Investing in the financial market is a profitable venture but can be risky when dealing with unlicensed brokers. Recently, the internet has witnessed an upsurge in fraudulent activities orchestrated by fake brokers. In this article, we will provide a review of the Medamon scam, a broker that has been accused of scamming its clients.
Company Overview
Medamon is a cryptocurrency in a crypto game that claims to offer its clients access to over 250 crypto instruments.
| Broker Name | Medamon |
| Website | https://medabots.game |
| Location | Not found on the internet |
| Regulation | Not Regulated (Checked with several regulators) |
| Reviews | Negative |
Team
Medamon does not provide the team members they have. As this is a crypto coin that is used in gaming, they should let people know who are people behind this platform.
Services or Products
Medamon offers crypto gaming services to its clients. The broker provides access to over 250 crypto instruments, including bot building, and participates in wars.
Trading Platforms
Medamon provides its clients with a web-based trading platform that is easy to use and accessible from any device with an internet connection. The platform offers advanced charting tools, technical analysis indicators, and a user-friendly interface.
License and Regulations
License Status
Medamon claims to be a regulated coin, but we could not find any evidence to support this claim. The broker’s website does not provide any information about its regulatory status.
Regulation Status
Medamon is not registered with any regulatory agency, and it is not authorized to offer its services to clients in regulated markets. The broker’s lack of regulation makes it a risky choice for investors.
Why Dealing With Unlicensed Brokers Is Risky?
Unlicensed brokers are not subject to regulatory oversight, which means they can engage in fraudulent activities without facing any consequences. These brokers may manipulate trading conditions to benefit themselves, resulting in significant losses for their clients. Dealing with unlicensed brokers also means that clients have no legal recourse in case of disputes.
Legal Warnings Against Medamon
We did not find any regulatory warnings against this broker. But several gamers already issued against this broker regarding their price manipulation and other issues.
Client Feedback About Medamon
There are numerous negative reviews about Medamon on online forums and review websites. Clients have reported experiencing difficulties withdrawing their funds, and some have even accused the broker of stealing their money. Many clients have also reported poor customer service and a lack of transparency from the broker.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
About Trading
Gamers have already reported that this coin is not steady and it has several problems while used in the game. Especially this coin does not have the proper whitepaper or documentation.
About Customer Service
Customer service is an essential aspect of any business, and it is no different in the financial industry. When gamers were facing issues using this coin, they did not get the proper support for this coin.
How Can Reviewsadvice Help You If You Get Scammed?
Reviewsadvice is a website dedicated to providing information about forex and CFD trading. The website provides news, reviews, and analysis of brokers and trading platforms. If you have been scammed by a broker, we can provide you with a free consultation and service recommendations to help you in recovering the money.
Final Thought
Medamon is an unlicensed broker that has been accused of scamming its clients. The broker’s lack of regulation, poor customer service, and numerous negative reviews should serve as a warning to investors to stay away from this broker. It is important to choose regulated brokers with a good reputation and a track record of providing quality services to their clients. As an investor, it is also essential to have a good understanding of the market and the risks involved in trading. If you have been scammed by a broker, it is important to seek professional help and take legal action to recover your funds.
