MXC Group Is Not At Its Registered Address In Malaysia
Broker:
MXC Group
Date of
visit: July 18th, 2019
Conclusion:
the broker's office is not at the registered address
On-the-spot
investigation
According
to the regulatory information from LFSA(Labuna Financial Services Authority),
the licensed office of MXC Group in Malaysia is at Unit Level 14 (B) & 14
(C), Main Office Tower, Financial Park Labuan Complex, Jalan Merdeka, 87000
Labuan F.T. Recently, WikiFX team visited the forex broker in Malaysia.
We saw a
beautiful lobby as we arrived at the Financial Park Labuan Complex. But we
couldn' t find MXC Group when we reached level 14, as 14(B)&(C) which was
supposed to be the broker's office turned out to Regus Management instead. The
company staff told us that although MXC Group registered with this address, the
broker's office wasn' t here, nor did its employees work in the building.
Analysis
Lately,
WikiFX received several calls from investors, reporting certain Malaysian
brokers whose physical addresses didn' t match their regulatory information. As
Malaysia's capital, the fast-growing Kuala Lumpur is becoming another financial
hub in Southeast Asia besides Singapore, and the local forex industry has
consequently experienced dynamic development. However, such a rapid expansion
led to many quality issues. Some Malaysian brokers are exploiting regulation
loopholes, holding LFSA licenses while
their real conditions, such as office addresses, failed to match regulatory
information. The situation has left many investors confused and doubtful.
Started
in forex brokerage in 2015, MXC Group received LFSA's STP license in 2017. The
broker currently focuses on forex brokerage and CFD trading. Despite its
self-claimed highlights on the official website, MXC Group has been poorly
rated by investors. The broker's website and regulatory information both showed
the same office address, but WikiFX found through investigation that the
alleged location belongs to another company's office instead, and MXC Group is
under a “cloned” address.
The
visit reveals a tendency of Malaysian forex industry to pursuit instant success
and benefits in their development, as well as the forex regulation deficiency
of the country. Having just successfully concluded a finance exhibition in
Kuala Lumpur this July, WikiFX hopes that such events will not only establish a
knowledge sharing and business exchange platform for investors, but also
promote the steady and sound development of Malaysian forex industry.
Conclusion
According
to the WikiFX App, MXC Group is currently under regulation, holding an STP
license issued by LFSA one year ago. The broker, rated at 1.93 on WikiFX App,
is suspected of operating in overrun business. WikiFX reminds investors to
avoid choosing such low rated brokers for the safety of your assets.
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