Is this a reputable broker from Cyprus or just another fraudulent platform? Our goal in this Melbourne Fx review is to uncover what lies behind this brokerage company, what it offers, and most importantly, whether it is a scam.
Highlights
| Official Website | https://melbournefx.io/ |
| Company Name | Melbourne Fx |
| License Status | None |
| Account Types | Micro, Basic, Silver, Platinum, VIP |
| Demo Account | None |
| Assets Offered | Forex, crypto, commodities, stocks, indices |
| Leverage | 1:400 |
| Trading Platform | WebTrader |
| Deposit Methods | Undisclosed |
| Withdrawal Time | Up to 48 hours |
| Affiliate Program | None |
Key Trading Features
Trading conditions at Melbourne Fx are no different from those offered by many illegal forex brokers. Here, too, we find the typical initial deposit requirement of $250, common among unregulated firms. Why do scammers so often set this threshold at $250? Reputable companies have long since abandoned such practices, allowing trading with as little as $10 on certain cent accounts.
The tariff plans are structured in a way that scammers love. This system is designed to make clients believe that conditions improve with each new level. However, the reality is that the primary goal is to persuade traders to invest more. The larger the investment, the harder it becomes to withdraw funds, and the more scammers “earn” from you.
Overview of Available Trading Instruments
The offerings seem standard at first glance. The website advertises cryptocurrencies, forex, indices, and commodities. However, it is important to understand that Melbourne Fx is a CFD broker, meaning that you can only trade CFDs here. There are no spot assets or futures available.
CFDs are contracts for difference, so you do not actually purchase the underlying asset; you merely make a deal based on whether its price will rise or fall. Bought a gold contract? You won’t own any gold. It’s just numbers on a screen. Such financial instruments are easy to manipulate, with brokers able to display any price they want on a trader’s screen.
Trading Platform Analysis
Melbourne Fx proudly touts its “innovative platform” and promises convenience and security. However, let’s be honest: behind the fancy words lies a basic web-trading system. It is rather mediocre.
There are no download links for mobile or desktop versions. This is likely a primitive WebTrader with basic functionalities such as technical analysis, indicators, and pending orders. A demo account is not mentioned either, so testing the platform requires an initial investment of at least $250.
Additional Services
Additional features depend directly on the selected asset. However, the company should not restrict traders based on deposit sizes. Melbourne Fx offers various options:
- Market review.
- Dedicated personal manager.
- Financial planning.
- Private analyst session.
All these “privileges” are neither detailed nor explained. It is unclear what they entail or under what conditions they are provided. Who are these “personal managers” and “analysts”?
Fee Structure
You will not find direct mentions of fixed trading commissions. Melbourne Fx emphasizes that spreads cover their costs. Here’s the issue: in such cases, brokers often deliberately inflate spreads, especially on popular assets, to profit more from each of your trades. If the terms were truly advantageous, they would clearly specify the spread sizes for each pair or asset. Instead, there is complete silence here.
Mentions of “low transaction costs” are present on the website but lack specifics. The only thing we managed to find was a fee of 1% for each withdrawal (but not less than $30 and not more than $300). However, one can only guess how true and complete this information is. For example, the same policy states that withdrawals can be made using three methods, which include credit cards and Bitcoin. Where is the third one? In short, we would not trust this information.
Legitimacy of Melbourne Fx
We are dealing with a so-called Cypriot brokerage company. On the company’s website, you won’t find any mention of CySEC (Cyprus’s regulator) or other reputable regulators such as the FCA (UK) or ASIC (Australia). Instead, they merely claim that their platform “meets strict security standards”. However, what does this actually mean? There are no specifics. If they had a license from a major regulator, it would be prominently displayed on the homepage in large text. Their silence on the matter likely indicates they don’t have one.
We checked the CySEC registry, though it was hardly necessary. As expected, Melbourne Fx is not listed.
By the way, the terms and conditions state that all relations between the parties are governed by “saint vincent and the grenadines.” It’s unfortunate, but we have encountered illiterate spelling like this many times before. And of course, the SVGSFA registry does not contain MelbourneFX either.
Company History
Melbourne Fx’s website doesn’t clearly state when the company was founded, which is another red flag. Checking the registration date of their domain, it’s highly likely to reveal it was created recently — perhaps in 2023 or even 2024. Such “fresh” brokers are often short-lived scams. Their main goal is to quickly collect money from unsuspecting clients and then vanish.
We verified the domain melbournefx.io and confirmed that it was created in the spring of 2024. That’s extremely recent. If a broker cannot even provide an honest answer to a simple question like their founding date, it’s a clear sign that they cannot be trusted with your money.
Conclusion
Melbourne Fx is just another scam. The absence of a license, transparent terms, a demo account, and the fact that their domain was registered in 2024 all point to this being a typical fraudulent dealing desk. Be cautious and steer clear of such companies if you want to avoid losing your money.
Weighing the Pros and Cons
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None.
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Terms are the same as many fraudulent brokers.
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Fake address in Cyprus.
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Licenses from serious regulators have not been obtained.
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The period of operation is less than a year.
Common Questions
What to do if the firm refuses to withdraw money?
If a company blocks withdrawals, it’s a bad sign. First, try to officially request a withdrawal through your personal account. If that doesn’t work, contact your bank or payment system to initiate a chargeback. It’s also crucial to save all correspondence and documents so that you can involve law enforcement if necessary. Remember, time is critical here, especially if the payment was made via card. If you transferred funds through cryptocurrency, your chances of recovery are almost nonexistent. Under no circumstances should you send more money — they will be lost, too.
Why doesn't the broker disclose information about its founders?
Secrecy in such matters is a common tactic among scammers. Reliable brokers always publish details about their ownership, management, and company history. Melbourne Fx does not disclose such information, which could indicate that anonymous groups are behind the operation, ready to disappear as soon as they gather enough money. This is a classic hallmark of a scheme designed for short-term fraud.
I fell for fake positive reviews about Melbourne Fx and sent these scammers $4,000. Now I can’t get my money back. Don’t make the same mistake I did. I feel terrible because I’ve lost a significant amount of money. These are just ordinary fraudsters, plain and simple.
Please spread the word about this trash. THEY ARE SCAMMERS! They operate illegally, lie about everything, and make false guarantees. This is a noname scam platform that has been operating since 2024. Warn everyone, especially beginners, as these scammers specifically target them!