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MGC Logic (Mgclogic.com) is a crude Crypto Currency scam broker who’s openly stealing from anyone who signs up. MGCLogic is another scam which has hit the lucrative Crypto trading world. Anyone who signs up with this broker is in for a rude surprise. After receiving numerous email complaints from members, we decided to investigate. Why are members crying foul with this broker? Read this detailed and explicit MGC LOGIC Review.
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After receiving over twenty emails in a span of a week, we knew something was wrong. What was happening with this broker? According to most members, withdrawing funds has been a huge problem. Why are investors signing up with this broker? Newbie investors tend to open accounts without conducting a thorough research. And scam artists prey on this weakness by creating cloned websites. Cloning websites has been a key feature in producing fake brokerage sites.
Why would anyone sign up with a broker who is clearly defrauding members? How can newbie investors spot scams? Professional scam artists will create an illusion members will immerse huge profits. By using empty claims and promises, scam artists know they will attract newbie traders. Before signing up with any broker, make sure to sign up with a platform which is credible and is well rated. MGC Logic is another brokerage firm out to commit Forex fraud, watch out!
Upon landing on their homepage, we can see why many newbies have fallen for this platform. With a well-designed website, most newbies will not spot some mistakes made by this scammers. And this is why reading reviews helps users get to learn more about a broker before signing up. MGC Logic is enticing users with a website which looks easy and enticing. Who are the founding members of this platform? Why can’t we get names of people running this platform?
Dealing with any anonymous online platform will lead to huge mistakes. Make sure to stay away from any anonymous investment platform. Why have they failed to give users their real names? Knowing this is a scam platform, these scam artists don’t want their identities to be known. Anyone who signs up is dealing with anonymous brokers. New Olympia Inc is not registered by any known Company Registrar. It means these scam artists are using random business names to feign authenticity.
Another shocking fact with this broker is lack of proper licensing and registration. Dealing with an unlicensed entity almost ends up being a scam. By claiming to be based in Dominica republic, this is an offshore broker. Offshore brokers never have legitimate licensed for obvious reasons. Having a trading license means you have met and passed all necessary criteria. Offshore brokers never meet industry standards. And this is where we draw the line with MGC Logic, lack of proper licensing.
Disclaimer at the footer of their homepage fails to disclose any licensing or registration number. Real brokerage firms will post their license and registration number for all to see. And this is what makes trading safe since licensed brokers will protect members. Why has MGC Logic failed to post any licensing documents? Lack of proper licensing documents is proof we are dealing with a rogue broker. Stay away from this and any other broker lacking proof of license.
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What is a major let down with this broker is how funds are deposited. According to their deposit page, users can only use bank transfers, credit cards, and debit cards. Depositing funds with this broker is easy and fast. It normally takes less than five minutes to transfer funds to their account. And this is where a major problem lies; their account number is a personal account number, not business. It means users are depositing funds straight to owner’s personal account. Beware of this scam!
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Withdrawing funds is also a major issue as none of the members have been able to make withdrawals. Stay away from brokers who have been having issues with allowing withdrawals. After numerous requests to withdraw funds, this broker shuts down all communication. Some members have had their accounts being blocked with funds still in them. Stay away from this broker as they are simply pocketing from unsuspecting investors. MGC Logic is openly defrauding traders.
Six types of accounts are being paraded by MGC Logic for users to trade with. Account types are named Basic, Bronze, Silver, Gold, Platinum, and Black. What we found odd was no mention of any minimum depository requirement. Dealing with such brokers is a huge disadvantage as they ask for insane depository requirements. If traders are not careful, even the basic account holder will deposit an amount fit for a Platinum account holder. And this is what MGC Logic is after, your hard earned funds.
Another perturbing issue we found with their accounts is their account managers. Does this account manager have any trading experience? After deposits have been made, this account manager also blocks all communication. Simply stay away and don’t open an account with this lame broker.
How can funds be safe from an offshore broker lacking licensing and registration documents? Dealing with such brokers is highly risky and uncalled for. What we found out about this broker is horrifying to say the least. Make sure to sign up with brokers who have the ability to safeguard funds. Having no SSL Encryption is proof MGCLogic is incapable of securing funds. Where do they bank funds deposited by this broker? Stay away from any broker who shares similar characteristics.
What about segregation of accounts, is it being practiced? Sadly, MGC Logic is pooling funds in one single account. Merging assets in a single account is dangerous and risky. Make sure to stay away from brokers who are putting your assets at risk. MGCLogic is not going to compensate members as they don’t insure funds. Why would anyone sign up now after reading all these damning evidence? Stay away from this platform.
Evidence clearly points we are dealing with a rogue broker. MGC Logic is a scam which should be exposed and shunned by all parties. Not being known by any financial watchdog such as ASIC, CySEC, FCA, and NFA, dealing with them is risky.
By adding this broker to our scam blacklist, we will be protecting our readers from falling into this trap. Make sure to ignore all their calls to sign up and mark their emails as spam.
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Wishing all traders a successful trading experience.
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