Mohicans Markets Review

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Mohicans Markets Review

#1
xysoom

Posted 07 February 2023 - 03:51 AM

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Group: Members
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Joined: 21-May 20

Mohicans Markets Review

Professional and reassuring as the Mohicans Markets website might look at first glance, we just can not buy their claim to be “the world’s leading Forex and CFD broker”, nor do we trust that they are a legit broker at all. As a matter of fact we believe that this is a clone website – a particularly dangerous kind of scam, where fraudsters illegally used the identity – license credentials and corporate details of a legit and regulated business – in an apparent attempt to scam traders.To get more news about mohicans markets review, you can visit wikifx.com official website.

So if you are still considering the possibility of trading forex pairs, indices, shares, soft and energy commodities and crypto coins with the seemingly competitive trading conditions advertised in the presentation, better think twice and read the following lines.
Mohicans Markets says to be running offices in the UK, Australia and Dubai and to be owned and operated by an Australian company called MOHICANS MARKETS LIMITED. And although everything might look perfectly legit at first glance, with a license by the Australian Securities and Investments Commission (ASIC) and all, when we looked closer, a number of discrepancies came out, which lead us to be realization that what we actually have here is an outright scam – a clone website designed with the sole purpose to pocket your money.

Our point is that the “mhmarkets.com” website is not associated with MOHICANS MARKETS LIMITED in any way. The the scammers behind the website are simply using the license details and even the name of a legit and regulated Australian company in an apparent attempt to scam traders.

To begin with, nowhere in the ASIC license were we able to verify the domain name of the scam website here, nor were we able to verify any telephone number either, which only confirmed our suspicions.

Furthermore the website offers leverage as high as 1:400, as well as generous trading bonuses of up to 5000 USD per month – something incompatible with a legit Australian forex license.

Sometime ago ASIC adopted the strict regulatory rules concerning the forex industry, already in place in the UK and the EU, which limit the maximum leverage brokers are allowed to offer retail traders to 1:30 with major forex pairs, and prohibit the offer of any trading bonuses, which might induce traders to risk excessive amounts of money, and which generally come with strings attached – some minimum trade volume requirement preventing you from making any withdrawals whatsoever.

On top of that the Mohicans Markets website is not registered with the Financial Conduct Authority (FCA) in the UK, as all brokers operating on British soil should duly be – we diligently made the effort to check that – and that makes it pretty hard to believe that Mohicans Markets runs an office in London at all.

Finally, nowhere in the entire presentation were we able to access the website’s Terms and Conditions. We were not given a chance to read that key legal document, even when we attempted to register for a trading account, although we were actually asked to agree with the website’s Terms and Conditions anyway.

All of that makes us believe that at best Mohicans Markets is a unregulated, zero credibility offshore broker – probably based in St. Vincent and the Grenadines, as is the case with most such bogus entities – if not an outright scam, which illegally uses the license details of a legit Australian business.