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The United Kingdom’s Financial Conduct Authority has issued a warning against MatrixFx in October 2023
MatrixFx is a forex and CFD broker that claims to offer a wide range of trading instruments, competitive spreads, fast execution, and professional customer support. But is MatrixFx a reliable and trustworthy broker, or is it a scam that you should avoid?
In this review, we will examine the features, advantages, and disadvantages of MatrixFx, and help you decide whether it is a good choice for your trading needs.
What is MatrixFx?
MatrixFx is an online trading platform that was founded in 2018 and is operated by MatrixFx Ltd, a company registered in St. Vincent and the Grenadines. According to its website, MatrixFx aims to provide traders with access to the global financial markets, including forex, indices, commodities, stocks, and cryptocurrencies.
MatrixFx offers four types of trading accounts: Basic, Standard, Gold, and Platinum. The minimum deposit required to open an account is $250, and the maximum leverage available is 1:500. The broker also provides a demo account for beginners who want to practice their skills before risking real money.
MatrixFx claims to use the MetaTrader 4 (MT4) platform, which is one of the most popular and widely used trading platforms in the industry. MT4 offers advanced charting tools, technical indicators, automated trading systems, and mobile compatibility. However, we were not able to verify whether MatrixFx actually offers MT4, as we could not access its website or download its software.
MatrixFx also claims to offer educational resources, such as webinars, ebooks, videos, and articles, to help traders improve their knowledge and skills. However, again, we could not access these materials or confirm their quality and relevance.
Is MatrixFx legit or scam?
While MatrixFx may seem like a legitimate broker at first glance, there are several red flags that suggest otherwise. Here are some of the reasons why we think MatrixFx is a scam that you should stay away from:
- MatrixFx is not regulated by any reputable authority. This means that it does not comply with any rules or standards that protect the interests and rights of traders. If you trade with an unregulated broker, you have no guarantee that your funds are safe, your trades are fair, or your complaints are handled properly.
- MatrixFx is based in St. Vincent and the Grenadines, which is a notorious offshore jurisdiction that hosts many fraudulent brokers. These brokers often operate without any oversight or transparency, and can disappear with your money at any time.
- MatrixFx does not provide any verifiable information about its ownership, location, contact details, or trading conditions. This indicates a lack of professionalism and credibility, and makes it hard for traders to trust or communicate with the broker.
- MatrixFx has received many negative reviews and complaints from traders who have been scammed by the broker. These traders report that MatrixFx has denied their withdrawal requests, manipulated their trades, charged hidden fees, and ignored their calls and emails.
- MatrixFx has been blacklisted by several regulators and watchdogs around the world, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). These authorities have warned the public that MatrixFx is operating illegally and without authorization in their jurisdictions.
Based on our research and analysis, we conclude that MatrixFx is a scam broker that you should avoid at all costs. There is nothing positive or attractive about this broker, except for its false and misleading claims. Trading with MatrixFx exposes you to a high risk of losing your money and being cheated by a dishonest and unregulated entity.
We advise you to look for a reputable and regulated broker that can offer you a secure, fair, and transparent trading environment. You should also do your own due diligence before choosing a broker, and check its reputation, regulation, features, and customer feedback.
What to Do If You’ve Lost Money with MatrixFx?
If you have been scammed by MatrixFx or any other broker, you’ll want to seek assistance from brokercomplaintregistry.com immediately. Our experts will consult with you and bolster your claim to help you get your money back. Brokercomplaintregistry.com is a leader in recovering your funds and will help you retrieve your funds from a broker scam.