Warning! MGM Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
MGM Markets pushes the evolution of illicit brokers to a whole different level. Behind the otherwise quite decent looking facade, this is probably one of the worst cases we have come across.
The main issue has to be the outright absence of even the tiniest indication of a location of a base of operation. To speak of a regulation would be chasing waterfalls. The just of it is that there is nothing to lean on; no footer information; the terms and conditions have all other information but fails to mention a country of origin or a license…Leaving us no choice but to conclude that MGM Markets 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).
In fashion to the above, there is (of course) no mention of a leverage. The spread is taken directly from the trading platform. The account we used was an actual live account, so any value we give you is the real deal. And so, we witnessed a EUR/USD cost of trade of 3 pips, which is way too much and is not at all in favor for the trader.
The platform also showed us all the trading goods that can be bought and sold: Currency Pairs, Commodities, Indices, Stocks, and Crypto. The list is fairly sufficient and is quite abundant for a broker that offers no real proof of license to its clientele.
The website can be accessed in English and German.
MGM MARKETS LOGIN
This browser based platform seems to cycle through only the worst of scammer brokers, like Aspen Holding for example, and keeps on coming back with no hint of shame. Its omnipresence is a reminder of its shameless perseverance. We won’t get into any details; all you need to know is that this trading platform is not worth your time.
MGM MARKETS MINIMUM DEPOSIT
The minimum deposit is $250. There are multiple accounts, each with its own minimum funding requirement.
The only method for deposit is Vogue Pay. We took this information directly from the Deposit section on our personalized dashboard:
Due to the 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 CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
MGM MARKETS WITHDRAWAL TIME AND FEES
The minimum withdrawal amount is $250. This is highly unacceptable, and it serves as proof of the illegitimacy of the broker. Furthermore, there isn’t a withdrawal option/button anywhere to be found in the user dashboard, only a deposit one.
Withdrawal process times have not been detailed, but the broker says that one should contact them if the request has not been processed after 5 (work) days. Meanwhile, the withdrawal policy claims that request can take up to 7 days to be processed.
There is a withdrawal fee that is mentioned only in the FAQ page. It states that all withdrawals will be deducted by 3.5% from the entire sum. If the resulting percentage turns out to be less that $30, than the trader will be taxed with $30 instead of the original 3.5%.
Renewal fees are nothing new. Even licensed brokers have them. The difference here lies in the little details. Small technicalities that give permission to the broker to draw a minimum of $3 directly from your Credit Card.
There is a dormant account fee of that is activated after 12 months of an account being inactive. The fee of $30 is annual. This is surprising, because usually these fees are monthly, and when put together can drain at times more than $300 per annum.
Last but not least, a Maintenance fee of $7.5/month. What’s odd here is that the broker has put the info concerning the fee in the FAQs.
The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in MGM Market’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain. 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.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. This broker never has the intention of paying you back.
HOW TO RECOVER
Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
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!
MGM Markets is the pit of fraudulent brokerage firms. All it does is come up with ways to drain your money account(s). Just don’t waste your time with this one.