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Mugan Markets Review: Don’t Jeopardize Your Income With This Firm

Mugan Markets Review

The brokerage we’re about to analyze owns a high-quality website that carefully hides the underlying intentions. As you will see in our Mugan Markets review, not everything is transparent about their service. The firm is not exactly what you’d call legit either.

It’s best to avoid dealing with these sorts of shady entities. If you require a high-quality investment opportunity, take a look at our offer instead.

General information
Name Mugan Markets/ Maydan Ltd
Type of the company Unlicensed Forex Broker
Regulation status No Regulation
Warnings from Financial Regulators No official warning
Website link muganmarkets.com
Active since 2022
Registered in Marshall Islands (alleged)
Contact info [email protected]
Trading platforms MT4
Majority of clients are from Netherlands, South Africa, United States, United Kingdom, Nigeria
Customer support Yes – online form only
Compensation fund None

Shady License Information

Meydan Ltd, a Marshall Islands company that owns and runs this website only discloses their company address, nothing more. This is highly concerning, considering that an offshore entity immediately raises red flags when it comes to regulatory issues and safety. 

As expected, this company owns no legitimate Forex license from a Tier 1 regulator like FCA, BaFin, and CySEC. For all we know, not even the jurisdictional body – GLOFSA supervises them. Some of the most obvious evidence of the company operating on their own accord and under no legislation is the trading terms we’ll shortly discuss. 

Also, you can never expect adequate safety conditions in the form of fund segregation, compensation plans and negative balance insurance. Goldnrise is just as untrustworthy when it comes to that. 

The Traders Are Talking

The verified company profile on Trustpilot has been rated with an average grade of 3.5 out of 5. At a glance, you’d think things aren’t so bad. That is, until you realize that the majority of the Mugan Markets reviews are bought, ooze with dishonesty and are often just copy-pasted. 

All of the latest reviews posted are negative, with strong accusations directed at the company’s management being unfair when it comes to payouts. Turns out, this firm holds onto customers’ deposits and doesn’t allow them to withdraw anything. That’s the only conclusion to come to, based on what the defrauded retailers are complaining about.

Who Is The Service Intended For?

Less experienced and insufficiently informed traders are sitting ducks for the Mugan Markets scam agents telephoning them until they agree to deposit. So far, most targeted traders live in the following countries:

  • Netherlands
  • South Africa
  • United States
  • United Kingdom
  • Nigeria

This common tactic is how the majority of fraudulent Forex platforms gain traffic. The key to avoiding falling victim to the sweet talk about high profit is staying informed and choosing safe trading options, like proprietary trading, for instance. We can help you get more educated on that – book a free consultation on our site.

Trading Terms And Accounts

While the account diversity is good, we need to remember that other shady entities like TopShark.co use this to mimic regulated companies.

The max leverage is 1:500 across the boards, while some other conditions vary:

  • Classic ECN
    • Spread from 0.9 Pips
    • Commission $0
    • Min. deposit $50
  • Trader ECN
    • Spread from 0.0 Pips
    • Commission $8 per side
    • Min. deposit $50
  • Custom ECN
    • Spread from 0.0 Pips
    • Custom Commission
    • Min. deposit $10,000
  • Classic Cent
    • Spread from 0.0 Pips
    • Commission $0
    • Min. deposit $50
  • Trader Cent
    • Spread from 0.0 Pips
    • Commission $0.08 per side
    • Min. deposit $50

Demo Is Available

As the main trading application is the renowned MT4, a built-in demo is provided as well. Clients can’t create a demo through the application itself, however, and must use the website instead.

A selection of starting funds, base currencies and leverage increments makes for a good testbed for company trading conditions.

200% Bonus Program

To become eligible for the bonus, clients have to first deposit at least $1,000. While this may seem like a good push for a profitable start off, don’t be fooled. The only way to unlock withdrawals is by reaching the trading volume requirement. What makes matters worse is the fact that the exact expectation isn’t revealed!

MT4 Wasted On Small Asset Selection

Main trading software with this firm is the industry standard MT4 program. It is available for download via the broker’s own website, and offers all of the functionality you’ve come to expect from this solution.

That said, the trading server does not instill much confidence. The trading data is not realtime, and spreads can skyrocket to 9 Pips in a second, which indicates data tampering.

The MetaTrader4 software is fully compatible with all mobile devices as well. This includes iOS and Android platforms, for which the broker provides relevant App Store and Google Play links.

Mugan Markets broker claims to provide a selection of different assets, but does not give us a full disclosure. The advertised assets are these:

  • Forex
  • CFDs

Shady Payments And Ruthless Fees

The deposit policy is something of a concern with this firm, as the company only allows for Cryptocurrency deposits. Deposit fee is applied as well, ranging from 1.5% for minor coins (ADA) to 3% for major coins (BTC, ETH). There is no information on withdrawal fees, however. 

Confusing as it may be, the firm doesn’t disclose the processing terms, such as the estimated time and fees per every withdrawal request. The policy is uninformative and just plain useless, considering that there’s not a single exact number included. All alleged fees incurred are directly deducted from the client’s total account balance. 

Safety Concerns: Better Options

The major problem of this Forex dealer is that they do not have the necessary license to provide online trading services. The firm does not adhere to the risk mitigation constraints that are required by law. Investing with this brand means you risk your entire capital with no possibility of profits.

If you’re looking for a service to launch your trading career, take a look at our services instead. Our proprietary firm offers up to $180,000 to talented traders who wish to excel in the global markets. For more information, book a Zoom call consultation via our website.

FAQ

Is Mugan Markets Legit?

No, we could not verify the existence of any Mugan Markets forex license.

Is Mugan Markets Regulated?

No, this is a rogue company that is neither licensed or regulated in any jurisdiction.

What is the Difference Between Trading with a Broker and Proprietary Firm?

Unreliable brokers demand high deposits which get stolen. Prop firms allow you to trade without investing your own funds. For more info, reach out to us.

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