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 investigationAccording 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.


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.
ConclusionAccording 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.

The brokers involved in the article
Latest News
-
WikiFX Visited Forex Broker LongAsia in Singapore
WikiFX | News 2019/12/4 11:36:50
-
Illegal Broker Threatened to Sue Defrauded Investor
WikiFX | News 2019/12/5 11:02:20
-
Stock market investing strategy for newly public unicorns: Aram Green - Business Insider
WikiFX | Industry 2019/12/3 18:07:00
-
How to invest amid recession worries, advice from Goldman credit chief - Business Insider
WikiFX | Industry 2019/12/3 18:13:00
-
Indonesia Dangles Cheaper Energy to Lure Billions in Investment
WikiFX | Industry 2019/12/4 9:56:24
-
Google co-founders step aside as Pichai takes helm of parent Alphabet
WikiFX | Industry 2019/12/4 8:12:52
-
Indonesian Stocks Expected to Hit Record in 2020: JPMorgan
WikiFX | Industry 2019/12/4 9:55:43
-
Google co-founders step aside as Pichai takes helm of parent Alphabet
WikiFX | Industry 2019/12/4 8:15:42
-
EUR/USD Forecast - Setting Up a Range Break Ahead of US ISM Data Release
WikiFX | Industry 2019/12/4 9:00:00
-
Rebound in India Services Offers Glimmer of Hope for Economy
WikiFX | Industry 2019/12/4 9:53:57
New Zealand 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

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
- Amount
- New Zealand Dollar
- Convertible Amount
- -- United States Dollar