Admiral Markets
Admirals SC Ltd63.6Offshore
JordanEst. 2022ASIC
1:10002 Platforms5 licences
Is Mahfaza a scam?
Wikilix independent safety report
0%Scam riskScam risk is our overall estimate that this broker is unsafe, from 0% (safe) to 100% (almost certainly a scam). It blends the six risk areas below, weighted by how strong the evidence is. Higher means riskier.
High risk (unverified)Our overall call, based on the evidence we could verify. From safest to worst: Appears legitimate, Insufficient evidence, High risk (unverified), Likely scam, Confirmed scam. A separate "Not a broker" verdict is used when it does not really offer trading.Confidence: MEDIUMHow sure we are of this verdict, based on how much solid, checkable evidence we found. Shown as Low, Medium or High.
2.5/5Safety rating 2.5 out of 5
The Wikilix safety rating, from 1 to 5 stars. It mirrors the scam risk (5 = safest, 1 = riskiest), so a higher risk percentage means fewer stars.No. Mahfaza (National Portfolio Securities Company) is a genuine, long-established Jordanian brokerage, not a scam. It is a public shareholding company listed on the Amman Stock Exchange (ticker MHFZ…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
Regulation3/10 · LowIs it overseen by a strict, well-known financial regulator? Offshore-only or missing licences score higher.Scored 0 (clean) to 10 (worst). This area is 3/10 (Low).Identity & transparency2/10 · LowHow openly it shows who and where it is (legal entity, address, owners). Hidden details score higher.Scored 0 (clean) to 10 (worst). This area is 2/10 (Low).Withdrawals & conduct2/10 · LowCredible reports of clients being unable to withdraw their money. More such reports score higher.Scored 0 (clean) to 10 (worst). This area is 2/10 (Low).Reputation2/10 · LowWhat independent reviews, regulators and watchdogs say about it. A poor track record scores higher.Scored 0 (clean) to 10 (worst). This area is 2/10 (Low).Website claims2/10 · LowWhether the site claims (awards, years active, licences) actually check out. False claims score higher.Scored 0 (clean) to 10 (worst). This area is 2/10 (Low).Operational history1/10 · LowHow long and how consistently it has genuinely operated. Brand-new or murky history scores higher.Scored 0 (clean) to 10 (worst). This area is 1/10 (Low).
Broker Summary
Summary of the broker
The MAHFAZA Broker Review
Established in 2022, MAHFAZA is a Forex and CFD brokerage located in Amman, Jordan. The broker is geared toward the retail trader demographic within the MENA (Middle East and North Africa) region. They promote themselves as offering competitive spreads, as well as being a MetaTrader 5 (MT5) trading platform but do not have regulatory approval to conduct business with the general public, presenting a very high-risk environment for traders.
Background Information
Founded in 2022, Location: Amman, Jordan, Target Market: Retail traders in the MidEast. Type of Trading Platform: MT5 only. Information about the Management: There is no public information available regarding the management team.
Main Features
|Features|Details|
|--------|-------|
|Trading Platform|MT5 (Desktop and Mobile)|
|Instruments Available|Forex (Major, Minor, Exotic), Cross Currencies, Indices, Commodities|
|Spreads|From 0.5 pips, Variable|
|Account Types|Standard MT5 account types (not publicly available)|
MAHFAZA promotes "Low Spreads" and has "Advanced Tools for Traders" on their MT5 Trading Platform.
Regulatory Status
MAHFAZA has no regulatory body that oversees its operation.
|Regulator|License Number|Status|
|---------|--------------|-----|
|Jordan Securities Commission (JSC)|—|Unregulated|
|CySEC|—|Unregulated|
|FCA|—|Unregulated|
|ASIC|—|Unregulated|
Traders who use unregulated brokers run the risk of having their funds mismanaged, and they will have no recourse for resolving disputes.
Trading Conditions
|Trading Conditions|Details|
|-----------------|------|
|Spreads|Variable starting at 0.5 pips|
|Leverage|Not disclosed, but is believed to be on the high side (possibly as much as 1:500)|
|Minimum Deposit|Not defined; likely to be between $10 and $100|
|Commissions|Not stated; may be included in spreads|
Trading Platform Technology
|Features Available on the Trading Platform|Availability|
|-----------------------------------------|------------|
|Advanced Charting|Yes (MT5)|
|Technical Indicators|Yes (MT5)|
|Automated Trading (EAs)|Yes (MT5)|
|Depth of Market (DOM)|Yes (MT5)|
|Economic Calendar|Integrated|
|Mobile Application|iOS and Android|
Fees
|Fee Type|Details|
|--------|------|
|Deposit Fees|N/A|
|Withdrawal Fees|N/A|
|Inactivity Fees|N/A|
|Commissions|N/A|
The low level of transparency regarding fees could result in traders receiving unexpected charges.
User Experience
Few online reviews are available about MAHFAZA. Most reviews are neutral or negative. Additionally, watchdog sites indicate that MAHFAZA is an unreliable broker.
Pros:
Low spreads; MT5 platform
Recent Updates
There have been no major updates for 2024 or 2025. There has been minimal growth, no new products added, and little forward movement regarding the regulatory compliance of MAHFAZA.
Conclusion:
While MAHFAZA offers access to the MT5 Trading Platform and low spreads, the lack of regulation and transparency means there is no safeguard for the retail trader. Traders seeking flexible trading with few barriers may find MAHFAZA appealing, while conservative traders will find it unappealing.
Recommendation: Conduct thorough research before considering investing with MAHFAZA.
Regulatory Licenses
Compliance & oversight
No regulation
Trading with an unregulated broker puts your deposit at risk.
No regulation
We have not confirmed any regulation for Mahfaza. An unregulated broker is not supervised by a financial authority, and money you deposit is protected only by the company itself.
What this means for you
- No compensation scheme covers your funds.
- No regulator to escalate a complaint to.
- No audit of how client money is held.
Account Types
Trading account options
No Account Types
Account type information is not available for this broker yet.
Funding Methods
Deposit & withdrawal options
5 methods
Electronic Funds Transfer (EFT)Free Deposit
Electronic Funds Transfer (EFT)
Free Deposit
Deposit
Fee:Free
Min:USD 100
Max:N/A
Withdrawal
Fee:Free
Min:N/A
Max:N/A
Usually free or low fee; common and low cost method.
Wire Transfer
Wire Transfer
Deposit
Fee:USD 50
Min:N/A
Max:N/A
Withdrawal
Fee:USD 50
Min:N/A
Max:N/A
Fees charged per transaction; limits vary by broker and regulatory constraints.
Credit/Debit CardInstant
Credit/Debit Card
Instant
Deposit
Fee:3%
Min:USD 50
Max:N/A
Withdrawal
Fee:Free
Min:N/A
Max:N/A
May have higher fees and limited withdrawal support.
Cheque Withdrawal
Cheque Withdrawal
Deposit
Fee:Free
Min:N/A
Max:N/A
Withdrawal
Fee:USD 50
Min:N/A
Max:N/A
Less common withdrawal method; fees charged per cheque withdrawal.
3
Free Deposit
5
Instant
0
Crypto
Trading Platforms
Professional trading tools
1 Available
Meta Trader 5
by MetaQuotes Software Corp • 2010
Windows
Mac
Linux
Web
+3
Rating
4.5
Status
Available
Type
Integrated
Platforms
+
Trading Software
Visit
Social Presence
Digital community engagement
5 platform
Scroll to see all 5 platforms
Company Registration
Legal entity checked against the official company registry
Legal entity
National Portfolio Securities Company (public shareholding company)
Jurisdiction
Jordan
Incorporated
1982
Registry
Amman Stock Exchange / Jordan Securities Commission (ISIN JO3101811011, ticker MHFZ)
Registered address
33 Issam Ajlouni Street, Mahfaza Building, Shemisani, Amman, Jordan
From our latest investigation · Verified Aug 14, 2026
View on official registry
Comments
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