MorganStern Review: Stay Away From MorganStern.Io
MorganStern website gives a good first impression. It has a pleasing feel to it and seems to be representing a reputable company. This is all that is good with MorganStern. This unregulated broker uses some shady strategies to squeeze out more than money from their victims.
The website mentions quite overtly that they are using data collection and tracking technologies. Their accounts must be verified through a process that requires you to upload your personal information to the company representative.
While depositing funds with shady websites is never a good idea, you should take great caution when dealing with this site, as you will see later in our MorganStern review.
What is more, we strongly advise you not to invest in Fxy Trade, MondialFx, and Marlpark LTD fraudulent brokers.
|Address||30 Crown Place, London, England (Alleged)|
How Are You Safe at MorganStern? Regulation and Security
One of the shady aspects of MorganStern is the legality of the trades they offer. As far as we know, they are not licensed to provide their services. We know this because we have checked the database of the UK’s main financial regulator, the FCA. Morgenstern claims to have an office in the UK, so they fall under the FCA’s legal jurisdiction.
This agency is in charge of oversight of over 50,000 companies that conduct business in the UK, and they have no information on MorganStern. Brokers that operate in the UK adhere to the following legal constraints:
- A minimum starting capital of 730,000£
- Client insurance of 85,000£
- The leverage maximum is 1:30
- Negative balance protection must be ensured
- Client funds must be in segregated bank accounts
- Bonuses are forbidden
- Regular financial reports must be made to the authorities
MorganStern does not adhere to these strict rules of conduct. They do not disclose their maximum leverage on the website and do not mention any other safety measures. This makes them a very dangerous entity.
We have also checked the databases of other regulators, these are the Italian CONSOB, Spanish CMNV, as well as Australian ASIC, Japanese JFSA and Russian CBR. There is no mention of MorganStern in any of them, which means they do not hold a trading license.
An Overview of Trading Software
The trading platform at MorganStern is very basic indeed. We can see that the majority of the trading instruments are blocked and unavailable. The only trading that this broker facilitates is therefore Cryptocurrency.
This Web Trader MorganStern is using does feature a chart, but it is streamed from another site, TradingView, and has minimal interactivity.
We can see that MorganStern advertises MT5 as one of their trading solutions. This program is one of the industry standards, and most reputable brokers offer either MT4 or MT5 as their trading software.
In the case of MorganStern, this is unfortunately not the case. There is no download link, and the application is inaccessible.
MorganStern Account Types
This broker, if you can call MorganStern a broker, offers your typical scam accounts. One of the big red flags when it comes to brokers are tiered accounts. These allow for different perks but require large accumulated deposits to yield the said perks. With MorganStern there is no demo account, only live trading accounts.
These are the accounts MorganStern advertises on their website:
- Classic – $5,000 minimum deposit
- Bronze – Over $25,000 deposited
- Gold – Over $100,000 deposited
- VIP – Over $1,000,000 deposited
It’s difficult to imagine a person who has $1,000,000 in expendable income actually investing with a shady company such as MorganStern. Even their most basic account, Classic, costs over $5,000 in initial deposit.
Most regulated brokers require as little as $100 in deposits, and some Micro and Cent accounts offer their clients as little as $10 for a starting amount.
Funding Procedure at MorganStern
MorganStern doesn’t even pretend to have a variety of funding channels. They only accept Cryptocurrency transfers. These sorts of payments are dangerous because they do not offer the safety of a chargeback that most other methods like E-Wallet and Bank Card payments have.
There is no mention of a withdrawal procedure on the MorganStern website. The only way to access the withdrawal option is through the trading platform. Of course, these are handled in cryptocurrency as well.
Because there is no other information on withdrawals, you should exercise caution because you can’t know how expensive the fees might turn out to be, or if you would even be allowed to withdraw any money.
How is the Scam Carried Out?
One thing we could find prominently displayed in the Terms and Conditions is the Data Collection, Tracking Technologies, and Google Analytics.
Because the account verification and withdrawals require personal IDs to be sent to the scammers, we have a reason to believe MorganStern is actually a front for information theft. Their crypto brokerage facade might just be a side gig that provides some additional income.
Always take great care when sharing your personal information online. Identity theft is not unheard of with these swindlers. Of course, you should mind where you are depositing your money as well. Never trust companies whose credentials don’t hold up to scrutiny!
Best Forex Brokers
Cryptocurrency investment and trading have achieved a great increase in traffic in recent years. This market offers high volatility and ample opportunities to investors. Forex, on the other hand, is a much more stable and predictable market. Many brokers today offer great conditions when trading forex.
If you are a beginner or seek to improve your portfolio, you should see our list of recommended brokers. These reputable companies have a long-lasting and well-established businesses. World-leading brokers like FBS and FP Markets offer an excellent education for their clients.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
MorganStern is an unregulated broker that has no scruples. This scam company abuses the client’s personal information, so more than just your money is at risk. The only accepted method of funding is a cryptocurrency, which lacks the necessary safety measures.
Their trading platform is rudimentary, and their accounts are expensive. Don’t be fooled by their nice-looking website, these people are as dangerous as they get!
FAQs About MorganStern Broker
Is my Money Safe with MorganStern?
No, MorganStern is a dubious company with no authorization.
Does MorganStern Offer Demo Account?
No, a demo account is not available with MorganStern.
What Is The Minimum Deposit at MorganStern?
The minimum deposit amount on MorganStern is $500.