MGC Logic Details
Table of contents
MGC Logic is one of thousands of online brokers, and so we have only one question? Does it have what it takes to impress us? Read on to find out.
MGC Logic is a crypto broker that is registered in the Commonwealth of Dominica, but it says nowhere on the website that it is actually regulated there. Dominica is certainly not a destination that is associated with license issuers for brokers, or any other financial institutions. Furthermore, the country, even though regulating the banking sector and some non-banking institutions, does not do the same for forex and CFD brokers. Thus we can safely conclude that MGC Logic is UNREGULATED.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Furthermore we could not sign up an account. Once we filled the registration page with details, we were redirected to the dashboard were it said that our current session had timed out. We received an email that our account manager had tried to reach us by phone in order to activate our account. This is very common with unlicensed broker to have them call you and expertly lure you into their schemes.
However, there is a trading platform that can be accessed even without registering; a practice only scammer brokerage firms do. The BTC/USD spread is $1, which is incredibly low and another sign of the broker’s shadiness. There is no leverage.
The website is accessed in English only. However, the dashboard/trading terminal can be translated into English, German, and Arabic.
MGC LOGIC LOGIN
The platform here is an exact replica of the one we saw in one of our earlier reviews of Atecs Capital, and so we will be short. The trader offers nothing for users, if you can even call it a trader; it’s part of the client dashboard, with the side tabs that open a different section of the trader/dashboard.
Nothing more can be said of this. It does the absolute bare minimum.
The spread is $1 for BTC/USD, and there is no leverage option for this is a crypo-only trader.
MGC LOGIC MINIMUM DEPOSIT
Since we could not register, the deposit information is taken from the website, and mind you it can be deceiving at times.
The minimum deposit is said to be $500 according to the deposit page, but if one is to go to the Account Types page, one will see that there is an account with a $250 minimum. Which one is to be true is unclear, and the only way to figure this out is to properly register and deposit, something that we do not recommend.
The means of funding an account are Credit/Debit Card and Wire Transfer. The FAQs state that users can deposit via Skrill, ChinaUnionPay and “other” methods.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
MGC LOGIC WITHDRAWAL TIME AND FEES
In the Terms and Conditions the broker mentions that withdrawals are made via Credit Cards, Wire Transfer, and e-wallets, and are processed within 24 hours.
Which piece of info we are to trust, we do not know. And honestly, readers should not even bother depositing I the first place.
There is no indication on a minimum withdrawal, and the only way we think to get a hold of this information is to withdrawal.
There seem to be no withdrawal fees.
ADDITIONAL FEES AND TAXES
We will cover the bonus terms and conditions, which are some of the most confusing ones we have stumbled on. So please bear with us.
First, there is a bonus that can be activated when a user trades “twenty times as much money as the size of the bonus plus twenty times as much money as one deposited”. We leave it to the readers to draw their own conclusion.
If this same bonus is large enough, a higher volume of trade will be required to be completed before withdrawing the reward. If the size of the bonus is between 51%-100% the size of the deposit then the trading volume requirement is 25 times of both the deposit plus the bonus attached to it. This is also confusing and for that reason we leave for you to see:
The broker offers a bonus of between a tenth and half of the deposited amount to new trader, however if one wishes to withdrawal the bonus he/she must cover a trading volume requirement of 30 times the bonus plus the deposit.
In order to withdraw the instant cash bonus a trader must trade over 30 times the the sum of the bonus plus the deposit.
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the company can easily refute any claims you might have against them.
We are positive that this firm will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed entity where the law is integrated in every aspect of their operations.
HOW TO RECOVER
The only way to recover is by filling for a charge back, and hoping it’s not too late.
If you have given a CVV code, be sure to cancel your credit card as soon as possible, because the people behind the scam will not delay, and draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
It seems that MGC Logic does not have what it takes impress. In fact it does nothing to even slightly rise our eyebrows. Simply put, MGC Logic is best left untouched.
MGC Logic compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines