Mag Markets Detailed Review
There are a lot of things to be explained about Mag Markets broker and their business in the EU and other parts of the world. Since the broker is fraudulent, like many others coming from offshore countries, we thought you deserved an explanation about your missing funds. Read our Mag Markets review and find it all out.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||No Info|
|Owned by:||Mag Markets LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Cryptocurrencies:||Available – BTC, LTC, ETH|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
What About Mag Markets Regulation?
Mag Markets is owned by Mag Markets LLC from Saint Vincent and the Grenadines. Since this offshore country has no regulator whatsoever, Mag Markets came up with a solution. They claim to work under Geomatrix Ltd, a business registered in the Cook Islands with an FSC license.
First of all, we have no way to confirm this allegation since the only known brand under Geomatrix Ltd is 4XC. Besides, even if it’s true, this company is under a money-changing and remittance business license and is valid only in the Cook Islands.
Also, according to numerous reviews, it’s just a shell company for money laundering since Cook Islands have no strict regulations for MLM schemes.
All this implies that you’re dealing with a fraudulent trading firm and your funds are at risk.
Pay Extra Fees Before Withdrawal
One of the things we’ve heard from traders is that Mag Markets makes them pay additional funds under the name of taxes, non-existing fees, bank transfer fees, and more just to get their money back.
Of course, the amount is never small and comes up to 20-50% of your profit, but you can never pay it out from the funds already in the company. It always has to be paid through a new deposit.
As you can already guess, you will never see your funds back after you pay it out.
Fund Withdrawal Issues With Mag Markets Broker
Since the company asks for additional money before allowing payouts, withdrawals are nearly impossible for those who understand it’s a scheme and decline to pay. However, even those who do pay the money are still at risk. There’s a high chance that the broker will then cut the contact and freeze your account since you won’t get a withdrawal, and you won’t pay more to the company for sure.
If you experience something similar, let us know immediately.
Areas Of Mag Markets Scam
Since the broker allegedly has regulation from the Cook Islands, one of their main targets is Australia, the same zone country. However, if you pay close attention to the website, you’ll notice that support and several other things are German. It tells us that the broker is targeting Germany, Switzerland, Austria.
Besides, we’ve found many negative reviews from France, so we know it’s present there as well. Wherever you are, be aware that Mag Markets is a scam and don’t fall for it.
Traders About Mag Markets Scam
None of the investors has nice words for Mag Markets. All they do – list issues in reviews and ask for help. There are problems with withdrawals, account managers, the behavior of the company’s employees after the extra funds are paid, trading software is not a standard MT4, the leverage goes up to 1:400, making clients lose their funds quickly.
All this can be resolved simply by avoiding offshore firms and finding one with a Tier 1 license such as FCA, ASIC, or BaFin.
Mag Markets Trading Software
Apparently, the broker offers MT4 in the Live version or a Demo version for 14 days. Yet, note that trading conditions on the Demo vary significantly from the actual account since you have more money and the margin level is different.
We have nothing against MT4. In fact, that’s the most popular platform among 80% of traders. However, when provided by a fraudulent broker, it is worth nothing; your funds are still at risk.
What Are the Different Mag Markets Account Types?
Here’s an overview of the three account types available at Mag Markets:
- Classic account – minimum deposit of 100$, spreads from 1 pip, commission 0$;
- Raw account – minimum deposit of 1,000$, spreads from 0 pips, commission 8$;
- VIP account – minimum deposit of 10,000$, spreads from 0 pips, commission 5.5$.
As for the leverage, the cap for each account type is 1:500. This is only possible because Mag Markets is a shady offshore provider. Top regulators have restricted the leverage to 1:30 (FX major pairs) for retail clients.
Spreads are decent but irrelevant given the unfavorable leverage. Add to that the unreliable MT4 platform, and you’ve got yourself a scam. All in all, it’s far from “excellent trading conditions,” as the broker has put it.
Mag Markets Assets – Instruments Types
When it comes to trading assets, Mag Markets provided a pretty detailed overview. Below, we’ll list the available assets with a few instruments for each:
- Forex currency pairs – EUR/USD, AUD/JPY, EUR/CHF…
- Metals – silver/USD & gold/USD;
- Commodities – brent crude oil & WTI crude oil;
- Indices – AUS200mm, EU50mm, UK100mm…
- Cryptocurrencies – BTC/USD, ETH/USD, LTC/USD, BCH/USD & RPL/USD.
We have to admit, this is quite a comprehensive list. As such, it’s also tempting and therefore, dangerous. Don’t let all these shiny instruments deceive you, they don’t change the fact that Mag Markets is a foul offshore trickster.
How Does Online Trading Scam Work?
Online trading scams start with overpromising ads asking you to give away your personal information. Once you do, you will be spammed with calls, messages, and emails from the broker pushing you to start investing. And you will think you’re with the most wonderful company as they are always there to reply and assist.
Only, this behavior will stop the moment you give your funds away, and you ask for the payout.
Scammed by Mag Markets? – Tell Us Your Story
If you fall victim to the Mag Markets scam, let us know. Our experts may assist you in filing a dispute and requesting a chargeback.
But What Is A Chargeback?
This is a way for your bank to retrieve the money from the merchant. Contact us via online chat to book a free consultation with our specialist for further details. Get your money back before it’s too late!
What Is Mag Markets?
Mag Markets is an online CFD and Forex trading provider without a license.
Is Mag Markets A Scam Broker?
Mag Markets is placed offshore and has no authorization to provide financial services.
Is Mag Markets Regulated?
No, Mag Markets is not regulated and operates illegally.