As can be seen, Morfin FX LLC is a company registered in Saint Vincent and the Grenadines. With its registration in 2021, the company could raise its reputation to a top-notch level if it wanted to.
However, once reality hits us in the face, it’s usually too late to do anything on your own. Luckily, there are ways we will present you in this Morfin FX review that may suit you in those situations.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | Morfinfx.com |
| Have Warnings from: | N/A |
| Registered in: | Saint Vincent and the Grenadines |
| Operating since: | 2021 |
| Trading Platforms: | MT5 (allegedly), proprietary app |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptocurrencies, forex, commodities, shares, indices |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | Since the company is misleading traders they have been regulated by the FSA of Saint Vincent and Grenadines, you know for sure that big withdrawals will never happen. Therefore, if you have funds deposited with this broker, request a withdrawal immediately. If the problem occurs, contact our refund team for alternative options. |
Legal info: Is Morfin FX Legit Or A Scam?
When traders hear the company is regulated and they are presented with a license number, they quite often buy that story. However, knowing where to look for information could save you a ton of money. For instance, this firm claims to be regulated by the FSA SVG with license number 1539LLC2021.
Indeed, the FSA database shows they have been registered there. But there’s a statement from 2021 where the FSA tells you they are not issuing Forex trading or binary options trading licenses anymore. Therefore, you know all this is just a fairy tale of this broker.
If they truly wanted to be legitimate, they would have FCA, BaFin, ASIC, or similar licenses. However, they don’t.
Who are Morfin FX’s Victims?
This company has not been exposed because, since 2021, it has been mainly targeting countries with low-tier regulatory oversight. At some point, they will also realize what’s happening. Anyway, if you come from many of the following countries, open your eyes wide:
- United Arab Emirates
- Saudi Arabia
- Qatar
- Kuwait
Another problem is that the company presents us with fake Morfin FX reviews. Yet, you can’t find any of those positive reviews on any independent platform. As can be seen, there are already too many reasons not to trust them.
But if you did, reach out to our refund experts for advice on how to get your money back. You’ll definitely need it.
Leverage, Commissions, Spreads, Fees and Taxes
If you don’t recognize all the problems with Morfin FX broker already, check their trading costs. In fact, the company does not reveal any of those. Therefore, the only thing you can expect with it is manipulation.
And the best way to avoid that is by choosing top-tier regulated brokers. However, if you check our Bitdach review, you will know how to recognize ones that don’t have high-quality licenses.
Bonuses
In the account presentation, the company mentions bonus offers. Of course, to get more details about them, you have to register with them. And that’s not the smart move, considering all the misleading and missing details.
Anyway, if you ever accept any bonuses, make sure to check the bonus policy. You don’t want your withdrawals affected by it.
Morfin FX Trading Features
One big advantage, or better said, a big lie, is the Morfin FX MT5 availability. When it comes to advanced features and trading strategies, such as copy trading, social trading, or EA, you won’t have any.
Yes, you are wondering how if the MT5 is available. But in reality, that’s not the case.
Trading Platforms Available
Once you complete the Morfin FX login procedure, you will realize there’s no sign of the MT5 platform. Instead, you’ll be provided with a dashboard and a dysfunctional platform choice option. It appears that this company is actually offering crypto wallet services as well—of course, without authorization.
Available Trading Assets
Obviously, all trading with this broker is mainly focused on crypto. Therefore, other assets go into the second plan, such as:
- Forex – USD/EUR, EUR/JPY
- Commodities – gold, crude oil
- Shares – AMD, BMW
- Indices – NASDAQ, FTSE100
Account Types
If you were expecting at least something transparent, that would be the account type’s offer. Sadly, this firm doesn’t even reveal the minimum deposit requirements. But to be fair, not even the account-type presentation gives some relevant information. Anyway, you can choose between three programs:
Mobile Trading App
Besides the company’s web-based platform, traders can also use a proprietary mobile app. Yet, it’s only available in PlayStore, and only over 100 people have used it. If you compare it to any top-tier regulated firm, you will see how poor that is.
Therefore, to keep your money with safe investment firms, we suggest you read our tips from the Ex Cap review.
Demo Account
According to the company, some of the accounts include a demo account. However, once you register with them, such options are nowhere presented. Therefore, it remains a question if that’s another misleading detail just to get your contact information.
Education
Fairly, the company’s education program is not something promising. For instance, they offer UpSkill presentations with just 30 topics covered. Yet, very few of those can truly benefit you in live trading. Instead, you should look for companies offering mentorship, 1-on-1 sessions, and webinars.
Morfin FX Withdrawal
If the company clearly tells you they will charge you fees and don’t reveal them, you know something is wrong. That’s actually what the Morfin FX withdrawal policy says. Not to mention, the fees depend on the withdrawal amount. Which is quite a nonsense.
With only Morfin FX crypto payment methods available, you can forget about clean withdrawals. Especially since they claim they can decline any withdrawal request if they find some information missing. But that’s just a trick to test the waters to see if they can get more money out of a trader.
Customer Support
As mentioned, the Morfin FX LLC is based in SVG. Yet, their offices appear to be in the UAE. Therefore, the phone number with the UAE country code is not surprising.
Also, there is an e-mail, a web contact form, and a chatbot available for contact options. But keep in mind that you can’t expect any responses on weekends.
Key Information To Consider About Morfin FX?
First, the company lies about its regulatory status, which is already an enormously big red flag for them. Their platform also looks more like a crypto exchange than a trading platform. Lastly, but most importantly, there are non-transparent trading conditions and withdrawal procedures.
They give us zero reasons to trust them. But if you did, you should request a withdrawal immediately. Since problems are expected, we suggest you talk to our refund specialists first. In case any issue occurs, you’ll know what to do. After all, the first consultation is free, and you should make it worth it.
FAQ Section
What is Morfin FX?
Morfin FX is a company registered in Saint Vincent and Grenadines that has been operating physically from the UAE since 2021.
Is Morfin FX Legit?
No. The company is misleading traders about its FSA license. Yet, they don’t have any trusted licenses like FCA, ASIC, or BaFin.
How to Get Money Back From Morfin FX Broker?
In this case, you’ll most likely need the CipherTrace tool and our professional assistance with it to track your crypto transfers. For more information, feel free to contact us.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fcrypto-scams%2Fmorfin-fx-review%2F
