Mayfair Wealth Ltd Review | Any potential signs of a scam?

As stated on the official website, Mayfair Wealth Ltd was founded in 2019 by a group of traders. Well, let’s assume that’s true, although no verifications have been provided. The headquarters are located in Canada, but there’s no regulation from the Canadian financial commission. This is also a peculiar occurrence. Furthermore, reviews of the company are very rare, so ‌information about 2019 seems dubious. In general, our task is to thoroughly investigate the firm for potential signs of a scam, and frankly, at first glance, the platform raises suspicions.

Highlights

First Impression of Mayfairwealthltd.com

The official website of any brokerage company is its face; it’s what a potential client initially gets acquainted with, not yet knowing what kind of firm awaits them. Well, Mayfair Wealth Ltd decided not to create a unique website but used a ready-made template instead. Can this speak to professionalism? Absolutely not.

Mayfair Wealth Ltd offers to familiarize with trading conditions, including account types, traded asset classes, and the platform, as well as with its history and contact information. User agreement, privacy policy, and AML&KYC policies are also available.

There’s no captivating or interesting graphic design. Just text on a dark background and a few logos of Bitcoin, Tesla, and other financial assets. Mayfair Wealth Ltd does not share much information about itself, and the trading conditions are also described superficially. In general, we cannot give a positive evaluation to such a website.

Partnership and Bonuses

Upon the first deposit, clients can activate a bonus, the size of which is 10%. However, it is unknown under what conditions Mayfair Wealth Ltd offers these bonuses, as this is not described on the website. Typically, firms provide a separate document called “Bonus policy,” or they mention the conditions in the user agreement, but there is nothing of the sort observed on the website.

The affiliate program is also offered by the broker, but details about it can only be found during the account registration process. Mayfair Wealth Ltd asks for a referral code, which clearly indicates the presence of an affiliate program. Its conditions are also hidden, and therefore the firm can be called opaque.

Account Opening on Mayfairwealthltd.com

Further acquaintance with the broker requires having an account, so let’s consider the registration process. Mayfair Wealth Ltd offers a quick process to create a personal account, where it is sufficient to know the name, password, phone, and email. The broker also requires choosing an account type, which seems odd. It would be more convenient for the user to first familiarize themselves with the platform, and then choose a specific tariff plan. By the way, one can choose from one of four account types, although the main page of the website shows 7 options – where are the other three?

After entering all the information, it was expected that a confirmation email would arrive, but this did not happen. So, we immediately entered the personal account of Mayfair Wealth Ltd.

Judging by the interface of the client portal, traders have access to all basic operations, such as balance management (deposit, withdrawal, and viewing money transactions), changing personal data, verification, technical support contacts, and the referral program. Also, from the personal account, it is possible to go to the trading platform. Overall, Mayfair Wealth Ltd does not offer anything unique.

Among all these possibilities, we did not notice one important feature – a demo account. Apparently, the company does not want clients to be able to test the service without risking real money. Therefore, there’s no talk of customer orientation.

Verification

In the user agreement, section 1.2 states that Mayfair Wealth Ltd requires all its clients to undergo identity verification, making this procedure mandatory, and without it, one cannot use the platform’s services. Alright, we’ve clarified that, but what does this verification entail?

Users are required to provide a set of two documents:

1. Proof of identity, such as a passport.
2. Proof of address. It can be a bank statement or utility bill.

Furthermore, Mayfair Wealth Ltd requires proof that the bank account or credit card used for account funding truly belongs to the client. The KYC procedure at the company is standard. Document upload occurs through the personal account, so this should not cause any difficulties.

Trading Software

The trading platform at Mayfair Wealth Ltd is a WebTrader, which can also be downloaded to a computer. The direct download link is in the personal account, but we recommend not doing this. It’s better not to download files from unknown sources, as they may contain dangerous viruses. Meanwhile, links to mobile applications are absent, but the terminal is adapted for mobile browsers, which is not equivalent to a separate application.

Thus, users have access to the following options and features:

• Multiple languages except English.
• Three color themes.
• Notification system.
• Watchlist.
• Order panel with current positions and trading history.
• Chart in the form of Japanese candlesticks, bars, or lines.
• Technical analysis (Fibonacci, levels, trends.
• Indicators.
• Timeframes from 5 seconds to 1 month.
• Multicharts.

Many functions are missing, such as more advanced technical and graphical analysis tools, uploading custom indicators, auto-trading, and others. Therefore, Mayfair Wealth Ltd offers to work on a primitive terminal, the capabilities of which will not suffice for experienced traders. Why doesn’t the firm provide a more advanced alternative? For example, MetaTrader would excellently fulfill the task.

How Can I Trade With Mayfair Wealth Ltd?

How profitable is trading? What opportunities are available to clients? Let’s find out now.

All Info About Accounts

The minimum deposit at Mayfair Wealth Ltd is high – $2,500. Compared to other companies, especially those more well-known and popular, this is a very large amount. The broker also offers a leverage of 1:200, which is the figure indicated on the trading platform.

The list of additional services at Mayfair Wealth Ltd depends on the chosen tariff plan. A total of 7 types of accounts have been developed:

• Bronze. The minimum deposit is $2,500. Includes a 10% bonus and 1 insured trade.
• Silver. No less than $5,000. Adds access to credit from the company.
• Gold. From $10,000. Differs from Silver in that trading indices is possible.
• Platinum. Requires a minimum replenishment of $25,000. Swap discount and arbitrage.
• Premium. From $50,000. Lower spreads, and clients can apply for a credit card from the firm.
• Diamond. From $100,000. Access to stalking (interest rate). Perhaps staking was meant? Why would a trader need to stalk someone?
• VIP. From $250,000. Face-to-face meeting with an account representative.

The additional service is not impressive at all. A very meager set of opportunities, which essentially do not bring any benefit to traders. Meanwhile, Mayfair Wealth Ltd extracts solid amounts of money from its clients.

Market Analysis and Education With Mayfairwealthltd.com

There are no market analysis and educational resources here. Mayfair Wealth Ltd does not offer training courses, fresh analytics, reviews of financial news, and other useful tools. Also, no economic calendar, news feed, and other widgets. There is only a small table and a ticker with online quotes, but that’s a minor detail.

Deposit, Withdrawal, and Fees

On the main page of the website, one can notice the logos of Visa/Mastercard and Bitcoin, so most likely, these are the methods through which money can be transferred. In the “withdrawal” section in the personal account, one can also make a request via bank wire transfers. Whether Mayfair Wealth Ltd supports any payment systems, we do not know. Moreover, why only Bitcoin? What about Tether, which is equal to $1, and is faster, more convenient, and cheaper than Bitcoin transactions?

Questions have also arisen regarding the processing times for withdrawal requests and commissions. These important terms are also kindly ignored by Mayfair Wealth Ltd.

How Can I Contact It?

Contacting the managers is only possible via email, or by leaving a message in the client portal or in the “contacts” section. We can say that it’s pointless to write to the provided email address, as it does not exist. Yes, Mayfair Wealth Ltd has provided a fake email address. An online chat is mysteriously absent.

Is Mayfair Wealth Ltd Dangerous?

To be honest, we could already conclude our investigation with the finding that this is a fraudulent company. However, let’s more confidently deliver the verdict on Mayfair Wealth Ltd when we learn how long this platform has actually existed, whether it has any licenses, and what its legitimate status is.

How Long Does The Broker Work?

The company cannot decide when it was founded, as the main page states that the firm began operations in the 70s of the previous century, while the “about us” section indicates 2019 as the founding date. We know perfectly well why this is. The fraudsters took a ready-made template but forgot to correct the old information. However, in reality, Mayfair Wealth Ltd appeared quite recently.

There are very few reviews online, hinting at a short operation period. Moreover, the domain of the official site was registered on February 13, 2024. So, we are looking at a fresh broker.

How Is Mayfair Wealth Ltd Regulated?

There’s hardly any point in checking for a license since the company does not even list it on its site, which means it definitely does not have one. Any broker that has obtained a license would immediately boast about it, providing links and a number so that users could quickly verify that it is true. However, Mayfair Wealth Ltd did not do so, but we will still check if the Canadian regulator has a record of such a firm.

IIROC, which regulates the activity of Canadian brokerage intermediaries, knows nothing about Mayfair Wealth Ltd. A search in the registry yielded nothing, so our suspicions about the absence of a license were correct.

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Expert Opinion

Scammers have become quite lazy, not even able to come up with anything unique. Fraudsters take ready-made templates and all, trying somehow to lure gullible traders into their illegal broker parody. Please do not fall for such an obvious scam, otherwise, you will regret giving your money to some anonymous fraudsters. Mayfair Wealth Ltd does not have a license, a solid operational history, insurance, and real registration. It’s a fake, just an ordinary fake. Such an organization does not exist, only a website where they offer to transfer money using cryptocurrency. One could go on about why Mayfair Wealth Ltd is a scam, but it just is. Stay as far away as possible.