Score
MGS Finance
Australia|1-2 years| https://www.mgsfin.com/
Website
Rating Index
Contact
Licenses
No valid regulatory information, please be aware of the risk!
Single Core
1G
40G
1M*ADSL
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
Basic information
Australia
1-2 years Suspicious Regulatory License Suspicious Scope of Business High potential riskUsers who viewed MGS Finance also viewed..
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Website
mgsfin.com
Server Location
United States
Website Domain Name
mgsfin.com
Server IP
172.67.135.97
-
mgs-financial.com
Server Location
United States
Website Domain Name
mgs-financial.com
Server IP
104.21.79.197
Company Summary
| MGS Finance Review Summary | |
| Registered Country/Region | Australia |
| Regulation | No Regulation |
| Market Instruments | 130+, Forex, Cryptocurrency, Stock & Indices, Commodities |
| Demo Account | Available |
| Leverage | Not Mentioned |
| Spread | Not Specified |
| Trading Platform | MT5 |
| Minimum Deposit | Not Mentioned |
| Company Address | Suite 701 Level 7, 77， Castlereagh Street, Sydney NSW 2000, Australia |
| Customer Support | Email: cs@mgs-financial.com; Live Chat; Contact Form |
MGS Finance Information
MGS Finance is an online brokerage firm that operates without regulation. They claim to provide access to a wide range of financial instruments across various markets, including Forex, Cryptocurrency, Stocks & Indices, and Commodities via the MT5 platform.
Pros & Cons
| Pros | Cons |
| Commitment to Offer Tight Spreads and Charge No Fees | Limited information on accounts |
| Demo account Available | Unregulated |
Pros
- Commitment to Offer Tight Spreads and Charge No Fees: One major advantage of MGS Finance is the offering of tight spreads and the absence of transaction fees, it can lead to cost-effective trading for clients.
- Demo account Available: MGS Finance provides a demo account option, allowing traders to test the platform and its features without financial risk. This can be beneficial for new traders or those looking to familiarize themselves with the platform before committing to a live account.
Cons
- Limited information on accounts: One downside of MGS Finance is the limited information available regarding its accounts.
- Unregulated: MGS Finance is not regulated, which increases risks for clients as the company doesn't have to adhere to any established financial standards nor offer protections typically required by financial regulators.
Is MGS Finance Legit？
- Regulatory Sight: MGS Finance is currently not regulated by any recognized financial authority. Traders should exercise caution and conduct thorough research before engaging with MGS Finance.
- User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
- Security Measures: MGS Finance enacts top-notch security controls, including SSL encryption to safeguard traders' account and private information.
Market Instruments
MGS Finance provides a diverse range of investment opportunities with over 130 instruments available across multiple markets.
Firstly, Forex, or foreign exchange, allows traders to speculate on the fluctuation of exchange rates between different currencies. This market operates around the clock and is the largest financial market globally.
Secondly, Cryptocurrencies are digital assets designed to work as a medium of exchange that use cryptography to secure transactions, control the creation of additional units, and verify the transfer of assets. Investors can trade popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin on our platform.
Thirdly, Stocks & Indices represent ownership in a company or a group of companies, depending on whether you trade individual stocks or stock indices. This allows investors to benefit from the performance of these companies through price appreciation and dividends.
Finally, Commodities include physical goods such as gold, silver, oil, or agricultural products that are traded on exchanges. Investors can diversify their portfolios and hedge against inflation by trading in the commodities market.
Accounts
MGS Finance does not offer extensive information regarding its account types but does commit to providing a demo account option for potential clients. While the company's website may lack detailed account specifications, the availability of a demo account suggests a willingness to allow traders to experience the platform and its features before committing to a live account. This emphasis on providing a demo account indicates a focus on offering a risk-free opportunity for traders to familiarize themselves with the platform and its functionalities.
How to Open an Account？
To register for a MGS Finance account, please follow these steps:
(1) Visit the website.
(2) Click on the “Client Portal” button and choose to “Creat an Account”.
(3) Fill in the required fields, including:
Invitation Code: Enter the invitation code if you have one. (If not applicable, you can proceed without it.)
Username: Choose a unique username for your account.
Password: Create a strong password for your account's security.
Confirm Password: Re-enter the password to ensure accuracy.
Real Name: Provide your full legal name.
Country: Select your country of residence.
Phone Number: Enter your valid phone number.
(4) Review the terms of service and privacy policy, and if you agree, check the box.
(5) Click on the “Register” button to complete the registration process.
Trading Platform
MGS Finance offers the MetaTrader 5 (MT5) platform, available on Android, iOS, and Windows, providing a seamless trading experience across various financial markets. With an adaptable user interface and a dynamic trading environment, MT5 allows users to explore CFDs, stocks, and futures with ease. It offers 12 additional timeframe charts, a multi-threaded strategy tester for Expert Advisors (EAs), and 8 extra technical indicators for enhanced trading capabilities.
Trading Tools
MGS Finance provides trading tools including an economic calendar and a holiday calendar.
The economic calendar offered by the company presents a schedule of key economic events, such as indicators, reports, and announcements. Traders can utilize this tool to stay updated on upcoming events that may influence market volatility and make more strategic trading decisions.
Additionally, the holiday calendar offered by MGS Finance displays important dates when global financial markets are closed in observance of holidays. This information can help traders anticipate potential disruptions in trading activities and adjust their strategies accordingly.
Customer Support
- E-mail: cs@mgs-financial.com
- Contact Form
- Live Chat
- Physical address: Suite 701 Level 7, 77 Castlereagh Street, Sydney NSW 2000, Australia
Conclusion
In conclusion, MGS Finance offers some attractive features such as tight spreads, fee-free trading, and useful trading tools like demo accounts and economic calendars. However, the lack of detailed information on accounts and the absence of regulatory information raise concerns about transparency and customer protection. Potential clients should carefully consider these factors before engaging with the firm to ensure a well-informed and secure trading experience.
Frequently Asked Questions (FAQs)
Can I test the platform before trading with real money？
Yes, MGS Finance offers a demo account feature for traders to test the platform without financial risk.
What trading tools are provided by MGS Finance？
The firm offers trading tools such as an economic calendar and a holiday calendar to assist traders in making informed decisions.
Is there a minimum deposit requirement to open an account？
MGS Finance does not specify a minimum deposit requirement on its website.
Is MGS Finance a regulated broker？
No. MGS Finance has not been regulated by any authorities.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
Keywords
- 1-2 years
- Suspicious Regulatory License
- Suspicious Scope of Business
- High potential risk
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Fx3789943
Hong Kong
I have deposited money via crypto method and the payment deducted from my account and it didn’t got credited even after 48 hours and the customer support is so rude they don’t even check why it is taking time my bank has issued the payment to reciever bank and still its under processing please help me scammers are looting the money and asking us to wait for 48hours and still nothing happens
Exposure
08-26
harry138
Australia
The platform website is offline, and the reason is not stated. It is estimated that they have run away. See the picture below.
Exposure
07-25
tommy45
Australia
the MGS head office support team offered me to move my account to their server and meet certain requirements to be able to withdraw. Today I have complied with everything they have asked me to do and I just hope they do not cheat me once again. MGS assures me that I will receive my money in 24 to 48 hours , if they do not return my money ... I will report them and expose !!!!! I don't want this to be another scam for me to keep paying and never be able to withdraw.
Exposure
07-24
harry138
Australia
Whenever a withdrawal is requested, they impose numerous and complicated fees as obstacles. And once they receive the money, they will never respond again. Stay away from this unscrupulous trading platform as soon as possible.
Exposure
07-21
harry138
Australia
After I urged them many times, they promised to return it as soon as possible. But it has been more than 4 months, and they just ignored me and refused to return it. It is extremely hateful. Stay away from this unscrupulous trading platform.
Exposure
07-15
FX244677432
United Kingdom
I applied for a withdrawal of US$120,000 from MGS, but they asked me to pay a large withdrawal activation fee of US$30,000. After that, I was asked to pay personal income tax of US$9,533. They also tried to induce me to continue depositing money, but refused cause of the Forteclaim to allow me to withdraw the money.
Exposure
07-14
harry138
Australia
The broker promised to return the deposit in 3 weeks after receiving it, but 5 months and 7 days have passed. I urged them many times, but they ignored me. See picture.
Exposure
07-05
tommy45
Australia
I invested in the MGS platform on the recommendation of a friend. Everything was going well until when I requested to withdraw my money there were delays because there were many clients waiting to withdraw. The support team told me that if I paid the members only fee I could withdraw my money in less than 3 days. I made the payment on March 16th and so far I have not received my withdrawal, I complained to the support team and they just ignored me. Today I received an email from MGS headquarters explaining that we had been cheated by their external support agents. The payment of the fee was a lie and the affiliated platform was no longer legally authorized! They say that they are going to solve this problem and that they will send a statement soon. I am just waiting for my MONEY back , PLEASE HELP comply with the withdrawal of my money!!!!
Exposure
07-04
harry138
Australia
This trader uses fake addresses to deceive customers, customers can never find them, they can find customers at any time if they need to, see picture. After I paid the membership exclusive channel fee on March 16, I promised to pay immediately. It showed that I paid on March 18, and said I would receive it in 2 hours. However, I have not received it as of July 2. It's all deception and lies. Stay away from this blood-sucking dealer. See pictures for proof.
Exposure
07-02
vk5621
Italy
The first withdrawal was 1550, but the platform deducted the money and showed that the transfer was successful, but no money was received. The second withdrawal was 5005, but the platform rejected the withdrawal request. When I applied for withdrawal again, the platform closed my account. This is a rubbish platform, please don't deposit in it.
Exposure
2023-12-15