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MMT Review - is it scam or safe?

MMT Investing Group review - Is mmtig.com scam or good forex broker?

RATING: 1.2 / 1 REVIEWS ForexBrokerz MMT
MMT is an offshore broker. Your money is not safe.

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MMT Ivesting Group is an offshore broker, based in Vanuatu, which although registered with the local regulator is not inspiring much trust. Honestly, a Vanuatu license is best to nothing and in no way can be compared to a legit license issued in the U.S., Australia, UK or the rest of EU. We will review in detail MMT offer and their regulatory status in the following paragraphs.

 

Trading account Min. deposit Max. leverage Spread

Standard Account

n/a 1:200 2 pips, fixed

 

MMT Advantages:

 

A comprehensive list of trading instruments

 

We will start however with all possible advantages MMT might offer its clients. The list of trading instruments we came across, when we opened a demo account was impressive – 49 forex pairs, lots of which exotic or minor like USDARS, USDSGD, USDSEK, USDTRY, USDMXN, USDILS, USDHKD, USDCNY, USDRON, USDRUB, USDDKK, USDPLN and USDKRW. And there were also a number of CFDs - on gold, silver, platinum, palladium, copper, nickel, aluminum and zinc, on soft commodities like corn, rice, wheat, sugar, coffee, cocoa, soybean, oil and natural gas, bonds, stocks, as well as 16 indices. The only asset class we miss are the crypto coins, so here you may check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:200

 

Trading with higher leverage might seem tempting, especially since the regulators throughout Europe, the U.S., Canada and Japan capped the maximum leverage allowed for retail traders well under 1:100. Still we suggest that instead of risking your funds with offshore brokers, you better check our list of brokers regulated in Australia – the last major regulatory hub where higher leverage remains unrestricted:

 

>>Brokers regulated in Australia<<

 

MetaTrader4 supported

 

This is another piece of good news. The presence of MetaTrader4 has always been welcome.

 

 

This is the most widely used platform on the market, featuring over 50 market indicators, some advanced charting tools and the so called Expert Advisor trading robots, which will help you run logarithmic trading sessions – basically everything a trader needs. Here you may also check our list of brokers supporting the platform as well:

 

>>MT4 Brokers<<

 

MMT Disadvantages:

 

Unreliable License 

 

MMT is owned and operated by Mira Markets Ltd, which is registered in Vanuatu – a small island in the middle of the Pacific Ocean. The company is also registered with the local Vanuatu Financial Services Commission (VFSC), but as we already pointed out such a license is hardly worth more than the piece of paper it is printed on. The main issue with offshore regulators like the Commission in Vanuatu is that they simply lack the resources to oversee internationally operating brokers like MMT. 

 

Also an offshore license in no way can be compared to a license issued by such respectable institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC), where brokers are subject to strict control. 

 

Properly regulated brokers in Europe, the U.S., Canada and Australia are required to file regular reports, to allow external audits, to maintain at all times a certain minimum operational capital – 730 000 EUR for EU regulated brokers and 1 000 000 AUD for brokers regulated in Australia – to provide their clients with a negative balance protection, to keep their money in a segregated, protected form creditors account, and in some cases even to insure their trading capital.

 

Thus a broker regulated in the UK by FCA is required to participate in a client compensation scheme, basically insuring your trading account for up to 85 000 GBP – money that will be paid back to you in the unlikely case your broker files for bankruptcy. Here you may also check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

No Client Agreement directly available on the broker's homepage

 

The Terms and Conditions or the Client Agreement is a key legal document, which governs the relations between traders and a broker. With all legit brokers you can freely download the document, but although we registered a demo account with MMT, we were not offered a copy of the agreement.

 

Bear in mind that especially with offshore brokers the Client Agreement might contain some pretty nasty clauses as for example some minimum trade volume requirement, which can be used as a pretext to cancel your withdraw requests.

 

High spreads 

 

We tested the MMT trading platform with a demo account and the spreads did not impress us. The benchmark EURUSD spread was fixed at 2 pips, which is at least half a pip higher than what traders would usually consider attractive with a standard account. In any case here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Skrill not accepted as payment method

 

MMT says to accept payments with credit and debit cards like VISA, bank wire and Bitcoins. No popular e-wallets like Neteller and Skrill are accepted and that is disappointing. Also it is worth to note that recently Skrill adopted a new anti scam policy, according which all brokers using the payment method should  holed a legit license. As we already noted the license MMT holds is not reassuring and can not pass for a legit one. Here you may check our list of brokers, where you can pay with Skrill:

 

>>Skrill Forex brokers<<

 

No information about the minimum deposit requirement

 

Bear in mind that most brokers would ask for a minimum deposit of about 250 USD, while with some big names like FBS and IG you will be able to start trading with virtually 5 USD.

 

Conclusion:

 

MMT is an offshore broker and as we already noted, their Vanuatu licenses does not make them more trustworthy than the brokers that are not licensed at all. Bear in mind that a proper regulation is the only reason you can feel safe about your investment. That is why we will repeat our usual advice to trade only with brokers licensed and authorized by well known institutions such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for MMT

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Price feed

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