MGK Global Review: Exposing the Shady Licence
Are you thinking about MGK International broker as your next trading partner? Before making any decisions, let’s look at our informative review of this Malaysian-based offshore broker. Are you ready to find out more? If yes, read our MGK Global review for more interesting facts!
|Type of company
|Warnings from Financial Regulators
|No official warnings
|Majority of clients are from
|Japan, United States, India, France, Canada
About this Business
So, what is this trading company all about? MGK Global, based in Labuan, Malaysia, claims to be regulated by the Labuan Financial Services Authority (FSA). However, we know that referring to forex brokers in this offshore jurisdiction as ‘regulated’ might be an overstatement. Offshore brokers like this one present risks due to the lack of real regulations.
Our advice? Always choose brokers regulated by trusted authorities like ASIC, FCA, or BaFin. This will indeed protect your financial interests.
MGK Global Account Types
This trading company talks about different account types. It’s time for us to talk about them down below!
The Normal Account is for traders who use Expert Advisors on MetaTrader 4. This account is truly popular among retail traders. We can see it offers a secure trading environment and great chart analysis capabilities.
It’s an ideal choice for those seeking superb platforms and powerful analytical tools.
What about those desiring transparent pricing and swift execution? The Speed Account offers direct access to global liquidity. Operating on a No Dealing Desk model, it ensures trade orders at the best market rate. However, traders should be aware of the associated $7 one-way and $3.5 round-trip fees.
The Speed Account is for those who want a fast and efficient trading experience with access to flexible leverage.
PAMM/MAM accounts provide a unique opportunity for multiple account managers. Notably, they allow investors to monitor trading strategies.
This type of account reduces costs by establishing relationships between investors and managers. It’s a good choice for those who have more control over trading strategies.
Trading Platforms Here
This broker exclusively offers the MGK Global MT4 platform. We know that MT4 boasts charting capabilities, but here, it may limit advanced traders in a way.
So, opting for legit brokers supporting MT4 or MT5 could provide a safer and more versatile experience. This goes without saying!
Note: Invox Trade is a mysterious and unregulated trading platform. For your safety, make sure you choose brokers that have Tier 1 regulations and a community. Remember – we offer consultations free of charge!
Funding and Withdrawal Methods
What about deposits and withdrawals here? We know there is a $30 minimum deposit for the Normal Account and no requirement for Speed and PAMM. So, we can say that this broker offers an affordable entry point.
However, this doesn’t automatically validate the broker. Deposit security measures are in place, but traders should be extra careful here.
MGK International Trading Conditions
Now it’s time to discuss trading conditions. Competitive spreads, averaging 1.0 pips for the Normal Account and 0.1 pips for the Speed Account, look decent.
As you may know by now, the Normal Account offers commission-free trading. And the Speed Account incurs a $7 per round lot commission. The limited deposit currencies (USD and yen) could result in conversion fees for deposits in other currencies. Keep this in mind!
Reviews – Trustpilot Void
When it comes to credibility, we all know that Trustpilot ratings are a go-to resource! But a closer look at Trustpilot for insights into this broker gives us nothing. We can only say that this is shady and does not instill confidence.
Keep in mind that user feedback is vital for understanding a company’s reliability. Also, it is good to know whether its tools and features meet the claims. It’s wise to favor trading firms with a Trustpilot rating of 4.5 stars and above.
Tip: Ortega Capital was a broker that recently closed down due to engaging in illicit operations. It is best to avoid fake companies like this one. Stay safe!
Protecting Yourself from Trading Scams
Trading can be tricky, especially when dealing with unregulated brokers using sneaky tactics. They throw in confusing rules, make big promises that sound too good, and keep their location a mystery. To avoid falling into their traps, arm yourself with knowledge and stay cautious.
How do you outsmart these scammers? First, dig into a broker’s background, check for certifications, and read reviews. Stick with brokers under trusted regulators who keep a close eye on ethical practices.
But there’s more. Watch for red flags! Is a broker pushing overnight wealth promises? Is their contact info sketchy? Trust your instincts and be cautious. Keep in mind to stay smart and trade safely.
Boost Your Profits with Online Trading
Are you looking to boost your profits through online trading? The path to financial growth is more accessible than ever! What’s more, we’re here to be your companions on this journey.
We offer free consultations on premier forex and crypto trading platforms. And know that this is just the beginning of what we bring to the table! Brace yourself for a transformative experience as you explore our cutting-edge proprietary trading firm!
Partnering with our prop firm could potentially unlock earnings of up to $180,000. You can see that this is a truly lucrative path to financial success. Still, it’s crucial to note that no trading tool can guarantee 100% profit. Keep this in mind.
All in all, we are talking about an offshore broker that has somewhat solid trading opportunities. However, there are many things that we don’t like about this company. We cannot say that they are legitimate or safe.
Know that choosing a trading partner requires careful thought. It’s crucial to work with brokers with a solid track record.
Keep our proprietary trading offer in mind! It lets you potentially see earnings of up to $180,000. It stands as a compelling choice for those seeking a solid path to financial success.
What is MGK International?
This is a suspicious broker that lacks Tier 1 regulation.
Is MGK International Regulated?
This is an offshore broker that lacks real regulation.
Can I Withdraw Profit from my MGK International Account?
This broker may block your attempts to withdraw money.