MPlus Social is an unregulated offshore broker who gained a name for itself a few months before. They offer a wide array of trading instruments and along with traditional asset classes, they have made extra efforts to bring cryptocurrency trading to the reach of retail clients. The amount of leverage offered by them is pretty decent and is capped at 1:100.
If you have any reasonable experience in the markets, then you already know that 100 times leverage is too risky and even if you are feeling adventurous, it is more than enough to take advantage of opportunities. Forex and cryptocurrency markets are very volatile and it is crucial for your success to be equipped with sound risk management and proven strategies.
More importantly, you should also ensure that the broker you are using is offering you competitive rates and spreads, because depending upon your approach, it might make or break your account. If you are inclined towards trusting Mplus fx with your money, then before you commit your capital read our detailed article and it will help you in making an informed decision.
Regulatory Status
The forex industry since its inception has been plagued by scams and that’s exactly why you should be extremely careful while dealing with unknown or sketchy looking platforms. A lot of authorities and law enforcement agencies have tried their best to put an end to this kind of deception.
Sadly due to the advancement of technology and the internet, criminals have always found a way to hide from the authorities while still looting millions of people. At this point, the best thing any government initiative or agency can do is educate the masses and help them differentiate between legit and fake firms by looking at their traits.
In the trading world, unregulated brokers are infamous and they are known to manipulate the prices to certain degree, conduct unethical practises and in some cases even disappear overnight with all of the investor’s cash. While all unregulated firms are not scams, a vast majority of them are and that’s why as a rule of thumb, you should never indulge with them. MPlus Social is a Forex and CFD broker who is registered in Vanuatu which is a place that provides business with a lot of benefits like no income tax, no capital tax, etc,.
On the flip side, the law in Vanuatu is not friendly towards the clients and in case of any unexpected events there is no insurance provided by the broker. Usually, all of the top tier brokers keep the client’s funds in a segregated bank account and provide the highest level of security for funds deposited.
MPlus Social Contact Info
At the time of writing this review, the main website of MPlus Social platform is down and it shows no signs of revival in the near future. Looking at their vague and mysterious operational model, we are indeed concerned.
For any reason, if you want to get in touch with them, then you can do so via email and telephone number. Note that the contact details are provided below. However, we do not know their business hours and the time they take to respond to emails.
Phone – +35 725030440
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Email – support@mplussocial.com
MPlus Social Trading Platform, Leverage and Spreads
MPlus Social platform supports MetaTrader 4 and if you are a retail trader, then chances are you will love the software. The default charting platform features a lot of helpful and popular technical indicators such as the RSI, CCI and On balance Volume. You can add any custom indicator to the platform with just a click and the customization it provides is literally out of the world.
Like most newbies in the sector if you also like to take on the market with algo strategies and systems, then you can use any Expert Advisor you want with this broker. However, do remember that slippage and order delays can cause a huge dent on your account and if you only risk the kind of amount that you can afford to lose.
The leverage offered by them is 1:100 and the only exception to high leverage is Bitcoin. Most newbie traders and almost all experienced traders are happy with 100 times leverage and if you have found the perfect strategy, then it would be more than necessary. Moving on to the commission and spreads, this broker charges far above the industry standard.
For example, the spread on Eur/Usd on this broker was above 3 pips during our testing which is way higher than most brokers. For scalpers, it is almost impossible to implement short term strategies and exit the positions with gains given the current conditions set by the firm.
Also, don’t forget to inquire about the exact commission percentage before opening an account with them by reaching out to the support team. After all, it has the potential to affect your account drastically regardless of whether you are a scalper or a swing trader.
MPlus Social Forex and Other Instruments
MPlus Social offers all the major forex pairs along with most minor pairs such as the Eur/Aud, Gbp/Nzd, etc,. Along with the traditional offerings, clients can also trade commodities, CFDs and Bitcoin. In general, all the leveraged instruments are risky, but if you are specifically looking at Bitcoin, then make sure that you are hedged properly or else the entire account can go down significantly within a very short period of time.
We weren’t able to check the spreads on cryptocurrencies on this broker. However, if you are planning to go full time into trading cryptos, then you should consider popular cryptocurrency exchanges such as Binance or Bitmex as they offer the best competitive prices than any platform out there.
Payment Methods
Apart from the fact that MPlus Social Forex requires a minimum deposit of $1,000 to open an account, we don’t know anything about their funding or payment methods. We searched the nook and corner of their platform, but couldn’t find anything about it. To put things into perspective, if anyone dares to proceed with them, then we have no idea about the things to expect.
For starters, there is a high chance that we are putting our sensitive information at risk. Moreover, if we successfully deposit, then also we are going to face problems when it comes to taking the money out from the account.
Any information about the inactivity fee is not mentioned by them and as a whole their platform is not something which can be considered as reliable or trustworthy. In case if you have any doubts know that the processing time for withdrawals are also unknown.
Feedback
Once an online platform or service gains a considerable amount of following, it leaves behind a trial of bread crumbs on the internet and in simple terms, it is known as client feedback. All of the reputable firms give utmost importance to customer experience in order to earn positive reviews and leverage the mouth of word marketing.
After all, in any type of business trust is the main factor, right? MPlus Social is not recognised by any popular review sites or the forums. After searching for hours, we weren’t able to find a single client feedback which is a huge red flag. Given their traits, it is obvious that it is not wise to give them the benefit of the doubt.
MPlus Social Review Verdict
Unregulated brokers always feature some fancy features and promotions to attract the clients. However, you should never proceed with one as it doesn’t provide any protection to your capital. As far as MPlus Social is considered, they do not offer tight spreads, reasonable spreads and the general information about them is very scarce.
So, it is better to avoid them at least for the time being and given the number of alternative regulated platforms present, walking away from them won’t be a hard thing to do.
Are you indulged with Mplus Fx operations? Do you have anything specific to tell us about them? If yes, then drop a comment below.
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