ALERT! Morfin FX - The Scammer is Operating without a License

In a forex market rattled with scams, you cannot pick any forex broker for trading without doing your due diligence. The scams can run into millions, making you financially and mentally disturbed. One such forex broker that is making the news is Morfin FX. It indeed has a nice trading software by which you can trade. But is it a safe bet? Does it carry any license? Can you withdraw money from it? All these are pertinent questions in the context of your potential forex journey with it. Let us tell you first that it is a SCAMMER. Today, we will expose this broker who has been intentionally scamming traders all over.

What‘s the Regulatory Status of Morfin FX?

The biggest red flag is that it does not carry any license. It is not regulated. Despite that, it has been in the market for two to five years, duping many around the world. It’s an offshore broker with its office reported to be in Saint Vincent and Grenadines. It has an MT4/5 trading software through which traders transact.

Can You Withdraw Funds from Morfin FX?

Morfin FX has disallowed many from withdrawing their funds. They only ask for deposits. It uses crypto for deposits and withdrawals. Instead of paying withdrawal heeds, it asks traders to deposit more. If its clients insist on withdrawals, it abandons them and stops responding to their queries, resulting in an expanded list of unhappy customers.

Its Blacklisted by FCA

In a major blow to Morfin FX, the Financial Conduct Authority (FCA) has blacklisted the forex broker. For all those new to the forex market, FCA is an independent regulatory body that oversees the financial services industry in the United Kingdom. It endeavors to protect customers by enabling an ecosystem of transparent products and services.

Owner‘s Name Missing on the Website

What further adds to the suspicion is that the website does not have the owner’s name. Any credible forex brokerage company would have no hesitation in showing its owners on the website. By showing owners and their words, the trust factor widens among the customers for the brand.

Beware! Morfin FX May be Going Through Your Social Profiles Before Contacting You

Morfin FX tends to read users social media profiles on various platforms, get an idea of their likes and dislikes, and initiate talks with them through its executives. Through these platforms, it acquires maximum customers and then plays the dirty game it is infamous for. The lack of withdrawal permission and prompt for more deposits helped Morfin FX trap many investors.

What Does WikiFX Have to Say About Morfin FX?

WikiFX, a leading broker information app, has prepared a sheet for Morfin FX that hints at the risks it poses to investors trading through its platform. With an abysmal score of 2 out of 10 and no license, the writing seems to be on the wall. Its to avoid until it gets business ethics in order.