Scammed by MGM Markets Broker?

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Is MGM Markets a scam broker?

Overview:

To start with MGMMarkets sounds similar to the Hollywood film company Metro-Goldwyn-Mayer. The MGMMarkets is an offshore trading company owned by Tube Global Marketing. The broker’s website confirms a UK based official phone number. But the license or regulation is missing from the website. Also, on confronting UK’s Financial Conduct Authority (FCA), there is no record of MGMMarkets. From this, we can determine that MGMMarkets is unregulated. The broker offers six account variants but the mention of trading conditions is missing.

About the MGM Markets:

The broker provides Basic, Bronze, Silver, Gold, and Platinum accounts with minimum deposits of $250, $1000, $2500, $ 10000, and $25000 respectively. The website also features the sixth account called Black that is as mysterious as it can be providing no information at all.  Apart from the black account, these other accounts come with a welcome bonus. Welcome bonus starts from 20%, 40%, 60%, 80%, and 100%.

The broker provides the diversity of CFDs on indices, commodities, precious metals, stocks, and coins. Also,  offers numbers of forex pairs with the leverage of up to 1:200. As we know the high leverage can give you higher returns and also costs you huge loss. As usual, the broker without license and authorization brings hazards to the trader’s funds. The crucial information on trading conditions as spreads and leverage is missing on the website.  Also, MGMMarkets does not provide a demo account and transparency on services provided is missing.  To sneak into the information on services provided by the broker one needs to open an account first.  MGMMarkets uses a web-trading platform and provides Gold account holders capped spreads of 3 pips on EUR/USD pair. This seems high in accordance with the market average. The absence of MetaTrader 4 or 5 is another bad aspect of MGMMarkets. This broker is trying to be anonymous. The proper communication channel for traders is missing this raises several questions. It is advised traders must avoid brokers without proper communication channels. Also, the reputation of the MGMMarkets his not good. While researching we found that the MGMMarkets is labeled as a scam broker.

Is MGMMarkets scam or legit?

As a forex broker, MGMMarkets has no accountability for the trader’s funds. The problem with unlicensed and unregulated firms is, they can be scams. It is advised that traders should do trading with authorized brokers to avoid scams. Brokers require to be regulated by authorities for the smooth and hassle-free operation of trading.