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MM Financial Experts Review - is it scam or safe?

MM Financial Experts Review - Is mmfinancialexperts.com scam or good forex broker?

RATING: 1 / 1 REVIEWS MM Financial Experts
MM Financial Experts is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions


 

Account type    Minimum deposit Maximum leverage Spread
Micro $1.500 1:200 Around 4 pips*
Mini $2,500 1:200 Around 4 pips*
Silver $10,000 1:200 Around 4 pips*
Gold $50,000 1:200 Around 4 pips*
Diamond $250,000 1:300 Around 4 pips*
VIP $500,000 1:400 Around 4 pips*

*this is the spread we saw on the platform, the broker makes no specific claims regarding the spreads


MM Financial Experts is a forex/CFD broker and a binary options provider. They apparently target wealthy individuals, given the requirements for the different account types. That being said, their offer isn’t impressive by any standard.

 


MM Financial Experts Advantages



Variety of trading instruments
MM Financial Experts provides access to a lot of markets (via CFDs). Other than the forex pairs, commodities, indices, cryptocurrencies and even some specific stocks are supported.



High leverage available
This broker offers high ratios, which is only good for those who understand the risk involved with such trading. We don’t like the fact they provide even higher “gearing” for the bigger clients, allowing them to open enormous positions.



Bitcoin deposits accepted
One can deposit at MM Financial Experts, via Credit Card and Bitcoin. While the homepage of the broker has the logos a few e-wallets, we didn’t see them, after opening an account. This is only the begining of the negatives.


MM Financial Experts Disadvantages


No regulation, possibly known scammers
MM Financial Experts is owned by BALI LIMITED LTD. This is a very generic name for a company, which makes researching them rather difficult. We found a warning by the Italian financial watchdog CONSOB against a company with this name, but we can’t confirm this is the same one. The address provided at the broker’s website is in Bulgaria, but there are no signs of affiliation with the local Financial Supervision Commission (FSC).



Absurd account types
The most obvious flaw of this broker are the high deposit requirements. People who are willing to venture into the world of trading should only risk money they can afford to lose. By that logic, the clientele at MM Financial Experts should be very wealthy.


No info on trading conditions
This broker does not provide any information on the costs of trading. Most companies which provide multiple account types give lower spreads for the bigger clients.


High spreads
After registering an account at MM Financial Experts we saw spreads floating around 3.8-4.0 pips on the major currency pairs. This is an unacceptable level in the current day and age. For a comparison of the rates given by some of the industry leaders, be sure to take a look at our dedicated real-time platform.



>>Compare forex spreads<<


Inferior trading platform

MM Financial Experts only offers a web based platform, which we have seen at other shady brokerages. While we aren’t aware of the name of this software (or the company behind it), we know it is spreading fast and we are not that impressed with it. Our only explanation for its boom is the fact it supports spot trading alongside binary options. Other than that this is a very basic platform, which barely does its job. Here is a preview (click to zoom):




Although we will not call this a complete failure, it significantly dwarfs solutions like MetaTrader4. This is basically the “standard platform”, provided by a lot of brokers. While some of them may also not be trust worthy, check the list below to see the top-rated ones.


>>Top MT4 brokers<<



Bonus offer comes with small print
MM Financial Experts offers various on deposit bonuses, which we haven’t mentioned as a positive. The reason for that is the fact, most people will probably not notice the conditions associated with them. One must trade assets worth thirty times the sum of their investment and bonus, before he can make a withdrawal of any kind. This will leave some traders unpleasantly surprised.


No demo accounts
This may be a very minor issue, when compared to the rest, but we need to mention it. In order to do a proper review, we had to open a real account with this broker.


Conclusion



MM Financial Experts is an unregulated company which offers spot trading and binary options. Their presentation is very basic, with no trading conditions being mentioned. The ones we saw on the platform were not competitive. Given the high deposit requirements, they are banking on wealthy individuals, who are not that familiar with trading.


We may not be able to definitively say this is a scam, but a lot of signs point in that direction. We generally don’t recommend unregulated brokers, but on top of that this one looks particularly shady. There are many advantages of trading with a regulated company and we will briefly mention some. We will use some of the rules applied by the United Kingdom’s Financial Conduct Authority (FCA) to illustrate.


 >>FCA regulated brokers<<


First of all these brokers will pay you, whenever you demand a withdrawal – they must keep client funds in segregated accounts. These special banking terms, mean they can’t simply make transactions as they will, but have to follow your instructions and trading results. On top of that, FCA brokers are members of the Financial Services Compensation Scheme (FSCS). In case the one you are trading with declares bankruptcy, you will be compensated by the Scheme, up to £50,000.



 
To recap MM Financial Experts:

Pros Cons
Variety of trading instruments No regulation, possibly known scammers
High leverage available Absurd account types
Bitcoin deposits accepted No info on trading conditions
  High spreads
  Inferior trading platform
  Bonus offer comes with small print
  No demo accounts

 

Latest news about MM Financial Experts
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Traders` reviews for MM Financial Experts

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

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Customer service

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Summary

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support didn`t working

It is not to understand. Support never gives answer. Withdrawal is impossible. There is no basis for partnership !

Engelmann,Heinrich 05/11/2018
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