MGM Global Review: Is MGM Global Safe?
MGM Global presents itself as a UK-based online trading platform offering a whole range of financial instruments to traders globally. However, some serious concerns have appeared after further investigation that any user should be made aware of. Thus this MGM Global review will highlight several red flags and warnings with respect to the platform.
Company Name – MGM Global
Website – https://mgmglobal.com/
Address – 5 Harbour Exchange, E14 9GE
Regulatory Warning –Financial Conduct Authority (United Kingdom), Financial Services and Markets Authority (Belgium), Australian Securities and Investments Commission (Australia), Autorité des Marchés Financiers (France)
Domain Blacklisted Status – It seems there is no direct mention of this domain being on a blacklist.
Unregulated and Unauthorized
Not Licensed by Any Regulatory Body
MGM Global is not authorized by any renowned financial authority. A public warning was issued by the UK Financial Conduct Authority (FCA) on August 16, 2023, for allegedly infringing upon the laws regulating financial services. An entity operating outside the law means there are no legal rights vested in your funds, making it all too easy to lose your investment.
Dubious Trading Environment
Missing Key Information
Another glaring red flag is the absence of transparency regarding trading conditions. MGM Global does not disclose information such as:
- Leverage ratios
- Spreads
- Commissions
- Withdrawal terms
All these details are considered an absolute must for a trader making an informed decision. Without such information, the user is trading blindly.
High Financial Barriers
Minimum Deposit of $10,000
The minimum deposit set by MGM Global is $10,000, which is quite on the higher side compared to what other companies in the investment domain ask for. It does arouse suspicion as it could be used as a quick mechanism to draw large sums of money from unsuspecting investors.
Restricted Access and Regional Bans
The platform does not allow users from many countries, including the USA, Iran, Japan, North Korea, Sudan, and others. This strict geographic limitation may serve as a workaround to avert any legal conundrum in jurisdictions that have strong regulatory frameworks.
Global Warnings and Alerts
Global MGM has appeared on a variety of international watchlists:
- FSMA Belgian Warning – 06/09/2023
- AMF French Warning – 10/12/2023
- FCA UK Warning – 08/16/2023
- ASIC Australia Warning – 02/16/2024
Such wide-ranging warnings give strong support for MGM Global being deceptive, or outright illegal, in its activities.
User Complaints and Experiences
The negative experiences were shared by many users, some of them claiming that they lost up to €80,700. A recurring type of review is the inability to withdraw funds whilst being pressured to deposit more money. The following is the testimony from one reviewer:
“I was misled into investing over $120,500, thinking I was making money. Withdrawal attempts merely resulted in further demands for payment.”
Conclusion: MGM Global Review Summary
In conclusion, the MGM Global review lines out that the platform can be neither safe nor reliable. Unregulated, hidden trading conditions, a high general threshold for entry, and warnings against it globally, MGM Global ticks all the boxes in being one of those dubious operations. Avoid this platform, and take another route by going to a broker regulated by communications bodies like the FCA, ASIC, or CySEC.
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