Looking for your first step into the financial markets? Main Group FX promises to be just that. Before you take the plunge, beware. Despite claiming to offer an unparalleled trading experience, many traders have found themselves disappointed by the services provided by this broker. In this review, we’ll check what the company has to offer and whether it is a scam.
- Main Group FX General Information
- Registration and Client Portal Review
- Main Group FX Trading Conditions
- Account Types Review
- Trading Platform
- Main Group FX — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is Main Group FX a Scam?
- Legal Information and License
- Maingroupfx.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Main Group FX General Information
| Website | https://maingroupfx.com/ |
| Phone Number | +61283207733 |
| support@maingroupfx.com | |
| Address | — |
| License | ASIC |
| Minimum Deposit | $250 |
| Assets | CFDs |
| Leverage | Up to 1:300 |
| Trading Platform | MT4 |
Registration and Client Portal Review
Upon reviewing the official website of Main Group FX, it seems to be rather strange for a broker that claims to be a provider of new trading solutions. The platform is entirely standard and unremarkable, with the typical dark background, bull and bear images, charts, scrolling ticker tape with quotes, and so on. We were unable to find any innovations here, and it is worth noting that the content on the website is only in English.
The registration process at the broker is also peculiar. The application form looks quite typical, requiring you to provide personal information, contacts, address, date of birth, and so on. However, the Main Group FX does not verify your details during registration, which is unusual, particularly for an ASIC-licensed broker.
In any case, upon completing the registration, you will immediately access the Client Portal, which is relatively standard. The typical functions are available, such as account management, deposit and withdrawal options, trading history, and customer support.
Main Group FX Trading Conditions
Main Group FX is very confident in assuring traders that they can become professionals here. Apparently, at least for beginners, there should be attractive trading conditions.
Account Types Review
So, Main Group FX has four types of accounts. As always, they are typically divided into Silver, Gold, Platinum, and VIP. The minimum deposit for a Silver account is $250. The next Gold account needs to be funded with $5,000. The minimum deposit on a Platinum account is $10,000, and on a VIP account, it’s $50,000. The size of the leverage also increases with the account status. In VIP, it is already 1:300. It would be interesting to understand how the Australian ASIC regulator allows such leverage.
Meanwhile, spreads and commissions also decrease on each account. And yes, you understood correctly. Main Group FX charges both: commissions and spreads from its clients.
Trading Platform
Main Group FX offers its clients the opportunity to trade on the widely-used MetaTrader 4 (MT4) platform. MT4 is a popular choice among traders due to its user-friendly interface, customizable charts, and a wide range of technical analysis tools. Traders can also use automated trading strategies or Expert Advisors (EAs) through the platform’s MQL4 programming language.
However, it is worth noting that MT4 is an older platform and has limitations regarding functionality when compared to its successor, MetaTrader 5. For instance, MT5 supports more types of orders, offers a wider range of technical indicators, and provides more advanced charting tools. Additionally, MT5 is faster and more efficient than MT4, which is particularly important for high-frequency traders.
Main Group FX — Deposit and Withdrawal of Funds
You can fund your account with Main Group FX using several methods. Among them, the broker offers various cryptocurrencies, Paytiko, and Paypound systems. You can also make a deposit through credit cards, but not directly. You can only buy BTC with a credit card and then transfer crypto to the broker. As you can see, the deposit methods offered by Main Group FX are also unusual. The majority of them are cryptocurrencies and lesser-known electronic payment systems.
Verification
In the Client Portal, you can upload only one document. Additionally, you will be required to provide your bank account details, for some reason. Even though bank transfers are not used for deposits. Main Group FX does not specify how long it takes to verify documents.
Additional Options
Main Group FX definitely has an affiliate program. One of its branches is the Introducing Broker program. However, no additional services are specified. Nevertheless, the website contains quite a few educational articles. Although, we wouldn’t say that they are very useful for traders.
Is Main Group FX a Scam?
As we’ve already mentioned, the broker doesn’t seem very promising. Let’s check if it’s safe to trust it with your money.
Legal Information and License
Main Group FX claims to operate officially under the laws of Australia. They state that they are a registered and authorized representative of MGF Capital PTY LTD. There is indeed a company with this name in the registry, and they do have a representative from Main Group FX. This means that the broker operates legally. However, we are puzzled as to how they can offer such huge leverage to their clients. This is definitely prohibited by the regulator. In this case, as soon as the supervisory authority finds out about this, Main Group FX will be punished. Or perhaps the broker has another legal entity that they do not disclose, such as an offshore one.
Maingroupfx.com Domain Info
Based on information from the registry, the Main Group FX brand appeared on February 23, 2023. As you can understand, it’s very recent. It was even more surprising to discover that the broker’s domain appeared a year earlier. This means that for almost a year, the broker provided services without the corresponding permission. And considering that it still violates the regulator’s requirements, this broker becomes a very questionable option for cooperation.
Contacts Review
Main Group FX offers a phone number and email for communication. However, it’s strange that the broker does not provide any physical address, especially if it operates legally. However, it’s unlikely that most traders would want to travel to Australia to personally open an account in the office. Additionally, the company suggests reaching out to support via social media platforms such as Twitter or Instagram.
Pros and Cons
- Regulated legal entity.
- Short lifespan
- No additional services
- Unfavorable trading conditions
- High leverage
- Negative reviews.
Frequently Asked Questions (FAQ)
Main Group FX offers CFD trading on different groups of assets.
According to trading conditions of Main Group FX, the minimum deposit is $250.
This broker should be safe. However, as we have already said, we are very confused by some points. So, when deciding to cooperate with Maun Group FX, you should not invest more than you can afford to lose.
I've heard of this brokerage.
I haven’t traded myself, but I’ve heard a lot of bad things about the company. The withdrawal process is very slow. Employees like to call customers and bother them with their offers. The verification process is a separate issue. You have to go through it in advance. If you try to do it when you want to withdraw your funds, they will torture and drag you along, not allowing you to withdraw your money.
Got caught in a specific scam by Main Group FX.
Here’s how it happened. I deposited $500 here. The next day, a manager called and offered me the services of a personal consultant-expert with over 20 years of experience in the market. He was supposed to be a good teacher and had a degree in psychology. Well, I listened and agreed to his help. But in return, I had to deposit $3,000, which I did. We started trading, and for the first two months, it went more or less well. I even made a profit of $400, of which they advised me to withdraw $200. So that I could feel the smell of money, the thirst for profit, and lose vigilance. After that, in the third month, I had a 20% drawdown on my deposit. The consultant said not to worry, it’s a normal situation. But the situation did not improve, only worsened. In the fourth month, I had a 70% drawdown on open positions, and there were no improvements. I asked the expert, “Can I close my positions?” He said, “No, either add more money to your account or wait.” I decided to wait and ended up getting a margin call on my entire deposit. By the way, after that, the manager stopped trading with me, as I did not listen to him and did not deposit additional funds into my account. That’s how they scammed me here. Lost $3,000.