MayFairPlus

MayFairPlus promises clients professional trading for everyone. The company modestly claims to be one of the largest CFD brands, with nine years of experience in the markets and an innovative and high-tech trading environment. We often encounter such self-promotion, so we immediately ask the question: is this a genuine broker or a scam? We will share the answer in our review.

Overview of MayFairPlus

Where to find the crucial info about the broker? Of course, on its official website. So, we’re getting started.

Broker History

Our initial focus was on examining the company’s past. Notable milestones, accolades, and future goals serve as persuasive factors in establishing trust with the broker. However, their absence, while not critical, raises questions about why the platform is hiding such important and interesting information.

MayFairPlus has chosen not to disclose much about itself. Instead of historical information, the broker has published some statistical data on the homepage. Here, for example, you can see that it has been in the market more than 9 years and has 6 offices in different countries. These are good signs, but we don’t have proof. We’ll check it out later with other information.

Mayfairplus.com Website

We wanted to say something good about the broker’s website, but we couldn’t. Its developers did not give us a chance. The design looked like a failed experiment from an inexperienced novice. This impression is reinforced by its organization. On the homepage, editors placed a dozen content blocks that do not have direct semantic connections.

Content managers also fail to make good decisions when filling the pages. There are plenty of examples:

• The site lacks information about deposit and withdrawal options and conditions, which traders often consider crucial.
• Pages linked from the Trading and Assets menu are uninformative and dull. Shedding light on practical issues, such as contract specifications, would have been more useful.
• Information about the company is extremely scarce. Traders would have been delighted to see registration details, license numbers, and office addresses on the About Us page, rather than MayFairPlus praising itself.

Overall, the MayFairPlus official website looks poor, and its content induces drowsiness. It is challenging to understand the reasons for such an attitude. The use of fraudulent techniques in attracting users (phone or email spam) might somehow explain it. However, this implies that the company does not provide any legitimate brokerage services.

Registration Process and Personal Account

To access the client workspace of MayFairPlus, you need to open an account, which requires filling out a relatively simple form.

The fields include:

• Email and phone number.
• First and last name.
• Account currency.
• Password.

Interestingly, the broker does not provide links on the form to any of the documents that traders are required to familiarize themselves with (at least by generally accepted standards). Moreover, there is no User Agreement on the MayFairPlus website at all.

After registration, clients will find themselves in the Client Portal, where account management functions and trade process support are gathered.

MayFairPlus clients have access to:

• Profile data editing.
• Sending document copies.
• Account configuration (viewing activity, changing password, enabling 2FA).
• Depositing and withdrawing funds.
• Communicating with support in the online chat.

The verification process is particularly interesting. The broker adheres to its own KYC policy, requesting copies of documents to verify the client’s provided data. However, MayFairPlus does not enter into any agreements with the user (there is no agreement text at all). Additionally, the company requests confirmation of payment details by sending photos of both sides of the bank card. However, this verification is related to the AML policy, which, by the way, the broker does not have either. So, on what basis is the verification conducted?

Trading Platform

MayFairPlus claims that its platform is functionally based. Externally, it indeed looks that way:

• You can find here a market overview, an economic calendar, a news feed, or trade history.
• The chart widget in the center closely resembles TradingView.
• The trading panel in the right window facilitates the submission of orders to the server.

The layout is well thought out, but it can be fully used only on monitors with a diagonal of 22 inches or more. It looks rather amusing on smaller screens.

Of course, each widget can be enlarged up to full-screen size, but this compromises both usability and the trader’s reaction speed to market events.

The terminal has a few other drawbacks:

• Connecting other indicators or trading robots is not included in the set of functions (or is not documented).
• The market overview is inconveniently organized, requiring a significant amount of time to find the necessary ticker. Moreover, creating a separate list for quick access to several instruments is not possible.

Additionally, it is unclear how protected the software is from administrator influence on quote flow and client orders. MayFairPlus, naturally, speaks of fair trading but does not provide guarantees.

Contacts

MayFairPlus, on the “Contacts Us” page, states that users can get in touch with company representatives using any convenient method. However, the selection of these methods is not extensive. The options include:

• Feedback form.
• Email support@MayFairPlus.com.
• Online chat, accessible only after registering in the client workspace
• Mailing address: Newmount House, Mount Street Lower, Dublin 2, D02 Y759, Ireland.

We have a couple of remarks about this:

• The company does not provide a phone number, and the mailing address does not include an office or room number. This suggests that the broker does not have a physical address and only uses a rented mailbox.
• MayFairPlus does not have any links to social media profiles. We find it hard to believe that a broker with 9 years of experience has not found the time or resources to create them.

As a result, assumptions arise that the platform may not have been operating as long as its creators claim. Another conclusion is that the broker probably lacks official registration. However, we will check this later.

In the Trading menu, there is an interesting item – Any Desk. Yes, it refers to remote desktop software. MayFairPlus declares its use to assist clients and manage their transactions when necessary. However, representatives of the broker gain full access to all the trader’s personal and payment data. The risk of losing everything is very high.

Analysis of Services Offered by MayFairPlus

To assess the broker’s capabilities and the prospects of collaboration, customers want to know more about trading conditions and additional services. So, what can MayFairPlus offer?

Funding and Withdrawal

The official website provides information about account funding and withdrawals only in the FAQ section. However, this section lacks a list of payment methods and details about monetary transactions.

A bit more information can be found in the user’s personal account. Clients can choose:

• Bank transfers.
• Operations with payment cards, both debit and credit.
• Cryptocurrency transactions.

The list of deposit methods looks intriguing. There is only one option available under “Others.” However, users only see links to resources facilitating the exchange of cryptocurrencies or fiat currencies. The purpose and destination of these funds remain a mystery. Another curious link in the list is for the Tap payment system, allowing a payment of £200 to a private individual for a Fujitown picture.

In essence, depositing funds becomes a challenging task, and resolving it independently is not possible. Users will have to contact support, where they will receive detailed information. Naturally, MayFairPlus maintains its anonymity. As expected, the broker is not willing to disclose details.

MayFairPlus Trading Conditions

The company offers traders options to choose from 8 types of accounts. Trading conditions list only minimum deposit and maximum leverage.

• Standard. Deposit from $250, leverage from 1:2 (cryptocurrencies) to 1:100 (Forex pairs).
• Student. Deposit from $2,500, leverage from 1:3 (cryptocurrencies) to 1:100 (Forex pairs).
• Bronze. Deposit from $10,500, leverage from 1:4 (cryptocurrencies) to 1:200 (Forex pairs).
• Silver. Deposit from $25,000, leverage from 1:5 (cryptocurrencies) to 1:400 (Forex pairs).
• Gold. Deposit from $50,000, leverage from 1:10 (cryptocurrencies) to 1:400 (Forex pairs).
• Platinum. Deposit from $100,000, leverage from 1:20 (cryptocurrencies) to 1:500 (Forex pairs).
• VIP. Deposit from $250,000, leverage from 1:30 (cryptocurrencies) to 1:500 (Forex pairs).
• TOP. Deposit from $1,000,000, leverage from 1:50 (cryptocurrencies) to 1:1000 (Forex pairs).

As for other trading conditions, such as spread sizes or limits, it’s a mystery. Traders will discover them when opening orders. The lack of advance knowledge may lead to errors in capital management and risks, resulting in significant losses instead of profits.

For MayFairPlus, the trader’s profits or losses are of little consequence. However, it is crucial for the company that a new client deposits more money into their account. Hence, instead of providing clear trading conditions, the account types come with offers such as insured deals, deposit bonuses, and full management by company representatives. This approach may attract novice traders who are hesitant to make decisions on their own.

Is MayFairPlus Trustworthy and Reliable?

In fact, we have already fully demonstrated that the broker is created by scammers. To complete its portrait, let’s take a look at the official information.

Assessing Legitimacy

MayFairPlus modestly remains silent about its place of registration and licenses. However, there is an address in Ireland on the contact page. Since there are no other indications of the broker’s location, we need to verify the information about it in the Irish registry.

However, in the official registry, there is no data about a company named MayFairPlus. We can assert that the broker has no official registration in any jurisdiction. So, the platform cannot provide brokerage services, accept client funds, or conduct trades. These types of activities are not granted licenses by any regulatory body.

Established Track Record

We promised to check another claim – MayFairPlus assertion of 9 years of experience in the market. To do this, we will use the domain registration date obtained from the Whois data service.

The domain was officially registered in September 2023. Thus, the claimed 9+ fictional years in the industry turn out to be three months of actual operation for this virtual broker. We remind traders that, at this moment, it actively attract clients and can reach out through various channels. It is advisable to ignore the offers of scammers, even if they seem overly lucrative.

Implications for Traders

MayFairPlus is a fraudulent project that pretends to be a CFD broker to collect and misappropriate traders’ money. In reality, it operates without legal registration, lacks licenses for brokerage activities, and provides services unlawfully. We do not recommend risking and opening real trading accounts here, let alone funding them. The probability of losing invested funds is very high.

Strengths and Weaknesses