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Mysteel UK Limited Review | Outstanding Services or Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 1
Mysteel UK Limited - logo

Mysteel UK Limited claims to be providing excellent services. However, numerous online reviews indicate that the company may be a scam. To clarify the situation, we will conduct our own investigation.

Highlights

🏛️ Country UK
⚠️ Regulation
🖥️ Website https://www.mysteelukltd.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit £5,000
⚖️ Minimum and Maximum Leverage 1:20-1:100
⚙️ Trading Platform WebTtader
📨 E-mail support@mysteel-ltd.net
📞 Phone +442086389999

First Impression of Mysteelukltd.com

The official website of Mysteel UK Limited appears to lack the sophistication and detailed information you might expect from a well-established broker. Its design is simplistic and the information provided about the company is minimal. Here you can read only the usual boasts about being the top broker in the industry. The statistics displayed on the homepage have also raised some concerns. Besides, there is only English on the platform. So, we have doubts that this company is international.

Mysteel UK Limited - website

Partnership and Bonuses

We couldn’t find any hints of a partnership program on Mysteel UK Limited’s website. However, they do offer bonuses, but not for everyone. Unfortunately, newcomers are not entitled to such “privileges.” Bonuses start only with a Gold account, and traders can receive up to a 50% bonus on their deposit. On higher-level accounts, the bonuses are even higher. However, remember. Bonuses can create unrealistic expectations and encourage traders to take unnecessary risks to meet bonus requirements. This can result in significant losses.

Account Opening on Mysteel UK Limited

When registering an account with Mysteel UK Limited, the process is noticeably different from registering with a legitimate broker. Instead of thorough verification measures, such as confirmation codes and document verification, you’ll only need to complete a simple form with your personal information. After filling out the form, you’ll be immediately granted access to the Client Portal. Ease of access to the platform could attract fraudulent activity. Minimal checks on who is opening accounts create a higher risk of unauthorized access to the platform and potential financial harm.

Registration form

Once inside, the available features are rather standard, including the ability to modify your profile settings, deposit or withdraw funds, view your trading history, and go to the web trader platform.

Mysteel UK Limited - Client Portal

Verification

To verify your account with Mysteel UK Limited, you will need to provide personal identification and proof of address documentation. This includes copies of ID cards and a recent utility bill or bank statement. Once you have submitted this information, the company will review it to ensure it meets its verification requirements. If additional documentation is needed, they may request it from you.

Pros
  • Easy verification process.
Cons
  • The broker has not specified terms of verification.

Trading Software

Mysteel UK Limited provides a basic trading platform that can only be accessed through a web browser. Unlike other brokers, Mysteel UK Limited has not developed a desktop or mobile app for its clients. The web trader has a simple design and a limited set of functions, including a few dozen indicators. The platform’s graphical indicators may be useful for some traders, but overall, it lacks the advanced features and tools found in more sophisticated terminals. It’s worth noting that these web traders are often favored by scammers, as they require less investment and effort to develop compared to MT4/MT5 and other famous platforms.

WebTrader

Features Mysteel UK Limited Legends Financial Company  Spotinvest
Demo Account ❌️
Mobile App
Own Development

How Can I Trade With Mysteel UK Limited?

Mysteel UK Limited assures that it has a lot of customers. In this case, it should at least have attractive trading conditions. Let’s take a closer look at them.

All Info About Accounts

Mysteel UK Limited doesn’t offer the most competitive trading conditions compared to other brokers in the market. The broker provides five account types. The beginner account requires an initial deposit of £5,000, which is rather high for most traders. The beginner account also has limited access to assets and a minimum leverage of 1:20. Why does the broker limit trading opportunities by not offering all assets to trade? This seems to be something exceptional on the market. While most companies seek to increase the number of assets available to you, Mysteel UK Limited, on the contrary, restricts it.

The next account requires a minimum deposit of £25,000. It offers higher leverage and lower spreads. The best trading conditions are supposed to be offered with the Premium account, which requires a deposit of £150,000. This account type removes the limitations on assets and allows traders to trade with the leverage of their choice. By the way, instead of providing specific details about spreads, swaps, and commissions, Mysteel UK Limited wastes time listing non-market services.

Pros
  • None.
Cons
  • Low minimum deposit.
  • Dubious additional services.

Market Analysis and Education With Mysteelukltd.com

Mysteel UK Limited offers trading education, market analysis, and other services to its clients. However, these offerings seem to be more extensive for those with higher account tiers. This seems like an attempt by the broker to generate more revenue rather than a genuine effort to support its clients. In reality, the broker’s approach lacks consistency and logic.

Deposit, Withdrawal, and Fees

Despite the broker’s claims of offering many options, the reality is that the process is not very transparent. You can enter the amount you wish to transfer in your Client Portal. However, there is no clear information on which payment methods are available. After submitting the application, you will receive a message stating that a manager will contact you soon. The withdrawal options are even more limited, with only wire transfers and BTC available.

Features Mysteel UK Limited LTC FIN  Trezo Capital
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

Mysteel UK Limited provides full contact details for their clients, including phone numbers and email addresses. Additionally, they list an office address where clients can reach them. However, it’s worth noting that some discrepancies have been found regarding the listed office location. It does not seem to match the actual address on any maps.

Pros
  • Full contacts.
Cons
  • The address is likely fake.

Is Mysteel UK Limited Dangerous?

Poor trading conditions do not allow us to call a broker an excellent option. However, these are not all the problems that we have found.

How Long Does The Broker Work?

According to the broker, Mysteel UK Limited has an impressive track record. It claims to have over 400,000 clients and over 5 million daily transactions. However, considering that the domain was created on March 21, 2023, it is highly unlikely that the company achieved such numbers within such a short period. It’s important to remain cautious and take these claims with a grain of salt until further verification.

Domain info

How Is Mysteel UK Limited Regulated?

Mysteel UK Limited claims to be a registered company in England. Our research confirms that it is indeed registered with Companies House, the official registrar of companies in the UK. It was incorporated in 2017 and was also listed on the Financial Conduct Authority (FCA) register as an appointed representative of another firm.

Legal data check

However, it’s important to note that Mysteel UK Limited is currently not authorized or regulated by the FCA to offer financial services in the UK. This means that it is operating without the legal basis to offer financial services to consumers, and any investment with the company would be done at the investor’s own risk.

License check

Moreover, please note that the company was established in 2017, not in March 2023. Besides, attentive readers will notice that the contact details of the company and the broker are different. We are leading to the fact that scammers simply use the legal data of a real existing company, Mysteel UK Limited.

Features Mysteel UK Limited Nexon Groups Clark Financial
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Mysteel UK Limited?

First, you need to create an account, pass verification, and deposit. Then you will be able to trade.

Is Mysteel UK Limited Legit?

No, Mysteel UK Limited is not legit. This fraudulent broker poses as a real British firm. However, it operates without any licenses or regulation.

How Risky Is It?

Trading is always associated with risk. And investing with an unregulated company like Mysteel UK Limited may pose a higher risk, as they do not have to adhere to the same regulations as licensed brokers. 
Kevin Berry
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Expert Opinion

I’ve seen my fair share of impressive stats. But when I stumbled upon Mysteel UK Limited’s claim of over 400,000 clients and more than 5 million daily transactions, I had to do a double-take. I mean, are they selling steel or unicorn tears? In all seriousness, those numbers are way too good to be true. Even for 7 years, not for one month. It’s like claiming you can run a marathon in 10 minutes or that you’re the long-lost heir to a Nigerian prince’s fortune. It’s just not believable. So, to answer the question of whether Mysteel UK Limited is legit, my expert opinion is a resounding “nope.”

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The level of trust
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1 review about Mysteel UK Limited

j.ash January 22, 2024 - 22:47
1000% scammers
The level of trust
Quick withdrawal of funds
Efficiency of technical support

stay away from this firm they wont pay out? iv invested a lot of my money and now want to take it out but they ask me to pay more money to take out my hard earnt cash.

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