Read our MDX500 review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a mdx500.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So MDX500 is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about MDX500 in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
MDX500 Review Conclusions
Making the MDX500 review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our MDX500 review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
Hello, I sm happy for your indight. I have just commenced trading with them and is worried about a scaming experience from them.
Thank you for this review. I found it very strange as to why they keep calling me every day and when I answered the representative was persuading me to make a deposit and I found that very suspicious because I have accounts with other HUGE brokerages and they have never called me once forcing me to make a deposit
Does someone know how to close your account at mdx500.com? Thank You,
RGds./Mahek
I opened an account with mdx500. Luckily just a mini account I wanted to try it first. I managed to triple my initial investment. I knew that something was fishy, so I decided to close my account. Suddenly I’ve seen that one of the account managers opened trade without my permission to loose money. I decided to close the account and ask for immediate refund. Is already a few days and no answer.
MDX500 is an absolute SHAM of a business. I have told them to remove may name and number on the 30+ phone calls I have received from them within 25 days. They keep telling me I registered, that I have no knowledge of investing, strange, I have a lot of experience… REGARDLESS… I have been bullied by their constant phone calls and total disregard to deleting me… Even if I chose to change my mind and invest with them… I DEFINITELY WOULDN’T do that after ALL this HARASSMENT!!!
MDX500 and their call center SUCKS!!!
Mdx500 spam my bank account of 3000 dollars with out my knowing the money was deposited in coinberry in Toronto and removed by. Thomas George mdx500 in 2 day before l can get the money back l was told the money when in bitcoin but l have no recorded of the money going into bitcoin the name of mdx person is Thomas George of uk
A HUGE SCAM, Please do not invest any money or give any information and documentation. I’m still in the process when they took my $250 USD off my Visa without my permission. Dispute it immediately with your CC Company right away. They will not listen to your requests to withdraw and you will be harassed continually by their call center which is in fact a BOILER ROOM type of SCAM.
a HUGE SCAM…Beware! Your money and information are not safe.
can anyone tell me if MDX500 has been shut down. I had a phone call from someone I think his name was Daniel some thing who said the dash board was shut down as it was unlicensed and that my account manager was suspended. His name is Jon Elrod. This Daniel had my email address and password he said he wanted to refund my initial deposit. I could not talk to him at the time and asked him to ring the nesxt day. This did not happen!. Since then I cannot contact Jon Elrod nor antone else at MDX . The telephon number I have is 004117715828322. Can anyone help please I am a pensioner and invested my holiday money October 2020.
@Margaret Roberts , their website is still active and in 3 days, i have received 12 calls from them, harrassing me to deposit money. I think that they will not refund you any money as they are obviously scammers. the number you have is one of the millions one that they own. I have recieved the calls from different numbers, similar to the one you gave. DO NOT INVEST ANY MONEY WITH THEM.
Someone need to stop those guys
Daniel is a ashame he took 6 000 euros from me i work so hard
Those guys is smart they know what people want to hear
How can i have my money back thats happen to me today
Daniel stop to talk to me and his application activ8trader its fake
Those guys cant continue to fool people like that
If you invest in MDX500…you could be as stupid as me!!!! They refuse to acknowledge my emails to return my funds. The two main culprits are Jon Elrod and Max Tillman! Once your funds go in…they will never be seen again!!! Please…don’t be as stupid as me! Jim Martin
Regretfully I hav lost about 50,000. cad with this so called investment outfit. I mad money on the first investments I made with them; then they wanted taxes and currency exchange monies. Their names were Michael Anthony and Daniel Russo
This is a scam, I only lost my $250.00! if these guys call you hang up as they will take you for every penny you have …. if you let them. Daniel Ruuso is a broker for MDX500,
Daniel Ruuso is a scam artist, Daniel Ruuso is a lier and a con man.
DO NOT deal with this company ….. MDX500 is a scam.
I most heartily agree…STAY AWAY!!!!!!
MDX scammed me. Jon Elrod and Toni Williams. I asked for a withdrawal was told by John Elrod my account was in credit of 7000 dollar- he would get the finance dep to ring me . Asked to open any desk – required to get my funds. They then set themselves up as my payee and wiped me out completely. When I noticed this they said it was part of the transfer of funds and would be returned to me. Then said my bank was not accepting the funds BACK, which is a lie. Since then they have asked I take my NHS pension out as I have no more available money to invest . I have not heard from them since. I am a pensioner and had saved my money to have our cataracts done done privately due to long nhs waiting list. DO NOT OPEN ANY DESK OR DEAL WITH MDX THEY ARE SCAMMERS