Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
3/10 · LowLicences verified on the Jordan Securities Commission's own register (financial broker, foreign broker, dealer), active for 2026; a genuine national onshore regulator, though a smaller market with limited cross-border retail protection.
Identity & transparency
2/10 · LowExchange-listed public shareholding company with a real Amman head office, named licensed brokers and a public ISIN; highly transparent identity.
Withdrawals & conduct
2/10 · LowNo fund-integrity complaint pattern tied to this firm; the withdrawal complaints online belong to the unrelated almahfaza.com domain.
Reputation
2/10 · LowEstablished, exchange-listed institution with no adverse pattern; limited independent retail-review footprint, which is normal for a domestic broker.
Website claims
2/10 · LowSite claims (Jordan Securities Commission oversight, 1982 founding, Amman office) match the register and the exchange listing; no inflated or false claims found.
Operational history
1/10 · LowDecades-long operation, verified by an Amman Stock Exchange listing since 2003 and a 1982 founding; well above any young-broker concern.
Who they are
A quick desk file on the company behind the brand.
A domestic Jordanian securities house that also offers online trading.
- Brand: Mahfaza
- Legal entity: National Portfolio Securities Company (public shareholding company, Amman Stock Exchange ticker MHFZ, ISIN JO3101811011)
- Registered: 33 Issam Ajlouni Street, Mahfaza Building, Shemisani, Amman, Jordan
- Website: mahfaza.com.jo (the alias npsc.com.jo redirects here)
- Licence: Jordan Securities Commission, licensed as a financial broker, foreign financial broker and dealer for its own account; also authorised to deal in foreign exchange markets
- Offers: Amman Stock Exchange brokerage, regional and international securities, and CFDs on FX, indices, stocks, gold and oil via MetaTrader 5
- Age claim: since 1982; exchange-listed since 2003
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Jordan Securities Commission
Why we reached this verdict
How the evidence adds up.
We could verify this firm from primary sources, and everything lines up.
- The Jordan Securities Commission's own register lists the entity, in Arabic as the National Portfolio Securities Company, holding active licences as a financial broker, a foreign financial broker, a broker for others' accounts and a broker for its own account, valid from 1 January 2026 to 31 December 2026. Named, individually licensed brokers appear under the firm, including the general manager.
- The firm is a public shareholding company quoted on the Amman Stock Exchange (MHFZ, ISIN JO3101811011) and has been listed since 2003, which is a level of transparency a scam does not carry.
- Its website claims match what the regulator shows: Jordan Securities Commission oversight, a real Amman head office, and a 1982 founding date consistent with a decades-old listed institution.
- The negative material online, which alleges no regulation and fake Marshall Islands, Seychelles and FCA claims, refers to a separate website, almahfaza.com. That is a different operation that happens to share a common Arabic word. We did not attribute any of it to this firm.
Note on operating history: the 44.6-year track record rests on company incorporation alone. No domain registration date could be established, so this is an upper bound rather than a confirmed age.
Risk-profile adjustment: the evidence-based score was 12%. It is presented as 65% because no reviews of any kind across 2 platforms, which our policy treats as elevated risk regardless of how little was found against this broker.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Jordan Securities Commission register lists the entity (in Arabic, National Portfolio Securities Company) holding active licences as a financial broker, foreign financial broker, broker for others' accounts and broker for its own account, valid 1 Jan 2026 to 31 Dec 2026, with named individually-licensed brokers.
Hard proofJordan Securities Commission registerE2The Jordan Securities Commission's list of companies licensed to deal in foreign exchanges includes National Portfolio Securities as an introducing broker, which covers its MetaTrader 5 and CFD offering.
E3National Portfolio Securities is a public shareholding company quoted on the Amman Stock Exchange (ticker MHFZ, ISIN JO3101811011), listed since 2003, confirming corporate reality and a long operating history.
E4The firm's own website identifies it as National Portfolio Securities plc (Mahfaza), founded 1982, based in Shemisani Amman, regulated by the Jordan Securities Commission, offering Amman Stock Exchange brokerage and MetaTrader 5 CFDs; consistent with the register.
ModerateBroker websiteE5The online allegations of no regulation and false Marshall Islands, Seychelles and FCA claims refer to a separate website, almahfaza.com, not to the anchor domain mahfaza.com.jo; a name collision that must not be attributed to this firm.
E6No dedicated Trustpilot page and no credible fund-integrity complaint pattern exists for the anchor domain or entity; the firm's public presence is corporate and institutional (exchange, regulator, social media, financial databases).
The other side
The strongest case in this broker’s favour.
We tested the case for and against, including reasons it might still be risky.
- Jordan is a smaller, domestic market, so the protection here is national in scope and does not match what a UK or Australian regulator offers a cross-border retail client.
- The firm now markets leveraged CFDs on MetaTrader 5, which are high-risk products; its own footer warns that most retail clients can lose money quickly.
- There is little independent English-language retail review activity, which is normal for a domestic institutional broker but means less crowd-sourced feedback than for a global brand.
- Even weighing all of this, the licence is real and current, the company is exchange-listed and decades old, and no genuine complaint pattern exists against this firm.
What would change this
What we would need to see to revise the verdict.
We would revisit this verdict if any of the following appeared.
- The Jordan Securities Commission suspending, withdrawing or failing to renew the firm's broker licences.
- A regulator warning that names the exact domain mahfaza.com.jo or this legal entity.
- A credible, specific pattern of clients unable to withdraw funds, tied to this firm rather than to the unrelated almahfaza.com.
- Evidence that the online trading arm operates outside the scope the regulator authorises.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Jordan Securities Commission - licensed financial services companies register
The regulator's own directory; filter to public shareholding companies to find the firm's licence entry
Jordan Securities Commission - companies licensed to deal in foreign exchanges
Lists the firm among brokers authorised for foreign-exchange market activity
Broker website
The firm's official English-language site
Amman Stock Exchange listing (MarketScreener, ISIN JO3101811011)
Confirms the listed public shareholding company and its ISIN
Frequently asked questions
Quick answers about this broker’s safety.
Is Mahfaza a scam?
No. National Portfolio Securities Company, which trades as Mahfaza, is a licensed Jordanian broker and a public company listed on the Amman Stock Exchange. We confirmed its licences on the Jordan Securities Commission's own register.
Is Mahfaza regulated?
Yes. It is licensed by the Jordan Securities Commission as a financial broker, a foreign financial broker and a dealer for its own account, with licences active for 2026. It is also authorised to deal in foreign exchange markets.
Who owns and runs Mahfaza?
It is a Jordanian public shareholding company, so it is owned by its shareholders and its shares trade on the Amman Stock Exchange under the ticker MHFZ. It has a named management team, including a general manager who is individually licensed as a broker by the regulator.
Can I withdraw my money from Mahfaza?
We found no pattern of withdrawal problems tied to this firm. As a regulated, exchange-listed broker it is subject to Jordan Securities Commission oversight. Any complaints you see online for the name almahfaza.com relate to a different, unrelated website.
Is my money safe with Mahfaza?
It is a licensed, supervised broker in Jordan, which is materially safer than an unlicensed operator. Bear in mind that protection is under Jordanian law and that leveraged CFD products are high-risk regardless of the broker.
How old is Mahfaza?
The company dates its founding to 1982 and has been listed on the Amman Stock Exchange since 2003. That is a track record of decades, which we corroborated through the exchange listing and the regulator's register.
What is the Jordan Securities Commission and is its licence worth anything?
The Jordan Securities Commission is Jordan's government securities regulator. It licenses and supervises Amman Stock Exchange brokers, dealers and investment managers. It is a genuine national regulator, though its protection is focused on the domestic market rather than cross-border retail clients.
Is Mahfaza a clone of another firm?
No. It is the real, original entity. Note that a separate, unregulated website called almahfaza.com uses a similar name and makes false regulatory claims; that operation is not this Jordanian firm.
What does Mahfaza offer?
Brokerage on the Amman Stock Exchange, buying and selling regional and international securities, and online CFD trading on FX, indices, stocks, gold and oil through the MetaTrader 5 platform.
What should I check before depositing with any broker like this?
Confirm the exact legal entity and website match the regulator's register, understand that CFDs are leveraged and high-risk, start small, and keep records of your deposits and withdrawals. Make sure you are dealing with mahfaza.com.jo and not a lookalike domain.
I think I was scammed by a broker using the Mahfaza name. What do I do?
Check the exact website you dealt with. If it was almahfaza.com or another lookalike rather than mahfaza.com.jo, it is not this Jordanian firm. Report it to your local financial regulator and your bank or card provider, and gather all transaction records.
Why did some sources call Mahfaza unregulated?
Those reports are about a different website, almahfaza.com, which claims Marshall Islands, Seychelles and FCA regulation that it does not hold. They are not about National Portfolio Securities Company in Jordan, which is genuinely licensed by the Jordan Securities Commission.
What we recommend
The practical takeaway from everything above.
Treat this as a regulated broker and fix our record.
- Correct the stored status from unregulated to regulated, reflecting the Jordan Securities Commission licences.
- Record the founding year (1982) and the Amman Stock Exchange listing on the profile.
- Keep the separate, unregulated almahfaza.com operation apart from this firm; do not merge its warnings here.
- For clients: standard caution around leveraged CFDs applies, but the entity itself is a licensed, listed Jordanian broker.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 14, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.