data,dll .WikiFX mencoba yang terbaik untuk menjaga data sesuai dengan yang diterbitkan oleh lembaga regulasi tetapi tidak menjamin selalu sama dan sejalan.

    Mengingat segi kekompleksan dari industri forex, tak menutup kemungkinan bahwa beberapa broker mendapatkan lisensi yang dikeluarkan oleh lembaga regulasi resmi secara ilegal. Jika data yang diterbitkan oleh WikiFX tidak sesuai dengan fakta, silakan gunakan fungsi Kritik dan Saran untuk memberi tahu kami. Kami akan segera memeriksa dan mempublikasikan hasilnya.

    Kontrak valuta asing, logam mulia, dan over-the-counter (OTC) adalah produk yang memiliki risiko tinggi dan kemungkinan dapat mengakibatkan kerugian modal investasi Anda. Silakan pertimbangkan secara rasional.

    Peringatan: Informasi yang diberikan oleh WikiFX hanya untuk referensi,bukan saran investasi. Investor harus membuat pilihan pribadi. Risiko yang ditanggung investor bukan tanggungjawab WikiFX. Investor harus menanggung sendiri konsekuensi dan tanggung jawab yang relevan.

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