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MGK Global Review - Is it scam or safe?

MGK Global Review - is mgk-global.com scam or good forex broker?

RATING: 1.2 / 1 REVIEWS ForexBrokerz MGK Global
MGK Global is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit  Minimum trade size Maximum leverage Spreads (& Commission)
Normal $30 0.01 1:500 1.0 pips on average
Speed (NDD) N/A 0.01 1:500 from 0.1 pips + $7/lot

 

MGK Global offers two trading accounts – a commission-free “Normal” one, and a Speed account, which offers tighter spreads, NDD execution with EAs and involves commission. Both accounts offer variable spreads, leverage levels up to 1:500 and the opportunity to trade in micro lots on the MetaTrader 4 platform.

 

In addition, this broker offers account management (MAM and PAMM) services.

 

Overall, MGK Global’s trading conditions are typical for an offshore brokerage: low minimum initial deposit required and high leverage levels offered. Besides, its spreads look attractive, averaged 1 pips on EUR/USD, which is on the lower end of average for the forex market. Unfortunately, we could not get MGK Global’s demo account going and initiate a trade. Besides, the information on its website is rather scarce, and part of the English version’s content is still not translated. 

 

The Company. Security of Funds

 

Company

Country

Regulation

MGK Global Ltd.

Labuan, Malaysia

N/A

 

Founded in 2015, MGK Global offers trading in forex and precious metals on the widespread MT4 platform. The company behind the brand Is based in Labuan, a federal territory of Malaysia and a popular offshore financial center. It says it is regulated by the Labuan Financial Services Authority (FSA), however to claim that forex brokers on this offshore group of islands are regulated is a pure exaggeration.

 

There are certain registration and annual fees applicable to Labuan companies, however even their physical presence in Labuan is not required. Because offshore brokerages are not required to meet any capital adequacy requirements, to report positions, to apply client protection rules, etc., investing with such is extremely risky and we generally do not recommend it.

 

You’d better invest with brokers regulated by reliable authorities such as UK’s FCA, or Australia’s ASIC, for example. 

 

Trading Platform

 

MGK Global MetaTrader 4 (MT4), the most popular and widespread FX trading platform worldwide. It is equipped with technical analysis indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EA), allowing clients to automate their trades.

 

Here you may look up more forex brokers offering MT4 platform.

 

Methods of Payment

 

MGK Global offers its clients solely bank wire transfer, and AsianPay with domestic remittance service as payment methods.

 

Conclusion

 

MGK Global is an offshore MT4 forex broker whose offerings seem attractive, but its demo account is not functional and we could not test its services. Nonetheless, the main disadvantage of this broker is that it is not regulated and doing business with it is risky.

 

Pros  Cons
Competitive spreads  Registered offshore
MT4 available  No CFDs on indices and shares
  No choice of trading platforms
  Limited payment methods

 

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Traders` reviews for MGK Global

Spread

Pros

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Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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