MMA Forex Review
MMA Forex Review
MMA Forex is a company which supposedly offers forex trading to its clients. The brand has a history of scamming people a few years ago, so we decided to investigate its new iteration.
The Company. Security of Funds
Company Country Regulation
MMA FOREX Markets Limited UAE N/A
MMA Forex claims it is regulated in the EU, Japan, Australia and the British Virgin Islands. Our check with multiple regulators failed to yield any results. The fact they mention too many regulators, without specifying any registration numbers, which is a common practice, immediately rang a bell. At this point we deem the company to be non-regulated.
Trading with a regulated broker is key to the safety of your funds. If a company is regulated with the Cyprus Securities and Exchange Commission (CySEC), certain rules would be imposed upon them. One such ruling is keeping clients fund separate from company funds, in the so called “segregated accounts”. Furthermore your money would be guaranteed against the broker going bankrupt via the compensation scheme. All accounts with CySEC regulated brokers have such protection up to EUR 20,000.
These are benefits you will not get with MMA Forex. That being said, the trademark has a history of scamming people. According to a Gulf News report, in the 2011 – 2013 period, a company operating under the same name scammed people for around AED 40 million (approximately $11 million). The situation regarding the current and old management is rather complicated.
Minimum Initial Deposit
MMA Forex requires a minimum deposit of $300. This is above the current industry averages, with some companies having almost no limitations. For instance the FCA regulated broker IG markets does not have a minimum requirement at all.
Average spreads & Commissions
MMA Forex states it offers a fixed spread of 3 pips on EUR/USD in one section of the website, and a floating spread of 1 pip in another. At this point we can’t be certain which conditions are real, as we couldn’t get any of their platforms to run.
MMA Forex offers 1:200 maximum leverage on currency pairs. This is in line with industry standards. Keep in mind a higher leverage ratio does not imply you will have better results. It only means you would be able to risk more.
MMA Forex states it offers several trading platforms. As we have already stated, we couldn’t get any of the demo versions to work. This can only further increase our distrust for the company.
Methods of Payment
MMA Fores offers a few payment methods: Bank Transfer and Credit/Debit card are the only two available globally. Other e-wallets such as Paypal, Skrill, Webmoney and Neteller are available, except to EU and Australian residents. This situation can only increase the level of suspicion, which was already pretty high.
MMA Forex is a company you should stay away from, as it is very likely to be a scam. Not only is it not regulated, but the same brand has been used to scam people in the past. The current iteration of the company may have different owners, but it may still employ the same tactics. The new owners would have to do a lot more in order to improve the brand’s reputation.
MMA Forex Review Conclusion
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