MCCM foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://trader.mcc-markets.com/registerlive, about the company's legal and temporary regulatory information, the company's address 201 Church Street, Sandyport, Nassau, Bahamas.
MCCM Forex Broker
Basic Information
Bahamas
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Pros
Multiple trading instruments available, including forex, indices, cryptocurrencies, and commodities.
Variety of account types to cater to different trading styles and experience levels.
Access to the Metatrader 5 platform, which offers advanced trading tools and features.
Cons
Unregulated status raises concerns about the safety and security of client funds.
Inaccessible website may hinder users from accessing important information and services.
Reports of poor customer support, including issues with fund withdrawals and responsiveness.
MCCM Forex Broker - Complete Information Guide
1. Overview of the Broker
MCCM, officially known as MCC Markets, was founded in 2020. The broker is headquartered in Nassau, Bahamas, specifically at 201 Church Street, Sandyport. MCC Markets operates as a private company and focuses primarily on providing services to retail forex traders, institutional clients, and investors interested in various financial instruments.
Since its establishment, MCCM has aimed to cater to a diverse clientele, offering a range of trading options that include forex, indices, cryptocurrencies, precious metals, and commodities. The company has made significant strides in its short history, positioning itself as a player in the competitive forex market. However, it is important to note that the broker has faced scrutiny regarding its regulatory status and operational transparency.
MCCM operates under a retail forex business model, offering various account types to meet the needs of different traders. The broker utilizes advanced trading platforms, including the widely recognized MetaTrader 5 (MT5), to facilitate trading for its clients. Despite its relatively recent entry into the market, MCCM has established a presence, but potential clients should be aware of the risks associated with trading through an unregulated broker.
2. Regulation and Compliance Information
MCCM is currently unregulated, which raises significant concerns for potential traders. The broker has claimed to be regulated by the Securities Commission of the Bahamas (SCB); however, there is no verifiable record of active registration or licensing. This lack of oversight means that MCC Markets does not adhere to financial regulatory guidelines, leaving its operations without the protections typically afforded to clients of regulated brokers.
As a result, clients engaging with MCCM should be aware of the following risks:
- No valid regulatory information: The absence of a regulatory license poses a high potential risk for traders.
- Client fund segregation: There is no assurance regarding the segregation of client funds, which is a standard practice among regulated brokers.
- Lack of investor compensation schemes: Without regulation, clients are not protected by compensation funds that typically safeguard investors in the event of broker insolvency.
- KYC and AML compliance: MCCM's adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) measures is unclear, which can further expose clients to risks.
MCCMs unregulated status and lack of transparency in its operations should be a significant consideration for any potential clients evaluating the broker.
3. Trading Products and Services
MCCM offers a variety of trading products to its clients, which include:
Forex Trading: The broker provides access to a wide range of currency pairs, including major, minor, and exotic pairs. The total number of forex pairs available is over 40.
CFDs: MCCM offers Contracts for Difference (CFDs) on various assets, including:
Indices: Clients can trade on major global indices.
Commodities: The broker provides access to commodities like gold, silver, and oil.
Precious Metals: Trading options include gold and silver.
Cryptocurrencies: MCCM allows trading in several cryptocurrencies, although the specific offerings may vary.
MCCM's product range is designed to cater to different trading strategies, from beginners to advanced traders. The broker claims to regularly update its product offerings, although specific details on the frequency of updates or the introduction of new products have not been disclosed. The availability of diverse trading instruments positions MCCM as a versatile broker for traders looking to explore various markets.
4. Trading Platforms and Technology
MCCM supports the MetaTrader 5 (MT5) trading platform, which is popular among forex and CFD traders for its advanced features and user-friendly interface. The platform is accessible across multiple devices, including:
- Web-based trading: Traders can access their accounts through a web browser without the need for software installation.
- Desktop applications: MT5 is available for download on Windows, Mac, and Linux operating systems.
- Mobile applications: The broker provides mobile trading apps for both iOS and Android, allowing traders to manage their accounts and execute trades on the go.
In terms of execution models, MCCM claims to offer ECN and STP trading options, which are designed to provide direct market access and competitive spreads. The broker's servers are reportedly located in the United States, which may impact latency and order execution speeds.
MCCM also supports automated trading through Expert Advisors (EAs) on the MT5 platform, allowing traders to implement algorithmic trading strategies. However, specific details regarding API access or additional technological features have not been provided.
5. Account Types and Trading Conditions
MCCM offers several account types to cater to different trading needs:
Standard Account: Requires a minimum deposit of $50, with a maximum leverage of 1:30 and basic features suitable for beginner traders.
STP Account: Requires a minimum deposit of $100, offering straightforward trading with a maximum leverage of 1:30.
ECN Account: Requires a minimum deposit of $500, providing direct market access and competitive spreads, with a maximum leverage of 1:500.
VIP Account: Requires a minimum deposit of $10,000, designed for professional and institutional traders, offering premium services and tighter spreads.
The trading conditions across these accounts vary, particularly concerning minimum deposits, leverage, and spreads. The broker also allows for a minimum trade size of 0.01 lots, making it accessible for traders with limited capital. However, specific details regarding overnight fees and commission structures are not clearly outlined.
6. Fund Management
MCCM supports several deposit methods, making it relatively easy for clients to fund their trading accounts. These methods include:
Bank Transfer: Minimum deposit of $50, typically processed within 1-3 business days.
Credit/Debit Cards: Minimum deposit of $50, processed instantly.
E-wallets: Options like Skrill and Neteller are available, with a minimum deposit of $50, also processed instantly.
Cryptocurrency (Tether): Minimum deposit of $50, processed instantly.
While deposits are generally free, the broker does not specify any withdrawal fees or processing times clearly. Clients should be aware that withdrawal methods may be limited, and the processing time can vary based on the chosen method.
7. Customer Support and Educational Resources
MCCM provides customer support through multiple channels, including:
Email: Clients can reach out via cs@mcc-markets.com for inquiries.
Live Chat: Available on the website for immediate assistance.
Phone Support: Though specific contact numbers are not provided, this option is typically available.
The support service operates during standard business hours, but specific time zones and multilingual support options are not clearly outlined.
In terms of educational resources, MCCM offers limited materials. There are no comprehensive training programs, webinars, or tutorials available, which may be a drawback for novice traders seeking to enhance their skills.
8. Regional Coverage and Restrictions
MCCM primarily serves clients from various regions, including the Bahamas and other international markets. However, the broker does not accept clients from certain countries, which may include the United States and Canada, due to regulatory restrictions.
The lack of clear information on regional offices and specific country limitations may pose challenges for potential clients looking to engage with the broker.
In conclusion, while MCCM offers a range of trading products and services, potential clients should carefully consider the risks associated with trading through an unregulated broker. The absence of regulatory oversight, combined with limited customer support and educational resources, may impact the overall trading experience.
MCCM broker presents an intriguing option for traders, but due diligence is recommended before engaging with the platform.
MCCM Similar Brokers
Latest Reviews
Nguyen Kim Thu
Vietnam
Michael Chen, a China national, the CEO of MCC Markets, is a notorious scammer in the forex industry. He deceitfully presented himself as the Co-Founder of MCC Markets in the past, using this guise to orchestrate his fraudulent activities. Operating as a broker, Michael Chen established MCC with the sole intention of unlawfully seizing clients' assets. He cunningly cultivated the image of a successful CEO in the FX industry and developed relationships with IBs (Introducing Brokers) in Southeast Asia. His scamming method involved convincing IBs to promote MCC as a reputable and affordable broker for investors. Once IBs began bringing in clients, Michael engaged in a nefarious scheme of obstructing fund withdrawals for clients with baseless excuses. He then coerced the IBs to keep recruiting new customers to handle the backlog of unresolved withdrawal requests. However, even as new clients were brought in, Michael continued to delay payments to the older clients. On 12 July 2023, Michael made an official announcement that he was resigning from his position at MCC, despite still holding shares in the company. When confronted by the IBs about the pending withdrawal orders, he audaciously claimed that MCC had gone bankrupt, leaving the customers without access to their funds. The amount of money he fraudulently appropriated in Southeast Asian countries is estimated to be around USD$500k till date and this sum may be significantly higher due to many unreported victims among the IBs. In light of these appalling actions, it is evident that Michael Chen is a dangerous scammer, causing financial harm to innocent investors and IBs in the forex industry. Please beware of him as he may join another broker or open another brokerage under a different name to start scamming people again.
Exposure
2023-07-24
Nguyen Kim Thu
Vietnam
Michael Chen, Chinese nationality, CEO of MCC Markets, is a scammer in the forex industry. Previously, he falsely claimed that he was Co-Founder of MCC Markets, using this guise to carry out his fraudulent activities. Operating as a broker, Michael Chen established MCC with the sole purpose of illegally appropriating clients' assets. He deftly portrayed the image of a successful CEO in the Forex industry and established relationships with IBs (Introducing Brokers) in Southeast Asia. His scam method involved convincing IBs to promote MCC as a reputable and affordable broker for investors. When IBs began to lure customers, Michael was involved in a nefarious plan to prevent clients from withdrawing money using baseless excuses. He then forces IBs to continue to find new customers to handle the unresolved backlog of withdrawal requests. However, even with the addition of new customers, Michael continued to delay the payment of old customers. On July 12, 2023, Michael announced that he would leave MCC, despite still holding shares of the company. When telling IBs about pending withdrawals, he claimed that MCC had gone bankrupt, preventing clients from accessing their accounts. The amount he defrauded in Southeast Asian countries is estimated at around $500,000 to date and this amount could be significantly higher due to many unreported victims among these major IBs. Obviously, Michael Chen's behaviors are shocking. But IBs are innocent in forex industry. Be careful with him because he can join another broker or open another broker under a different name to start scamming people again.
Exposure
2023-07-21
Fortenor
United States
MCCM's got a bunch of account types that fit different traders' needs, and their customer support team is really on it, quick to help out whenever I've got a question.
Positive
2024-07-18
Aoi M., Oita
Colombia
Trading signals are useful. They don't guarantee success, but they've definitely helped me see possible trades I might have missed on my own.👍👍👍
Positive
2024-06-27
TradeMax11
United States
MetaTrader 5 is solid—no complaints there. But the whole unregulated thing does make me a bit uneasy. I'm keeping my trades small and not putting in more than I can afford to lose, just to be safe! Customer service is alright; they get back to me but could definitely be quicker.
37130
2024-06-21
Duc Sama
Vietnam
The exchange reported an error that the account could not be logged in to withdraw! I texted support but they told me not to withdraw!
Exposure
2023-08-01