The mcTrading io website bombards you with information that cannot possibly make a coherent whole. So, if you want to learn the truth about this broker, our mcTrading io Review is for you.
We analyzed the content of the bogus website and debunked all the false claims and lies we found. Please read our text to find out how to detect offshore trading scammers such as mcTrading io and OrbiTrade and what to do if you lose money to them.
| Regulated by: | Offshore Scam Broker |
| Is This Company Safe? | No |
| Known Websites: | mctrading.io |
| Regulatory Warnings: | FCA (possibly) |
| Registered in: | SVG |
| Website active since: | 2023-04-17 |
| Trading Platforms: | MT4, MT5, WebTrader |
| Maximum Leverage: | 1:200 |
| Minimum Deposit: | 50 USD |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Indices, Commodities, Stocks |
| Free Demo Account: | No, only live trading accounts |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank, Financial Regulator, or simply Reach out to us for professional assistance in recovering your funds. |
Legal Info: Is mcTrading io Legit?
The mcTrading io regulatory status is a mess. The website mentioned several different regulators, allegedly overseeing this broker’s business but only two company names. First, the website claims that mcTrading io is a trading brand of Credentia International Management LTD, registered in Mauritius and regulated by the FSC (fscmauritius.org).
However, on Credentia’s website (credentiainternational.com), it is stated that the company operates “under two brands, namely Credentia International and Credentia Global,” debunking mcTrading io’s claims.
Next up, the bogus website says that mcTrading io is the trading brand of 124 Media LTD, an offshore company based in Saint Vincent and the Grenadines (SVG). This is plausible but also bad news because Forex trading is not regulated in SVG. The local Financial Services Authority regulator explicitly states that only the banking sector is regulated.
That would mean that mcTrading io is offering unregulated Forex trading services, making the platform extremely risky. One more thing that’s important to mention – the mcTrading io website says that this brokerage has been active since 2012.
In February of that year, the UK’s Financial Conduct Authority (FCA) issued a warning against a certain MC Trading. However, the financial market regulator did not leave a link to the scammer’s website so we cannot say with absolute certainty that this is the same entity as the one we’re covering. Still, it doesn’t hurt to take this into account.
Why Regulated Brokers Are Better Options
Due to their unlicensed status, brokers such as mcTrading io are terrible choices, which is why we don’t recommend you trade on these platforms, Instead, find a licensed provider that operates under renowned financial market authorities.
Top-tier regulators such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), CySEC (Cyprus), IIROC (Canada), etc. require brokerage companies to maintain a substantial minimum operating capital (e.g. 730,000 EUR), offer clients negative balance protection, a segregated account, and even a compensation scheme (e.g. up to 20,000 EUR).
Who Are mcTrading io’s Clients?
According to godaddy.com/whois, the mctrading.io website domain was created on April 17, 2023. Since then, the unlicensed offshore broker has primarily been offering services to traders residing in the following countries:
- Portugal;
- Canada;
- Netherlands.
Needless to say, a provider must be regulated in order to legally offer services in these domains. Both Canada and the Netherlands are known for being major financial hubs, with heavy capital market regulations. Brokers have no business in these domains unless they obtain a license and we all know that mcTrading io doesn’t have one.
If you’re experiencing issues with mcTrading io, we are willing to help you recover your hard-earned funds.
Trader Reviews
For this section, we visited forums such as personal-reviews.com and reddit.com to expose the scam. Negative reviews do exist, unfortunately, meaning that mcTrading io managed to claim victims.
Please heed these warnings and avoid falling into cyber traps laid by financial swindlers such as mcTrading io or RaceOption. Protect your funds!
Same old same old…. ask you to put 250 on their wallet and that you can make 500 a week… aren’t even good at pretending to do anything. extremely agressive phone marketing but a couple of questions and they are all over answering nothing…
Reddit user, August 9, 2023.
it’s a Scam… I lost half of my savings. Don’t ever use this site, be careful
PersonalReviews user, June 9, 2023.
Leverage, Commissions, Spreads, and Fees
The lax offshore jurisdiction allows mcTrading io to offer a high leverage cap – 1:400. Leverage is essentially borrowing money from your broker to increase your trading position size. It allows traders to control a larger position with a smaller amount of capital.
While high leverage can lead to huge profits, it also significantly magnifies potential losses. High leverage often tilts toward the losing end, hence the lower regulatory caps in Europe (1:30) and North America (1:50).
As for the spreads, they vary for each mcTrading io account set. The broker claims that the typical spread for the EUR/USD benchmark Forex pair is 0.2 pips. That’s pretty tight and competitive, if true, of course. Since there is no demo account, we couldn’t check but even if mcTrading io does offer tight spreads, we still don’t recommend the unregulated platform.
Available Trading Platforms
The mcTrading io Trading tools, i.e. platforms include WebTrader, MetaTrader 4, and MetaTrader 5. The latter two are arguably the greatest trading platforms in the industry, offering a wide range of cutting-edge options such as automated trading, live market reports, advanced charting, lightning-fast order execution, etc.
WebTrader, on the other hand, is a lackluster browser-based trading terminal with some basic charts, graphs, and indicators. It’s definitely not up to par with the aforementioned MT4 and MT5 software. Nevertheless, even advanced and top-tier software cannot compensate for the lack of a proper trading license.
Having withdrawal issues with mcTrading io? We can help you recover your funds.
Mobile Trading App
The mcTrading io live trading mobile app allows traders access to the mobile versions of MT4 and MT5. Although this version lacks some of the features of its desktop counterpart, it offers neat benefits such as much-needed flexibility and the possibility to trade on the go.
The mobile app can be downloaded on both Android and iOS devices. However, we don’t encourage you to download mcTrading io’s app because the platform is a scam. If you want to avoid issues, you should find a more reliable broker.
Available Trading Assets
Here’s a quick overview of the trading assets that the mcTrading io platform offers:
- Forex currency pairs – EUR/USD, GBP/CHF, AUD/CAD…
- Indices – S&P 500, FTSE 100, NASDAQ 100…
- Commodities – gold, crude oil, natural gas…
- Stocks – Apple, Netflix, Google…
Account Types
mcTrading io offers four live trading account types with varying trading conditions and benefits:
- Classic;
- Silver;
- Gold;
- VIP.
The maximum leverage scales up with each account tier, from 1:200 to 1:400. We already explained why super-high leverage is risky. Each account offers different spreads but the amounts were not disclosed.
According to the website, the mcTrading io first deposit must be 50 USD and then each subsequent deposit can be as small as 1 USD. Although it’s not a huge amount, you’d be wasting precious time and energy on this unregulated platform only to end up with withdrawal issues.
Demo Account
mcTrading io promises a risk-free demo account on the website. However, there is no mcTrading io free demo account page. The broker instructs you to choose the “Try Free Demo” option, which just takes you to the live account creation page.
If you’re a novice, the worst thing you could do is create a live account and trade with real money right away. You will surely lose your funds because you’re inexperienced. That’s why demo accounts exist; to allow you to practice.
mcTrading io Deposit & Withdrawal Process
When it comes to deposit and withdrawal methods, there are various options to choose from:
- Credit/debit cards (MasterCard, VISA);
- Wire transfers;
- E-wallets;
- Cryptocurrencies.
The minimum deposit for mcTrading io is 1 USD for trading but the initial deposit requirement is 50 USD. The deposit and withdrawal fees are unknown though. The legal documentation is missing.
You should know that funds deposited via MasterCard and Visa credit/debit cards can be refunded. This process is known as a chargeback and can be requested at the issuing bank within 540 days.
Key Facts To Consider About mcTrading io
To sum up, mcTrading io is an unlicensed offshore broker that offers illicit Forex trading services. This platform has been operational since April 2023 and the main targets are traders from the Netherlands, Portugal, and Canada.
The platform is unregulated, which makes it particularly risky. Moreover, the platform has received many negative reviews in the past few months.
If you’re a victim of the mcTrading io scam, please book your free consultation with our team and tell us more about your case. If you need professional assistance in recovering your funds, our team will gladly guide you through the chargeback process or trace your crypto transaction using CipherTrace.
Book your consultation with us today and start the chargeback process.
FAQ Section
What is mcTrading io?
mcTrading io is an offshore broker based in SVG with no trading Forex license.
Is mcTrading io A Scam?
Yes. The platform is unregulated and some traders confessed to losing money to mcTrading io. If you’re one of them, we can help you recover your funds.
How does mcTrading io work?
mcTrading io is unregulated, meaning the broker can manipulate the trading platform and embezzle your funds at will.
Source:
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