There have been two articles in short succession over at Forex Magnates about an alleged Ukrainian scam broker, MMCIS and their head analyst/trader, one Konstantin Kondakov. You can find them here and here. As far as I am concerned, there’s no need for the ‘alleged’ part. That is a scam broker and you’d have to be pretty naive, to put it politely, to transfer even $1 to them.
Why would anyone open an account with a broker that among other things:
- has an unprofessional, shitty website
- is not regulated anywhere
- lists an UK phone number even though it states that it doesn’t accept UK residents as customers
- runs its own Ponzi scheme ‘Index Top 20’ on the side
is beyond me. Regarding their ‘star’ trader, Kondakov, who has an account verified by Myfxbook, one might be fooled into thinking that he’s legitimate. Not so fast though. His trading account is with MMCIS broker, so in fact there is no third-party verification. They send whatever data they want to Myfxbook and can list fabricated balances, profits and returns, in classic Ponzi or Madoff style.
From what I gather, they haven’t done (much) damage outside the Russian speaking space. This doesn’t mean that beginners everywhere shouldn’t all be aware of such charlatans in order to protect themselves. As the old saying goes, to be forewarned is to be forearmed.