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Millennium-FX Review - is it scam or safe?

Millennium-FX Review - Is mlnfx.com scam or good forex broker?

RATING: 1.6 / 29 REVIEWS Millennium-FX
Millennium-FX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

Account type Minimum deposit
Maximum leverage Spread
Beginner $250 1:100 From 1.2 pips
Silver $5,000 1:100 From 1.0 pips
Gold $25,000 1:100 From 0.8 pips
Diamond Upon request Upon request Upon request


Millennium-FX (which operates from the domain mlnfx.com) is an unregulated forex and CFD broker. Their offer is surprisingly good for such a company.



Millennium-FX Advantages



Low spreads
With spreads below 1.5 pips even for the smaller traders, Millennium-FX provides a very competitive trading environment. When testing the platform the claims were actually met, which isn’t always the case with unregulated brokerages. For a comparison of the spreads at some of the big regulated companies, check the link below.


>>Compare spreads in real-time<<


MetaTrader4 (MT4) available
When it comes to the trading software, Millennium-FX has made a solid choice. MetaTrader 4 is one of the best platforms ever created and despite being somewhat dated, it is still the industry leader. It packs a lot of functionality in a simple to use interface. The support for automated trading systems and custom technical indicators is probably the main selling point of MT4. On the other hand, with mobile app and web-based versions, one can easily access his account from anywhere. Here is the preview of the Millennium-FX MT4 platform:




>>Find more MT4 brokers here<<


A lot of CFDs

While they only briefly mentioned on the website, Millennium-FX offers an impressive number of trading instruments. There are a lot of forex pairs, cryptocurrency ones, stock indices, commodities and even CFDs on some specific stocks.



E-wallet payments accepted
There are a lot of ways to deposit funds at this broker. The full list includes: Bank Transfers, Credit Card, Skrill, Neteller, WebMoney, Poli Payments. The support for some of the leading e-wallets is definitely a plus.



Millennium-FX Disadvantages



Unregulated company
The company behind Millennium-FX is called MLNMTECH OU and based in Estonia. They are not overseen by the local Financial Supervisory Authority, nor any foreign agency. In our eyes, this disqualifies them as a serious trading partner, despite the decent trading conditions.


CFD conditions not specified
The impressive CFD offering at Millennium-FX comes with a burden. A company has to explain the exact conditions associated with each contract and most importantly the size of each lot. While most brokers have a “semi-standard”, this can still vary. Imagine trading Bitcoin CFDs, without actually knowing how much coins you are buying?


High minimum deposit
In order to create a real-money account at Millennium-FX, one must invest at least $250. This isn’t an astronomical figure, by any means, but since people should only invest what they are willing to lose, it may be a lot for some. Most brokerages have a $100 entry barrier, with some even removing it completely.


1:100 in leverage
Leverage is double-edged sword. You definitely need it for meaningful forex trading, but over doing it with massive positions can get you in a lot of trouble. One needs to fully grasp the concepts of risk management in order to trade effectively. We put this in the negatives section, not because it’s a huge issue, but simply due to the fact it does not facilitate some aggressive methods of trading, which are best left to the veterans.



Conclusion



Millennium-FX is an unregulated Estonian forex and CFD broker. They provide a relatively competitive trading environment – nice spreads with the MetaTrader4 platform. It’s a bit sad to rate this company so low, but financial regulation is a very important issue for us and we would like to underline why.


When trading with such a broker, your entire account balance is at risk – the risk you will not be paid anything, when you demand a withdrawal. While we can’t say if Millennium-FX is a scam, there is no clear way of proving their credibility. In contrast, when traading with a regulated financial intermediary, you will be assured a certain level of protection. Let’s take a quick look at some of the restrictions enforced by the UK’s Financial Conduct Authority (FCA) as an example.


 >>Find FCA regulated brokers here<<


Clients’ funds at such brokers are kept in the segregated accounts. This implies, the company can’t simply take your deposit and spend it as they wish – there are strict rules associated with all transactions. Furthermore all brokers under the FCA must also participate in the Financial Services Compensation Scheme (FSCS). This is a mechanism, which periodically collects payments from participants and puts them in a fund. This is later used to guarantee traders’ accounts, in case one of the participating brokers goes bankrupt. Coverage is limited to £50,000 per client.


 
Here are the main strong and weak points of Millennium-FX:

Pros Cons
Low spreads Unregulated company
MetaTrader4 (MT4) available CFD conditions not specified
A lot of CFDs High minimum deposit
E-wallet payments accepted 1:100 in leverage

 

Latest news about Millennium-FX
No news about Millennium-FX. Check back later.
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Traders` reviews for Millennium-FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Summary

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ripped off

Biggest scam company i have ever come across i would recommend that no one trades with them i have the same problem invested money made profit can not withdraw my funds and they are very rude when they talk to you

vicki 04/07/2019

Stay clear of these people

'Invested' with theses people and yes made
a profit, BUT could I get it back, no chance.
Please stay away from investing with this company.

Karen 03/26/2019

Scammers

Hard to deal with.Continue to tell you to trade, so you open a trade, once done they hang up. tried to close the trade but it wouldnt allow me to.I love to wrap my hands around Mary Mckenzies neck and squeeze the life out of her or him, says her name is Mary but sounds like a guy.Tried multiple times to withdraw and still nothing.Next step report fraud to banking institute and hopefully get my money back

Larnon-Dee 03/22/2019

Scammmm

absolute scam they dont nt stop calling me

ashley 03/19/2019

What a headache

Stated with this company with Bitcoin the ad advised that it buys and sells for you but when i handed over my money this was type of investment was not available and i was required to use the money on different shares they would sell them when low or high so before i knew all the money was gone
but the worst part is that i am getting up to 5 calls a day and i was offered thousands in credit to start again The only was they can offer that is if it is a fraud
If Mill FX sees this please stop herassing me i have no money left to give so please fined i new victim

Allan Brown 03/11/2019

Has anyone ever won a court case again these crooks?

Has anyone ever received their initial investment back from Millennium-FX, i.e. South Beach Technologi???

How about any "profit" that was made?

Anyone, anywhere on this planet?

Or is it all a 100% SCAM?

If no one has EVER received their money from trading, why isn't it considered 100% FRAUD, and therefore SHUT DOWN for good, and the COMPANY DIRECTORS Jailed?

Has anyone ever won a court case again these CROOKS?

Or is it all too difficult, and have most of us given up? How can we as a whole, FIGHT BACK to end this?

For the amount of stars picked, can't a ZERO, a non-star be a selection?

How many thousands of people a week LOSE ALL OF THEIR MONEY?

The person I have been dealing with is called "Mary Mckenzie, but she doesn't even sound like a "she", more like a "he", so there is the next scam. "Mary" sounds Asian, but that name doesn't.

This is the correspondence I have been receiving via email - email because Mary's English really doesn't make logical sense, so Mary suggested communication via email. Please look below at the emails:

12/2/19 at 12:25AM

Hi Dzidra ,

My apologies if I were not able to call you for follow up.
I can call you then and give you full update by tomorrow
For now , Take a rest and will keep you updated then
Thanks
--
Mary Mckenzie Senior Account Manager
+14378867226 | [email protected]
www.millennium-fx.com

On Tue, Feb 12, 2019 at 3:46 PM Mary Mckenzie wrote:
Just communicate ,with me on email

On 12/02/2019, at 8:48 PM, Mary Mckenzie wrote:

I wanted to explain to you how we can expedite the withdrawal but you are not undestanding me


On Tue, Feb 12, 2019 at 3:46 PM Mary Mckenzie wrote:
Just communicate ,with me on email



ONE MORE QUESTION FOR ALL OF YOU:

AnyDesk - did your account manager insist upon using this application with you?

To wrap it up:
1. Did ANYONE EVER RECEIVE THEIR MONEY BACK
2. ANYDESK - did they insist using this program and was your computer safe afterwards?
3. Mary Mckensie, anyone else have her as their "Senior Account Manager?
4. Where to from here?

Thank you Joe Public, hope to hear from ALL of you soon.

Dzidra 02/22/2019

Don't waste your money

Keeps calling didn't get anything said if I give $250 then I would get nine million dollars if I give $250 they call at least 10 times a day they they still keep calling me

Abdul malek 02/20/2019

Scam - DONT do like I've done

I feel stupid saying this but I've been scammed by these bastards , they took all my money I own , I've tried to stop this happening but the bastards kept buying trade while I was trying to take my money back. Hopefully my bank can get it all back!! DONT do like I've done

Michael thomas 01/29/2019

OMG these folks do not take a no for answer!!

I receive Calls from this company each and every day trying there luck to get me to trade as i write this comment on here i just finished on a 0800 number with a woman who claimed she been trading for 6 whole years with this symbolic company and that the meaning of the call was to offer me a free account

I politely told her (and several times before with other callers) things that have "imaginable" excuses like my dad-dads budgie just died to i am locked up in prison and they wont let me out to trade and how much i miss my shotgun for when they call (the woman still tried to sell me forex and could tell she was Reading it from a script) i politely hung up the call but i would love to know where they receive my number from.

I am not interested in any trading online as i am on a low income anyhow so the more they call the more i will use a excuse to get them off the phone i have so far done the following

*pretended to be deaf
*said my dads pets just died can i trade the animal on the stock market
*Told the woman today im locked up in ark ham Asylum and my cell mate Mr Joker next to me is a mad person who might be interested.
*the man in the white coats wont give me access out of my straight jacket so cant talk right now!
more to come ho the fun

andrew Walker 01/28/2019

Millennium-FX total scam - stay clear

My recent experience with Millennium-FX has been the worst. When I asked to withdraw my funds a very canny and artful agent of theirs insisted I desist and place one more trade that on good authority would be successful. This trade almost obliterated all my account. I lost $3,500. I have resisted using them since and have put in multiple withdraw requests for my remaining funds.
They are purposefully resisting to give me back my money.

The most common excuse is they cannot contact me by phone. When they wanted me to invest they were contacting me daily and they had no problem then.

Paul Katsikis 01/12/2019

Manipulated platform

when trading trade going wrong direction to the trend making investors loose their investment making you loose your profit as lost all gains over several days on one trade showing 79% bu however totally wrong direction to the trend the same with most trades as i have found, the platform is f*cking manipulated dont deal with this company!

paul 01/07/2019

Stay clear

My father was frauded 10K by the brokers of this company. Stay clear!

John 12/31/2018

Huge scam - after your money

This company is a total SCAM. THey called me for months and months before I gave in Looks all legitimate with great paperwork which means nothing Highlyprofessional SCAMMERS trained to get your money and seet tlk nd pressure talk you. Pretend to be your friend and listen to you. DONT FALL FOR IT.

It'll start off ok. Once thy have you they will start changing the peron working for you. Next peoples agenda is to wipe you out ....
They keep pressuring you for more money - tell you that they are working for you and they are just trying to build uo money for you and they can get monies from your earnings too. Build you up with someone who promises to be your trading partner to build trudt. Then when theyve got what they want that partner disappears and they change plans. I had USA$52,000 in account nd wanted mostof it back. Promised it would be - three days later after getting note saying they knew I wanted monies returned siad it would be - nothing done. Hadn't separated monies wanted returned from trading ccount. Brought in a lady who pretnded she was involved in returning my monies and wanted to check I had given thm the right bank aount.
Next she started pressuring and pressuring me to trade. I said I only wanted to trade with monies that I had left. I had no idea what was going on. Next i know account empty,

Thy completely ignore you and what you want to get what they want. ITS A COMPLETE SCAM. I lost over hlf of my lifes savings and I am 67 and am now going to have to work well into my 70s to make this up. THEY DONT RETURN YOUR MONEY. ONCE THEY HAVE IT KISS GOODBYE TO IT!!

Dianne Lee 12/17/2018

Millennium-FX - total scam

These guys are not loosing your money,they are scamming it from you; they are pros at their craft, I believe that what they show you on all their graphs and charts are their own creation, designed to be manipulated by them as they choose..….. string you along to the point they feel they cant squeeze any more out of you, things go south from this point;you may as well burn you cash rather than invest with these crooks at least you will get some warmth while it burns; you will get nothing but stress and depression and an empty bank account from millennium fx

steve maxton 12/16/2018

Scam

Total scam. Do not return your monies - even when youre ahead.

Dianne Lee 12/15/2018

Broker lost all my funds!

As far as I know the broker I had just completely lost my funds

Leona Lester 12/10/2018

Scam!! be awere

This company is a scam, they called more than 10 times since last week. They can't stop calling me!!!

Peter 11/23/2018

Useless

Dont bother with this they really like to loose money not make it. Same experience as all the others that have complained useless bunch of tricksters

Bradd Underwood 11/12/2018

Cant get any money back

Feeling like i have lost a lot of money and not confident of getting any back,devastated gutted and totally humiliated, sickening feeling,i have battled hard physically for everything i have got,was convinced that this was a legitimate business and i would be making good profits, is making my life a whole lot harder

Geoff Denton 10/19/2018

Trading with Millenium FX - withdrawal is not possible

The account manager and the portfolio manager convinced me to deposit an amount of 10 000 usd for them to manage my account. I did not agree with them but I only deposited half to test their platform at the same time to test what they said account management. At first yes, the money earned, the portfolio manager showed me that the deposited money went up to 18,000 usd. She told me to trade with forex again and sugar. She was the one analyzing everything and advising what to trade. In just a few hours, the deposit and the earning was gone. It went to -745. She again convinced me to deposit 1000 for her to help me cope up with my losses I again gave it a try but the 1000 deposit just went low. The people in this company are well trained in convincing people. I tried to withdraw the money left in my account but nobody is assisting me to do it. Guys this company reaped me off with 5500 in total. The saddest thing here is withdrawal is not possible. This is totally a scam platform.

Jona Paz 09/04/2018

I lost 5500 from MILLENIUM FX

Me: I dont know how to trade.
Portfolio Manager: We can help you trade and we can trade for you.
Me: How much is the deposit: 250 USD ( I made a deposit)
Phone ringing: I answered
Portfolio Manager: Add more deposit and we can make you earn more money.
Me: I already have 250 USD
Portfolio Manager: We are trading with Non farm Payroll and fang. Showing me proof of their trading...
Me: Deposited 2000
Portfolio Manager: Your deposit is not enough to join the non farm payroll you need 10,000 usd. Deposit some more to gain profit.
Me: Refused...tried to trade with forex with the Portfolio Manager putting loosing pairs.
Me: Withdraw my accounts had arguments.
Phone ringing another account manager came to the scene.
Encouraging me to trade etc. She was able to increase the amount in my dashboard. After sometime. She encouraged me to deposit more to join to different activities.
Me: I was convinced.Deposited 2,250
Portfolio Manager: Placed trades from forex and commodities putting the volume lot. The next day,
Me: Shocked! My money was gone.
The next day Portfolio manager encouraged me to deposit for the last time to cope up with my losses while in fact she was the one who placed the trade.
Me: Deposit 1000
Portfolio Manager tried to trade but she has loosing trades all the time. I always watched for the trades and closed if its loosing.

Decided to withdraw. Portfolio Manager doesnt want to contact me.

MILLENIUM FX IS A SCAM.

Jona Paz 09/04/2018

Millenium-fx scammers

I consider Millenium-FX to be one of the biggest scammers out. My deposit is with them for over five months without ant trading done. I saw that it is a lost cause and decided to withdraw my deposit. I probably requested withdrawal as many times as thirty times. I request currently six to ten times daily and get the confirmation mail every time. But pay-out? Not a chance, they have an excuse every time. First, my account was not verified as there were documents outstanding although I sent all documents at the beginning when I registered. Then they could not pay without a verbal confirmation with an account manager, which was also done. They blocked me on their support site so I cannot send them any messages. I think their next step will be to block me from logging into my account. Do not trust these scammers.

Pieter Schuurman 08/26/2018

Probably the biggest scammers today

All brokers is scammers. But the most outstanding scammers is Millenium-fx.com and Kaya-fx. But this is about Millenium, they are very high-ranking fraudsters and definitely not to be trusted. Rather buy your children sweets rather than depositing with them. They will surely steal your money.

Pieter Schuurman 08/26/2018

Absolutely disgusting withdrawal of my money

I was badly advised by my "broker" Alex Mathews and felt forced to deposit more than the minimum of $250 - he said that I should spread the money over several Forex currencies, which I did, but then I wouldn't hear anything from him so I saw that I was losing my money and so waited for the currencies to go up a bit and closed them.

Then Alex rang and said that Apple were announcing their profits or something and that I should buy apple, which I did, but he rang me and said that I should have bought sell instead and basically gamble that apple were going to go down, well they kept on rising didn't they!!!!

I was severely in the red so didn't look at it for about a week or so and sent Alex an email stating that I am a very small fish in the ocean and if I was a client of his who had a lot of money invested with them then I am sure they would be furious with him as well.

I was left with $215.36 USD in my account, so over a month and a half ago I put through a withdrawal form to get this money back which when converted to Australian Dollars equates to $320 - but I have been given the run around by their customer service department, they won't out me through to the relevant department so I can ask them myself why I haven't received my money, which I was lead to believe that it would only take 2 - 5 days to reach my account. But when they asked for a deposit it was withdrawn from my account immediately.

I just now sent Alex an email and said he can pay me from his own account as he has done nothing but lie to me and others.

I am NOT in a position to lose any money at all, I am on a widow's allowance and because we used most of our money to try and find someone who could help with my husband's type of cancer.

Robyn Catalano 08/22/2018

Millenium FX Modus Operandum

Re Millenium FX / Alex Constable
Opened a trading account after daily pestering by the sales crew, finally relented and opened an account with USD100.00.
Got a call 2 days later from my broker; need to put in at least $1000 to make any money. I advised that I am out of work and any money would come from my Visa which could only be a temporary transfer; no problem we will use it to make money and then transfer it back within a week or so.
The broker placed some FX trades which made small profits until one USD/JPY contract got up to a $440 loss, the broker covered this with some other trades, bring the loss down. I asked if we should just write off the good withe the bad and start from scratch again; broker says no, just close out the profitable trades.
After 2 weeks, I needed to transfer USD300 back to my Visa which was up to its limit.
I was advised by the finance department that I could not transfer funds while I had open trades, even though I had about $700 of available equity.
I therefore closed all trades and re submitted the transfer request - still no money.
In closing these trades I took a loss of $440 on a EURO/JPY contract, which I wanted to close earlier at a small loss but was advised not to.
On 15 July I talked directly with the broker/adviser about the $300.00 request, who said he would check it out and get back to me - no return call. I called him on Skype and waited for his return call.
At that stage I had made 4 requests to withdraw the USD300.00.
On 16 July I received a call from my broker advising me that I should follow his advice and buy some Netflix shares before the quarterly results were published.
I said that I was not comfortable with doing this and I would be putting too much of my capital at risk. also to transfer the $300.00 first and then trade again.
He told me my maximum risk would be 5%; I relented and said that I wanted to apply stop losses; he said no need to as it was a done deal that Netflix would skyrocket.
What happened to Netflix is history, and I find that my funds have all been used up in a deficit on the Netflix trade. In other words the 5% risk I was promised has ended up being bottomless my adviser never applied stop losses. The broker's name is Ron Henley, I searched to see if he had an IB certification, but could not find any.
The previous week, I received a call from the broker telling me I should borrow as much money as I could and buy shares in 3 big banks due to report earnings, I advised him that I did not have any more money to put in, and he actually advised me that I should access some client accounts, (I am an accountant), and borrow money from these accounts as we could make a lot of money and then pay the money back. I refused to do this but felt uncomfortable that an advising broker would suggest such a practice.
During the placing of trades, my broker had access to my computer through Teamviewer, and I do have doubts that this was wise in hindsight of course.
Anton Kriel in his presentation, advised of this practice; the broker cannot lose as they simply offset the trades placed with contrary trades in their books.
Unfortunately I did not see Anton Kriel's presentation until after signing up with Millenium FX.

Alexander Constable 07/17/2018

Millennium FX, in my opinion, is a scam

Deal all,
I am very new to all this but the experience I am having so far, i cant wait to get out of it. Millennium FX, in my opinion, is a scam. in every trade you do, 99% of trade goes negative, there is no clear explanation of the charges, there are loads of hidden agenda. They keep asking you to deposit more and more money, and your profit hardly goes up. After i had enough, i tried to withdraw the little one i had left, my portfolio manager, traded my money without my consent, she increased the volume with the excuse that she wants me to get my money back. i am gutted and very upset and i just think they don't really care about you...all they want is to steal and rob you. I hope that if God is up there, all the bad deeds they doing will follow them.

I am trying to request all my initial deposit back.

Thieves and Robbers.

Flavio 05/21/2018

Millennium-FX: Don't trust them. Only lies

They are the worst broker ever. They will ask you to deposit so to speak for a safety net. They have no risk management. They will be using all the fund in trades and you will end up to deposit more and more and eventually you will lose everything.

You will have advised them that you are not planning to deposit more than what you have deposited, so they should be considered. they are not, they don't care if you have cash or not but will influence you to get more.

Scammers. They also not offering any service on their part, they should be liable but they put the blame on you. I had the instinct to close trades and they will convince you not to worry. Next day, they will call you and say you are in negative you have to deposit more. They use jargon so you will be influenced: safety net, recovery plan, market correction,...

Don't believe them.

Oumayman 05/15/2018

Scam company

Yesterday , senior account from mlnfx called me to put another 150 $ in a trading account . I had an open order SELL on USD\JPY. I would have lost more money if I find someone to gave me a loan. They are paid for loosing the money of the clients? Or the money don't get in a trading account.The money money arrives in their pockets.The authorities can't do anything to stop the scam company to steal from clients?

Afrodita Frata 04/24/2018

How I lost 100$ with Millenium FX

I was contacted by Millenium FX to put me on the Recovery Program.because I lost a lot of money (1130 euro) with the scam company FMarketCapital (binary options.The man told me to put 100 $ on the event JP Morgan Chase and I'll earn 60% in an hour. The broker told me that it isn't enough 100 $ and open a trade on usd\jpy(sell) .After 6 days I lost the money. before I lost the broker told me that I must put 150 $ for free margin I'll loose the money . I don't have money. 100 $ was an Easter gift from my job, I don't have money. All my salary (400$) gone on debts . My husband support me financially because I can't support myself. I don't want to invest money because I can't afford to loose any cent. The man push me very hard . He gave me dozens of phone calls .He told me to have trust in him and company because they want to help me. The trust cost me again. I wonder if the authorities do something against the scam company. I wish very much to know.

frata afrodita 04/23/2018
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