Is MB Group (Seychelles) Ltd a Scam?

At FXCanary, our safety assessments are built on a foundation of verifiable facts: regulatory registrations, corporate records, and the broker's own public disclosures. We do not rely on marketing claims or unverified user testimonials, and we treat the absence of independent reviews as a significant data point in itself. For MB Group (Seychelles) Ltd, trading as MEX-D, our review is based on the official Seychelles registry, the company's website, and our own cross-checks against public databases.

We assign a Scam Risk Score of 40/100, which places this broker in our 'Guarded' category. This score reflects two primary risk flags: the offshore registration in Seychelles, which carries lighter regulatory oversight, and the lack of a verifiable independent web presence beyond the broker's own domain. While a guarded score does not mean the broker is fraudulent, it signals that traders should exercise heightened caution and conduct thorough due diligence before committing funds.

MB Group (Seychelles) Ltd is registered in Seychelles and holds a Securities Dealer licence from the Financial Services Authority (FSA) of Seychelles. The licence status is listed as 'Licensed' in our records. However, the Seychelles FSA does not publish licence numbers in its public register, so we cannot verify a specific licence number independently. The broker's own website claims a licence number of SD086, but we treat this as a company claim rather than a verified fact.

Seychelles is widely regarded as an offshore jurisdiction with lighter regulatory oversight compared to major financial centres like the UK, EU, or Australia. The FSA Seychelles does not operate a client compensation scheme, and there is no statutory negative balance protection for traders. Client funds are not required to be held in segregated accounts under Seychelles law, although the broker may choose to do so voluntarily. This means that in the event of insolvency, clients may have limited recourse to recover their funds.

For traders considering MEX-D, the critical question is what happens to their money in a worst-case scenario. In Seychelles, there is no government-backed compensation fund, and no mandatory segregation of client funds. The broker's website mentions 'security of funds' through 'multi-party computation' and 'air-gapped infrastructure' for crypto custody, but these are technical security measures, not investor protection mechanisms.

We found no evidence that MEX-D offers negative balance protection, which is a standard feature in more regulated jurisdictions. For crypto derivatives trading, this could expose traders to losses exceeding their deposits in volatile market conditions. In FXCanary's assessment, the absence of these protections is a material risk factor, particularly for retail traders who may not fully appreciate the difference between a lightly regulated offshore exchange and a fully regulated broker.

We identified no clone or impersonator sites for MEX-D in our searches. This is a positive finding, as clone brokers are a common threat in the forex and crypto space. However, the broker's name 'MB Group' is similar to other financial entities, such as MultiBank Group, which is a separate and unrelated company. Traders should be careful not to confuse the two, as MultiBank Group is regulated in multiple jurisdictions and has a different risk profile.

Our web searches returned results for MultiBank Group, but we confirmed these do not describe MEX-D. The official domain for MEX-D is mex-d.com, and any site using a similar name but a different domain should be treated with suspicion. We recommend that traders always type the domain directly into their browser rather than clicking on links from search engines or emails.

The broker's website states that MB Group (Seychelles) Limited is a Seychelles registered company with incorporation number 8424231-1. We cross-checked this against public corporate records and found a matching legal entity, MB Group (Seychelles) Limited, with a previous name of Bridge Tech Ltd. The registered address is Room B11, First Floor, Providence Complex, Providence Hwy, Providence, Seychelles. This level of corporate disclosure is a positive sign, as many offshore brokers hide their legal identity.

However, the website also makes several claims that we could not independently verify, such as '$2 Trillion Annual Turnover' and '320K+ Offices Globally'. These figures appear on the site but are not substantiated by any third-party audit. We treat such claims as marketing language and do not factor them into our safety assessment. The lack of independent reviews means we cannot confirm the quality of execution, customer support, or withdrawal processes.

If you are considering trading with MEX-D, we strongly advise starting with a small deposit that you can afford to lose. This is prudent for any offshore broker, but especially one with no independent track record. Use the broker's demo account if available, and test the withdrawal process with a small amount before committing larger funds. Keep detailed records of all transactions and communications.

Verify the broker's regulatory status directly with the FSA Seychelles using the official register, and check the company's incorporation details with the Seychelles registry. Be wary of any unsolicited offers or pressure to deposit quickly. If you encounter issues, you may have limited recourse through the Seychelles authorities, so consider using a broker regulated in a major jurisdiction if you require stronger investor protections.

In FXCanary's assessment, MB Group (Seychelles) Ltd is not an obvious scam, but it operates in a jurisdiction with weak regulatory oversight and offers no compensation scheme or negative balance protection. The broker's transparency about its corporate identity is a point in its favour, but the lack of independent reviews and the unverifiable marketing claims leave significant uncertainty.

We recommend that only experienced traders who understand the risks of offshore crypto derivatives trading consider this platform, and even then, with caution and limited capital. For most retail traders, a broker regulated in a tier-1 jurisdiction with robust investor protections would be a safer choice. We will continue to monitor MEX-D and update our assessment if new information becomes available.