Mugan Markets Review – All The Key Features and Flaws Revealed
Mugan Markets broker is owned by Meydan Ltd, a company registered in the Marshall Islands. One of the attractive offers is Mugan Market’s bonus of up to $20.000. Yet, you should be aware of bonus terms and conditions. Don’t let that trick you.
To avoid becoming a potential victim, you should read this Mugan Markets review carefully. But to understand the difference compared to regulated brokers, you should check later our Investous review.
|Regulated By:||No Regulations|
|Is This Company Safe?||No|
|Have Warnings From:||N/A|
|Registered In:||Marshall Islands|
|Trading Assets:||Cryptos, Forex, Indices, Shares, Commodities|
|Free Demo Account:||Available|
|How To Withdraw From This Company?||Since the company is registered offshore and doesn’t provide any funds protection feature, you should make a withdrawal request immediately. In case this broker denies it, feel free to contact us for assistance.|
Legal Info: Is Mugan Markets Legit Or A Scam?
MuganMarkets is a company with offshore registration. When it comes to licensing, they don’t even the offshore ones, not to mention more trusted regulations like FCA, BaFin or ASIC. Without these, you can’t expect any funds protection measures. Even if they claim to have.
So, to get segregated bank accounts for deposits, negative balance protection and compensation funds, look somewhere else. After all, this broker exists only since 2022 according to who.is. So, why risk it?
Who Are Mugan Markets’s Clients?
Muganmarkets.com website has quite a short life span. However, they are reaching traders all over the world. Some of their clients and victims are coming from:
- South Africa
- United States
- United Kingdom
Yet, they are not authorized by the FCA to offer services to UK traders. That’s a first scam sign. In case you think that this broker was not genuine to you, contact our refund team for advice.
Another warning sign is Mugan Markets Trading reviews. Overall, their 53 reviews look positive. But those might be fake like the whole company. Watch this.
The company has a disclaimer saying that they don’t offer services to US citizens. Yet, some of those positive reviews come from US-registered residents.
In this case, we prefer to trust more negative reviews. Even though there’s only 10% of those. For now. If you were one of their victims as well, let us know. But also don’t hesitate to sign up for a chargeback with our team.
Trading fees, Spreads, Commissions and Leverage With Mugan Markets
Mugan Markets account types offer different trading conditions. As for the spreads, you can expect from 0 or 0.9 pips depending on the account. But also there’s a commission of $8 per side ($16 per lot). Quite an expensive one. On top of all, they offer an extremely high leverage of 1:500.
Even though the Mugan Markets minimum deposit is low at $50, they offer welcome bonuses up to 100%. Yet, there’s a bonus clause. For every $100 bonus, you have to reach 20 lots in trading volume. Only after that, the bonus funds are unlocked.
So, anything made with bonus is locked. After all, who decides what’s made with a bonus or not? Only this shady broker. To avoid such irregularities, you should always trade with Tier 1 licensed brokers. One of the examples might be the FXGiants.
Mugan Markets Trading Features
All the trading features with Mugan Markets are based on high risks. On the positive side, the company offers a trusted MT4 platform. So, you have to decide if you will trust them or not. But there are many more reasons not to.
Is Mugan Markets Legit?
For a company that operates offshore without any regulations, you can’t say it’s legit. On top of that, they don’t offer any protection to its customers. Not to mention a shady bonus and withdrawal policy. Don’t think it’s created without a reason.
Available Trading Assets
As for the trading instruments, Mugan Markets offers them all. At least 5 major categories. Starting with:
- Forex pairs – USD/JPY, AUD/SGD
- Commodities – gold, cotton
- Indices – DowJones, CAC40
- Shares – Nvidia, IBM
- Cryptos – LTC, ETH, XRP
Besides the Mugan Markets demo account, you can choose 3 live accounts. But none of them present some significant difference. Except for extreme expenses. Anyway, you can choose:
- Classic – $50
- Trader – $50
- Custom – $10.000
Mobile Trading App
On the positive side, the company offers MT4 mobile apps. Whether you are an iOS or Android user, you can download it and log in with your credentials.
As a part of the Meta Trader package, companies have an option for a demo account. Which is also a part of Mugan Markets offer. Therefore, don’t risk your money before you test them out.
As a matter of fact, the company doesn’t offer any educational program. Instead, there’s a blog with basic trading articles. To understand the huge difference between education, check our Trade245 review.
Mugan Markets Withdrawal
Mugan Markets withdrawal is an interesting topic. Primarily because of missing licenses. But also because of a shady withdrawal policy. Thus, for the funding methods they actively promote crypto transfers. Be careful with those because it’s an irreversible transfer.
Many traders already complained about Mugan Markets broker support. It’s not surprising considering their Mugan Markets fx contact options. You can only get in touch via e-mail, web form and live chat. And they can ignore it all, of course.
Key Information To Consider About Mugan Markets?
Firstly, the Mugan Markets is not regulated. Also, they offer services in countries like the UK and the US without authorization. Not to mention fake positive reviews and malicious bonus clauses. Small irregularities are numerous. So, avoid this broker at all costs.
But if you already became their victim, don’t bother. Our refund team can advise you on further steps in detail. Book your first free consultation now.
What is Mugan Markets?
Mugan Markets is a shady and anonymous offshore brokerage operating from the Marshall Islands since 2022.
Is Mugan Markets Regulated?
No. The company doesn’t have any licenses. Especially not form the UK or US regulators where the company operates.
What Is The Minimum Deposit For Mugan Markets?
The minimum is only $50. But even that is a risk with them. If you did deposit any money, get in touch with our refund team for immediate advice.