MGS Finance Review: Mgsfin.com Legit or a Scam?

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MGS Finance Review
  • Regulation
  • Fund Safety
0.5

Summary

At MGS Finance, their vision is to supposedly revolutionize the way people trade and invest in financial markets. They claim to empower people from all backgrounds and experiences. They aim to ensure they can trade in the global markets easily and confidently. Founders and company leaders drive such values and philosophies. However, the broker has not revealed much about the company founders or leaders.

Upon opening the website, you will be greeted with the bold claim that the broker is among the best in the world. You can trade forex, stocks, indices, cryptocurrencies, and commodities here. A closer inspection, however, reveals that MGS Finance is not among the best in the world, as they say. On the contrary, this unfamiliar broker is a scam.

MGS Finance Review, MGS Finance Company

Although online spaces have many opportunities to make money, some are scams. They offer customers what seems like the best trading conditions in the market. In the long run, however, they realize it was just a scheme to steal their hard-earned money. Trade only with recognized, honest, trustworthy crypto brokers to avoid such incidences.

About Mgsfin.com

The website’s aesthetics seem appealing. They also claim to be the gateway to the global financial markets. Another notable boast is that the firm has over 20 years of experience in the financial market. Whois.com, however, revealed something else. We learned that the broker has been online since December 2023. Therefore, they can’t have more than 20 years of market experience as they purport. Such are the telltale signs of a typical scammer.

The broker promises tight spreads, a free demo account, and the ability to trade 24 hours a day. However, there is nothing special about these offers. Many brokers have tight spreads and demo accounts to allow traders to test their strategies and hone their skills. They also claim to have an MT5 trading platform, but when we tried to download it, we could not.

Founders and Current Team

At MGS Finance, their vision is to supposedly revolutionize the way people trade and invest in financial markets. They claim to empower people from all backgrounds and experiences. They aim to ensure they can trade in the global markets easily and confidently.

Mgsfin.com Review, Mgsfin.com Features

Founders and company leaders drive such values and philosophies. However, the broker has not revealed much about the company founders or leaders. Thus, it is hard to establish who came up with these values. However, given the questionable nature of this broker, it is most likely that they copied them from an online website somewhere and don’t adhere to any of them.

MGS Finance Contact Details

The broker seems easy to reach. They have provided a physical address, phone number, email, and live chat. However, when we tried the live chat option, we realized it was through a Telegram channel. This communication platform is very insecure and is a hub for many scammers. A reliable broker does not use such platforms. The claim that they have an office in Sydney, Australia, is also questionable because the broker has already proven unreliable.

A broker should be at your beck and call as a trader. There are often so many questions that traders have concerning their open positions and accounts. Being unable to reach the broker in time can be very frustrating. A reliable communication system is thus necessary to ensure that traders have a good trading experience.

MGS Finance Registration Status

This broker does not offer negative balance protection, neither does it have a segregated account. As such, there is no way to ensure your funds are safe. The firm is based in Australia. Thus, it should be under the Australian Securities and Investments Commission (ASIC) oversight. However, when we checked their database, we could not find the name MGS Finance.

In New Zealand, the financial authorities have issued a stern warning against working with this shady broker. They have pointed out the lack of transparency with this firm and urged people to stay away from them. With such a warning, staying away from this broker is advisable to avoid losing your money.

Final Verdict

With all the red flags associated with this broker, we conclude that MGS Finance is a scam. Their only aim is to steal people’s money through fake promises.

However, working with honest and trustworthy crypto brokers can still make you money in trading. Checking for reviews about a broker before investing with them is essential. Check as many reviews as possible since some can be biased.

 

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