MayFairPlus Review: A Provider of Professional Trading Opportunities or SCAM?

MayFairPlus - logo
Rating:
1.2

MayFairPlus positions itself as a provider of professional trading opportunities accessible to everyone, emphasizing long-term investment prospects. The company boasts over 9 years of experience in the industry. However, the question arises: is it truly a reliable platform that delivers on its promises, or is it concealing potential scams beneath its seemingly reputable facade? Let’s delve into our comprehensive review to scrutinize its offerings, services, and overall legitimacy.

MayFairPlus General Information

Website https://mayfairplus.com/
Phone Number
Email
Address Newmount House, Mount Street Lower, Dublin 2, D02 Y759, Ireland
License
Minimum Deposit £250
Assets CFDs
Leverage Up to 1:1000
Trading Platform WebTrader

Registration and Client Portal Review

MayFairPlus welcomes visitors with a mysterious site, adorned with an artistically outstretched hand showcasing charts and quotes. This visual narrative unmistakably signals the platform’s focus on trading. Well, thanks. However, the website provides scant information about the company itself, and the lack of language diversity is notable, with the site exclusively available in English. While legal details are present, they remain sparse. Notably, account descriptions seem to be the sole source of relatively useful information available on the site. In the absence of comprehensive data, users are advised to scrutinize these account details for insights into the platform’s offerings.

MayFairPlus - website

MayFairPlus offers a quick registration process, requiring users to fill out a concise form with essential contact details. Optionally, a promo code can be entered. Strikingly, the broker doesn’t send any confirmation to the provided email or phone, granting immediate access to the user’s personal account. This swift process raises concerns as it potentially compromises the security and verification measures crucial for a reliable trading platform.

Register

Upon entry, the MayFairPlus personal account unveils a disappointingly rudimentary design, bordering on garish. While basic functionalities are present, the interface lacks refinement. Users may access the trading terminal, but beyond that, the features appear to be rather limited. The overall design and user experience fail to instill confidence or provide a seamless interaction for traders.

MayFairPlus - Client Portal

MayFairPlus Trading Conditions

We are pleased to move on to the broker’s trading conditions. Perhaps they will delight us with something exceptional.

Account Types Review

Embarking on a scrutiny of MayFairPlus’s trading conditions, the initial revelation is indeed surprising. Brace yourself – MayFairPlus offers a staggering selection of 8 trading accounts! The sheer number raises eyebrows and seems to border on the absurd.

To initiate trading on the platform, you can opt for the Standard account, demanding a minimum deposit of £250. However, this is where the democratic approach to minimum deposits concludes. Subsequent accounts required more substantial commitments: £2,500 for the Student account, escalating to £10,000, and the TOP account boldly demanding a minimum deposit of one million. An amusing twist comes with the TOP account offering a leverage of up to 1:1000, especially comical when applied to major forex pairs. This suggests a lack of connection to the real interbank market, as such high leverage is uncommon in legitimate trading circles.

Notably absent from the account descriptions are details about spreads, while attention is diverted towards additional services and leverage across various assets. The excessively high leverage, particularly for reputable regulators, raises concerns. Deposit bonuses are also part of the package.

Trading Platform

Delving into the intricacies of MayFairPlus’s trading platform reveals a lackluster and restricted interface that leaves much to be desired. The platform, operating as a conventional web trader, boasts only a modest array of features, making it a far cry from the comprehensive tools offered by more sophisticated platforms.

While it allows for the basic functionality of drawing lines on charts, the absence of a diverse set of technical indicators is conspicuous. This limitation significantly hampers the analytical capabilities of traders.

Reports from traders further underscore the platform’s drawbacks, with frequent complaints about functionality issues and occasional lagging.

WebTrader

MayFairPlus — Deposit and Withdrawal of Funds

MayFairPlus adopts an unconventional approach to payment methods, which, upon closer inspection, raises significant concerns for potential traders. Contrary to the information presented on their website, the company, in practice, accepts only cryptocurrency deposits on its trading platform. This exclusive reliance on cryptocurrencies for funding trading accounts can be perceived as a red flag for several reasons.

The limitations in payment options, excluding traditional methods such as bank transfers or credit cards, may deter a significant portion of potential traders who prefer conventional payment channels. Moreover, the exclusive reliance on cryptocurrencies for both deposits and, presumably, withdrawals introduces a layer of complexity that may be unwelcome for traders seeking a straightforward and accessible experience. Cryptocurrency transactions often involve additional steps and considerations, including wallet management and fluctuating conversion rates, which may pose challenges for traders less familiar with the intricacies of digital assets.

Meanwhile, on the FAQ page, there is extensive information about withdrawing funds using bank transfers and e-wallets. However, in reality, this information seems inaccurate, as our investigation indicates that they only accept cryptocurrencies. This inconsistency adds to the growing list of red flags regarding MayFairPlus.

Verification

The standard verification process is a crucial step to ensure compliance with regulatory requirements and maintain a secure trading environment. Following registration, traders are usually required to submit identification documents for verification. These documents include a government-issued ID (passport or driver’s license), proof of residence (utility bill or bank statement), and, in some cases, a photo of the trader holding their ID.

The submitted documents are then reviewed by the broker’s compliance team. This step ensures that the information provided during registration aligns with the identification documents.

Additional Options

MayFairPlus presents an array of features, including a 25% trade insurance, risk-free trades, and arbitration contracts. However, it is crucial to highlight that these services are often detached from real trading practices. Features like trade insurance and risk-free trades may create a misleading impression of risk elimination, while, in reality, trading inherently involves risks that cannot be completely mitigated. Arbitration contracts, too, might not align with the conventional understanding of trading derivatives. Traders should exercise caution and thoroughly understand the implications of such features before relying on them in their trading strategies.

Is MayFairPlus a Scam?

MayFairPlus indeed has questionable trading conditions. However, the most crucial aspects are yet to be uncovered as we commence the legitimacy check.

As we mentioned earlier, the company divulges very little about itself. Practically, the only known fact is its registration in Ireland. Even this registration is highly doubtful, as the website provides no information other than an Irish address, without a registration number or any jurisdiction details. Of course, we verified the Irish registry and found that there is no entity named MayFairPlus listed. This revelation is quite disappointing, but somewhat expected. The company doesn’t seem to resemble a licensed entity, especially given its colossal leverage. Reputable regulators do not issue licenses with such high leverage.

Legal data check

Mayfairplus.com Domain Info

However, these are not the only issues we uncovered. For instance, there are numerous concerns about the actual experience of this broker. A simple domain check reveals that the official website of this broker was only created on September 26. Can you imagine the relatively brief duration of its actual operation? It’s almost comical to mention.

Domain info

Contacts Review

The broker provides only an address as contact information. Additionally, there’s an option to fill out a contact form. No email address or phone number is provided, which is quite unusual. Reputable brokers typically ensure that clients have multiple means of communication. The lack of this information raises concerns about the broker’s transparency and accessibility.

Pros and Cons

  • MayFairPlus offers a relatively low entry point with a minimum deposit of 250 pounds.
  • The platform presents trading conditions with various assets and instruments.
  • Lack of transparent information.
  • Unverifiable registration.
  • No licensing information.
  •  Limited contact options.
  •  Inconsistent withdrawal methods.

 

2.7 TOTAL SCORE

MayFairPlus Summary

MayFairPlus - favi

MayFairPlus appears to be a questionable brokerage with red flags regarding its registration, licensing, and transparency. The lack of verifiable information raises concerns about the safety and legitimacy of the platform.


Website information content 3
Client Portal 3
Trading conditions 3
Trading platform 4
Deposit and withdrawal 4
Verification 3
Extra options 3
Licenses and guarantees 2
Work duration 1
Feedback 1

Frequently Asked Questions (FAQ)

What Does MayFairPlus Offer?

MayFairPlus provides a trading platform with various assets and instruments for trading.

How Much Money Should I Invest With MayFairPlus?

According to the trading conditions, the minimum deposit is 250 pounds.

Is MayFairPlus Safe?

No, MayFairPlus is not considered safe. The lack of legal registration and licensing suggests that this broker operates outside the bounds of legality and regulatory oversight.

Subhash Mishra
Forex & CFD Trader

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

Subhash is a Bengali who has been trading for 16 years. You will find the most objective reviews of Forex and CFD brokers in his articles.

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Client Reviews

  1. Good-Robin

    Cautious approach

    I wouldn’t consider opening an account with them. The overall impression is questionable. While they offer a demo account, it’s hard to ignore the lack of clarity surrounding their operations. The MayFairPlus platform appears subpar, and the account options are not impressive. It’s unclear who their target audience is, but it seems geared towards unsuspecting individuals.

    Reply
  2. Jean Paul

    Negative feedback

    I recently had the displeasure of dealing with MayFairPlus, and my experience was nothing short of dreadful. It’s beyond comprehension how a brokerage can boast about being the most reliable while conveniently omitting any details about licenses. Legitimate brokers are transparent about their regulatory status, and MayFairPlus’s lack of this essential information raises serious red flags. Their self-proclaimed reliability is nothing more than a hollow claim, and I strongly advise anyone considering this platform to exercise extreme caution.

    Reply
  3. christopher

    SACM

    THESE GUYS ARE THEIVES AND CANNOT BE TRUSTED THEY TOOK £3K FORM ME AND WILL NT RETURN IT EVEN THOUGH I HAVE A CREDIT BALANCE. KEEP AWAY IT IS A SCAM

    Reply
  4. Harold Jones

    Do not invest

    I made a minimum deposit with this company of £201 on 30 November 2023.The company seemed genuine and the agent who handled my account went by the name of Bas van Lanschot who claimed he was a member of the Dutch banking family. The investment increased to around £470 , simultaneously I was pressurised by Van Lanschot to invest more into two separate schemes which he claimed would be profitable and allow him to earn a decent return as my level of investment was too small. I decided that I did not understand crypto currencies or how the money was invested and said so. The pressure by Van Lanschot increased and I then said I wished to terminate my account and to recover my money. Needless to say, to date, the money has not been returned . I would advise anyone reading this not to deal with this company

    Reply
  5. Amanda Bardgett

    Do not send any money

    Seem to be making loads of money until you want to draw some out. Impossible to do. Scammers. I invested £250. They let me take €50 out just to check if it worked. My account is now up to an unbelievable €39,000 but can’t get any money out of them

    Reply