Exchange de Forex Multi Bank Fx reportedly taking away clients’ balances, the Forex company has been receiving many accusations of theft and of using malpractices to profit from its clients.
What is the MultiBank Exchange?
MultiBank Exchange Group (MEX) belongs to the largest Forex / CFD brokers worldwide, in fact, it is part of the largest providers of financial derivatives worldwide. MEX Group has offices in several territories around the world, which underlines the true globalization of its operations. They currently have offices on all major continents, including the USA, Europe, Australia, the UK, and Asia.
It has grown considerably since its construction in 2005 and now has a paid-up capital of well over $322 million. By the way, according to their reports and statistics, in 2016 the total cost of transactions executed by brokers through their platforms exceeded $4.3 billion. In the coming years, the cost of brokerage is expected to continue to rise, to reach $2 billion in equity.
What is Forex?
Forex is a contraction of the term foreign exchange market, which can be translated as currency market.
Moving a huge proportion of money daily, Forex is identified as the world’s largest foreign exchange market, with resource movements better than those of the giant stock exchanges. However, it is essential not to confuse the stock market and its derivatives with Forex.
Forex was created in 1971 and does not physically exist (i.e. it has no real estate to serve as its headquarters).
This market basically works 24 hours a day, from 10 pm on Sunday to 10 pm on Friday. It follows the opening and closing times of the world’s main stock exchanges: Sydney (Australia), Tokyo (Japan), London (England), and New York (USA).
Even if you have never thought about investing in the foreign exchange market, you may have already damaged your story in some way, because central banks, commercial banks, and organizations enter this market.
MultiBank Forex Exchange is taking away clients’ money
The billion-dollar company would be scamming clients after a significant increase in the percentage of profits, one of the clients who reported this is Rafael, after depositing $25 thousand dollars and making 30% profit there were no problems but when he started making +40% profit the Forex broker got upset and sent an e-mail saying that he would be “manipulating the forex market”, “which is impossible” he said. His balance, after the broker notified him that he was manipulating the market, was gone!
Karla Multibank Manager Account
MultiBank Forex Exchange removed 92% of his balance at the broker, the client tried to contact them to amicably resolve the issue, but it didn’t work, there was no Return to from the company.
Rafael O., after several attempts at conversation, took the appropriate measures, and denounced the company to the regulatory agencies, and the Forex brokerage manager, Karla. She was not located by the authorities to give a statement and explain the situation.
The company will have its license revoked if the case is not clarified and solved. What the brokerage firm would have committed is theft. Appropriating the property of others is a crime.
Reports from other customers
Other clients also allegedly suffered from the Forex broker’s scam.
See some testimonials
“Do not recommend this broker at all. I had the worst experience ever and lost most of my capital (over 30,000 USD) as a result of: 1. their platform and servers are hanging and freezing most of the time, especially during peak times. 2. unresponsive account manager and customer service. 3. misleading information. After 5 months of having my account with them, I have come to the conclusion that it is impossible to profit with this broker!”
- Mohammed B
“Worst broker by far, I took a break from trading for a few months, go back to trading, every time I struggle significantly, my account freezes, I can’t close trades that can open trades and always unfreeze when I’m negative.”
“The scam platform cheats my money and hopes no one else will be the victimI found a fraud group that scammed my deposit. Although many people warned me that the amount was not large, I did not want to give up after saving for a long time. I hope people can help me!”
Even with several accusations and reports, the Forex broker MultiBank Exchange continues to function normally. The company blames the liquidity provider for such occurrences, and clients are left without receiving the money that disappeared.
They claim that the trades on some pairs were wrongly sprend, so they could manipulate the quotes to the clients’ disadvantage and make them profit more. It is important to point out that the clients operate buying and selling with the broker’s orders and decisions regarding the market, If orders are wrong, it is the company’s responsibility to bear the problems, customers are victims of this occurrence.
Is the Forex market a scam?
No, some brokerages use their clients to profit, but not all, people still believe that the forex market is a scam. Of course this sounds ridiculous to traders and finance graduates, but others tend to take it seriously.
The easy lack of understanding of economics can give rise to the construction of myths and lies about Forex that, by calamity, have the potential to demotivate some people with enormous potential.
“Forex is simply the foreign exchange market. It is similar to the real estate market or the automobile market. You can’t say that the automobile market is a scam.” – Robert Parker, Managing Director of Holborn Assets – Holistic Financial Organisation Services, Dubai.
The Forex market is simply a market, used by governments, banks, organizations and ordinary people. Have you ever traveled anywhere? If the answer is yes, you should know that you need some foreign currency for your trip, which you can trade at your local bank (and possibly not at the best price). Do you want to trade in foreign goods? You can do it because a store owner has bought foreign currency to get that product and then sells it to you at maximum cost. And obviously, no one would call this businessman a Forex scammer.