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MGC Logic Review - is it scam or safe?

MGC Logic review - Is mgclogic.com scam or good forex broker?

RATING: 1 / 0 REVIEWS MGC Logic
MGC Logic is an offshore broker. Your money is not safe.

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MGC Logic says to be “Europe’s leading retail broker for buying and selling Bitcoin” and the “World`s leading crypto currency trading platform”. As fine as this may sound we have some serious questions about its background and regulatory status, so if you are thinking about depositing your funds with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Basic Account $500 n/a n/a
Bronze Account $10 000 n/a n/a
Silver Account $50 000 n/a n/a
Gold Account $250 000 n/a n/a
Platinum Account $500 000 n/a n/a
Black Account n/a n/a n/a

 

MGC Logic Advantages:

 

A selection of crypto CFDs

 

We always try to come up with any possible advantages a broker might offer its clients, so with MGC Logic that may be their selection of crypto CFDs. They offer 32 crypto pairs both against fiat currencies and other coins, with major crypto currencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Dash, Monero, OmiseGO, StarCoin  Ethereum Classic, Zcash, Bytecoin , Nxt, NEM and USD Tether. In  any case, you may also take a look at our list of regulated brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MGC Logic Disadvantages:

 

Shady background no license

 

MGC Logic says to be owned and operated by New Olympia Inc., a company supposedly registered in  Dominica, with a contact address '8 Copthall, Roseau Valley, 00152'. What is curious about this address is the fact that it is used by several other unregulated, offshore brokers like EagleFX, Unitedmarkets4you, United & Equal,  UBS Investment, UBS InvestmentOptions Tech Limited,  Cryptex Markets and Block Chain Exchange Pro, almost all of which have been flagged by the Financial Conduct Authority (FCA) in the UK as potential scammers.

 

What is more, if you search '8 Copthall, Roseau Valley, 00152' in Google it appear to be a Panama Papers address, where a number of other offshore companies investigated for money laundering are also based. The Panama Papers archive can be searched on the homepage of the International Consortium of Investigative Journalists (ICIJ), a Washington based independent network.

 

In recent years the Commonwealth of Dominica attracted many offshore companies, because of the  tax free status they are granted and the lax regulatory regime.

 

Regulation and supervision of the financial services industry in the country is the responsibility of the Financial Service Unit of the Commonwealth of Dominica (FSU) under the supervision of the Ministry of Finance, but because of the inadequate regulatory regime the Organization for Economic Co-operation and Development (OECD), an intergovernmental body of 36 member states, among which all G-7 countries, threatened to place Dominica and some other offshore financial centers on a "black list" and impose sanctions against them. 

 

All that said, MGC Logic background appears to be quite shady and besides, the broker is simply not regulated, so trading with it implies an inherent risk. 

 

Bear in mind trading with unregulated, offshore brokers is extremely risky as they are completely unaccountable for the way they handle your money, and quite too often such brokers are simply involved in scam. Here you may check our list of brokers, regulated by the FCA in the UK, where your funds will even be insured for up to 85 000 GBP:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

In their Terms and Conditions MGC Logic says they reserve the right to decline your withdraw application for various reasons, including if by their sole discretion they decide to investigate your account. See for your self: 

 

 

Bear in mind that this is highly unusual, because no legit broker will ever deny you the right to withdraw your own deposit.

 

Trading bonuses with additional withdraw conditions

 

The practice of offering trading bonuses is highly controversial as they are invariably linked to some minimum trade volume requirement, which scammers usually use as a pretext to cancel your withdraw requests. And besides regulators throughout Europe, the U.S., Australia, Canada and Japan have banned the use of trading bonuses altogether.

 

Skrill not available as payment method

 

MGC Logic says to accept payments with VISA, MasterCard and bank wire, but we do not see the option to pay with Skrill, and that is notable because of the new anti scam policy adopted by the money transfer company, according which Skrill partners only with brokers, holding legit licenses. As we already noted MGC Logic is not a licensed broker.

 

Unclear minimum deposit requirement

 

In their Terms and Conditions MGC Logic say the minimum deposit they accept is 500 USD, which is twice higher than the usual amount most brokers require. In their presentation however they mention 250 EUR, so we are kind of confused which is the correct number. In any case with some well known brokers like FBS and IG you can start trading with virtually 5 USD or so.

 

Conclusion:

 

MGC Logic is not a broker we can recommend. It does not have a legit license to operate on regulated markets like the EU, the U.S., Canada, Australia or Japan, and on top of that its corporate background seems to be quiet shady. So as usual in such cases we would recommend that you trade only with brokers, licensed and authorized by a well known financial watchdog such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

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Traders` reviews for MGC Logic

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