MIT – Is it a Legitimate Broker?

MIT

With the number of scam online brokerages active in the market, it is natural for anyone who is thinking about starting their trading career to be concerned. You will obviously wonder whether you are choosing a legitimate platform or not because you do not want to put yourself at risk. Plus, no one wants to miss out on the profits that you can make through trading, but having the right brokerage is necessary to accomplish this. You need to find a legitimate broker, but not all will fit the bill, something you will learn in this MIT review.

Sure, they might appear to do so at first glance, but this does not necessarily make them so. It is true that there are countless legitimate companies that are more than willing to offer you world-class trading services that can help you accomplish your goals. But, there are countless platforms that also pretend to be genuine ones and make similar promises. This is where the confusion begins because telling them apart is not that simple. There was a time when scams were quite obvious because of their poor websites and other glaring issues.

However, things are no longer the same because these days, fraudulent platforms have some of the most sophisticated websites and that come with all the right offerings. It is because of these that people are often drawn in, but this does not make them automatically legitimate. Making claims is the easiest thing on the internet; the real question is whether they can actually deliver. You need to ask this about every broker that strikes your fancy, so you are able to make a smart decision.

One of the brokers that will do so is MIT that offers you a decent selection of trading instruments to explore, such as crypto, forex, indices as well as commodity pairs. Unfortunately, the brokerage does not fit the category of legitimate because of the numerous flaws it has. What are they? Some of the prominent ones are highlighted below:

Lies about its location

It is recommended that you look into a company’s background before you decide to trust it with your money. You cannot just hand over your investments to a stranger on the internet because they could just steal your funds. When it comes to a brokerage, knowing the background is important because you need to check their license and verify that they are an actual company. The license can immediately tell you if you are dealing with a legitimate company or not.

Going through the MIT website shows that the brokerage claims to be located in Switzerland and it also claims to be regulated in the country. The Swiss Financial Markets Authority (FINMA) is responsible for overseeing the markets, but when you check their online register for MIT, you are going to be disappointed. As it turns out, there is no brokerage listed by that name, which means that MIT is lying about where it is based and about its regulatory status as well.

You should take note that there is no legitimate brokerage that would ever lie about its license and regulation. Such companies are usually open and transparent because their goal is to earn the trust of their clients, but MIT does no such thing. It is not based in Switzerland and even if it is, it does not have a license, which means its operations are illegal.

Lack of legal documentation

One of the biggest indicators that you are not dealing with a legitimate company is the fact that MIT does not have any legal documentation available on its website. The Terms and Conditions of a brokerage are extremely important because they provide insight into the policies that you would have to comply with, as well as other rules. Plus, they also shed light on the fees and charges that a broker may charge, so you need to get to know them.

Therefore, it is a big problem that MIT does not have any Terms and Conditions on its website, nor any other legal documentation available, so you cannot know what to expect from the broker. It is free to add any policy, or fee it wishes and you will not be able to do anything about it.

Availability of bonus

The fact that MIT is offering a welcome bonus to its clients should also be considered an issue. Sure, these come off as very lucrative, but you should bear in mind that there are strings attached with such bonuses. The policies are never in favor of traders, due to which this practice had eventually been banned in various jurisdictions.

This also includes Switzerland, which is part of the European Union, and brokers in the bloc are not allowed to offer bonuses to retail traders. Yet, MIT appears to be doing so despite claiming to be based there, which shows it is lying. Secondly, since its legal documentation is not available, you do not know the bonus policy, which means it can be downright malicious and you will not be able to do anything about it.

No MT5 as advertised

The fact that MIT is promising its clients the MT5 trading platform is one of its most attractive offerings and will garner the attention of many. After all, it is an industry leading trading platform, equipped with the latest technology and tools. But, as it turns out, this is just another lie that MIT is telling to convince people to open an account with it.

The real trading platform that MIT offers is a lackluster and oversimplified web trader that has only the basic features and no other advanced functionalities that people may expect.

Payment issues

The fact that you can make credit card payments at MIT, but through a third-party payment provider called Trust Pay is another concern. Other payment methods are crypto and wire transfers, none of which are eligible for chargeback, which makes them equally unsafe.

The Answer

With the lies and misleading statements that MIT puts forward, you can conclude that it is not a legitimate broker.