Looking for financial freedom on the markets? Beware of Mysteel UK Limited. Despite their promises, this broker may not be what it seems. Many reviews online suggest it could be a scam. Read on to find out more.
- Mysteel UK Limited General Information
- Registration and Client Portal Review
- Mysteel UK Limited Trading Conditions
- Account Types Review
- Trading Platform
- Mysteel UK Limited — Deposit and Withdrawal of Funds
- Additional Options
- Is Mysteel UK Limited a Scam?
- Legal Information and License
- Mysteelukltd.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Mysteel UK Limited General Information
|Address||110 Bishopsgate, London EC2N 4AY|
|Leverage||Up to 1:100|
Registration and Client Portal Review
The official website of Mysteel UK Limited does not even hint that it is a well-known British broker. The design is rather simplistic, with minimal information about the company, and as usual, plenty of claims about being the best in the industry. The statistics on the homepage also raised many questions, but we will return to that a bit later.
When opening an account on the Mysteel UK Limited platform, it is not the same as opening an account with a licensed British broker. They will only ask you to fill out a small form with personal information. Your email and phone will not be verified, and you will not receive any confirmation codes. Essentially, after filling out the form, you will immediately enter the Client Portal.
There you will find fairly standard functionality. You can change profile settings, deposit or withdraw funds, view trading history, or switch to the web trader.
Mysteel UK Limited Trading Conditions
So, Mysteel UK Limited claims that you should choose it as a trusted broker. We will put this statement to the test.
Account Types Review
It’s not like the broker has the best trading conditions on the market. As experts who understand a little bit about trading, we would close this site immediately. Mysteel UK Limited offers only five types of accounts. The account for beginners will require you to deposit five thousand pounds right away. A decent threshold, isn’t it? Additionally, here you will have a minimum leverage of 1:20 and limited access to assets. Yes, you understood correctly. Mysteel UK Limited also limits your trading opportunities by not providing all assets. The next account must be topped up with 25,000 pounds already. The leverage is higher, and even the spreads are smaller.
Of course, the best conditions are supposed to start with the premium status account. You need to deposit 150,000 pounds here. You will no longer have limitations on assets, and you will be able to trade with the leverage you want. As you can see, instead of speaking to the point, indicating the size of spreads and swaps, as well as commissions, Mysteel UK Limited wastes visitors’ time listing non-market services.
Mysteel UK Limited offers a not-so-luxurious trading platform. It’s just a web trader, which, by the way, is often preferred by scammers. It’s quite easy to use, with a minimalist design and a small set of functions. There are also a few dozen indicators, including graphical ones. Perhaps that’s all that can be said about the platform.
Mysteel UK Limited — Deposit and Withdrawal of Funds
It’s worth mentioning a few words about account funding methods. Mysteel UK Limited claims that there are many options available, and you can choose the most convenient one for you. However, in your Client Portal, you will only be able to enter the amount you wish to transfer to your account. Then you will be thanked for submitting the application and notified that a manager will contact you in the future. In the withdrawal section, there are also not too many available options. You will only be able to withdraw money by wire transfer or through BTC.
The verification process at Mysteel UK Limited involves several steps. You will be asked to provide a copy of your government-issued ID and a recent utility bill or bank statement as proof of address. Once you have submitted this information, Mysteel UK Limited will review it and may request additional documentation if necessary.
There is a whole bouquet of additional options available from Mysteel UK Limited. However, they are not exactly a bed of roses. So, what do we have here? Deposit bonuses up to 100%, a minimum guaranteed ROI, and the assistance of personal financial advisors. We’re not even sure which of these is the most harmless. Perhaps we will focus on the latter. Remember. Brokers cannot offer a minimum guaranteed monthly ROI because market conditions are always changing, and it is impossible to predict or guarantee profits.
Is Mysteel UK Limited a Scam?
Well, just by taking a quick look at the trading conditions, we can say for sure that we are dealing with a scam. However, we won’t stop there and will continue with the exposure.
Legal Information and License
Mysteel UK Limited claims to be registered in England. We have checked all the necessary resources in such cases. So, there is indeed a company with that name in the English registry. It was incorporated in 2017. Moreover, it is even listed on the FCA register. Did we make a mistake in our assumptions?
Well, no. We were right. The FCA register clearly states that the company was previously an appointed representative of another firm. At present, it no longer performs this function. Its activities are unregulated. That is, Mysteel UK Limited operates without a legal basis for doing so.
Mysteelukltd.com Domain Info
We have doubts that this is even a genuine company. As you may recall, we mentioned that it was incorporated in 2017. However, this broker is definitely a new creation. Its website only appeared on March 21, 2023.
Another reason to doubt the authenticity of the company is the contact details provided. The office address is different from the one stated in the official company profile, as well as the phone number and email address.
We have no doubt that we are dealing with fraudsters. We have encountered websites from this range before, such as CED Capital Limited, Palmer Finance Company, Mondial Investments, and many others. So be careful. This is just a well-organized business for exchanging traders, not an excellent broker.
Pros and Cons
- None identified.
- Short lifespan
- No official registration
- No license
- Unfavorable trading conditions
- Dubious additional services.
Frequently Asked Questions (FAQ)
Mysteel UK Limited offers trading services in the CFD market.
According to the trading conditions, the minimum deposit amount is $5,000.
No, Mysteel UK Limited is not safe. It lacks regulation and operates without a license.