Below is a comprehensive analysis of Mishov Markets Ltd, operating as Mishov Forex, based on the provided criteria. The analysis leverages available information from web sources, focusing on online complaints, risk assessment, website security, WHOIS data, IP and hosting, social media, red flags, regulatory status, user precautions, and potential brand confusion.

# Analysis Report: Mishov Markets Ltd (Mishov Forex)
## 1. Overview

Mishov Forex, operating under Mishov Markets Ltd, claims to be a forex trading platform offering services through the MetaTrader 5 (MT5) platform. The official website is https://www.mishovforex.com/. The company is registered in St. Vincent and the Grenadines (SVG) and lists an address in Istanbul, Turkey. This analysis evaluates the broker based on multiple criteria to assess its legitimacy, risks, and user precautions. ## 2. Online Complaint Information

• Sources: Reviews on platforms like BrokersView, WikiFX, ForexBrokerz, and Myfxbook indicate mixed feedback.
• Complaints:
• Lack of Regulation: Multiple sources highlight that Mishov Forex is unregulated, increasing the risk of financial loss and identity theft.
• Transparency Issues: Users note a lack of clear information about the company’s operations, team, and policies, which is a common complaint against fraudulent brokers.
• Positive Feedback: Some users report positive experiences, particularly with the demo account and training materials, but these are sparse and not verified.
• Analysis: The predominance of complaints about regulatory status and transparency outweighs the limited positive feedback, suggesting potential issues with trustworthiness.

  3. Risk Level Assessment

• High Risk Indicators:
• Unregulated Status: Mishov Forex is registered with the SVG Financial Services Authority (FSA), but the SVG FSA does not regulate forex trading, rendering the broker effectively unregulated.
• Offshore Registration: Being based in St. Vincent and the Grenadines, an offshore jurisdiction, increases risk due to limited investor protections.
• High Leverage: Offers leverage up to 1:200, which is significantly higher than levels deemed safe by many regulators, amplifying potential losses.
• Risk Level: High. The combination of no regulatory oversight, offshore registration, and high leverage poses significant risks to investors.

  4. Website Security Tools

• SSL Certificate: The website uses an SSL certificate, ensuring encrypted data transmission. However, SSL is standard even among fraudulent sites and does not guarantee legitimacy.
• Security Features: No specific information is available on additional security measures like two-factor authentication (2FA), cold storage, or regular security audits, which are standard for legitimate brokers.
• Analysis: While the presence of SSL is positive, the lack of transparency about other security protocols is concerning, especially for a financial platform handling sensitive user data.

  5. WHOIS Lookup

• Domain: mishovforex.com
• Registrar: Not explicitly listed in available data, but WHOIS information is often hidden for offshore brokers, which can be a red flag.
• Registration Date: Not provided in the sources, but the website is described as relatively new, increasing suspicion as fraudulent sites often have short lifespans.
• Analysis: Hidden or unavailable WHOIS data is a common tactic used by suspicious websites to conceal ownership, aligning with Mishov Forex’s lack of transparency.

  6. IP and Hosting Analysis

• Hosting Provider: Not explicitly mentioned, but the website’s server location is not disclosed, which is unusual for legitimate brokers.
• IP Analysis: No specific IP data is available, but proximity to suspicious websites (based on shared hosting or IP ranges) is a concern for similar platforms.
• Analysis: The absence of clear hosting information raises concerns, as legitimate brokers typically provide details about their data centers and security infrastructure.

  7. Social Media Presence

• Facebook: Mishov Forex has a Facebook page with 516 likes, claiming to offer “transparent and clean trade” with international trading tools.
• Other Platforms: No significant presence is noted on other major platforms like Twitter/X, LinkedIn, or Instagram.
• Analysis: The limited social media presence, confined to a single platform with modest engagement, suggests low visibility and potential lack of credibility. Legitimate brokers typically maintain active, multi-platform presences with verified accounts.

  8. Red Flags and Potential Risk Indicators

• Regulatory Claims: Mishov Forex claims registration with SVG FSA, but this is misleading as SVG FSA does not regulate forex, indicating potential deception.
• Geographic Discrepancies: The broker claims an extensive presence in the Middle East (e.g., Istanbul, Dubai, Kabul, Tehran), but forex trading is banned in Iran and Afghanistan and heavily restricted in Turkey, suggesting false claims.
• Unrealistic Promises: The website describes a “risk-free” trading environment, which is misleading as forex trading inherently carries high risks.
• Lack of Transparency: No clear information about the company’s team, physical address verification, or operational history.
• Crypto Deposits: The broker accepts cryptocurrency deposits, which are irreversible and increase the risk of unrecoverable losses if scammed.
• Analysis: Multiple red flags, including misleading regulatory claims, geographic inconsistencies, and unrealistic promises, strongly suggest fraudulent behavior.

  9. Website Content Analysis

• Content Overview: The website promotes forex trading with 45 currency pairs, MT5 platform access, and multiple payment methods (VISA, MasterCard, Bank Transfer, Perfect Money, Skrill, Neteller, WebMoney). It emphasizes fast deposits and withdrawals.
• Claims: Describes itself as a “proper, risk-free, and comfortable environment” for trading, which is misleading given the high-risk nature of forex.
• Professionalism: The website appears functional but lacks detailed information about the company’s leadership, operational history, or regulatory compliance, which is standard for legitimate brokers.
• Analysis: The content raises concerns due to exaggerated claims and insufficient transparency, aligning with characteristics of fraudulent brokers.

  10. Regulatory Status

• Claimed Regulation: Registered with SVG FSA under Registration Number 512 LLC 2020.
• Actual Status: SVG FSA explicitly does not regulate forex trading, meaning Mishov Forex operates without oversight. No licenses from reputable regulators like the FCA (UK), CySEC (Cyprus), or ASIC (Australia) are mentioned.
• Analysis: The lack of valid regulatory oversight is a critical red flag, as unregulated brokers pose significant risks of financial misconduct and lack investor protections.

  11. User Precautions

To mitigate risks when considering Mishov Forex, users should:

• Verify Regulation: Confirm a broker’s regulatory status with reputable authorities (e.g., FCA, CySEC, ASIC) before investing. Avoid unregulated brokers like Mishov Forex.
• Research Reviews: Check multiple sources (e.g., BrokersView, WikiFX, Myfxbook) for user feedback and patterns of complaints.
• Test with Demo Account: Use the broker’s demo account to assess the platform without financial commitment.
• Avoid Crypto Deposits: Refrain from using irreversible payment methods like cryptocurrency to minimize loss risks.
• Demand Transparency: Request clear information about the company’s team, address, and policies. Avoid brokers that provide vague or conflicting details.
• Report Suspicions: If suspicious activity is detected, report to regulatory authorities or platforms like WikiFX (report@wikifx.com) or the FTC.
• Analysis: Given the high-risk profile, users should exercise extreme caution and prioritize regulated brokers.

  12. Potential Brand Confusion

• Similar Names:
• Mishov Group: Appears on Myfxbook as a forex broker, potentially related but not clearly linked.
• Mish Tech: A technology company offering web security testing, unrelated but with a similar name, which could cause confusion.
• Misyastore.com: A bikes niche website flagged as medium-risk, unrelated but with a similar name structure.
• Impersonation Risk: The broker’s claim of a broad Middle East presence and use of common platforms like MT5 could lead to confusion with legitimate brokers.
• Analysis: The similarity in naming with other entities, combined with vague branding, increases the risk of brand confusion, potentially exploited to deceive users.

  13. Conclusion

Mishov Forex (Mishov Markets Ltd) exhibits numerous red flags, including lack of regulatory oversight, misleading claims about its operational presence, high-risk features like excessive leverage, and limited transparency. The website’s SSL certificate and MT5 platform are standard but do not offset the significant risks posed by its unregulated status and offshore registration. User complaints and expert reviews consistently warn against trading with this broker due to potential financial losses and identity theft risks. Recommendation: Avoid trading with Mishov Forex. Opt for brokers regulated by reputable authorities (e.g., FCA, CySEC, ASIC) with transparent operations and verified user feedback. If you suspect fraudulent activity, report it to relevant authorities immediately. ## 14. References

• BrokersView: Mishov Forex Review
• WikiFX: Mishov Forex Review
• ForexBrokerz: Mishov Forex Review
• Myfxbook: Mishov Group Review
• Crunchbase: Mishov Forex Profile
• Facebook: Mishovforex Page
• Additional sources for general scam indicators and precautions