Summary of Almahfaza Trading Company
The brokerage company Almahfaza isn't legally registered and lacks the required licenses to operate.
Despite Almahfaza's claims, the IRI does not issue licenses for Forex trading or brokerage activities. The IRI doesn't regulate or license international companies doing this kind of business.
Even though Almahfaza claims to have a license, the FSA (Financial Services Authority) Seychelles hasn't permitted them to operate.
Almahfaza also falsely claims to be regulated by the FCA (Financial Conduct Authority). However, the UK regulatory body does not list Almahfaza in its register of regulated firms.
Like many offshore and unregulated brokers, Almahfaza lures clients with the promise of high leverage up to 1,000:1. But these terms don't meet regulatory standards.
Furthermore, the website lacks contact information, and traders report problems with withdrawing funds and accounts being blocked.
For these reasons, Almahfaza is considered a scam company and cannot be trusted. As a result, the broker has been blacklisted
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FAQs
Why has Almahfaza been placed on the Forex Broker Blacklist?
Possible reasons:
• multiple complaints have been filed against Almahfaza by traders claiming the broker failed to fulfil its obligations, including process withdrawals;
• the website of Almahfaza is down, not updated or operates with clear errors and some features are not available;
• Almahfaza has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.
What should I do if Almahfaza got blacklisted and I still have money in my account?
Don’t panic right away. First, try to find out the reason why Almahfaza got blacklisted. The situation may be temporary. Contact Traders Union client service for details. If the situation is critical, try to withdraw money. The best way to do it in parts, so that the broker does not suspect that you want to withdraw your entire balance and close the account.
What should I do if I cannot withdraw my money from Almahfaza?
If your broker refuses to process withdrawals under various pretexts, your algorithm of actions is as follows:
• Get a clear response from the broker’s Support Service with reference to the clauses of the Terms of Use (User Agreement). Save your correspondence and download the transaction history from your account.
• With a full package of documents, appeal to the following organizations: the broker’s regulator or corresponding law enforcement agencies. If you make your deposit with a bank transfer, try to initiate a chargeback request.
• Share your situation on traders’ forums, add the broker to blacklists of various websites, as it will help others avoid the mistake.
Is there any chance to recover my money if Almahfaza is a scam?
On rare occasions, yes, for example, if the broker was a member of a compensation fund, or upon a court’s ruling.
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