Is Millennium FX a scam broker?
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Millennium FX (or mlnFX as it is called) is owned and operated by MLNMTECH OU based in the Republic of Estonia is an unlicensed and unregulated forex and CFD’s broker. It was established in 2017.
Trading platforms available are MetaTrader4, WebTrader, and Mobile Trading. MetaTrader4 or MT4 is considered as one of the most popular software in terms of analysis and charting which is useful for beginners and professionals alike. On WebTrader platform no need to download or upgrade anything supported by Panda System. MobileTrader is a mobile app for Android and iOS operating system.
Account types available are Beginner (minimum deposit $ 250), Silver ($ 5,000), Gold ($ 25,000), and Diamond (not defined) and you can choose the account which fit your needs.
Assets on offer by Millennium FX is CFD’s and are offered on a broad range of assets like individual stocks, commodities, indices etc. Stocks – most popular shares from important global markets like U.S., U.K., Europe, and Asia are available. Commodities – Metals (platinum, gold, silver, and copper), Agriculture (coffee, wheat, and corn), Energy (oil and natural gas). And currencies pairs, they have also included crypto currencies like Bitcoin and Ethereum.
On educational part, they have e-books, videos, tools like an economic calendar and market news. The website is presently only available in English and they cater to only English speaking public from U.S., U.K, and Europe.
Millennium FX is a scam broker because it is not regulated by any local or foreign financial regulatory authority. Even though they have decent trading conditions yet they are risky as most online scams are done by unregulated brokers or brokerage firms.
Secondly, even though they have an impressive CFD’s offering it comes with strings attached. The company does not explain the exact conditions associated with each contract and the size of each lot.
The entry barrier of $250 for an unregulated firm is too high. There are many in the same field whose entry level is $100 to150.
Regulation is important because when trading with an unregulated one the entire account balance is at risk. Chances are you will not be paid anything when you request the withdrawal. While trading with a regulated firm one can be assured of certain level of protection. Brokers and clients funds are kept in segregated accounts and the company simply cannot take your deposit and spend as it wishes. Coverage limit per client under FSCS is GBP 50,000 in Britain.
Deposits and withdrawals can be made through credit cards, bank wire transfer, E-wallets like Skrill, Netteller, WebMoney.
It has come to notice that money from the account is being used by Millennium FX for trades even without your permission. And occasionally staffs of Millennium FX are doing this. The account can be wiped out within short period or in just in few trades. The staff and firm cannot be trusted for trades. They also keep on resetting the password of your account.
Millennium FX is a scam broker and if you have been scammed by them or any other company you can contact MyChargeBack to help you retrieve your funds. Never ever use automated trading functions until and unless you have tested them out. In the automated mode the company people have full access to your accounts. Did you know many scam brokers make money when you lose money!!!