Have you thought of investing with a MigoTrade broker? Are you looking to find out more? To see who this company is and what is behind it? Do you want to be absolutely sure your funds are safe? We prepared an entire migotrade.net review for you. Let’s see everything.
|Broker status:||Offshore Broker|
|Regulated by:||No regulation|
|Blacklisted as a Scam by:||FCA|
|Owned by:||Smart iSolution LLC|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||Web trader|
|Cryptocurrencies:||Yes – BTC, ETH, LTH – total 5|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
MigoTrade Regulation and Security
MigoTrade is an offshore broker established in Saint Vincent and the Grenadines in June 2020. According to the SVGFSA register, the company is registered there and has an active status. However, we discovered further that the company owner, Smart iSolution LLC, was established through Euro-Caribbean Trustees Ltd. It’s an organization helping people to open offshore companies without setting foot in the country mentioned above. It practically means that the company can have a legal headquarters there without regulators ever seeing the owners or the employees.
Another thing, the company is registered on the same address as other offshore scams such as SwissCapitalFX, AZAforex, Olymp Trade, and many more. It probably means that they were established by the same organization giving them a virtual office.
Warnings From Financial Regulators
After many complaints against the broker and many withdrawal issues, the UK Financial Conduct Authority published an official warning against the MigoTrade broker. The FCA stated this company has no authority to provide financial services and invites anyone who has been scammed to report it immediately.
Fund Withdrawal Issues
As aforementioned, there were many issues regarding withdrawals. Clients reported in their MigoTrade reviews that no matter what you do, you cannot get your deposit back, regardless of profit. Now, we’ve checked the broker thoroughly to find the source of the problem. The company is offering only a web trader, the least secure trading platform of all. It means that the broker has access to your trades and funds, which might be the reason for so many complaints.
Also, there is no minimum deposit listed anywhere. The leverage this broker offers goes up to 1:200, which is exceptionally high and risky.
It’s clear why clients cannot access their funds, and these funds are magically lost in trades they never opened.
How does an online trading scam work?
Online scams usually start by submitting your details on the Internet. Afterward, you are persuaded to invest money based on fake promises of a better future. In the end, what happens is that you never see any profit and all of your money disappears. The scam is conducted by offshore scam brokers, such as MigoTrade, where you have no regulatory body protection.
Be aware of these scams and never provide your credit card details over the phone!
Scammed by MigoTrade?
If you were scammed by MigoTrade, there is a possibility of getting 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.
If you had experience with any scam brokerage, contact us via chat immediately, and let’s get your money back!
What is MigoTrade?
MigoTrade is an online trading broker without regulation.
Is MigoTrade a scam?
MigoTrade has no regulations and has been blacklisted by the FCA.
Is MigoTrade regulated?
No, MigoTrade is not regulated by any regulatory body.