MSP-Limited is not licensed, so you should stay away from them. When you trade on the Forex market, you should be very careful about which broker you choose to be your partner. This is because there are a lot of scams on the market, which is sad. Also, even if a company is fully licensed and tries hard to give you the best experience, you should choose the one that gives you the best trading conditions.
MSP-Limited is not one of these companies; it wants your money instead. Don’t give them a single dime! Avoid MSP-Limited at all costs and only do business with legal companies.
License and Rules for MSP-Limited
It says that Switzerland doesn’t need to regulate the services it gives people access to. This is a lie, because the country has a lot of rules about the Forex market. Any broker who wants to work there has to follow the rules set by FINMA, which is the body in charge of that market.
These include, for example, having a lot of cash on hand, like more than 20 million Swiss Franks. At the time this was written, this was worth $20,2 million. The reason for this strict rule is to get rid of companies that are not financially stable enough to handle the challenges of the market. There is also a requirement that firms take part in guarantee funds, which pay out up to 100,000 Franks to each broker’s clients if that broker goes out of business.
There are more protections that are worth mentioning, but we want to draw your attention to the fact that MSP-Limited tells outright lies about what the country’s regulatory regime is and what it requires. The broker does this with one clear goal in mind: to trick its customers. This is a very shady move, and it shows that the company is based in another country and could be up to more fraud.
The dirty tricks of offshore brokers
As an offshore company, MSP-Limited could easily try to keep your money without a good reason by using the following schemes:
Bonuses, but you have to trade a lot to get them
MSP-Limited gives bonuses for making deposits. They are often used in bad ways by scammers and companies that do business in other countries. The client needs to reach a certain level of turnover to get the bonuses. If they don’t do that, they can’t make withdrawals. You can probably guess that these rules are never tasty. So beware of these brokers and only work with licensed firms.
20% fees to cash out and fake profits
Other scammers and offshore businesses sometimes have outrageous withdrawal fees, which makes people less likely to withdraw their money. MSP-Limited has fees for withdrawing money, but it doesn’t say how much they are.
We don’t know anything else about them, but we do know about one other fee the broker charges: the inactivity fee, which is explained below. This makes us pretty sure MSP-Limited charges too much!
If MSP-Limited taxes your inactive account more than any legitimate broker would, it must do the same thing with withdrawals. Worse, some brokers make it look like you’re making money with them when they’re really just trying to get more and more money from you. All of these are just some of the risks of doing business with companies that aren’t regulated.
Trading Platform MSP-Limited
The software is simple and doesn’t measure up to the industry standard, Metatrader 5, because it doesn’t let you trade automatically and doesn’t have many of the tools that MT5 users have access to. Another reason to stay away from MSP-Limited!
MSP-Limited Terms of Trade
MSP-Limited gives you access to an amount of leverage that you don’t know. This makes it hard to figure out the risk and reward of trading with the broker. Even though the spreads are good, moving under 1 pip for major FX pairs like EURUSD, we wouldn’t recommend trading with an unlicensed and shady broker.
How to Deposit and Withdraw Money from MSP-Limited and the Fees?
MSP-Limited will take deposits from credit cards and wire transfers. This means that if you deposited with a card, you might be able to ask for a charge back. We think this is a good idea because MSP withdrawal Limited’s fees are hard to understand.
The broker’s minimum deposit is $500, which is too much in this day and age, when most companies offer micro accounts for as little as $10.
The pros and cons of MSP-Limited
Pros:
Cons:
- Lies about how it was regulated
- Not having trade software
- Unreliable withdrawal fees and bonuses
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