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Main Group FX Review | Can Such a Platform be Trusted or It's a Scam?

by Kevin Berry
Rating: 
  2.8/5   Reviews: 3
Main Group FX - logo

Main Group FX broker has an average rating above 3.5 points online, although the number of reviews isn’t as large as one would like, given the firm claims a founding date of 2018. According to the brand’s development history presented on the official website, the company is registered in Saint Vincent and the Grenadines, Cyprus, and Australia. However, it is only regulated by ASIC, with applications submitted to CySEC and FSC Mauritius. In short, history is rich and interesting, but the question arises: ‘Can such a platform be trusted with money?’ It can easily turn out to be a scam. We’ll try to answer this question.

Highlights

🏛️ Country Australia
⚠️ Regulation ASIC
🖥️ Website https://maingroupfx.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:30
⚙️ Trading Platform WebTrader, MetaTrader 5
📨 E-mail support@maingroupfx.com
📞 Phone +61283207733

First Impression of Maingroupfx.com

Upon opening the official website, we’re greeted by Shane Watson in a Main Group FX branded T-shirt. Interestingly, does this former cricket player know his photo is placed on a CFD broker’s website?

Overall, the site is designed in a typical and template manner: at the top, there’s a panel with basic information about the company and its trading conditions, the main page endlessly lists some advantages and opportunities, and at the bottom, legal data and a risk warning are provided. Main Group FX even created a gallery with photos and videos.

Main Group FX - site

The design uses a combination of black and yellow, but the site looks dark and dull. At the same time, there’s a lack of specifics and details in the text. Many advantages are stated without confirmation, which is typical for brokers like Main Group FX.

Partnership and Bonuses

The firm tries to attract new traders through an affiliate program. Main Group FX has developed several options for how clients can start cooperation and earn additional income:

  • Introducing Brokers.
  • Brand Affiliates.
  • Refer a friend.

The company doesn’t disclose details for the first two directions, but there’s a separate document regarding the referral program. It’s important to note that the referral must deposit a minimum of $1,000 in Main Group FX and trade a minimum volume of 2 lots. The partner receives a bonus of $500, plus 0.5% if the deposit amount is over $25,000, and 1% if over 1.5 million USD.

Account Opening on Maingroupfx.com

To study the internal interface of Main Group FX, an account must be created. The registration process is straightforward and shouldn’t cause any difficulties for users. It requires entering contact information, name, country, currency, and password.

Registration

After successfully entering the data, the client portal opens, where clients can access various features:

  • Opening and downloading the trading terminal.
  • Editing personal information and uploading documents for KYC.
  • Conducting financial transactions.
  • View the history of trades and transfers.

However, the interface of the personal account at Main Group FX is primitive, offering minimal possibilities. It seems that a template was used to create the client portal, a design we have encountered before.

Main Group FX - personal cabinet

Unfortunately, Main Group FX doesn’t offer traders a demo account. As stated in the “FAQ” section, the broker doesn’t provide such an opportunity to its clients. The reason for this is unknown, but the absence of a demo account is a significant disadvantage, as it means that testing the service is only possible with the risk of losing real money.

Verification

On the main page of the website, there’s a document dedicated to AML and KYC, explaining what these are and why they are necessary. The focus here’s on the verification procedure, as it is mandatory at Main Group FX. The broker requires a standard set of documents that verify the client’s identity and address. Additionally, the firm may require a photo of the client’s bank card. However, the processing time for verification isn’t specified.

Pros
  • There’s a detailed AML&KYC policy.
Cons
  • The processing time for documents isn’t specified.

Trading Software

Main Group FX offers two options for its trading terminal:

  • Webtrader.
  • MetaTrader 5.

Both platforms support trading through a web version and on mobile devices, and MetaTrader 5 can be downloaded to a computer. Clients can use various tools to assist in analyzing quotes: lines, levels, Fibonacci, Elliott waves, indicators, and others. Main Group FX also allows trading using limit orders and advisors.

Webtrader

Features Main Group FX MetaSwissX Bankefex
Demo Account ✔️ ✔️
Mobile App ✔️ ✔️ ✔️
Own Development ✔️

How Can I Trade With Main Group FX?

Main Group FX is a CFD platform, meaning trading is limited to Contracts for Difference, excluding spot and futures contracts. The firm claims to use Straight Through Processing (STP) technology, but there’s no evidence to confirm this. The minimum deposit at Main Group FX starts at $250. Traders can utilize leverage, but not exceeding 1:30, in compliance with ASIC’s regulations on higher leverage limits.

All Info About Accounts

Main Group FX offers a choice of 5 account types:

  1. Basic. Spreads from 1 pip, and commissions of 1 pip. It’s inconvenient that commissions aren’t indicated in percentages, but in pips. Also, this tariff plan provides access to a personal manager’s assistance.
  2. Standard. More favorable conditions, but the minimum deposit size isn’t specified. This plan includes daily market analysis and trading central.
  3. Advanced. The same opportunities, but spreads and commissions are lower than in “Standard”.
  4. Premium. A trader can receive funding of $15,000 from Main Group FX. Withdrawals are commission-free.
  5. Pro. Zero spreads and a commission of 0.3 pips, as well as portfolio assessment with the chief analyst.

Account types

The broker’s requirements for minimum deposits for different tariff plans aren’t specified. The commission rates seem low, raising the question: “How does the brokerage earn profits?” Since the primary income source for a broker is commissions, and these are almost negligible here, it raises doubt about whether Main Group FX is genuinely an STP broker or operates as a dealing desk.

Traders can also activate an Islamic account option to receive zero swaps. Trading is available across various market classes, including forex, metals, indices, commodities, stocks, and cryptocurrencies. There’s no cent account option, so testing the service with small amounts isn’t feasible.

Pros
  • Commissions and spreads are indicated.
  • There’s an Islamic tariff
Cons
  • High minimum deposit.
  • No demo account is available.

Market Analysis and Education With Maingroupfx.com

Main Group FX has established a modest academy offering analytical and educational materials, including e-books, a glossary, and webinars. The analytical section comprises a financial news feed and an economic calendar. Other additional features are described in the tariff plans, but the overall offering is relatively limited and can’t compete with other firms that provide comprehensive educational courses, free up-to-date analytics for all interested parties, and useful widgets.

Deposit, Withdrawal, and Fees

Various payment methods are available for transferring funds: electronic payment systems, bank wire transfers, and credit/debit cards. The minimum deposit amount is $50, and a commission is charged. However, Main Group FX doesn’t specify the processing time for withdrawal requests.

Features Main Group FX AlterSpots Vergomarkets
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️ ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

Users can contact Main Group FX representatives via phone, email, online chat, and WhatsApp. Traders can also submit a callback request through a special form. The company has social media accounts on Instagram, Facebook, Twitter, and LinkedIn, but these channels have few followers and low activity.

Pros
  • All communication methods are available.
Cons
  • Low activity on social media.

Is Main Group FX Dangerous?

Although we can’t currently conclude that the firm is engaged in fraud, it does appear rather suspicious. There are certain shortcomings that we have previously identified, which cast doubt on the integrity of Main Group FX. The most important thing left to verify is whether the company has genuine licenses and how long it’s been operating in the broker services market.

How Long Does The Broker Work?

Main Group FX presents itself as a broker established in 2018, but there are reasons to doubt this claim. The domain of its official website only appeared on March 18, 2023, raising questions about the authenticity of its stated operational history. How could the broker have functioned without a website and platform?

Domain

How Is Main Group FX Regulated?

The platform is managed by an Australian entity licensed by ASIC, as can be verified in the regulator’s registry. This license was granted in February 2023, suggesting a relatively short operational period. While Main Group FX has reportedly applied for licenses from CySEC and FSC Mauritius, there’s no confirmation or information available about these licenses or legal entities in those jurisdictions.

Main Group FX - ASIC

Features Main Group FX Vortexyl Blantomic
European Zone
Asian Zone ✔️
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Main Group FX?

To start collaborating with the company, it's necessary to have a registered brokerage account. The registration procedure includes providing personal data. After this, one must undergo verification, without which the firm's services can't be used, and then deposit a minimum of $250. Notably, there's no demo account available.

Is Main Group FX Legit?

The firm lists a legal entity identical to one in Australia, which indeed holds a license from ASIC. However, it has no other regulators.

How Risky Is It?

Margin trading isn't suitable for everyone. Statistics show that more than 75% of traders lose money. It's the primary risk of collaborating with Main Group FX.
Kevin Berry
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Expert Opinion

An overly strange brokerage firm that’s better not trusted. Why risk it when there are more proven and well-known organizations in the forex service market? Main Group FX, despite having ASIC, looks disorganized: uncertainties with the founding date and business model, lack of popularity among traders, and anonymous founders. These are indeed serious red flags that can’t be ignored. Moreover, the positive reviews appear fake and purchased. I wouldn’t be surprised if that’s true.

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Main Group FX rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Main Group FX

Oppos1 December 10, 2023 - 02:18
You're gonna lose money here
The level of trust
Quick withdrawal of funds

Just an ordinary dealing desk, which may operate safely today but could deceive you and not return your money tomorrow. Do you want that? I think not. Therefore, don’t get involved with Main Group FX, to avoid giving your deposit to fraudsters and scammers. There’s fake liquidity here, believe me, I’m an experienced trader and I know what I’m talking about. You won’t find anything but scam and fraud here.

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Carl Munz December 14, 2023 - 19:01
It's licensed, so it's safe
The level of trust
Quick withdrawal of funds
Efficiency of technical support

A normal firm that is only gaining popularity. They have been working for several years, but only in the last year have they started to actively promote themselves and obtain licenses. I recommend taking a closer look at the platform because you can learn to trade profitably here. It’s also good for experienced traders who don’t have capital, as the broker provides capital for work. In short, ask the managers. And yes, the firm is under ASIC control.

Reply
Gratz December 27, 2023 - 12:56
I don't recommend it, the conditions here are terrible
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I absolutely did not like trading with main group fx. The company offers very unfavorable conditions, and I don’t understand how one can make a profit here. Commissions and spreads are very high, almost consuming all the net profit. Compared to other brokers, this platform is much worse. I couldn’t make any money here, despite the terminal being from MetaTrader 5, which is considered one of the best.
I don’t know about other traders, but it didn’t work out for me. Moreover, I had to wait 2 weeks for the return of money. It was all very nerve-wracking! I do not recommend it.

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