MSP Limited Review: Forex Scam & Fraud (Latest Update 2023)
MSP Limited aka MSP-lmtd.net is a shady forex broker which has received a ton of negative reviews.
Also, the marketers of MSP Limited aka MSP-lmtd.net are using illegal tactics to bury consumer complaints against the dubious practices of the broker.
These bogus platforms’ main intention is to deceive individuals. Various types of forex brokers mislead the investors and earn money. Many people had complaints about no refunds, and people were unable to withdraw their money and suffered heavy losses. Avoid these shady broker platforms which are a complete waste of time and money.
The following MSP Limited review will give you a detailed look into the firm and help you understand why you should avoid doing business with them:
MSP Limited Reviews: Why You Must Avoid msp-lmtd.net
According to various MSP Limited reviews, consumers aren’t able to get their deposited funds from this broker.
Some reviews say the broker makes various excuses when they complain and sometimes stops responding altogether.
MSP Limited Client Loses Almost EUR 10,000
Here, the MSP Limited customer points out that he had signed up on MSP-lmtd.net. However, he has lost EUR 10,000 with that broker and he doesn’t recommend anyone to trade there.
He shares that someone named Adam Sobczyk had contacted him and made him deposit funds into the shady broker. Now, he has lost the entire deposit.
Another Client of MSP-lmtd.net Loses His Investment
The above reviewer had deposited $250 at MSP-lmtd.net. Someone representing the firm had contacted him and convinced him to make the deposit.
Three days passed and the agent earned $50. However, the reviewer is unable to make any withdrawals.
He asks if someone can help him with this process.
“MSP Limited (msp-lmtd.net) Keeps Making Excuses”
This person had a similar situation. His account earned a few dollars from the forex exchange.
Then, he transferred his funds to a Binance account and converted it to crypto.
Afterward, the company asked him to send an email for identity confirmation. Then, they asked him for another payment.
Once he completed the above-mentioned steps,
“MSP Limited is Not Registered with FINMA”
Here, the reviewer points out that nobody should sign up with this scam broker. He highlights that he contacted Binance and FINMA (Swiss financial regulator) to verify if MSP Limited has a registration with them.
The reviewer discovered that msp-lmtd.net doesn’t have a registration with either of these entities.
He says he will file a police report against the company and urges other victims to do the same. The reviewer believes that multiple reports might force the authorities to take some action against the sham broker.
“Don’t Trade with MSP Limited!”
Here, the reviewer warns other consumers that they shouldn’t open an account with this forex broker.
He points out that opening an account with them will cause you to lose your entire investment.
MSP Limited Review Exposes Their Scamming Process:
Here, the reviewer shares that he had visited the website msp-lmtd.net by clicking on an ad.
When he read the information available on their web page, the reviewer developed an interest in the services of MSP Limited.
So, he registered with them and set up an account as well.
After he set up the account, a representative from the firm contacted him and told him that he will need to add at least $250 to his account to begin trading.
Furthermore, he sent him a link to download the MetaTrader 5 platform. However, the reviewer later suspects that the platform wasn’t the actual platform and a rigged version instead.
He is sure of that because he compared the platform MSP Limited offered to him with the ones available on reputed websites.
The reviewer says their MT5 platform would show high profits from your trades regardless of their actual performance so you’ll keep depositing more money.
“MSP Limited Gives You A Rigged Platform”
Initially, Adam suggested the reviewer should invest in CFDs to see how he can generate great profits with low risk.
Furthermore, within a few days of the investment, the returns were around 70%. Also, Adam told the reviewer that MSP Limited doesn’t charge any account maintenance fee and the only fee he will owe the broker is the 5% fee on potential profits.
The company representative told the reviewer that to invest more funds, he would need to set up a Binance account and transfer cryptocurrency from it to his MSP Limited account.
Moreover, the representative recommended the reviewer invest at least EUR 3800 to get a bonus of $1250 which would help him get more returns from the market.
Later, he suggested the reviewer add another EUR 5200 to his account. By following the representative’s advice, the reviewer had grown his account’s balance to EUR 18,000.
Afterward, Adam recommended he transfer those funds to his bank through Binance.
However, when he tried to make the withdrawal, he couldn’t.
When the Reviewer Received A Fake Binance Email
When the reviewer contacted Binance through the link provided by Adam, he received a response saying he will need to add EUR 7,538 more to his account for the withdrawal.
Also, the respondents said that their requested payment was for the turnover of their crypto wallet.
He suspected something was wrong so he contacted the customer support of official Binance. They told him that the link he had sent his money to had no connection to their platform.
Moreover, the blockchain address was private so Binance couldn’t help him get a refund as well.
Later, the reviewer contacted FINMA to find out if the broker had a registration with them. They told him that MSP Limited doesn’t have a license from them.
Additional Reasons to Avoid MSP Limited Forex Broker:
While the above MSP Limited reviews explain how this forex broker runs its scam, there are more red flags in their offerings.
Below are some additional red flags I found on their website, MSP-lmtd.net:
High Minimum Deposit Requirement
The minimum deposit requirement at MSP Limited is $25,000. Their smallest offering is the Silver account. You get a personal analyst and monthly private sessions with the same.
Also, the broker claims to offer weekly market reviews with this account.
Other account types available with this broker are:
- Gold (Minimum deposit of $50,000)
- Platinum (Minimum deposit of $100,000)
Some of the features you get on these accounts include a Welcome Bonus and access to dedicated analysts.
Still, the $25,000 minimum deposit requirement is extremely high when compared to the current industry standard. Currently, reputed brokers keep their minimum deposit requirement around $10.
It’s a common tactic among forex scams to keep their minimum deposit requirement extremely high.
Another shady broker utilizing this tactic is Eurotrader. They have received plenty of complaints for ignoring their clients’ interests.
Lies About Regulation
MSP Limited claims to have a license from FINMA, the financial regulatory authority in Switzerland.
However, multiple reviewers have contacted FINMA to complain about the broker only to find out that the company doesn’t have a license to operate in Switzerland.
In other words, you don’t get the protection of FINMA when you’re dealing with them, which is a huge red flag.
You should avoid unregulated brokers as they can break the usual regulations of financial regulators and steal your funds.
Unreliable Trading Platform
The trading platform of MSP Limited is an in-house platform that doesn’t offer any special features. It seems bland and pretty mediocre when you compare it with the most popular trading platform of the current industry – MetaTrader5.
Also, it’s worth noting that it’s common among forex scams to keep an in-house trading platform as it allows them to manipulate trades easily.
As several reviewers have complained about how the trading platform of MSP Limited is ‘rigged’, it seems important to highlight this issue.
You should avoid trading with brokers who use such terrible platforms especially when you have plenty of options to choose from.
On its website, msp-lmtd.net, MSP Limited doesn’t give much information on how much fees it charges.
The broker charges an inactivity fee if you don’t log in and trade from your account for 3 months. This fee is 10% of your total account balance.
Apart from this, they haven’t specified any fees they charge.
They only mention that they charge some processing and handling fees on withdrawals but don’t specify the amount.
Such ambiguous terms expose you to the risk of paying hidden fees. Scammers use hidden fees to steal their customers’ funds. Furthermore, because you agree to their terms, you can’t get your money back very easily.
Also, the firm says on its website, MSP-lmtd.net that it might ask you to produce additional documents for withdrawals.
Is MSP Limited Using Illegal Tactics to Hide Complaints:
When I was looking into MSP Limited, I found several fake DMCA notices against several reviews on this broker.
Someone representing this firm copied the content from the original website, posted it on their site, and changed its date to make it seem older. Then, they sent a DMCA notice saying they posted the content originally.
Fake DMCAs constitute perjury, fraud, misrepresentation, and identity theft. They are illegal and unethical.
However, using fake DMCA notices is pretty common among online scams as they use them to hide client reviews and complaints.
You should be extremely cautious of such businesses. I would suggest you avoid doing business with MSP Limited for using this terrible tactic.
It shows the company lacks business ethics and isn’t afraid of breaking laws.
After going through the above points, it’s clear that MSP Limited is a shady forex broker which uses unethical tactics to get clients.
The company lies about its registration and has received countless complaints for stealing funds from its clients.
Moreover, MSP Limited is using illegal marketing tactics to bury the negative reviews their victims have posted online. All of this suggests that you should avoid dealing with them and find a different broker.
MSP Limited is not worth the risk.
MSP Limited is a shady forex broker which has received multiple complaints for not allowing its clients to withdraw funds. They use unethical and illegal marketing tactics to get more customers and bury negative reviews.
- Post fake DMCA notices
- Lie about regulation
- Poor trading platform
- Too many negative reviews
- High minimum deposit