Main Group FX Broker Review

　　

Main Group FX 2025 Review: Everything You Need to Know

　　Summary: Main Group FX has garnered a largely negative reputation among users and experts alike, with many labeling it a scam following the revocation of its Australian Securities and Investments Commission (ASIC) license in September 2023. Key issues include poor withdrawal experiences, high fees, and a lack of transparency regarding its operations.

　　Note: It is crucial to consider that Main Group FX operates under multiple entities across different regions, which can complicate its regulatory status. This review aims to provide a fair and accurate assessment based on available information.

　　

Rating Overview

Criteria	Rating (out of 10)
Account Conditions	3
Tools and Resources	4
Customer Service and Support	2
Trading Setup (Experience)	3
Trustworthiness	1
User Experience	2

　　How We Rate Brokers: Ratings are based on a comprehensive analysis of user reviews, expert opinions, and factual data regarding the broker's offerings.

　　

Broker Overview

　　Founded in 2018, Main Group FX is a CFD broker that claims to offer a range of trading services, including forex, stock indices, commodities, and precious metals. The broker primarily operates on the MetaTrader 4 (MT4) platform, which is popular for its user-friendly interface and extensive charting tools. However, the broker's regulatory standing has come under scrutiny, especially after its ASIC license was revoked, raising serious concerns about its legitimacy and trustworthiness.

　　

Detailed Analysis

　　

Regulatory Status

　　Main Group FX was previously licensed by ASIC but had its authorization revoked on September 21, 2023. This revocation means that the broker is currently unregulated, which poses significant risks for traders. According to BrokersView, the lack of regulation means that clients' funds are not protected by any legal framework, making it unsafe to deposit money with this broker.

　　

Deposit and Withdrawal Options

　　Deposits can be made using various methods, including credit cards and cryptocurrencies. However, users have reported difficulties with withdrawals, often citing delays and excessive documentation requirements. One user shared their experience on TradersUnion, stating, "Withdrawing funds was a nightmare with endless checks and delays." This sentiment is echoed across multiple reviews, indicating a systemic issue with the broker's withdrawal processes.

　　

Minimum Deposit and Promotions

　　The minimum deposit for opening an account with Main Group FX is reported to be around $250. However, many users have expressed concerns about hidden fees and the lack of clear promotional offers. Some reviews suggest that the broker employs high-pressure sales tactics to encourage further deposits, which is a common red flag in the industry.

　　

Tradable Asset Classes

　　Main Group FX offers a variety of trading instruments, including forex pairs, stock indices, commodities, and precious metals. However, the absence of cryptocurrency trading options may deter some traders. The spreads offered can be competitive, but users have reported that they often widen during volatile market conditions, making trading less favorable.

　　

Costs (Spreads, Fees, and Commissions)

　　The broker's cost structure appears to be less transparent than that of its competitors. While some accounts offer spreads starting from 0.0 pips, users have noted that these conditions are not consistent and often come with hidden fees. A review from WikiFX mentions that the broker charges a fee for inactive accounts, which adds to the overall cost of trading.

　　

Leverage

　　Main Group FX offers leverage up to 1:300, which is considerably high and raises concerns about the potential for significant losses. High leverage can amplify profits but also increases the risk of losing one's capital quickly. Experts generally advise caution when dealing with brokers that provide such high leverage, especially if they are unregulated.

　　

Allowed Trading Platforms

　　The primary trading platform for Main Group FX is MT4, which is well-regarded in the trading community. However, the absence of MT5, which offers more advanced features, could be a drawback for some traders. The platform is accessible via desktop and web, but users have reported technical issues, particularly during high-traffic trading times.

　　

Restricted Regions

　　Due to its unregulated status, it's unclear which regions Main Group FX operates in without restrictions. Many reviews suggest that traders from various countries have faced issues, particularly regarding withdrawals and account management.

　　

Available Customer Support Languages

　　Main Group FX offers customer support primarily in English, which may limit accessibility for non-English speakers. Users have reported that reaching customer support can be challenging, with long wait times and unhelpful responses.

　　

Final Rating Overview

Criteria	Rating (out of 10)
Account Conditions	3
Tools and Resources	4
Customer Service and Support	2
Trading Setup (Experience)	3
Trustworthiness	1
User Experience	2

　　In conclusion, the overwhelming sentiment regarding Main Group FX is one of caution. The broker's unregulated status, coupled with numerous negative user experiences, suggests that potential traders should consider alternative options. As always, it is essential to conduct thorough research and choose a broker that offers both security and reliability.