The forex market is a vast and complex market, and it can be difficult for traders to know who to trust. There are many unscrupulous brokers out there who are only interested in taking your money. Master Select Group Forex is one such broker.
Company Overview
Master Select Group Forex is a forex broker that claims to be based in Hong Kong and was established in 2017 and regulated by FCA. However, there is no evidence to support this claim. The broker’s website does not list any contact information for its headquarters, and its regulatory status is unclear.
Team
The Master Select Group Forex website does not list any information about its team of traders or executives. This is a red flag, as legitimate brokers should be transparent about who is running their business.
Services or Products
Master Select Group Forex offers a variety of forex trading services, including spot forex, futures, and options. However, the broker does not provide any details about its trading platform or its spreads. This lack of transparency is another red flag.
License and Regulations
Master Select Group Forex is not licensed or regulated by any financial authority. This is a major red flag, as it means that the broker is not subject to any oversight. Unregulated brokers are more likely to engage in fraudulent activities, such as refusing to pay withdrawals or manipulating prices.
Why Dealing With An Unlicensed Broker Is Risky?
There are many reasons why it is risky to deal with an unlicensed broker. First, unlicensed brokers are not subject to any oversight, which means that they can engage in fraudulent activities without fear of punishment. Second, unlicensed brokers are more likely to disappear with your money. Third, unlicensed brokers often offer unrealistic trading returns, which is a sign that they are not legitimate.
Legal Warning Against Master Select Group Forex
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against Master Select Group Forex. The FCA warns that the broker is not authorized to provide financial services in the UK and that it is likely to be a scam.
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.
Client Feedback
There are many negative reviews of Master Select Group Forex online. Former clients have complained about the broker’s refusal to pay withdrawals, its high fees, and its poor customer service.
Feedback About Their Trading
Former clients of Master Select Group Forex have complained that the broker’s trading platform is buggy and unreliable. They have also said that the broker’s spreads are too high, making it difficult to make a profit.
Feedback About Their Customer Service
Customer service at Master Select Group Forex is reportedly poor. Former clients have complained that they have been unable to get in touch with the broker’s representatives and that when they have been able to get in touch, the representatives have been unhelpful.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by Master Select Group Forex or any other forex broker, there are a few things you can do. First, you should contact your bank and dispute the charges. Second, you should file a complaint with the FCA. Third, you can contact a financial lawyer to discuss your options.
Also, you can contact us and get a free consultation call. In this call, you will get some recovery service recommendations to help you in recover the lost funds.
Final Thought
Master Select Group Forex is a scam broker that should be avoided. If you are considering trading with this broker, you should skip this broker and try to find a new one. There are many legitimate forex brokers out there that you can trust.
