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Will MBBO charge transaction fees if im not a local customer?
Berlliss
Malaysia
2023-05-05
ANSWER MBBO is an unlicensed broker that we advise against trading with, despite the seemingly attractive deals it offers.While MBBO claims to be operated by Coinftx, a company with headquarter in Singapore and operation centers in the United States, South Korea, and Hong Kong, our research has found no evidence to support its legitimacy in forex markets. Especially, we would like to emphasize that in the US, the authority to regulate futures and derivative markets rests with the National Futures Association (NFA). Brokers operating in the US must be an NFA member in order to offer financial products or services legally. As such, the licenses this broker provided, including the MSB license by the Financial Crimes Enforcement Network (FinCEN) and the registration certificate, don't necessarily indicate a broker's legitimacy. We searched for MBBO on the NFA website but did not find any matching records, indicating that MBBO is illegally engaging in forex activities. Regarding your question, we strongly suggest you avoid dealing with MBBO since it is an unregulated broker. Entrusting this broker with your funds or personal details is highly risky, as there are no legal protections in place to safeguard them. Therefore, investors are advised to stay away from unlicensed brokers like MBBO and to opt for fully regulated ones instead.
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RM5000
Marvinkl Raj
Malaysia
2023-04-26
ANSWER Dear Sir or Madam, thank you for bringing MBBO to our attention. After conducting a thorough investigation, we can confirm that MBBO is a scam broker.While MBBO claims to be operated by Coinftx, a company with headquarter in Singapore and operation centers in the United States, South Korea, and Hong Kong, our research has found no evidence to support its legitimacy in forex markets. Especially, we would like to emphasize that in the US, the authority to regulate futures and derivative markets rests with the National Futures Association (NFA). Brokers operating in the US must be an NFA member in order to offer financial products or services legally. As such, the licenses they provided, including the MSB license by the Financial Crimes Enforcement Network (FinCEN) and the registration certificate, don't necessarily indicate a broker's legitimacy. We searched for MBBO on the NFA website but did not find any matching records, indicating that MBBO is illegally engaging in forex activities. In essence, MBBO is not overseen by any recognized financial regulatory body.Regarding your question, we recommend you to file a complaint here to provide more evidence about this scam such as account details and their contact information. Our team will work as a third party at no cost to assist you in contacting MBBO and help you to the best of our ability. Thank you for bringing this to our attention, and please feel free to contact us if you have any further questions or concerns.
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FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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