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MWM Group Review | The Glorious Part of Trading or Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 2
MWM Group - logo

MWM Group is rooted in the glorious part of trading at the New York Stock Exchange and the Chicago Mercantile Exchange – this is how the introduction to this brokerage company begins, which does not disclose what licenses it holds, where its office is located, and by what business model it operates. Regarding jurisdiction, one can see that the broker mentions Bulgaria in the user agreement, but without a specific address. On the main page of the website, the organization claims to have 20 years of experience in the financial markets industry. However, the number of reviews on the internet does not match such a supposedly experienced brokerage intermediary. So, is it a scam? Quite possibly.

Highlights

🏛️ Country Bulgaria
⚠️ Regulation
🖥️ Website https://mwm-group.co/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage
⚙️ Trading Platform WebTrader
📨 E-mail support@mwm-group.co
📞 Phone

First Impression of Mwm-group.co

The official website of MWM Group is absolutely unimpressive. There is little useful information on it, and the site itself seems to be only half complete. There is a lack of any unique graphic design, except for one picture on the homepage, which you can see in the screenshot below.

At the top of the page is the usual panel:

  • CFD-Trading. Info about contracts for difference.
  • Platform.
  • Forex Trading. Educational materials.
  • About us. Info about the company, vision, and legal documents.
  • My account.
  • Registration.

MWM Group - site

MWM Group also introduces visitors to its history, but without details. You can also find out what types of accounts are available, the trading platform, and some other conditions. The firm uses motivational texts and philosophical phrases that do not provide any benefit to clients. Everything is very boring and formulaic.

Partnership and Bonuses

Traders can receive a deposit bonus ranging from 25% to 75% depending on the deposit size. However, MWM Group does not explain the conditions under which these bonuses are given. Often, brokerage companies require a huge and impossible turnover of trades within a certain short period. Moreover, bonus sizes up to 75% are a negative factor, as it is fraudulent firms that prefer to offer such huge bonuses.

Nothing is known about the affiliate program. Meanwhile, MWM Group requires some referral code at the moment of account registration. What is this, if not a referral program?

Account Opening on Mwm-group.co

Now, for a more detailed acquaintance with the firm, we need to register an account. To do this, you need to click “Register” at the top of the website and then fill in all the necessary fields:

  • Name.
  • Contacts (email and phone number).
  • Address of residence.
  • Promo code.
  • Currency (GBP, USD, or EUR).
  • Password.
  • Secret answer.

Registration

The personal account at MWM Group is super primitive. There are only 4 sections available: dashboard, profile (personal information), deposit, and withdrawal. The client portal is very poorly optimized, sections load slowly, and you have to wait several minutes. Users can add their banking information and other data, as well as change the password.

MWM Group - personal cabinet

Among the small number of options, we did not notice a demo account. It’s also unclear how to access the MWM Group trading terminal. Meanwhile, the personal account interface is translated into 5 languages, while the website is only in 4. And the last thing that’s important to note in the review of the client portal is the absence of HTTPS, meaning the information entered by the user will be poorly protected, allowing malicious actors easy access.

Verification

We did not find functionality for uploading documents in the personal account. You can only add personal information but cannot upload files. Furthermore, the MWM Group official website does not mention the verification procedure, so we cannot be sure whether it is mandatory or not. We cannot even know if the broker has KYC verification.

Pros
  • None.
Cons
  • Nothing is mentioned about KYC.
  • The functionality for uploading documents is absent.

Trading Software

The trading terminal at MWM Group is only available in a web-based format. The broker praises its platform as user-friendly and easy to use. Traders can use pending orders, fancy charts, and technical analysis tools.

Mobile applications for Android/iOS, apparently, are missing. They are not mentioned on the site, and download links are absent. Furthermore, the platform is not available for computers.

We cannot check in practice what the terminal at MWM Group actually looks like. It’s unknown how to access the platform. Logically, such a button should be in the personal account, but it’s not there. The company describes its software very little, so there’s not much to comment on.

Features MWM Group LiquidChart Buy Crypto Market
Demo Account ✔️
Mobile App ✔️ ✔️
Own Development ✔️

How Can I Trade With MWM Group?

The company provides access to Forex/CFD trading. The trading conditions directly depend on the chosen tariff, so we will consider the account types available at MWM Group.

All Info About Accounts

So, clients of MWM Group have a choice of four types of accounts:

  1. Starter. The minimum deposit is $250. Traders can receive a 25% deposit bonus. Also available are micro-lots, basic training, and an algorithm.
  2. Trader. No less than $500. One signal per day and a personal manager 24/5 are added.
  3. Business. From $1,000. The personal manager is now available 24/7. In addition, spreads with a 15% discount, with a choice of either floating or fixed.
  4. Ultimate. $5,000 and more. Risk management webinar, insurance of an account 30%, and leverage regulation.

Account types

Now, let’s comment on these trading conditions. Firstly, the minimum deposit is $250. What’s interesting here is not that it’s a relatively high figure, but that it’s often illegal brokerage firms that set $250 for the initial deposit. The reason is unknown to us. Secondly, MWM Group does not disclose details regarding commissions and spreads. These are the most important parameters that determine whether trading here is profitable or not.

Furthermore, there are no demo or Islamic accounts. The same applies to ECN and cent accounts. There’s also no doubt that MWM Group tries to extract as much money as possible from its clients. This is evident from the range of tariff plans, where the better the tariff plan, the more funds a user needs to invest. So, there are quite a few “red flags”.

Pros
  • Not found.
Cons
  • High minimum deposit, with no demo account available.
  • No Islamic account.
  • Commissions and spread sizes are not specified.

Market Analysis and Education With Mwm-group.co

The firm provides educational articles explaining Forex and CFD, as well as leverage and other details regarding trading and financial markets. MWM Group also promises to provide market research. However, useful widgets, such as an economic calendar or news feed, are missing. Even a line with online quotes is not presented.

Deposit, Withdrawal, and Fees

Neither the official website nor the personal account contains a specific list of payment methods supported by the broker. Judging by the mentions, for example, in the refund policy, MWM Group definitely supports transfers with credit/debit cards and bank wire transfers. Other methods might be available, but there is no precise information. Commissions and processing times for payments are also unknown.

Features MWM Group StockScale Fin Reserve
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

Contacting MWM Group managers is only possible via email. However, we do not think you will be able to do so, as the provided email does not exist. Not only is there no phone, online chat, or any other way to contact the staff, but the email is also fake.

MWM Group - fake email

Pros
  • None.
Cons
  • The email is fake.
  • It is unclear how to contact managers.

Is MWM Group Dangerous?

Probably, few have doubts that this firm is somewhat suspicious. Its total secrecy regarding its activities, trading conditions, money transfer methods, and other aspects can be distinctly highlighted. Fake contact information only confirms the negative opinion about the broker. Next, we will determine how long this organization has been on the market, what its legitimate status is, and then we will deliver the final verdict for MWM Group.

How Long Does The Broker Work?

“20 years in the stock market” – this inscription can be seen by anyone who opens the official website, but we believe it to be false. The number of reviews on the internet – dozens, which for a company with 20 years of experience is very few. Meanwhile, the domain of the official website was registered on December 21, 2023, which was very recent. What evidence can MWM Group provide in favor of its extensive experience? None, but there are many arguments in favor of a short period of operation.

Domain

How Is MWM Group Regulated?

The firm’s secrecy is also evident here regarding regulation. The company claims to be regulated by the law, but this is not quite right. The fact is that brokerage organizations must obtain a license from a state regulator, at least in the jurisdiction where they are registered. And where is MWM Group registered? The legal address is not stated, which is another significant downside, but Bulgaria is mentioned in the user agreement.

In Bulgaria, the Financial Supervision Commission (FSC) monitors brokerage activities, but we have not found our review’s hero in any available registries and records. Most likely, the Bulgarian jurisdiction is as fictional as the email and the 20 years of operation. Therefore, the broker operates illegally.

Features MWM Group Montana Trading LTD ForexLive
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

Kevin Berry
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Expert Opinion

Just zero positive arguments in favor of the company. Has anyone found anything positive in MWM Group? Maybe the conditions? Or the trading platform? No. The absence of a license and legal address, a fresh domain, and hidden trading conditions – these are all signs of a guaranteed scam. And what about fake contact data? And this is before even addressing the issue regarding business activities and fake positive reviews on the internet. Firstly, the platform is a dealing desk, so it is interested in traders losing their money. Secondly, the positive reviews on the internet are likely fake, so they cannot be trusted. In short, MWM Group has a lot of red flags, so it is not safe to trade here.

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The level of trust
Quick withdrawal of funds
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The level of trust
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2 reviews about MWM Group

Hector Hex February 6, 2024 - 20:17
Scammed me out of $600
The level of trust
Quick withdrawal of funds

Believe it or not, but I lost $600 here. I was lucky that the amount was small, but it’s still very upsetting to lose my deposit so foolishly. These are scammers with a fake platform. 100% fraud. Everything is fake and illegal, nothing real. Even the contacts are fabricated. I gained valuable experience, which I’m sharing with you. Don’t do the same.

Reply
Jungle February 17, 2024 - 11:45
Don't believe these scammers
The level of trust
Quick withdrawal of funds
Efficiency of technical support

This is a fraudulent firm whose goal is to steal money from people. The fraudsters are good at their job because there have already been cases where traders mistakenly sent money to MWM Group. And it’s absolutely impossible to get anything back. These crooks are very good at hiding, and it’s unrealistic to find them. Plus, the amounts of fraud aren’t so large that law enforcement would seriously deal with these scoundrels.
Therefore, I recommend not risking your money and not investing in such scams. There’s no doubt that you will lose any deposit you make to the balance here. There are too many negative factors, plus fake reviews that lure newcomers to invest money here. Don’t believe the positive reviews on the internet because they are not real.

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