Conclusion: the broker’s office is not at the registered address
According to the regulatory information from LFSA(Labuna Financial Services Authority), the licensed office of MXC Group in Malaysia is at Unit Level 14 (B) & 14 (C), Main Office Tower, Financial Park Labuan Complex, Jalan Merdeka, 87000 Labuan F.T. Recently, WikiFX team visited the forex broker in Malaysia.
We saw a beautiful lobby as we arrived at the Financial Park Labuan Complex. But we couldn’t find MXC Group when we reached level 14, as 14(B)&(C) which was supposed to be the broker’s office turned out to Regus Management instead. The company staff told us that although MXC Group registered with this address, the broker’s office wasn’t here, nor did its employees work in the building.
LINKS TO IMAGES ON MY HARD DRIVE
Lately, WikiFX received several calls from investors, reporting certain Malaysian brokers whose physical addresses didn’t match their regulatory information. As Malaysia’s capital, the fast-growing Kuala Lumpur is becoming another financial hub in Southeast Asia besides Singapore, and the local forex industry has consequently experienced dynamic development. However, such a rapid expansion led to many quality issues. Some Malaysian brokers are exploiting regulation loopholes, holding LFSA licenses while their real conditions, such as office addresses, failed to match regulatory information. The situation has left many investors confused and doubtful.
Started in forex brokerage in 2015, MXC Group received LFSA’s STP license in 2017. The broker currently focuses on forex brokerage and CFD trading. Despite its self-claimed highlights on the official website, MXC Group has been poorly rated by investors. The broker’s website and regulatory information both showed the same office address, but WikiFX found through investigation that the alleged location belongs to another company’s office instead, and MXC Group is under a “cloned” address.
The visit reveals a tendency of Malaysian forex industry to pursuit instant success and benefits in their development, as well as the forex regulation deficiency of the country. Having just successfully concluded a finance exhibition in Kuala Lumpur this July, WikiFX hopes that such events will not only establish a knowledge sharing and business exchange platform for investors, but also promote the steady and sound development of Malaysian forex industry.
According to the WikiFX App, MXC Group is currently under regulation, holding an STP license issued by LFSA one year ago. The broker, rated at 1.93 on WikiFX App, is suspected of operating in overrun business. WikiFX reminds investors to avoid choosing such low rated brokers for the safety of your assets.