We present to you the Melbourne Fx review, where we have gathered information about yet another Forex/CFD scam broker. The company claims that both beginners and experienced traders should exclusively use its services because it offers a new level of trading conditions, security, and support. However, it’s not worth trusting these claims — the platform employs fraudulent methods in virtually everything. More about these methods and the risks to clients are discussed below.
Key Features
- Company Name: Melbourne Fx
- Website: https://melbournefx.io/
- Available Contacts: [email protected]; +442039110326 (UK), +61281883542 (Australia)
- Foundation: 2024
- Services: Forex/CFD trading
- License: No
- Initial Deposit: $250
From Sign-Up to Payout
At first glance, the official website of Melbourne Fx is quite attractive. A clean design, minimalistic content without excessive animations or graphics, and fast page loading make it stand out among similar websites. However, a closer look at melbournefx.io proves disappointing. For example:
- On the contact page, users will see an office address in Cyprus, as well as phone numbers from Australia and the UK. This combination is quite confusing.
- You can’t register independently. Filling out the registration form is easy, but submitting it takes more than a minute, after which it turns out that the account data is not in the broker’s system. They suggest resolving the issue through support.
- The broker hides complete information about trading conditions. First, the details are scattered across several pages. Second, there are many inconsistencies. For example, the main page mentions a maximum leverage of 1:200, but the account types table shows different leverage for all plans, with the highest being 1:400.
In general, the Melbourne Fx website contains almost no complete data on anything. You can find the list of accepted payment methods, but there is no company information or details on commissions. There is a list of asset classes, but no contract specifications for the available instruments. This pattern is consistent throughout. We are confident that legitimate brokers don’t operate this way. However, we don’t consider this company to be legitimate.
Our Trading Experience With Melbourne Fx
Unfortunately, we never had a chance to familiarize ourselves with the Melbourne Fx trading terminal closely. There is no way to open a trading account independently, and support never responded to our request.
You also won’t find any information about the trading software on the official website. The company does not provide specifications for the terminal. In fact, they didn’t even bother to include a brief description of it. There is also no access to a demo account.
Therefore, any trader (who somehow manages to become a “lucky” client of this broker) will face an unknown web service with unknown functionality. Naturally, most users will be able to figure it out. However, they will have to do so while making real trades. In this situation, no one is protected from mistakes that could lead to significant capital losses.
We suspect that the creators of Melbourne Fx counted on this. After all, every trader’s loss turns into a legitimate profit for a broker operating with DD technology.
The Reality Check
Melbourne Fx claims to traders that it is a fully regulated broker and adheres to the strictest industry standards. Naturally, we had a couple of important questions for the company about this:
- Which regulator oversees the broker’s activities?
- What standards are they referring to?
The question about regulators arose for a reason. Judging by the name and the presence of an Australian phone number, the company seems to originate from that continent. However, the office location in Cyprus suggests that the broker has local registration and a license, otherwise, it wouldn’t be able to work with traders from EU countries. But here’s another surprise: the Terms & Conditions document reveals that the platform operates according to the laws of “saint vincent and the grenadines” (yes, the country’s name is written without capital letters — exactly how it appears in the document). So, in which jurisdiction is this broker registered and licensed?
As it turns out, in none. In the Australian registry, there is a single mention of MELBOURNE FX PTY. LTD as the founder of SHANGRI-LA IMPORTS PTY. LTD, a company created in 1994.
There is no further information about it, not even an ABN (Australian Business Number). This means that the company existed long ago, but there is no record of it even in electronic archives.
There are also no mentions of a company with this name in the Cyprus registry or the SVGFSA (the registry for all financial services in Saint Vincent and the Grenadines). In fact, this means the broker has no official registration or licenses. Naturally, there is no legal provision of services.
How Long Has Melbourne Fx Been in the Game?
The broker’s website contains no mention of its founding date, history, or development plans. We obtained this information from the Whois service, where the registration date for the domain melbournefx.io is listed.
As we can see, the domain was registered about six months ago, in March 2024. Naturally, the broker is about the same age. For a licensed broker, this is a very short operational period, but for a scam project, it is already quite significant. In our view, opening and funding accounts with a company of this age is irrational.
Extra Fraud Indicators
The lack of a license and the short operational period of only six months are important, but not the only signs that point to Melbourne Fx being a fraudulent broker. Here are a few more striking examples:
- On the Forex and Crypto pages under the Markets section, visitors are told how profitable it is to trade these assets with Starlight Capital. However, we are confident that the well-known Canadian company, which manages several mutual funds, ETFs, and structured products, has nothing to do with this broker. Moreover, Starlight Capital doesn’t even offer brokerage services. It seems much more likely that the creators of Melbourne Fx simply forgot to replace the name of the broker they previously used to scam a large number of traders.
- According to the Deposit and Withdrawal document, deposits are accepted via bank cards or cryptocurrency wallets. Naturally, in the case of cryptocurrency, AML (Anti-Money Laundering) policies are meaningless. Moreover, the company lacks both AML and KYC (Know Your Customer) policies among its documents.
It seems they don’t quite follow strict industry standards. Returning to the question of service standards, it’s also worth mentioning:
- Client funds storage. The broker doesn’t even mention segregated accounts or the lack of access to them for operational needs.
- Compensation funds. The website provides no information about specific compensation funds or insurance companies the firm works with, nor does it mention compensation for client losses at all.
- Payment details. The platform owners made sure that their payment details are not publicly available. Of course, why would they be, when the company lacks official registration and, therefore, corporate accounts?
- Financial reporting. Naturally, we didn’t expect financial reporting from an unregistered company. But Melbourne Fx doesn’t even provide any statistics. It seems that things aren’t going well for this broker.
It turns out that all promises of full regulation and adherence to service standards are nothing more than fiction. Judge for yourself: is it worth trusting anything said on their official website at all?
Is Melbourne Fx the Right Fit?
In this Melbourne Fx review, we aimed to show that the broker is nothing more than a scam project. The arguments in favor of this view are clear: lack of official registration and operation without a license, unsafe handling of non-trading operations and client funds, lack of critically important information, etc. Only scammers can afford to do this, aiming to attract and then seize clients’ money. This view is shared by the trader community online. So, should you open and fund accounts with this company when the likelihood of losing your money is nearly 100%? We think the answer is obvious.
Friends, all the negative reviews about these scammers from Melbourne Fx are completely accurate! I also fell victim here and lost nearly $8,000. I don’t know what to do now or whom to turn to; this is my first time falling into a financial scam. Please, if you can, give me some advice. And to anyone thinking about registering here, I strongly advise you to avoid dealing with these outright scammers.
Scammers. Don’t believe a single word from these fraudsters at Melbourne Fx. You’ll put in money and never get anything back.