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MGMGlobal Review: An In-Depth Analysis of the Broker’s Operations

MGMGlobal Review

They indicate in their disclaimer that they are subject to regulation by numerous agencies, but they don’t specify which ones, nor do they disclose registration numbers. This MGMGlobal review will demonstrate that the broker is not only unregulated but also deficient in several other areas. 

Although their website initially appears to be well-designed and packed with information, further investigation reveals MGM Global’s true identity. To get all the information you need to cross this broker off your list, keep reading. Check out our Dashstamp review for more information on a different option to stay away from. 

Who Is MGMGlobal? All About mgmglobal.com

A brokerage firm called MGMGlobal claims to have a location at 5 Harbour Exchange in the UK, E14 9GE. Upon looking up the address, it appears that numerous businesses are registered there, which raises suspicions. 

We already think this broker is terrible news given all the hidden information regarding spreads, leverage, or fees in general. 

MGMGlobal Reliable Broker Must Have
Legal name MGM Global Transparently displayed in the disclaimer or legal documents
Regulation Unregulated Within your legal jurisdiction – local regulator
Registered in Not registered Your country or the country whose license applies in your legal jurisdiction 
Established N/A The older the domain – the higher the possibility the company is trustworthy
Website mgmglobal.com Domain should be from local or international zones, no .xyz, etc.
Financial Authorities Warnings
  • No official warnings
None
Contacts +442037693472

Web form

[email protected]

Phone, email, social media, web form
If a withdrawal is possible Yes Yes
Fees
  • 5% withdrawal fee
  • Swaps
  • Dormant fees
Transparent fees – list of spread and commissions
If Active on Social Media No Often present on social media
Investor Protection None Compensation fund

Regulation Info

No financial body has any control on MGMGlobal. A little more digging led us to their privacy statement, where they claim:

“You’ll see that even though we aren’t a regulated broker, we act following the latest regulations and circulars regulated brokers adhere to.” 

Regulated or not, trying to follow the rules while pretending to be regulated is dangerous for the broker. You never know who might be on the other side or when the broker might go out of business. It’s vital to note that the broker is not subject to regulation by the following organizations because the majority of their clients are from Belgium, the United Kingdom, and Switzerland: 

  1. The Financial Conduct Authority (FCA) in the UK 
  2. The Financial Services and Markets Authority (FSMA) in Belgium
  3. The Swiss Financial Market Supervisory Authority (FINMA) in Switzerland

You also need to join their telegram group if you want to participate in their VIP trade club. Social brokers, like those who utilize Telegram or WhatsApp, are never a smart idea. Trading professionals are urged to use caution. 

MGMGlobal Broker Profile

More red flags are raised by the broker’s lack of use of MT4 or MT5, which is a trading platform. It won’t be simple to influence those platforms because, as they say, they are outdated and everyone is accustomed to using them. On the MGM Global trading platform, you can use MGMGlobal trades in currencies, cryptocurrencies, commodities, indices, shares, and energies. 

Questions were made about the lack of educational resources, which are not even offered if your account type is upgraded. Overall, this broker reeks of dubiousness from a mile away, therefore traders are recommended to approach cautiously. 

Trading Platform The MGM Global Trading Platform
Account Types Bronze, Silver, Gold, Premium, Platinum
Financial Instruments On Offer
  • Forex (EURUSD, EURGBP, USDNOK)
  • Cryptocurrencies (BTC, ETH, XRP)
  • Metals (Gold, Silver, Platinum)
  • Indices (S&P 500 Index, Dow Jones Industrial Average, FTSE 100 Index)
  • Shares (Facebook, Tesla, Netflix)
  • Energies (Brent Crude Oil, WTI Crude Oil, Natural Gas)
Maximum leverage N/A
Minimum Deposit $300
Commissions/Bonuses 100% deposit bonus
Mobile app No
Desktop app No
Autotrading No
Demo account No
Education or Extra tools None

MGMGlobal Account Types

A visual breakdown of MGMGlobal' diverse account types in the review

All account types include the following benefits: a Personal Account Manager, Trading Platform Introduction, Risk Management Strategies, Basic Market Education Sessions, Personalized Trading Alerts, and Risk-Free Trades. Nothing is offered and the money you pay is enormous. 

  • Bronze Account: $10,000
  • Silver Account: $25,000
  • Gold Account: $50,000
  • Premium Account: $100,000
  • Platinum Account: $250,000
  • VIP: $500,000+
  • VIP+: $1,000,000+ 

MGM Global just made up the minimum deposit amount and set it. With a cap of $100,000, even fraudulent broker Delta Capitals performed better. Given that several brokers allow you to trade for as little as $1, the requirement of more than $1 million to reach the VIP+ seems excessive. Additionally, there is no demo account available for testing MGMGlobal’s platform and services, which forces users to start trading with the company blindly. 

Is MGMGlobal Safe To Trade With?

Given that they are not regulated and, worse yet, are lying about it, MGMGlobal cannot be considered safe. They even tore up the “Our Regulation” portion of their website, where it is stated that the FCA, CySEC, and ASIC are responsible for regulating them. However, they are misleading people into thinking they are a reliable choice. 

We can already conclude that they are unreliable based on this, but there are more warning signs, such as information concerning leverage, spreads, or fees in general that are concealed, leaving traders in the dark about what to anticipate. Reliable brokers wouldn’t conduct business in this way. If you stumbled across MGMGlobal, we advise crossing him off your list and getting in touch with us so we can suggest more suitable substitutes. 

MGMGlobal Review: Traders’ Thoughts and Opinions

When we discovered that more than 500 reviewers had written positive things about MGMGlobal, we were shocked. Reviews are a significant component, but they are not the only thing to take into account. Even though some unregulated brokers may be trustworthy, your primary concern should be the security of your money. 

Surprisingly, the broker only has 2% of negative reviews, despite having a high overall Trustpilot rating of 4.9. Traders stated their displeasure about their losses and how, after contacting the broker by phone or email, they began to doubt its existence. 

Once trader expressed his frustration saying:

“I put in more than €3000 here because of the pushing by the specialist John. He always said if you deposit another €1300 then we can go high this and that and now he doesn’t answer and he doesn’t answer!!!!! I am trying to reach the service of MGM Global and that is not possible!!!”

Reviews are generally positive, and the broker secured his first benefit. Tradespeople are encouraged to exercise caution and consult a professional before cooperating with anyone because reviews can be faked and removed. 

A Look at MGMGlobal’s Traders They Serve

MGMGlobal uses fraudulent strategies to entice traders, bragging falsely about their regulation and asserting that all profits flow to traders directly. The truth, meanwhile, is far different from what they portray, and working with such brokers can result in large financial losses. 

Despite this, a sizable portion of their clientele is from Switzerland, Belgium, and the United Kingdom, which emphasizes the significance of being cautious and knowledgeable when selecting a broker.

Safeguard your savings and steer clear of dodgy brokers. For your trading journey, opt for reliability and openness. Call us right now for professional advice and help to locate a dependable broker who can meet your needs. Don’t put your future finances in danger by using shady platforms. Control your trading experience right away!

Deposits and Withdrawal Methods

MGMGlobal review: Image showcasing their streamlined withdrawal process

Wire transfers, popular e-wallets like Neteller and Skrill, credit/debit cards, and other easy payment options are all available through MGMGlobal. There are no fees for depositing funds but the broker applies a 5% withdrawal fee. 

Positive evaluations point to easy withdrawal processes, and the broker’s website includes detailed descriptions of the withdrawal procedure, assuring transparency and convenience for its customers at least in that field. 

MGMGlobal Pros and Cons

Pros Cons
  1. Traders’ reviews
  2. Variety of financial instruments
  3. No withdrawal issues were reported
  1. Unregulated
  2. No MT4 or MT5
  3. False information provided regarding regulation
  4. Hidden fees
  5. Hidden information about leverage and spreads

Long Story Short – MGMGlobal

In conclusion, there are a few benefits and drawbacks to the broker that should be taken into account before choosing. Major red flags are raised by the fact that they are unregulated and then fabricate their regulation by prestigious agencies like the FCA and ASIC. Leverage spreads, and commission information is also absent. 

It would be smart to steer clear of this broker and think about more suitable options. There are a million brokers available, but only one of them will be ideal for you and your requirements. We can help you discover a broker if you contact us and schedule a free consultation. If you have already been a victim of fraud, seek help right now. Recovering your money is doable. 

FAQ Section

What Is MGMGlobal?

MGMGlobal is an unregulated brokerage company claiming to be located in the UK. On the MGM Global trading platform, you can use MGMGlobal to trade in currencies, cryptocurrencies, commodities, indices, shares, and energies.

Is MGMGlobal A Scam?

There are no reports that the MGMGlobal scam exists but traders are advised to proceed with caution considering the lack of regulation and transparency this broker has.

What Is MGMGlobal’s Trading Platform?

The broker is employing the MGM Global Trading Platform, which can only be used online. It is advised to choose brokers that offer MT4 and MT5, as they are difficult to manipulate.

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