Mentor FX review
Read this complete Mentor FX review to know why we add this broker in our scam broker 2023 list. Mentor FX is a brand of Mentor Corp and is an online forex broker. It is located on the 1st floor, Saint Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines. They can be contacted through phone numbers +447941320158, +442080894382, +442080894693, +447058144103, +442038079069, +442080892735, +447974882751, +448718077696, +448714089548, and +442038079042. One can also contact them through emails at info@mentorfx.com, b.lawson@mentorfx.net, d.jones@mentorfx.net, s.kross@mentorfx.net, and a.green@mentorfx.net. Read the full Mentor FX Review below.
Read the full Mentor FX review before investing with this broker.
Mentor FX claims it is registered by authorities of St. Vincent and the Grenadines (SVG). The other side of the coin is that SVG does not approve brokers that trade in forex. It is a red flag and traders should be aware of it. SVG is a well-known and preferred location for shady and scam brokers because of lenient laws governing financial services. By the way, it is also an offshore broker and another red flag for investors and traders.
Traders and investors are reminded hereby that SVG has publicly stated on quite a few occasions that it does not regulate forex trading.
There are a lot of risks involved in trading with an unregulated and offshore brokerage house. Mostly they do not have separate accounts, one for the clients and another for the company.
The first look, the website has home page has an appealing look. The first attractive look is what these scam artist show as it will easily sell. Though the website looks legitimate at first site, and to a newbie trader. But looking through our experienced eyes we know it is a scam. The website is completely a hoax and has copied and pasted information from other similar websites in the industry.
Mentor FX is deliberating fooling investors and traders using the cloned website. These scammers will do everything so that their website appears legitimate.
On their website, they claim that they are registered in Seychelles. Offshore brokers are not trustworthy and a hard nut to crack.
On their website, they have not mentioned who their CEO or CXO are. Most scam websites refrain from exposing the top administrators. Whenever one website is warned they simply start a new website and hence are not exposed.
The website claims to offer the world major markets that include commodities, gold, oil, cryptocurrencies, and natural gas. It provides nearly 2000 instruments and yet hardly anyone seems to know them. The platform does not fulfill industry rules and regulations.
Mentor FX review: account types.
The site claims to offer three account types but their names are not mentioned. For different account types leverage is mentioned, 1:100 (deposit $250), 1:200 (deposit $5,000), and 1:400 (deposit $10,000). This is strictly against regulations rules and regulations. The maximum allowed leverage is 1:30 for a regulated broker. This is another red flag. Account Managers are provided who are these account managers do not have experience in trading and they are hired as call agents.
Mentor FX review: deposits and withdrawal.
When it comes to depositing funds, traders/investors do not face any problems. Traders and investors can deposit funds through bank transfer, MasterCard, Visa Card, and Maestro Card. Withdrawing your funds creates problems. Terms and conditions are such, that it is nearly impossible to withdraw your funds.
Better not to open an account with Mentor FX.
- Mentor FX is an offshore broker and shady to trade in forex.
- The broker is from SVG, which is notorious for registering scam companies.
- SVG does not issue any license to the broker to trade in forex.
- The address is a common one; many scam brokers have used the same location.
- The leverage offered is very high than the set norms of the industry.
- Withdrawal of funds is problematic.
- Warnings issued by FCA (United Kingdom regulatory authority) regulatory authorities.
- Broker is blacklisted in many countries.
- Beware of the MAINET scam, which has left countless victims in financial ruin. In this Mentor FX Review learn how to protect yourself from falling prey to their deceptive tactics.
Got scammed by Mentor FX?
If you have lost money to the Mentor FX scam do not worry. Even experienced investors/traders get scammed.
Chargeback is the only solution. We, at Scam Report, will help you prepare a solid and fool-proof case so that scam broker does not find any loophole to escape.
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