Truth about MEX – Multibank Group SCAM

Multibank (MEX) is the predecessor of IKON Multibank Group – a multinational broker established in Tianjin, China in 2005.After arranging and structuring the business, Mex Group’s Australian operations currently only provide MEX financial services to non-Australian clients. As such, these services are not considered to be provided within Australia and therefore are not services provided under AFS licenses.
According to the Wiki (a large number of MEX staff members reported, but fortunately we still have a copy of the origin of the MEX Group):
The truth about MEX – The mismatch of MEX is included in a topic discussed on the FPA:

Feedback from partners about MEX

But to summarize, I trade around volatile times, and MEX decided to cancel profits of over 11000 EUR without giving me a good reason, They simply said the LP did not honor trades, but I am trading with MEX not another entity.This is wrong and I will be filing complaints with the regulator about this matter.
If you intend on making profits with this broker keep in mind they will cancel profits as they see fit.MEX BVI cancelled profits for 6 months time frame, for no good reason. In September MEX cancelled profits of USD 5,882.80. The scam here is because the profits are basically almost all my profit going back to March 2018. I waited until now as I was slowly withdrawing my account balance from MEX so to not draw attention and be faced with more stealing of my money
Mex group simply said because I used a scalping system they’re cancelling my profits. This is MEX BVI… But around the same time MEX AU(where I also have accounts) cancelled a large amount of profits as well, those two actions by MEX appear to be related. I am posting a more detailed complaint in the scam alerts folder and will be filing complaints with regulator.

Can2018 (FPA user) :”I am an introducing broker and have been for over a year with Everything was going well until one day they inform me that they don’t have the license or the regulations from FCA and we have to move our accounts to Mex Australia. This is when my nightmare started and I have been trying to recover my accounts and my commissions from them for over three months.
After countless hours and emails back and forth with extremely incompetent people in the company, they finally ask some clueless “account manager” to contact me and they give me some ridiculous reasons as to why they cannot honor my payments or transfer my accounts. They just saw that this was a good way to scam me out of my money and now they stopped answering my emails and calls. They sent me my IB agreement back in march 2017 but they did not stamp the copy that they sent me. However, I have access to my backoffice platform and they still claim that I don’t have a valid IB agreement with them.
Is there anyone else out there that has been scammed by these con artists? is anyone aware of any process that I can take for them to be held responsible and make sure they pay me what is owed? In-spite of communicating and trying to resolve the issue with us, they have BLATANTLY IGNORED ALL OUR EMAILS!!”

What are MEX Exchange saying? They void trades because of third party technology and liquidity providers.This is a completely fabricated excuse.MEX Group prides itself on its proprietary exchange technology. They claim to be an exchange, this means there are no liquidity providers. The excuse being offered by MEX is that of a nickle a dime retail broker, not that of an ECN or an exchange that matches buyers with sellers.This is all their own technology which they claim is worth BILLIONS. Although looks like the same MT4 everyone has.The analogy to a car dealership is quite amusing, if completely inaccurate.Given they claim to an Exchange matching buyers with sellers, the better automotive industry analogy would be one of an auction house where they are matching buyers to sellers. If they are an exchange they just match buyers to sellers.Neither analogy matches the reality, the reality is more that of a dodgy used car dealership, specializing in rust-buckets or cut-and-shut $1,000 cars, to illegal immigrants and arranging loan shark financing.This company is a joke, its global regulation is as fake its balance sheet.They void your trades because you made money, if you lost money, rest assured there is no way your losing trades would have been voided. This is not an ECN, this is not an exchange, it’s a classic bucket shop trading against your interests. They make money from your losses.ECN’s and Exchanges charge commissions, whereas Multibank shares your trading losses with their sales people and introducing brokers.

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