The Millbank Capital broker claims to be a leading hedge fund, based in the heart of London. If that sounds impressive, wait till you see what the leading Australian regulatory body has to say about this monkey business. 

Despite blatantly lying about their regulation and legitimacy, this Forex dealer shouldn’t be trusted and we have solid proof for that. Keep reading our Millbank Capital review to find out why we don’t recommend this false online financial service provider.

Regulators Quickly Detect Scam

As an alleged part of a bigger reputable corporation, the Millbank Capital scam states to be headquartered in London, UK. This blatant lie is easily debunked if you look at the FCA register of regulated firms – no such entity has entered this database.

That is not the end of the lies for this swindler. Apparently, they are neither operating out of London, or regulated at all. Looking through several other registers (CNMV, BaFin, CySEC, NFA, ASIC) we only found warnings. 

The Millbank Capital Australia scheme was exposed by the regulatory body in charge of overseeing the brokerage activities in that country – ASIC. A day later, the alert was reposted by IOSCO. 

All this evidence points to the fact that the company is not reliable. Moreover, it doesn’t protect clients’ funds and displays predatory tendencies, just like Sure Trade Group which also claims to operate from London.

Complaints Filed From Every Corner

In spite of the site being established in 2016, it was only updated in 2023 to serve for fraudulent financial purposes. 

Another solid proof of the company being anonymous among Forex investors is the fact that there’s no Millbank Capital reviews found online. However, there are complaints against this unscrupulous firm and they mostly come from traders residing in:

• Australia
• New Zealand
• United Kingdom
• United States

It seems that the scam operators have set their sights on English speaking investors. Boiler room agents are unstoppable when it comes to endless phone calls and spam messages. 

If you give them even a moment of your time, they will do their best to convince you to invest in their scheme. While you will be depositing huge sums and expecting a large payout, you will end up empty handed.

Broker Pays All Costs?

Legal documentation found on this site couldn’t be more misleading. A short section that refers to fees, states that the broker doesn’t charge fees and commissions for executing trades. 

Furthermore, the platform also doesn’t charge any fees for deposits and withdrawals. The broker dealer also claims to be solely responsible for covering the fees from third parties, such as banks during wire transfers.

While all this seems attractive and generous, it can’t be true, coming from a blacklisted online trading portal. Another evidence of the firm operating unsupervised is increased leverage ratio of 1:400.

Features Can’t Be Viewed

Since only Millbank Capital login is available and new members aren’t accepted, no one can register for an  account at the time being. That has prevented us from accessing the trading area and exploring the trading technology – if any was available at all. 

That isn’t the only downside, however. Buying any of the accounts offered will cost you dearly, keep reading this review to see why. 

User-Friendly Yet Hidden from Users

The Millbank Capital platform is described as easy to use, comprehensive and intuitive. While there’s advantages to using web traders since you don’t need downloads or installing, there’s also huge risks. 

You see, plenty of unregulated brokerage schemes like CFX Fund rely on manipulated web terminals as a part of the deception. Easily modified, these simplistic trading solutions are used to maintain an illusion of trading, while nothing happens in reality.

Hundred Assets – Inaccessible

Out of several allegedly available groups of tradable assets, we couldn’t verify the presence of a single one since there’s no platform to look into. These are the instrument groups supposedly provided:

• Shares – Boeing, Barclays, Porsche
• Indices – FR40, HK50, AUS200
• Commodities – Cotton, Sugar, Silver
• Forex – EUR/USD, USD/GBP, EUR/AUD
• Cryptocurrencies – BTC, ETH, TRX, XRP

Accounts Grant no Benefits

If you intend to buy a Millbank Capital account, you should be prepared to pay a ridiculous sum that even millionaires frown upon. It is claimed that these packages contain premium service, market insights, support around the clock and other alluring features. 

Don’t forget this is a blacklisted portal we’re reviewing, though, so it’s no wonder they lie about the services yet overcharge them:

• Starters Account – $ 10,000
• Silver – $ 25,000
• Gold – $ 50,000
• Platinum – $ 100,000
• Diamond – $ 250,000
• Corporate – $ 1,000,000

Reasons for Blocked Payouts

When it comes to the Millbank Capital withdrawal policy – there’s none. Instead, there’s some partial and insufficiently clear information posted as a part of legal documents. For example, the broker hints potential trading volume requirements, but has entirely forgotten to clarify if bonuses are available.

As we’ve previously suggested, the con claims not to charge withdrawal commission, but that is just an empty promise. These financial swindlers tend to pile all sorts of taxes and fees to get your account balance to zero and prevent you from withdrawing, so beware.

Wrong Contact Details

Getting in touch with the praised Millbank Capital support office is practically impossible. All of the phone numbers are inactive and the email address won’t accept new messages. So much for the alleged 24/7 customer assistance.

Share Your Experience and Recover Funds!

Due to the increased number of Millbank Capital complaints, ASIC has conducted an investigation of this suspicious online trading platform and discovered an illicit operation. This should be enough to keep anyone from investing into this deal.

However, if you have already committed your funds to this portal and were robbed in the process, there’s still hope. If you contact our recovery professionals promptly, you can tell us what you think about this firm and we’ll do our best to properly advise you in the chargeback process.

FAQ Section