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MGM Markets Review - is it scam or safe?

MGM Markets Review - is mgm-markets.com scam or good forex broker?

RATING: 1 / 5 REVIEWS MGM Markets
MGM Markets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account  Min. deposit Max. leverage Spread
Basic  $250 N/A N/A
Bronze  $1 000 N/A N/A
Silver  $2 500 N/A N/A
Gold  $10 000 1:200 3 pips, fixed
Platinum $25 000 N/A N/A
Black  N/A N/A N/A

 

Contrary to what some of you may think, MGM Markets has nothing to do with the US film and TV company Metro-Goldwyn-Mayer. Instead, they are offering online trading in derivative financial instruments. The broker has as many as six account types, but has failed to clarify any trading conditions, such as the spreads and the leverage levels provided. Apart from their account types and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

 

MGM Markets Advantages

 

Solid leverage, huge selection of assets

For all its faults, this broker at least does provide traders with a wide variety of CFDs, as well as with leverage of up to 1:200. The downside of using high leverage is that it can be risky and those who are not experienced in trading could lose their entire investment in a matter of seconds.

 

As regards the tradeable assets available at MGM Markets, these include a number of forex pairs, CFDs on indices, commodities, precious metals, stocks, as well as many coins.

 


>>Well-regulated brokers, offering Bitcoin and more<<

 

 

MGM Markets Disadvantages

 

No financial regulation, negative feedback

MGM Markets says to be owned and operated by Tube Global Marketing. The broker’s website features a UK phone number, but there is no mention of license or regulation. As the company is not present in the register of the UK’s Financial Conduct Authority (FCA), we can safely conclude that MGM Markets is not regulated.

 

As always, we must emphasize that lack of financial regulation brings together with it uncertainty regarding the most crucial aspect of a brokerage – the safety of clients’ funds. When dealing with unregulated brokers traders as clients are not protected if something goes wrong. Furthermore, in many cases such brokerages simply stop answering your emails and calls and disappear with your heard-earned money.

 

That being said, it appears that MGM Markets has a pretty bad reputation - we checked a couple of forex sites and forums, and many traders complain they have been called and scammed by this brokerage.

 

Zero clarity on trading conditions

Another worrisome sigh regarding MGM Markets is that the broker’s website has not disclosed any essential trading parameters, such as the spreads, leverage provided, and even the trading platform it uses. Furthermore, the brokerage does not offer free demo accounts, so we can safely conclude that MGM Markets is not transparent at all regarding its services and pricing.

 

MetaTrader not supported, high spreads

We had to open a live account with MGM Markets in order to sneak-peek into the platform. So, the broker uses some web-trading interface, and offers Gold account holders spreads fixed at 3 pips on EUR/USD. Such trading costs are significantly higher than the average on the market, and besides, Gold account holders have to invest $10k.

 

 

Click to zoom in.

 

MGM Markets’ trading interface seems easy to use, but lacks advanced charting and analytic functionalities. It cannot be compared to the most popular forex trading platform – the MetaTrader4.  The MT4 provides all the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, and create and use automated trading strategies (Expert Advisors).

 

 

>> Check out the top-rated MT4 brokers <<

 

 

Conclusion

 

MGM Markets is an unregulated UK-based broker with very limited credibility. Considering that most brokers operating without valid licenses turn out to be scams, we urge traders to exclude such risk by only dealing with companies regulated by reputable financial agencies, such as the FCA in the UK or CySEC in Cyprus. These authorities require compliance with a number of strict rules that provide significant assurance for the security of the clients` funds.

 


>> A list of forex brokers regulated in the UK <<

 

 

Forex brokers operating in the UK should be licensed by the FCA. The latter requires frequent reporting on activities and enforces a lot of rules, such as segregation of client accounts, provision of negative balance protection, and the coverage of the FSCS compensation scheme.

 

All FCA-regulated brokers are required to participate in the Financial Services Compensation Scheme (FSCS) - a system, which guarantees clients’ trading capital against broker bankruptcy. If you trade with an FCA-regulated broker which happens to become insolvent, you will be able to claim 90% of your account value, up to £85,000 from the FSCS.

 

And finally, here are the highlights of the present review of MGM Markets:

 

Pros Cons
Solid leverage, huge selection of assets No financial regulation
  Zero clarity on trading conditions
  MetaTrader not supported, no demo accounts
  High spreads

 

Latest news about MGM Markets
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Traders` reviews for MGM Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Mgmmarket scammers

These are dangerous criminals
MGM are deadly scammers
Do not invest on this bogus platform

Gareth Rutherford 07/05/2019

Scammed of approximately £6,000 by MGM Markets

I've been dealing with MGM Markets for about 2 months and invested with them after they promised regular and consistent profits. A day after I opened the account with £250 they kept on asking me and persuading me to increase my investment and I eventually put in another £5000.

Over the past few weeks I realised that they not as straight forward as promised, their customer service was rubbish and the brokers attitude was extremely condescending so I informed them that I want to close the account my broker told me that in order to close the account he needs to do some high volume trades. This afternoon he calls me informing me that I have lost all the money and that it is my fault .

Charles Ogunnowo 07/01/2019

Investment by MGM

In Nov 2018 an trading agent.. Derek Ford... Of MGM Markets contact to invest some money. I deposit R4000.. They ask for R30 000 more... Luckily I did not give that!! They never help me to open an trading account... And they ignore my mails! I again deposit R4000 in Jan 1029...the same story!! I've tried to find my money but since now I found nothing. Some of their agents told me he can see I have made a deposit, but it is in an unactive account. So, I don't know what to do any more!!!!

Hannelie Johanna Niewoudt 06/24/2019

MGM Markets are slick and professional scammers!

Please do not trust this company! They scammed my mother out of ALL her life savings in a matter of a few days! They are slick and professional scammers and VERY convincing over the phone. They log on remotely via Any Desk and demand you not touch the mouse while they do all the driving, transferring money from your account while you watch!
Don't believe the lies and promises.

Rae 06/21/2019

MGM-Markets is a straight-forward scam

This is not even a genuine trading platform, it is a straight-out scam. They pretend to allow you to trade, but the moment you try to withdraw any money the funds mysteriously disappear.
You are not actually trading at all, you think you are trading but you are actually working on a fake site that allows you to think you are trading but in fact your money has already been stolen.
The telephone numbers and addresses are false, the company does not exist and their 'agents' exist only to divert money into their own account.
We have reported them to the various international cybercrime agencies, and we urge anyone who has been a victim of these scammers to open a case, and join us so that we can pressure these agencies to arrest these crooks.

Niki Moore 06/20/2019
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