Is MagKing a Legit Or a Scam broker?

Now, we did our MagKing review and we stayed completely surprised. One broker with 12 different domains. What else can we say? Clearly, the broker’s regulation does not exist. Yet, we did a review of all those websites to see what they have in common and what are the differences. Read our MagKing review and find out everything.

Regulation and Security

MagKing is a broker owned by MagKing Ltd, allegedly based in Hong Kong. The broker has no regulations whatsoever, despite false claims that it’s CFTC regulated and supervised by FinCEN and Fintrac. Those are just financial supervisors that cannot issue any kind of license or regulation. As a matter of fact, even this alleged supervision is suspicious since you cannot read any documents the broker published. The broker added to its website big names such as Canadian FATF, Asia Pacific Anti-Money Laundering Group, and Caribbean FATF. All these bodies are in charge of money laundering and preventing financial crimes. However, none of these is regulating trading companies or giving them permission to operate.

Beware of MagKing scam.

MagKing Scam – 12 different domains

As we mentioned at the very beginning of our article, the broker has 12 different domains. Most of them are completely the same, only the website’s design is a little bit different. Here is the list of all the domains: magkingforex.com; 585680.com; magking.com; magkingfx.com; mk-forex.com; mqiong.com; zcforex.com; sunacmk.com; forex29.com; forex80.com; gfcimk.com; forex48.com. If you have been scammed and your account is on any of these websites, the company in charge is MagKing.

We’ve reviewed a couple of these domains to see if there are any differences between broker’s offers on different websites.

Forex48.com – for example, when it comes to the Forex48.com domain, besides the US and Canadian supervisors, the broker listed a false regulation from Saint Vincent and the Grenadines. When it comes to a trading offer, here you can trade only currency pairs and commodities, unlike the main website where the offer includes indices and shares as well. We previously wrote that Forex48 broker is a scammer in our review.

zcforex.com – one of the weirdest domains we came across. Here, the trading offer includes the Forex market, commodities, and shares. Allegedly, the broker won the Award as Australian best broker of 2020. And besides the Fintrac, this entity has a regulation of the UK FCA and Vanuatu VFSC. It seems that all these false regulations never end.

mqiong.com – Yet another pointless domain. According to this website, the company has the same regulations as the original company, but it has offices in the UK and Australia. Only commodities and currency pairs are available for trading.

What is common for all of the accounts, the minimum deposit for the Micro account is $5.

Warnings From Financial Regulators

Since MagKing is operating illegally, we were not surprised to see many security warnings against this brokerage.

The company has been blacklisted by the UK FCA, stating that there were many complaints about the broker and many people experienced withdrawal issues.

Besides the FCA, the same warning came from the Italian CONSOB. The CONSOB is warning Italians not to open an account with MagKing and if they already did, to report a scam immediately.

Scammed by MagKing?

If you were misled or scammed by MagKing, you need to know you are not the only one. Since the broker has 12 different domains, imagine how many people fell for their scam. Since you are not the only victim of the MagKing scam, there are a couple of things you can do to get your money back. You need to file a dispute and request a chargeback.

But what is a chargeback? It’s a way of refunding your card in case you were a victim of an online scam. You have up to 540 days to submit documents and get your money back.

Contact our support via chat and get all the information about the chargeback procedure.