Unregulated MergeFX: "Your Assets are Secure and Protected", but Truth is Client Withdrawals Always Rejected

MergeFX, a proclaimed forex broker with 15 years of operating history, is not regulated in any way and has incurred complaints from its clients. This piece reveals MergeFX’s falsehood and exposes its fraudulent practices to help traders avoid falling into the scammer’s trap.

With a seemingly exquisite website displaying real-time currency pair quotes and now and then popping cashout notifications that clients have withdrawn successfully, MergeFX claims to provide integrated signals and trading indicators to help boost account balance.

However, a client complaint submitted with BrokersView has unraveled everything and revealed MergeFX's sophisticated tricks.

MergeFX accused of being a fraudulent broker

According to the complaint from a MergeFX client, a trader named Alex Dean advised the client to trade on Mergefx.com and promised trading signals based on the deposit amount. When the client wanted to withdraw his funds, Alex Dean could not be reached and MergeFX support services did not respond either. The client claimed that the same thing happened to his friend.

In addition, the client discovered that there was an error in his withdrawal history and that one withdrawal of $10,000 showed as approved, which he said was not the case. He made deposits of $1,839 and $3,345 on the trading platform but was only able to withdraw a trial amount of $10 and $5, respectively.

When the client failed to withdraw his funds and asked MergeFX customer service, his questions went unanswered for a long time. MergeFX responded to this matter very late, citing that the delayed response was due to technical difficulties. The client was told that his account was under review and was assured that his assets were safe and protected. This shows the irresponsibility of MergeFX and calls into question their narratives.

In response to an inquiry about a broker license, MergeFX presented the client with an Australian Business Number (ABN) to check and tried to reassure the client. However, does this registration indicate that it is regulated and authorized to provide financial services? 

MergeFX is Not Licensed to operate as a Forex broker

MergeFX displays a certificate of registration of a company on its Legal Documents page, and the Australian Business Register database records the ABN 762 637 744 31. However, an ABN is a unique identifier for businesses in Australia, used for tax and business purposes. To operate a forex trading brokerage platform, a company would need an Australian Financial Services License (AFSL) from the Australian Securities and Investments Commission (ASIC). Upon inquiry, MergeFX does not hold an AFS license. 

Since MergeFX does not provide any other regulatory information, there is no doubt that it is an unregulated forex broker.

BrokersView Reminds You

The fact that client withdrawals have been denied, customer support has been ineffective and perfunctory, and claims of compliance have been proved invalidated suggests that MergeFX poses a significant risk of fraud to traders, and BrokersView recommends against trading with this scam broker. 

Knowing detailed information about the conditions under which a broker operates is important for traders to check their legitimacy; sometimes broker claims are not true and can be misleading, so it is necessary to conduct thorough due diligence before dealing with a broker.

If individuals claim to provide forex signals for you and pressure you to make a quick deposit or deposit a larger amount of money, it would be wise to remain extra cautious in this case. These scammers often promise high profits and low risk but don't actually understand trading strategies and hesitate to provide a verifiable track record.

Finally, do not choose a trading platform based on the recommendation of an unknown person, whether he claims to be an expert or a veteran trader. Do your own research, and you can also check a broker’s compliance through the BrokersView website.