Mugan Markets Review: The Best Online Forex Brokerage Company

In our newest addition of evaluations, our Mugan Markets review is here to shed some light on the firm’s features. The company presents itself as the best online forex broker but we are not so sure of it. Not because we already know who the best brokers are, but because in-depth research of this company uncovered the truth. 

We go through reviews, regulations, services, features, account types, and more to find out if they are a good choice for traders. We certainly don’t want you to end up with someone like 1Market. Stay tuned and find out how you can boost your profit chances with the help of AI-powered tools. 

About Mugan Markets

Like many scammers before, Mugan Markets is registered at the Trust Company Complex in the Marshall Islands. Not only has the space of that complex filled out completely after so many brokers registered there since 2010, but in reality, the complex is reserved for scammers.

Offshore Leaks published the address as an official offshore location for scam brokers across the Marshall Islands. We were expecting offshore regulation as well from this brokerage, however, they are operating without a license. 

So far, it seems the company is not worth the time and especially your funds, but keep reading our Mugan Markets review to learn more before making a decision. 

Legal Information

We were expecting some sort of offshore regulation for this brokerage, however, the company is operating without a license. If you’re wondering how none of the reputable financial authorities noticed the unregulated broker, it’s because they are registered in the Marshall Islands, so it’s easier for them to go unnoticed. 

Needless to say, this broker is not a recommendation, and instead, we suggest forgetting all about him. Finding a reliable broker like JDR Securities should be your main concern. Mugan Markets knows nothing about security and many traders feel the same way. 

Offshore regulation is not the best but it’s still regulation. They are not as strict as the SEC would be if you wanted their license. Either way, it’s better to be regulated even with self-regulatory organizations like FINRA, instead of operating without a license. 

Mugan Markets Features

The Mugan Markets broker is using the most popular trading platform MT4. Its unmatched stability and user familiarity are hard to top. Meta Trader can be used for forex and CFD trading, cryptocurrency, metals, commodities, and stocks. You can trade with no slippage, re-quotes, or rejection of orders. 

The leverage goes from 1:1 up to 1:500, however, in the UK, the leverage cap is 1:30 to make it less risky. The leverage is a good indicator of how unreliable this company is and doesn’t abide by laws. The other platform the broker offers is a proprietary platform that offers additional features. 

There is a demo account, however, so not everything is black. You can test their services before committing but as soon as you open a live account, a $50 deposit is required. Hedging and scalping are allowed in addition to the full EA functionality. 

Mugan Markets Account Types

There are various account types to choose from and all of them are similar, with the exception of spreads and commission. The minimum lot size for all accounts is 0.01 and the maximum leverage is 1:500. Account currency is USD, EUR, ZAR, GBP, BTC, NGN, GHS, and KES, which is the same for all accounts. Additionally, the $50 minimum deposit is always the same. 

Classic ECN

• Spread from 0.9 pips
• Commission 0

Trader ECN

• Spread From 0.0 pips
• Commission $8 (PER SIDE)

Custom ECN

• Spread From 0.0 pips
• Commission Custom

Classic Cent 

• Spread From 0.0 pips
• Commission 0

Trader Cent

• Spread From 0.0 pips
• Commission USC 8 (PER SIDE)

Mugan Markets Reviews

There are almost 60 comments about Mugan Markets on Trustpilot, and the majority of the reviews are positive. However, almost 30% are unfavorable, leading us to question the reliability of this broker. A total score of 3.5 doesn’t help either and according to several traders, there is no customer support. 

Almost all 1-star comments are focused on withdrawal issues and unresponsive customer support. One trader lost $9,000 because this broker didn’t want to provide a refund. She is still chasing her money, a year later! 

While making deposits is straightforward, withdrawing funds is a nightmare with brokers like this. Make sure to always research the company you plan on doing business with. 

Deposits and Withdrawal Methods

The broker praises itself for instant deposits and withdrawals but fails to pay traders once they request a withdrawal. They claim to offer secure deposits and withdrawals backed by multi-level protection, but even after multiple requests to withdraw their money, traders are unsuccessful. 

The available payment methods include cryptocurrency without a doubt, as it is not traceable and it’s much easier to get away with the scam. Needless to say, you can forget about filing a dispute once you pay with crypto. 

Either way, BTC, ETH, USDT, USDC, and BNB are accepted. You can also use Fiat currency such as EUR, GBP, and USD for both deposits and withdrawals. 

Weighing the Pros and Cons

Can I Make Money While Trading Online?

Working with others like the Mugan Markets forex broker won’t bring you any closer to profits. Instead, education, strategy, time, and choosing a reliable firm are necessary to ensure success. Is the Mugan Markets scam a real thing? Unfortunately, yes. 

If you decide one day that the time of relying on shady agents is over, you should give us a call. With the power of AI, we can help you elevate your skills and skip years of education. How? Easy. With the help of AI.F. 

This potent bot can analyze billions of data points to provide recommendations on whether to buy or sell. Many other features will be uncovered on the 14-day free trial we offer to allow traders to experience the bot firsthand. Give us a call and start your profitable trading journey! 

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