MGM Markets (Mgm-markets.com) is a brutal CFDs and Crypto Currency scam broker ripping investors who sign up. MGMMarkets is purporting to offer unique trading services designed for expert and newbie traders. With claims of having 24/5 dedicated managers, an investigation was underway to determine the truth. MGM Markets is a vile CFDs and Crypto Currency broker to be avoided. Read this detailed and honest MGMMARKETS review to know the truth.
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Landing on their homepage, it’s clear to see why newbie traders are falling for this faceless broker. With a well thought website and user-friendly interface, most newbies will easily trust what they read and see. Claims and promises used by this broker include having a fully equipped advanced analytical tools and trading expertise. Another claim that has been well promoted by this broker is having a state of the art platform. Is this all true what MGMMarkets is purporting?
In order to get what this broker is after, one has to read reviews and find out the truth. When dealing with any online investment platform, make sure you conduct a thorough search. Looking at the comments being plastered on the wire, its clear MGMMARKETS is a bogus trading platform. Users are complaining right, left and center regarding how this broker has conned them. This is a revelation as to what users should expect with MGMMARKETS.
Tube Global Marketing Company is the company behind this scandalous broker platform. A search conducted by registrar of companies reveals there’s no company registered with this name. And this is one of the many red flags we spotted with MGMMarkets. When it comes to ownership of this platform, details remain sketchy to say the least. What’s clear is how well this broker has managed to remain anonymous even after being investigated.
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An anonymous broker is bad news for any trader who signs up or partners with them. In case anything goes wrong, which mostly does, no institution can help traders recover stolen funds. Who is the owner of this brokerage firm? Why have they failed to mention some of the founders of this platform? Professional scam artists will at all times want to remain anonymous.
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A look at some leading regulatory bodies reveals MGM Markets is not licensed. These regulatory bodies include FCA, CySEC and SEC have not licensed or regulated this broker. MGM Markets is conducting Forex transactions without proper documentation and approval. Whoever signs up is in league with an unauthorized broker.
Where are their registration certificates and documents to prove their authenticity? Homepage clearly has no documents page which can help users validate licensing claims. MGMMarkets is clearly in violation of set regulations and rules making it a dangerous platform. There’s a high chance MGMMarkets is an offshore broker hence lack of proper registration details. No one knows where their mother company is based or registered. Stay away from unlicensed brokers.
MGM Markets is offering users six different account types to choose from. These account types include Basic, Bronze, Silver, Gold, Platinum, and Black. Apart from the black account, these other accounts come with a welcome bonus. Welcome bonus starts from 20%, 40%, 60%, 80%, and 100%.
These accounts have similar advantages and perks. From daily market reviews, education centers, price alerts and pro webinars, advantages are the same. Deposit starts from $250, $1,000, $2,500, $10,000, and $25,000. Problem with these accounts is in their similarity. Why would an investors deposit $25,000 to get same perks as a user who deposits $1,000? Stay away from these accounts as they are merely pawns in attracting unsuspecting Forex investors.
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When it comes to depositing and withdrawing funds with this broker, various channels are available. These depository channels include Comodo, Visa, Wire Transfer, Skrill, Neteller and others. Depositing money with MGM Markets is easy and fast, as expected. Sadly, this is not a reason to sign up with this shameful broker. As it turns out, after depositing funds, this is when the scam officially makes its play. Withdrawing funds becomes the biggest hurdle.
Investors who signed up with this platform have been facing the same problem. None of them has been able to withdraw funds with MGMMARKETS. According to the reason given, they have not reached the acceptable trading volume to warrant withdrawal. However, this is simply an excuse this platform is using to delay withdrawing funds. It’s clear MGM Markets is not going to issue withdrawals. And this is where we draw the line with this broker.
Looking at evidence we gathered, clearly funds are not safe with this anonymous broker. How can funds be safe with a broker who is not licensed or regulated? Notice how well this platform tries to hide vital details regarding how they bank money? Where do they bank money deposited by investors? Is it possible that investors are depositing funds straight to owner’s personal bank account? These are some of the questions investors need to get answers to.
When it comes to segregation of accounts, this is not a priority with MGM Markets. Seems MGM Markets is pooling funds in one account which is a dangerous practice. In case of bankruptcy or insolvency, this broker will easily lose funds deposited by investors. Users should never expect any compensation from this broker. MGMMARKETS does not participate in any compensatory scheme.
How does this broker expect users to communicate with members of their platform? What seems to be the case with this broker is, trying hard to remain anonymous. MGM Markets is afraid of the backlash they would receive from authorities and victims of their scam. Hence, they make sure emails are their only communication channels. Stay away from brokers who lack proper communication channels.
MGM Markets is without a doubt one of the biggest Forex scam to be uncovered. Evidence clearly shows we are dealing with a professional scam outfit. Make sure you keep off this broker by ignoring their pleas to sign up. Mark all their emails as Spam and never click on any links sent by their email marketing team. Hackers are using these links to steal personal data from unsuspecting users. Stay clear from these brokers who are anonymous in nature.
After going through facts discovered, we will blacklist MGMMarkets for their blatant fraudulent schemes. Ensure you stay clear from this broker and ignore calls from their agents to sign up. Hopefully, relevant authorities will investigate and shut this broker down. Stay clear from this broker.
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Lastly, we wish you a safe and secure Forex trading experience.
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