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Millennium-FX Review – is it scam or safe?
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Trading Accounts & Conditions
|Account type||Minimum deposit
|Beginner||$250||1:100||From 1.2 pips|
|Silver||$5,000||1:100||From 1.0 pips|
|Gold||$25,000||1:100||From 0.8 pips|
|Diamond||Upon request||Upon request||Upon request|
Millennium-FX (which operates from the domain mlnfx.com) is an unregulated forex and CFD broker. Their offer is surprisingly good for such a company.
With spreads below 1.5 pips even for the smaller traders, Millennium-FX provides a very competitive trading environment. When testing the platform the claims were actually met, which isn’t always the case with unregulated brokerages. For a comparison of the spreads at some of the big regulated companies, check the link below.
The company behind Millennium-FX is called MLNMTECH OU and based in Estonia. They are not overseen by the local Financial Supervisory Authority, nor any foreign agency. In our eyes, this disqualifies them as a serious trading partner, despite the decent trading conditions.
CFD conditions not specified
The impressive CFD offering at Millennium-FX comes with a burden. A company has to explain the exact conditions associated with each contract and most importantly the size of each lot. While most brokers have a “semi-standard”, this can still vary. Imagine trading Bitcoin CFDs, without actually knowing how much coins you are buying?
High minimum deposit
In order to create a real-money account at Millennium-FX, one must invest at least $250. This isn’t an astronomical figure, by any means, but since people should only invest what they are willing to lose, it may be a lot for some. Most brokerages have a $100 entry barrier, with some even removing it completely.
1:100 in leverage
Leverage is double-edged sword. You definitely need it for meaningful forex trading, but over doing it with massive positions can get you in a lot of trouble. One needs to fully grasp the concepts of risk management in order to trade effectively. We put this in the negatives section, not because it’s a huge issue, but simply due to the fact it does not facilitate some aggressive methods of trading, which are best left to the veterans.
Millennium-FX is an unregulated Estonian forex and CFD broker. They provide a relatively competitive trading environment – nice spreads with the MetaTrader4 platform. It’s a bit sad to rate this company so low, but financial regulation is a very important issue for us and we would like to underline why.
When trading with such a broker, your entire account balance is at risk – the risk you will not be paid anything, when you demand a withdrawal. While we can’t say if Millennium-FX is a scam, there is no clear way of proving their credibility. In contrast, when traading with a regulated financial intermediary, you will be assured a certain level of protection. Let’s take a quick look at some of the restrictions enforced by the UK’s Financial Conduct Authority (FCA) as an example.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
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.
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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 loyalty program, offers a $100 no-deposit bonus for all new clients outside EU 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.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for Millennium-FX
I invested ed over $500 in company requested withdrawal with no answer have done numerous withdrawals period has been over last 6 months
Requested a refund over 12mths ago
Scam scam scam MLFX
This is a SCAM SCAM SCAM They made it easy to lodge documents and deposit $US 250, but when you ask for your money back ,and multiple emails for support, they are no where to be found. They consistently call you on the phone to get you to pay more money. The software doesnвЂ™t even work when you want help. DonвЂ™t go near them with a barge poll, itвЂ™s a SCAM ROBBNG THE POOR FOR THEM TO GET RICH. In one email, after I filled in a withdraw form , they replied saying my request has been received and would be actioned within 3-5 business days. That was over 6 weeks ago and still nothing. So frustrated. Just want my money back.
they will not allow you to withdraw
They are a scam , do not do business with this company . if I had a gun i would shoot all of them . I INVESTED over $1000.00 US ALL gone they will not allow you to withdraw you own money . I WANT TO VISIT their office in real time they will pay for what they are doing.
obviously a scam
do not invest. they are very convincing and once you made a deposit your portfolio manager gives you all the possible money you can get by trading this and that. honestly, you cannot withraw
scam by this company!!Mark Peter give my money back!!
I’ve been scammed by this company and my portfolio manager name is Mark Peter said that i can withdraw my money in 3-5 days now its been 1month since the last contact with him.their website are down for a month now even by email they blocked me.is there any one could advice me to get my money back?and could any here get their money back from this company? many thanks,
Scammed out of AUS $4000
Dont touch this company unless you have lots of money to burn. I got conned with them in October last year and received numerous phone calls stating I needed to raise $5000 to get into GOOGLE and AMAZON which were trading at $2000 each. Three days later , I went to open my account and see what the balance was and my account had been cleaned out. Not one Dollar remained in my account.
They have scammed some SIX HUNDRED MILLION DOLLARS FROM ENGLAND AND OVER TWO HUNDRED MILLION DOLLARS FROM AUSTRALIA.
your family finances
About 2 months ago i was tricked into investing with this group and even after they told me that my money had nearly doubled my initial investment i can’t withdraw any money. They even encouraged me to make a withdrawal and told me that the funds would be in my account within 3-5 working days. 9 days later and still no m0ney. I would not reccomend this company to anyone. In fact, if you are looking @ investing i would suggest you get education around the type of investing instrument you want to use and then do it yourself as i have been bitten a few times now by trusting other people with my money and i know others who have had the same experience as i have and even worse.
I was scamed by this company. A trader from this company called me few minutes ago and told me to put 500 $ and the company put another 500$ to minimise my risk.I want to know where to report the fraud to get my money back? to the bank?
Biggest scam company i have ever come across i would recommend that no one trades with them i have the same problem invested money made profit can not withdraw my funds and they are very rude when they talk to you
Stay clear of these people
‘Invested’ with theses people and yes made
Hard to deal with.Continue to tell you to trade, so you open a trade, once done they hang up. tried to close the trade but it wouldnt allow me to.I love to wrap my hands around Mary Mckenzies neck and squeeze the life out of her or him, says her name is Mary but sounds like a guy.Tried multiple times to withdraw and still nothing.Next step report fraud to banking institute and hopefully get my money back
absolute scam they dont nt stop calling me
What a headache
Stated with this company with Bitcoin the ad advised that it buys and sells for you but when i handed over my money this was type of investment was not available and i was required to use the money on different shares they would sell them when low or high so before i knew all the money was gone
Has anyone ever won a court case again these crooks?
Has anyone ever received their initial investment back from Millennium-FX, i.e. South Beach Technologi.
How about any “profit” that was made?
Anyone, anywhere on this planet?
Or is it all a 100% SCAM?
If no one has EVER received their money from trading, why isn’t it considered 100% FRAUD, and therefore SHUT DOWN for good, and the COMPANY DIRECTORS Jailed?
Has anyone ever won a court case again these CROOKS?
Or is it all too difficult, and have most of us given up? How can we as a whole, FIGHT BACK to end this?
For the amount of stars picked, can’t a ZERO, a non-star be a selection?
How many thousands of people a week LOSE ALL OF THEIR MONEY?
The person I have been dealing with is called “Mary Mckenzie, but she doesn’t even sound like a “she”, more like a “he”, so there is the next scam. “Mary” sounds Asian, but that name doesn’t.
This is the correspondence I have been receiving via email – email because Mary’s English really doesn’t make logical sense, so Mary suggested communication via email. Please look below at the emails:
12/2/19 at 12:25AM
My apologies if I were not able to call you for follow up.
On Tue, Feb 12, 2020 at 3:46 PM Mary Mckenzie wrote:
On 12/02/2020, at 8:48 PM, Mary Mckenzie wrote:
I wanted to explain to you how we can expedite the withdrawal but you are not undestanding me
On Tue, Feb 12, 2020 at 3:46 PM Mary Mckenzie wrote:
ONE MORE QUESTION FOR ALL OF YOU:
AnyDesk – did your account manager insist upon using this application with you?
To wrap it up:
Thank you Joe Public, hope to hear from ALL of you soon.
Don’t waste your money
Keeps calling didn’t get anything said if I give $250 then I would get nine million dollars if I give $250 they call at least 10 times a day they they still keep calling me
Scam – DONT do like I’ve done
I feel stupid saying this but I’ve been scammed by these bastards , they took all my money I own , I’ve tried to stop this happening but the bastards kept buying trade while I was trying to take my money back. Hopefully my bank can get it all back!! DONT do like I’ve done
OMG these folks do not take a no for answer!!
I receive Calls from this company each and every day trying there luck to get me to trade as i write this comment on here i just finished on a 0800 number with a woman who claimed she been trading for 6 whole years with this symbolic company and that the meaning of the call was to offer me a free account
I politely told her (and several times before with other callers) things that have “imaginable” excuses like my dad-dads budgie just died to i am locked up in prison and they wont let me out to trade and how much i miss my shotgun for when they call (the woman still tried to sell me forex and could tell she was Reading it from a script) i politely hung up the call but i would love to know where they receive my number from.
I am not interested in any trading online as i am on a low income anyhow so the more they call the more i will use a excuse to get them off the phone i have so far done the following
*pretended to be deaf
Millennium-FX total scam – stay clear
My recent experience with Millennium-FX has been the worst. When I asked to withdraw my funds a very canny and artful agent of theirs insisted I desist and place one more trade that on good authority would be successful. This trade almost obliterated all my account. I lost $3,500. I have resisted using them since and have put in multiple withdraw requests for my remaining funds.
The most common excuse is they cannot contact me by phone. When they wanted me to invest they were contacting me daily and they had no problem then.
when trading trade going wrong direction to the trend making investors loose their investment making you loose your profit as lost all gains over several days on one trade showing 79% bu however totally wrong direction to the trend the same with most trades as i have found, the platform is f*cking manipulated dont deal with this company!
My father was frauded 10K by the brokers of this company. Stay clear!
Huge scam – after your money
This company is a total SCAM. THey called me for months and months before I gave in Looks all legitimate with great paperwork which means nothing Highlyprofessional SCAMMERS trained to get your money and seet tlk nd pressure talk you. Pretend to be your friend and listen to you. DONT FALL FOR IT.
It’ll start off ok. Once thy have you they will start changing the peron working for you. Next peoples agenda is to wipe you out .
Thy completely ignore you and what you want to get what they want. ITS A COMPLETE SCAM. I lost over hlf of my lifes savings and I am 67 and am now going to have to work well into my 70s to make this up. THEY DONT RETURN YOUR MONEY. ONCE THEY HAVE IT KISS GOODBYE TO IT!!
Millennium-FX – total scam
These guys are not loosing your money,they are scamming it from you; they are pros at their craft, I believe that what they show you on all their graphs and charts are their own creation, designed to be manipulated by them as they choose..вЂ¦.. string you along to the point they feel they cant squeeze any more out of you, things go south from this point;you may as well burn you cash rather than invest with these crooks at least you will get some warmth while it burns; you will get nothing but stress and depression and an empty bank account from millennium fx
Total scam. Do not return your monies – even when youre ahead.
Broker lost all my funds!
As far as I know the broker I had just completely lost my funds
Scam!! be awere
This company is a scam, they called more than 10 times since last week. They can’t stop calling me.
Dont bother with this they really like to loose money not make it. Same experience as all the others that have complained useless bunch of tricksters
Cant get any money back
Feeling like i have lost a lot of money and not confident of getting any back,devastated gutted and totally humiliated, sickening feeling,i have battled hard physically for everything i have got,was convinced that this was a legitimate business and i would be making good profits, is making my life a whole lot harder
Trading with Millenium FX – withdrawal is not possible
The account manager and the portfolio manager convinced me to deposit an amount of 10 000 usd for them to manage my account. I did not agree with them but I only deposited half to test their platform at the same time to test what they said account management. At first yes, the money earned, the portfolio manager showed me that the deposited money went up to 18,000 usd. She told me to trade with forex again and sugar. She was the one analyzing everything and advising what to trade. In just a few hours, the deposit and the earning was gone. It went to -745. She again convinced me to deposit 1000 for her to help me cope up with my losses I again gave it a try but the 1000 deposit just went low. The people in this company are well trained in convincing people. I tried to withdraw the money left in my account but nobody is assisting me to do it. Guys this company reaped me off with 5500 in total. The saddest thing here is withdrawal is not possible. This is totally a scam platform.
I lost 5500 from MILLENIUM FX
Me: I dont know how to trade.
Decided to withdraw. Portfolio Manager doesnt want to contact me.
MILLENIUM FX IS A SCAM.
I consider Millenium-FX to be one of the biggest scammers out. My deposit is with them for over five months without ant trading done. I saw that it is a lost cause and decided to withdraw my deposit. I probably requested withdrawal as many times as thirty times. I request currently six to ten times daily and get the confirmation mail every time. But pay-out? Not a chance, they have an excuse every time. First, my account was not verified as there were documents outstanding although I sent all documents at the beginning when I registered. Then they could not pay without a verbal confirmation with an account manager, which was also done. They blocked me on their support site so I cannot send them any messages. I think their next step will be to block me from logging into my account. Do not trust these scammers.
Probably the biggest scammers today
All brokers is scammers. But the most outstanding scammers is Millenium-fx.com and Kaya-fx. But this is about Millenium, they are very high-ranking fraudsters and definitely not to be trusted. Rather buy your children sweets rather than depositing with them. They will surely steal your money.
Absolutely disgusting withdrawal of my money
I was badly advised by my “broker” Alex Mathews and felt forced to deposit more than the minimum of $250 – he said that I should spread the money over several Forex currencies, which I did, but then I wouldn’t hear anything from him so I saw that I was losing my money and so waited for the currencies to go up a bit and closed them.
Then Alex rang and said that Apple were announcing their profits or something and that I should buy apple, which I did, but he rang me and said that I should have bought sell instead and basically gamble that apple were going to go down, well they kept on rising didn’t they.
I was severely in the red so didn’t look at it for about a week or so and sent Alex an email stating that I am a very small fish in the ocean and if I was a client of his who had a lot of money invested with them then I am sure they would be furious with him as well.
I was left with $215.36 USD in my account, so over a month and a half ago I put through a withdrawal form to get this money back which when converted to Australian Dollars equates to $320 – but I have been given the run around by their customer service department, they won’t out me through to the relevant department so I can ask them myself why I haven’t received my money, which I was lead to believe that it would only take 2 – 5 days to reach my account. But when they asked for a deposit it was withdrawn from my account immediately.
I just now sent Alex an email and said he can pay me from his own account as he has done nothing but lie to me and others.
I am NOT in a position to lose any money at all, I am on a widow’s allowance and because we used most of our money to try and find someone who could help with my husband’s type of cancer.
Millenium FX Modus Operandum
Re Millenium FX / Alex Constable
Millennium FX, in my opinion, is a scam
I am trying to request all my initial deposit back.
Thieves and Robbers.
Millennium-FX: Don’t trust them. Only lies
They are the worst broker ever. They will ask you to deposit so to speak for a safety net. They have no risk management. They will be using all the fund in trades and you will end up to deposit more and more and eventually you will lose everything.
You will have advised them that you are not planning to deposit more than what you have deposited, so they should be considered. they are not, they don’t care if you have cash or not but will influence you to get more.
Scammers. They also not offering any service on their part, they should be liable but they put the blame on you. I had the instinct to close trades and they will convince you not to worry. Next day, they will call you and say you are in negative you have to deposit more. They use jargon so you will be influenced: safety net, recovery plan, market correction.
Millennium FX (mlnFX) was an unlicensed Forex & CFD broker that is owned and operated by South Beach Technologies LTD. They are now out of business!
MLNFX is located at; Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. Contact phone number is:+1 437 370 1807, and customer support email address is: [email protected] Official website: https://www.mlnfx.com/.
For complaints and withdrawal problems, read this.
A review of the new Forex broker MLNFX shows that they give investors the classic MetaTrader4 trading platform. There is available both the desktop standalone version, along with the web based and mobile versions. The web trading platform is made by the PandaTS company.
You will find hundreds of underlying assets available for trading CFD’s, including all the popular Crypto Currency Pairs, Bitcoin, Ethereum, and Classic Forex Pairs. Their website and customer support is currently only available in English. Maximum leverage on Forex pairs goes as high as 100:1, and spreads on the Euro Dollar pair are as low as 1.2 pips.
With Bitcoin, the spread was $500 when we last checked. You can choose from four different account types, with the minimum deposit for a Beginner Account being $250.
Millennium FX Account Types
Does MLNFX Have a License?
When the Scam Broker Investigator reviews a new Forex broker to determine if they are a scam or legitimate company, the first thing we look for is a valid brokers license. Forex brokers in Europe are usually licensed by the FCA in United Kingdom or CySEC in Cyprus. On May 2nd 2020, the FCA warned investors not to use this broker, see here.
No, MLNFX is not a licensed broker.
Investors always trade with a licensed broker to be sure that their money is stored in in segregated bank accounts. If you want to see how the scams operated you can read this.
Warning! This Broker is NOT Licensed
ForTrade is a broker licensed by ASIC Australia, see here
Compare Forex Brokers
Smart investors always review a few different Crypto Currency / Forex brokers, before making a final choice.
ForTrade is the best broker for new investors to start with. They are a legitimate broker, that is regulated by the FCA & ASIC, look here.
Try a Free Demo Account, on their awesome trading platform, signup here.
If you are currently investing at this broker, please share your experience in the comments section below.
Millenium FX review – 5 things you should know about Mlnfx.com
Beware! Millenium FX is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Millenium FX is a Forex brokerage registered in the Marshall Islands. It provides both the MT4 trading platform and a web-based trading platform, as well as a generous leverage of up to 1:100. Furthermore, there is a wide range of trading products from which to choose and a required minimum deposit of $250 which is just about the industry average and not in favor for traders.
Millenium FX & safety of funds
According to the website the company behind the brokerage is registered in the Marshall Islands by the name South Beach Technologies with a standard address we have seen with countless other brokerages. We have come across the company name before as well and we have sufficient reason to believe it is connected with exposed scammers.
The Marshall Islands has become a top-destination for would-be scammers due to its very liberal laws regarding the registering of companies. The government does not even require for someone to be physically there in order to register a company. Such a loophole has surely been noticed by many ill-minded brokers and utilized. Nonetheless, it’s safe to assume that South Beach Technologies, irrespective of its legitimacy, does not fall under any regulatory oversight because the government of the Marshall Islands does not include Forex trading within its regulatory framework.
Putting that aside, according to the website of the brokerage it provides both the MetaTrader 4 platform and a web-based one. The MT4 is the most preferred by traders trading terminal at the moment and we always view it as an advantage if a brokerage provides it. However, after downloading the platform we were unable to register for a demo account and thus we could not view the spread. The leverage extended to traders is 1:200 which is both generous and balanced. Putting that aside, after researching the brokerage we came upon an official warning issued by the British authorities. Here is a screenshot:
The FCA warning reads that the brokerage is suspected in being involved in scam operations. Being blacklisted in Forex trading is the most blatant sign of trouble. All in all, the offshore location of the brokerage and the FCA warning highly incline us to suspect that potential clients of the brokerage may be open to substantial risk.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.
Millenium FX deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via the standard Visa and MasterCard, as well as the popular e-wallets Skrill, Neteller, WebMoney, Poli, SOFORT and VLoad.
In the terms and conditions of the brokerage we did find troubling withdrawal conditions. Here is a screenshot:
As you can see for yourself – the brokerage explicitly states that only one withdrawal per month is free of charge and every following will be charged a $30 fee. Furthermore, there is a minimum withdrawal amount of $100. This is not all.
We further read in the terms and conditions of the brokerage that every account that has been inactive for more than half year will be charged a monthly dormant fee of 10%. Such fees are the reason why we always advise traders to put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Unfortunately, the possibility of a scam looms over almost every trade in forex, especially if you are dealing with an unregulated brokerage. That is why we believe traders should be acquainted with the methods of a scam. Here is how it would typically go about:
Through clicking an ad with promises for fast money, you will be redirected to a website such as Bitcoin Evolution or Crypto Cash where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.
After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.
Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The motive here is quite straightforward – traders have a limited time window for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing this crucial period and, along the way, losing any chance you might have of getting the money back.
What to do when scammed?
As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.
You may contact your bank or credit card provider and file a chargeback. Furthermore, due to the high instances of fraud – both Visa and MasterCard have decided to sidestep scammers as best they can in Forex trading. The first thing we have seen so far is that MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.
If, however, you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should switch it asap!
Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!
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