Gulf news mma forex

Dubai Ponzi scheme MMA Forex open for business, again.

MMA Forex, a Dubai-based Ponzi scheme that was shut down and its owner jailed almost five years ago, is open for business once again.

According to the report of Gulf News, the company operating it, MMABank GT , is located in the same office building as the previous time. Back then, between 2011 and 2013, it scammed UAE residents out of a total of AED 40 million (almost $10.9 million).

Despite being on the warning list of the Swiss regulator the Financial Market Supervisory Authority and the International Organization of Securities Commissions (IOSCO) since 2012, MMA is back in business offering unrealistically high profits with an investment of $300 in an airline and heavy machinery the company allegedly owns or by trading in forex.

“You can start with just $300,” a company representative told the Gulf News reporter who posed as a potential investor, and demonstrated on a demo account how one can win big when trading with MMA Forex.

The scheme, it seems, is the same as the old times, but now, as back then, there are neither an airline and heavy machinery, nor would be any profits.

The manager of operations of MMA Group, Zubair Ahmad, denied the allegations that the company is once again running a Ponzi scheme. “The owner of MMA Forex is no longer alive”, Ahmad told Gulf News. “His son who happens to be our CEO, was arrested over regulatory issues. MMA Group has no links with MMA Forex. We are not taking any investment on behalf of MMA Forex. We are here to just facilitate the payments of those affected by it.”

According to the active website of MMA Forex, however, it is “a world leading and regulated forex and CFD broker” with 200 000 registered traders around the globe. The Facebook page is also regularly updated.

It looks like the UAE residents are fairly gullible. According to Gulf News, 25 000 people have lost AED 2.5 billion in various dubious investment schemes since 2013. Last year SMN reported of another forex scam scheme, Exential, in which thousands of people “invested” nearly $300 million.

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MMA Forex Review - Is it scam or safe?

RATING: 1 / 0 REVIEWS.

Trading Accounts.

MMA Forex is a company which supposedly offers forex trading to its clients. The brand has a history of scamming people a few years ago, so we decided to investigate its new iteration.

The Company. Security of Funds.

MMA Forex claims it is regulated in the EU, Japan, Australia and the British Virgin Islands. Our check with multiple regulators failed to yield any results. The fact they mention too many regulators, without specifying any registration numbers, which is a common practice, immediately rang a bell. At this point we deem the company to be non-regulated.

Trading with a regulated broker is key to the safety of your funds. If a company is regulated with the Cyprus Securities and Exchange Commission (CySEC), certain rules would be imposed upon them. One such ruling is keeping clients fund separate from company funds, in the so called “segregated accounts”. Furthermore your money would be guaranteed against the broker going bankrupt via the compensation scheme. All accounts with CySEC regulated brokers have such protection up to EUR 20,000.

These are benefits you will not get with MMA Forex. That being said, the trademark has a history of scamming people. According to a Gulf News report, in the 2011 – 2013 period, a company operating under the same name scammed people for around AED 40 million (approximately $11 million). The situation regarding the current and old management is rather complicated.

Trading Conditions.

Minimum Initial Deposit.

MMA Forex requires a minimum deposit of $300. This is above the current industry averages, with some companies having almost no limitations. For instance the FCA regulated broker IG markets does not have a minimum requirement at all.

Average spreads & Commissions.

MMA Forex states it offers a fixed spread of 3 pips on EUR/USD in one section of the website, and a floating spread of 1 pip in another. At this point we can’t be certain which conditions are real, as we couldn’t get any of their platforms to run.

MMA Forex offers 1:200 maximum leverage on currency pairs. This is in line with industry standards. Keep in mind a higher leverage ratio does not imply you will have better results. It only means you would be able to risk more.

Trading Platforms.

MMA Forex states it offers several trading platforms. As we have already stated, we couldn’t get any of the demo versions to work. This can only further increase our distrust for the company.

Methods of Payment.

MMA Fores offers a few payment methods: Bank Transfer and Credit/Debit card are the only two available globally. Other e-wallets such as Paypal, Skrill, Webmoney and Neteller are available, except to EU and Australian residents. This situation can only increase the level of suspicion, which was already pretty high.

Conclusion.

MMA Forex is a company you should stay away from, as it is very likely to be a scam. Not only is it not regulated, but the same brand has been used to scam people in the past. The current iteration of the company may have different owners, but it may still employ the same tactics. The new owners would have to do a lot more in order to improve the brand’s reputation. Here are the advantages and disadvantages with regards to this broker:

FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.

easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.

HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an ongoing monthly $999 forex contest, offers a $5 no-deposit bonus for anyone willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.

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MMA Forex in Dubai Reviews.

MMA Forex is the registered company in UAE / Dubai specializing in providing services for online Forex trading in Dubai and UAE. The basic review points and quick information about MMA Forex UAE / Dubai are as follows.

Location of Main office : Office No 1,102, 11th Floor, Mai Tower, Amman Road, Al Nahda 1 Contact Number: +971 4 2963556 Provides Online trading platform which acts as dashboard for gathering latest forex news, latest currency rates and provides a framework / platform where one can do forex trading New in UAE market but one of the famous forex brokers in Dubai and UAE Current Forex Customer Database is approx 100,000 (via their website) On the website provides a platform for testing purposes where one individual is provided with 100,000 dollar of test currency in which he/ she can deal in Apart from providing platform they also provide forex advice services as well The website has enough information to give insight on how to open an account with MMA forex and vice versa The Forex platform provided by MMA is called “MMATRADER” Some of the features of online forex software platform provided by MMA forex are as follows Real Time Live Currency Rates Forex Rates Table Orders Account information and Charting customization Open Positions status Apart from MMATRADE platform, they also provide the following onlineForex platforms in Dubai and UAE Forex Auto Trading ZuluTrade There are two types of account that can be opened for online forex trading in Dubai and UAE, these are Metatrader Account AutoTrader Account For more information about doing business with MMA forex trading in Dubai and UAE, please visit mmaforex.

Price for MMA online Forex trading platform : Not available, please use the contact form to know the pricing of the product.

Note: There are other forex trading platform as well online which you can get support 24 X 7 and in much cheaper price (they are mostly mentioned in our advertisements and other articles related to Forex in Dubai and UAE)

Not interested in MMA Forex.

if you are still bit unsure and wants to invest in forex with reputed company based in United States then in-dubai suggests that you should look Etoro trade. try out their free account – it wont let you down.

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Author of in-dubai - a review website focusing on all events, gadget reviews and happening in and out of Dubai and across the UAE.

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2 comments:

there are few question please.

1-mimnimum investment us dollers.

2-which account is best profit wise.

3-what is profit percentage per month.

4-what the security of investment.

Kindly let me know minimum investment in non risk account with average profit percentage per month.

What sort of guarantee / security of investment is covered. I will appreciate your earliest response.