MMA FOREX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://mmaforex.com/open-real-account.php, about the company's legal and temporary regulatory information, the company's address 30th Wall Street, 11th Floor New York, NY 10005 New York, NY, USA.
MMA FOREX Forex Broker
Basic Information
United States
5-10 years Suspicious Regulatory License Self-developed Suspicious Scope of Business High potential riskCompany profile
Rating Index
MMA Forex Broker - Complete Information Guide
1. Broker Overview
MMA Forex, officially known as MMA Forex Markets Limited, was established in 2016. The company is headquartered in Mai Tower, Baghdad Street, Al Nahda 1, Dubai, UAE. It operates as a private entity and primarily serves the retail forex trading market, targeting individual traders and investors.
The company has a complex history, having previously been involved in a significant fraud case between 2011 and 2013, where it reportedly scammed investors for approximately AED 40 million (around $11 million). This history raises concerns about the current iteration of the broker, despite claims of a new management team.
MMA Forex offers a variety of trading services, including forex trading, and claims to provide access to multiple currency pairs and financial instruments. However, the lack of regulatory oversight and the previous fraudulent activities associated with the brand have led to skepticism regarding its operations and trustworthiness.
The business model of MMA Forex focuses on retail forex trading, providing clients with trading platforms and market access to engage in speculative trading activities. Despite its efforts to re-establish its reputation, the company has faced significant challenges due to its past.
2. Regulation and Compliance Information
MMA Forex claims to be regulated in various jurisdictions, including the EU, Japan, Australia, and the British Virgin Islands. However, thorough checks with multiple regulatory bodies have failed to verify these claims, leading to the conclusion that the broker is unregulated. The absence of specific registration numbers and the mention of multiple regulators without substantiation further exacerbate concerns about its legitimacy.
The lack of regulation means that MMA Forex does not adhere to the necessary client fund protection measures, such as maintaining segregated accounts and participating in investor compensation schemes. This places clients' funds at significant risk, as there are no safeguards in place to protect against potential broker insolvency.
Additionally, the company has not demonstrated compliance with essential Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are crucial for ensuring the security and legitimacy of financial transactions.
3. Trading Products and Services
MMA Forex offers a range of trading products, primarily focusing on forex currency pairs. The broker claims to provide access to a selection of major, minor, and exotic currency pairs, although the exact number of available pairs is not specified.
In addition to forex trading, MMA Forex also offers Contracts for Difference (CFDs) on various asset classes, including indices, commodities, and stocks. However, the specifics of these offerings, such as the types of indices or commodities available for trading, are not clearly outlined.
The company appears to have a limited selection of products compared to industry standards, and there is no indication of regular updates or additions to its product lineup. Retail trading services are emphasized, but there is little information regarding institutional services or white-label solutions, which may limit its appeal to professional traders.
4. Trading Platforms and Technology
MMA Forex supports the MetaTrader 4 platform, a widely recognized trading platform among forex traders. However, there is no mention of support for MetaTrader 5. The broker claims to offer various trading platforms, but reports indicate that demo versions and other platforms were not accessible during evaluations, raising concerns about the reliability of its technological infrastructure.
The broker provides a web-based trading platform, but specific details about its features and functionalities are lacking. Mobile trading applications for both iOS and Android are also mentioned, yet the extent of their capabilities remains unclear.
MMA Forex operates on an ECN (Electronic Communication Network) or STP (Straight Through Processing) model, yet there is no detailed information about its execution methods or server locations. The absence of transparency regarding its technical infrastructure and API access for automated trading further diminishes trust in the broker's operations.
5. Account Types and Trading Conditions
MMA Forex requires a minimum deposit of $300, which is above the industry average, as many brokers offer lower or no minimum deposit requirements. The broker offers standard account conditions, including variable spreads, but specific details on spreads and commissions are inconsistent across different sections of their website.
The maximum leverage offered is 1:200, which aligns with industry standards, allowing traders to amplify their positions. However, higher leverage increases the risk of significant losses, and potential clients should be cautious.
MMA Forex claims to offer various account types, including VIP and Islamic accounts, but detailed information on the features and benefits of these accounts is not readily available. The lack of clarity regarding minimum trade sizes and overnight fees adds to the uncertainty surrounding the trading conditions.
6. Fund Management
MMA Forex supports a limited range of deposit methods, primarily focusing on bank transfers and credit/debit cards. The minimum deposit requirement varies by account type, with the standard account necessitating a $300 deposit.
Deposit processing times are not explicitly stated, and there is no clear information on any potential deposit fees. Withdrawal methods include the same options as deposits, but details regarding withdrawal limits, processing times, and associated fees are not provided.
The absence of transparent information regarding fund management practices raises concerns about the safety and accessibility of client funds.
7. Customer Support and Educational Resources
MMA Forex offers customer support through various channels, including telephone, email, and online chat. However, specific details about the availability of support services, including hours of operation and time zone coverage, are not clearly mentioned.
The broker claims to provide multi-language support, but the languages offered are not specified. Educational resources appear to be limited, with no clear offerings of webinars, tutorials, or e-books to assist traders in enhancing their skills.
Market analysis services, including daily analyses and research reports, are not prominently featured, which could hinder traders seeking informed decision-making tools. Additionally, the availability of trading tools such as calculators and economic calendars is not clearly stated.
8. Regional Coverage and Restrictions
MMA Forex primarily targets clients in the UAE and surrounding regions, but specific details about its service markets and regional offices are not well-defined. The broker does not accept clients from certain countries, but a comprehensive list of restricted regions is not provided.
Special restrictions may apply based on the regulatory landscape in various jurisdictions, affecting the ability of potential clients to engage with the broker.
In conclusion, while MMA Forex presents itself as a forex broker with diverse offerings, its past fraudulent activities and current lack of regulatory oversight raise significant concerns regarding its trustworthiness and reliability. Prospective clients should exercise caution and conduct thorough research before engaging with this broker.