November 3, 2020

Ming Dao International Trade Review

Overview Ming Dao International Trade

Ming Dao International Trade is a forex trader that seems to be based out of Hong Kong. It is rather popular in the Asian market, with a variety of services of offer. While it is a well known name in the industry, it is important to note that it fails on one very big criteria for any forex broker. The broker is not regulated, and is not licensed. While the main business of the broker might be local, and thus it can be made the case that it doesn’t need international bodies to license or regulate it; However, it is interesting to note that it is not even licensed by the Securities and Futures Commission (SFC) of Hong Kong. Whenever we analyze or review a broker it is a huge worry when the business is unregulated, because it means there is nobody to overlook their operations, and also there is no failsafe if they decide to cheat and run. Read the full Ming Dao International Trade review here.

About Ming Dao International Trade

While we’ve already mentioned that it is a broker that operates without any supervision, it is also important to note that the internet is quite filled with bad reviews and complaints by customers. Now we understand that a product or service is bound to have bad reviews, genuine or not. But the overwhelming number of internet watchdog communities that have marked it as unsafe is eye opening. Not only this, but all of these communities make a note of the fact that there are loads of unsatisfied customers who feel they have been cheated out of their money.

There are some frequent scenarios which might be a good indicator of whether you’re dealing with a scamster or an unreliable broker –

  • Money is deducted without your explicit consent –
    There are various reports of trades not being sanctioned, and then later having been forced when the trader didn’t want it to. In essence it leads to a trader being forced to make a trade at a later time when the context is not in their favour, ensuring a loss.
  • You can’t withdraw money that you do see in your account –
    There are various complaints by users from around the Asian subcontinent about how they were not able to withdraw the funds they had in their account even after multiple tries.
  • Inability to contact the broker –
    There also reports of how customers are blocked on WeChat (the popular IM platform in China) by the broker after multiple complaints are made against them.
  • The broker’s website isn’t accessible
    As this article is being written, the website wasn’t accessible, even after using different VPNs.

The Verdict

Based on the fact that the broker is unlicensed, it makes it a very risky bet. Add to that the fact that its customers are outraging everywhere on the internet, doesn’t help its credibility.