Note: Money Malls official site - http://www.moneymallgroup.com/en/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is Money Mall？
Money Mall, a broker that used to offer trading services to its clients, claims to provide a range of trading platforms, including the MT4 platform. However, recent reports question the legitimacy and credibility of Money Mall as a broker. According to WikiFX's Scam Brokers list, Money Mall has been classified as an illegal broker with expired licenses and unauthorized NFA license (No. 0506478).
Additionally, there have been reports of clients experiencing difficulties in withdrawing their funds, leading to suspicions of scams. It is worth noting that the official website of Money Mall is currently inaccessible.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.
Pros & Cons
Money Mall Alternative Brokers
There are many alternative brokers to Money Mall depending on the specific needs and preferences of the trader. Some popular options include:
Eightcap – Atrusted broker that offers competitive trading conditions, including tight spreads, flexible account options, and a user-friendly trading platform, making it a top choice for both beginner and experienced traders looking for a seamless trading experience.
TeraFX - A reputable forex broker that offers a diverse range of trading solutions, backed by advanced trading tools and exceptional customer support.
GVD Markets - A platform that stands out as a reputable financial institution, abiding by the regulations set forth by CySEC and FSA.
Is Money Mall Safe or Scam？
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.
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.
Besides, the license of NFA (No. 0506478) is unauthorized. Therefore, Money Mall currently has no valid regulation, which means that there is no government or financial authority oversighting their operations.
Whats more, the official website of Money Mall is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky.
If you are considering investing with Money Mall, it is important to do your research thoroughly and weigh the potential risks against the potential rewards before making a decision. In general, it is recommended to invest with well-regulated brokers to ensure your funds are protected.
Trading Platforms
Money Mall offers a range of trading platforms to its clients, including the popular and widely-used MetaTrader 4 (MT4) platform. MT4 is a powerful and user-friendly platform that provides traders with advanced tools and features to execute trades in the financial markets.
Through MT4, Money Mall clients can access various financial instruments, including currency pairs, commodities, indices, and cryptocurrencies. The platform offers real-time price quotes, allowing traders to analyze market movements and make informed trading decisions.
User Exposure on WikiFX
On our website, you can see that reports of unable to withdraw and scams. Traders are encouraged to carefully review the available information and consider the risks associated with trading on an unregulated platform. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section, we would appreciate it and our team of experts will do everything possible to solve the problem for you.
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: +1 347 4671080
Email: manager@MoneyMallforex.com
cs@moneymallfs.com
Conclusion
In conclusion, the regulatory status of Money Mall is questionable and concerning. Reports indicate that Money Mall's licenses have expired, including the unauthorized NFA license. The broker has also been listed in WikiFX's Scam Brokers list, raising doubts about its legitimacy and trustworthiness. Furthermore, there have been reports of clients facing difficulties in withdrawing their funds, implying potential fraudulent activities.
Considering these factors, it is strongly recommended to exercise caution and seek alternative, regulated brokers for a secure and reliable trading experience.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-03-27 17:20
