Mekness is an unregulated forex broker that claims to be reshaping the investment world making it simple for traders to invest. Read this mekness.com review before deciding to trade with them.
It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared towards deceiving traders and stealing their funds. Therefore, considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
According to their website, Mekness is a tradename of Mekness LLC registered at Saint Vincent and the Grenadines. They trade assets such as forex, commodities, indices, stocks and ETFs and cryptocurrency.
Why you should avoid this broker.
We found the following disturbing information about mekness.com after going through the website.
Mekness.com licensing and regulation.
An important aspect of our review is to find out whether or not a broker holds a license from any of the recognized forex regulatory authorities. First, look at the region or location where the company or broker claims to be based, then we check the commission or authority regulating trade there to know whether that company has been listed among their regulated companies or not. For instance, FCA is the regulatory body overseeing the operations of forex brokers located in the UK while Australian forex brokers should be regulated by ASIC.
This broker says that they are licensed and registered in Saint Vincent and the Grenadines. However, one thing to take note of is that authorities in Saint Vincent and the Grenadines does not issue licenses or regulate the activities of brokers located there. This is why it serves as a hiding place for unreliable brokers.
Mekness deposit and withdrawal method.
This broker accepts a minimum deposit of $10 and the minimum withdrawal is $50, However, and the withdrawing less than $50 attract a processing fee of $10. They also charge 15% of the withdrawal if a withdrawal is requested before commencing a trade volume of 3.0-1K. Such an outrageous charge is one of the reasons you should stay away from this broker.
The payment methods stated on their website are Visa, Mastercard, Bank wire, Perfect money, Neteller and Skrill. Unfortunately, the only payment method available is cryptocurrency. The disadvantage cryptocurrency deposits is that it does not permit traders to request for refund. There is no way to trace transactions made through cryptocurrencies. This is enough reason to show that this broker is unreliable and you should stay away from this broker.
mekness trading platform.
Mekness.com offers the popular MT 5 platform. Metatrader 4 and 5 platforms have become popular due to the fact that they are user friendly and can supports device such as Android, iOS and many others. The availability of the Metatrader platform is one of the things you should look out for before deciding to trade with any broker. However, this does not mean that any broker that offer these platforms is a legit broker.
Another red flag is that they offer a leverage of up to 1:500. This is higher than the standard leverage permitted by forex regulators. It is important to note that while some leverages may seem generous, it is not advisable. They also offer a spread of over 1 pips. High leverages and tight spread as this can lead to huge loss of funds for inexperienced traders.
Conclusion: Is mekness.com worth trading with?
No. mekness.com is not among our trusted forex brokers. Moreover, they are not regulated by any of the recognized regulators. Therefore, trading with this broker will result to loss of funds. We advise you to only trade with brokers that are licensed and regulated by a reputable authority.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry. They offer trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Most importantly, the Financial Conduct Authority(CFA) in the UK as well as ASIC in Australia are the regulators of Fortrade. This makes makes client funds safe. They accept traders worldwide..visit their official website