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After reviewing Mahfaza's background and details, I personally approach this broker with significant caution. The fact that Mahfaza operates without any valid regulatory license is a major concern for me as a trader—regulation is more than a box to tick; it provides oversight and a level of security for client funds that I consider essential. Without regulation, there is no external authority ensuring fair practices, transparent operations, or proper handling of disputes, which raises red flags regarding both reliability and security. While Mahfaza offers a variety of trading assets and a well-known trading platform (MT5), the lack of clarity about leverage, deposits, and withdrawals further undermines my confidence. In my experience, transparent brokers provide comprehensive and up-to-date information about these topics to help traders make informed decisions and manage their risk appropriately. The presence of demo accounts and several account types looks appealing on the surface, but these features alone cannot compensate for the absence of regulatory protection. For me, trust in a broker is built on a foundation of clear regulation, transparency, and client security. Since Mahfaza is unregulated and has a low trust score, I am not comfortable recommending it, especially considering the many regulated alternatives in the market. To safeguard my capital and peace of mind, I always prioritize brokerages under reputable regulatory jurisdictions.