English

MangoTrade foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://trade.mangotrade.com/en/register, about the company's legal and temporary regulatory information, the company's address Lighthouse Trust Nevis Ltd, Suite 1, A.L. Evelyn Ltd Building, Main Street, Charlestown, Nevis.

MangoTrade Forex Broker

Basic Information

Registered Region

Saint Kitts and Nevis

Operating Period

Company Name

DIGITAL SMART LLC

Abbreviation

MangoTrade

Company employee

Customer Service Email Address

support@mangotrade.com

Company Website

https://www.mangotrade.com/

Company address

Lighthouse Trust Nevis Ltd, Suite 1, A.L. Evelyn Ltd Building, Main Street, Charlestown, Nevis

Facebook

https://www.facebook.com/mangotradeplatform

https://x.com/MangoTradeForex

Keywords

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

Company profile

Aspect Details Company Name MangoTrade Registered Country/Area Saint Vincent and the Grenadines Founded Year 2021 Regulation No Regulation Tradable Assets Currency pairs, stocks, commodities, cryptocurrencies, ETFs, Indices Minimum Deposit $10 Spreads Varies (e.g., 2 pips for EUR/USD, 1024 pips for BTC/USD, 2.8 pips for Apple/USD, 1.147 pips for XAU/USD) Demo Account Available (with $10,000 virtual funds) Customer Support Phone, Email, Address, Contact form Deposit & Withdrawal Visa, Mastercard, Venmo, Paytm Overview of MangoTrade MangoTrade, established in 2021 and based in Saint Vincent and the Grenadines, offers several trading instruments including stocks from leading companies, major currencies, commodities, and cryptocurrencies. With no strict regulatory compliance, it allows minimal initial deposits of $10 and trade openings at just $1. They also offer a risk-free demo account stocked with virtual funds, offering a chance for new traders to gain experience without financial risk. Pros and Cons MangoTrade supports trading in cryptocurrencies and commodities, as well as stocks from well-known companies such as Apple and Microsoft. The low minimum deposit requirement could be attractive for novice traders or those not looking to invest large sums initially. Moreover, the provision of a demo account could be ideal for those wanting to practice their trading strategies without financial risk. On the flip side, MangoTrade is not regulated, and the lack of account type transparency could lead to confusion or misaligned expectations for traders. The broker's fee structure is also a potential drawback, with conversion fees on currency transactions and a 2% withdrawal fee applicable from the second withdrawal each month. Finally, the swap fees structure is considered unreasonable by some, potentially impacting the profitability of long-term and overnight positions. Pros Cons Allows trading in cryptocurrencies and commodities No regulation Includes popular stocks like Apple and Microsoft Like of transparency of account types Low minimum deposit requirement ($10) Conversion fees of 1% on transactions involving currency exchange Multiple payment methods including Visa and Mastercard 2% withdrawal fee on second and subsequent withdrawals each month Offers a demo account to test strategies Unresonable swap fees structure Is MangoTrade legit or a scam？ MangoTrade does not hold a regulatory status with any known financial authority. This status means that there is no established body to monitor the brokers operations or to guarantee the safety of client investments. Market Instruments At MangoTrade, traders can access major and minor currency pairs like EUR/USD and USD/JPY, as well as stocks from globally recognized companies such as Apple and Tesla. MangoTrade also offers opportunities to trade in various commodities like oil, alongside other financial instruments including cryptocurrencies, ETFs, and Indices. Account Details MangoTrade allows trades from as low as $1 and can be opened with a minimum deposit of just $10, making it accessible for those new to the trading scene and looking to start with minimal financial outlay. The broker also provides a demo account, which comes equipped with $10,000 in virtual money, ideal for newcomers to practice their trading strategies safely. How to Open an Account with MangoTrade Web Registration: Initially, provide your true identity and contact details on the MangoTrade website and agree to their terms to submit your application. Identity Verification: Supply a valid Passport or ID card photo and personal details, possibly along with other documents like bank statements or utility bills for further verification. Submit Required Documents: Make sure all documents are submitted as per MangoTrade's requirements to move forward with the verification process. Complete Verification: MangoTrade will take up to 10 business days (potentially extended to 30) to verify your documents and confirm your identity. Activate Account: Once verified, your account will be activated, and you can begin trading by making your first deposit through the available payment methods. Spreads & Commissions MangoTrade offers different spreads for some assets. For example, for typical forex pairs like EUR/USD, the spread is approximately 2 pips. Besides, assets with higher volatility, such as Bitcoin, can have spreads reaching up to 1024 pips. Moreover, for stocks, an example spread on Apple/USD is about 2.8 pips. Furthermore, for commodities like gold (XAU/USD), the spread can be as narrow as 1.147 pips. Other Fees Swap Fees: The broker charges a base swap fee of 0.01% to 0.5% for overnight positions, which can increase to 1.7% under extreme conditions. Notably, this fee triples over the weekend, impacting those who hold positions open during this time. Dormant Account Fees: A monthly fee of €10 is applied to accounts with no activity for 90 days to cover the costs associated with maintaining such accounts, assuming sufficient funds are available. Underage Account Closure Fee: A $20 fee is assessed for closing accounts owned by underage individuals. Inactivity Fee: An inactivity fee of €10 is charged monthly after 90 days without trading activity. Deposit & Withdrawal MangoTrade offers multiple payment methods for deposits and withdrawals, including Visa, Mastercard, Venmo, and Paytm. Withdrawal processes are handled by MangoTrades financial department and are typically completed within 3 business days, although the broker notes that this time may be extended under certain conditions. Notably, MangoTrade applies a conversion fee of 1% for transactions involving currency conversion. Additionally, a fixed 2% withdrawal fee is charged for the second and subsequent withdrawals each month. Customer Support Phone: +44 20-3656-5402 Email:support@mangotrade.com Address: First Floor, First St. Vincent Bank Ltd Building, James Street, P.O. Box 1574, Kingstown VC0100, St. Vincent and the Grenadines Conclusion MangoTrade, located in Saint Vincent and the Grenadines, appeals to new traders by offering a broad array of trading options including cryptocurrencies, stocks, and commodities. With a minimal initial deposit of $10 and the availability of demo accounts, it attends well to novices looking to venture into trading with minimal risk. However, its unregulated status indicates possible challenges regarding the security of client funds and the broker's overall dependability. Other concerns include opaque account types, high fees for currency conversion, and excessive swap fees. FAQs Q: What trading assets are available at MangoTrade？ A: MangoTrade allows trading in forex, stocks, commodities, cryptocurrencies, ETFs, and indices. Q: What is the required minimum deposit to start trading with MangoTrade？ A: The minimum deposit necessary to begin trading with MangoTrade is $10. Q: Does MangoTrade provide a demo account for beginners？ A: Yes, MangoTrade offers a demo account with $10,000 of virtual funds. Q: What are the trading fees at MangoTrade？ A: Trading at MangoTrade incurs a 1% conversion fee on currency exchanges, a 2% fee on second and subsequent monthly withdrawals, and other fees like swap fees and inactivity fees. Q: How does one deposit or withdraw money from MangoTrade？ A: Deposits and withdrawals at MangoTrade can be made via Visa, Mastercard, Venmo, and Paytm, with withdrawals usually processed within three business days. Q: Is MangoTrade a regulated entity？ A: No, MangoTrade operates without regulatory oversight, lacking formal supervision for client fund security. Q: How can I contact MangoTrade support？ A: MangoTrade is reachable for support through their phone line, email address, and a web contact form. Risk Warning Online trading poses substantial risks, with the potential for complete loss of invested capital, rendering it unsuitable for all traders. It is imperative to comprehend the inherent risks and acknowledge that the information provided in this review is subject to change due to continuous updates in the company's services and policies. Additionally, the review's generation date is a critical consideration, as information may have evolved since then. We strongly advise readers to verify updated details directly with the company before making any decisions, as the readers must be aware of and willing to accept the inherent risks involved in utilizing this information.

MangoTrade broker review

Is MangoTrade safe or scam

Rating Index

How to login to MangoTrade?

mangotrade Complete Account Guide: Registration, Account Opening, and Login Processes Welcome to the comprehensive guide for navigating the mangotrade platform. This guide will take you through the essential processes of registering, opening an account, and logging in. Whether you're a beginner or a

Mangotrade Forex Broker - Complete Information Guide

1. Broker Overview

　　Mangotrade is an online trading platform established in 2016. The company is registered under the name Digital Smart LLC, with its headquarters located at First Floor, First St. Vincent Bank Ltd Building, James Street, P.O. Box 1574, Kingstown VC 0100, Saint Vincent and the Grenadines. As a privately held entity, Mangotrade primarily serves retail clients across various global markets, particularly targeting less regulated regions.

　　Since its inception, Mangotrade has aimed to provide a wide array of trading services, including forex, commodities, and contract for difference (CFD) trading. The broker operates under a business model that focuses on offering access to various financial instruments while maintaining a low barrier to entry for new traders. With a minimum deposit requirement as low as $10, it attracts a diverse clientele, including novice traders looking for an accessible entry point into the financial markets.

　　Despite its relatively short history, Mangotrade has faced scrutiny due to its lack of regulatory oversight, which has raised concerns among potential investors regarding the safety and security of their funds. The absence of a robust regulatory framework adds to the risks associated with trading on this platform, making it crucial for traders to conduct thorough research before engaging with the Mangotrade broker.

2. Regulatory and Compliance Information

　　Mangotrade operates in a highly unregulated environment, as it is based in Saint Vincent and the Grenadines, a jurisdiction known for its lenient regulatory framework. The broker does not hold licenses from major regulatory authorities, which raises significant concerns about investor protection.

Regulatory Bodies: Mangotrade is not registered with any recognized financial regulatory authority, such as the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).
License Numbers: No regulatory license numbers are available, as the broker operates without formal licensing.
License Validity: As there are no licenses, there is no validity period or scope of regulation to mention.
Legal Entities: The primary legal entity is Digital Smart LLC, registered in Saint Vincent and the Grenadines.
Client Funds Segregation: Mangotrade does not provide information on segregated accounts, which is a critical aspect of fund safety.
Investor Compensation Fund Participation: There is no indication that Mangotrade participates in any investor compensation schemes.
KYC and AML Compliance: The broker claims to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, but the lack of oversight makes compliance effectiveness questionable.

　　Due to these regulatory shortcomings, it is advisable for potential clients to exercise extreme caution when considering the Mangotrade broker for their trading activities.

3. Trading Products and Services

　　Mangotrade offers a variety of trading products across different asset classes:

Forex Pairs: The broker provides access to a selection of currency pairs, including major, minor, and exotic pairs. However, specific details about the total number of available forex pairs are not disclosed.
CFD Products: Mangotrade enables trading in various CFD products, including indices, commodities (such as oil and gold), stocks (like Apple and Amazon), and cryptocurrencies.
Unique Offerings: While the broker claims to offer a diverse range of financial instruments, the specifics about unique or proprietary products are not clearly outlined.
Product Updates: Information regarding the frequency of product updates or the introduction of new trading instruments is not available.
Retail Trading Services: The platform primarily caters to retail traders, providing them with the necessary tools and resources to engage in trading activities.
Institutional Client Services: There is no clear indication that Mangotrade offers dedicated services for institutional clients or white-label solutions.
Asset Management Services: The broker does not provide information about asset management services.

　　Overall, while Mangotrade presents a broad array of trading options, the lack of transparency regarding specific products and services may hinder traders' ability to make informed decisions.

4. Trading Platforms and Technology

　　Mangotrade does not support the widely recognized MetaTrader 4 or MetaTrader 5 platforms, which are commonly used by traders for their advanced functionalities. Instead, the broker offers a proprietary trading platform that is web-based.

Proprietary Platform Details: The details of the proprietary platform are not extensively covered in the available information, raising concerns about its functionality and reliability.
Web-Based Trading Platform: The platform is accessible via web browsers, but its performance and features have been described as lacking compared to more established trading platforms.
Mobile Applications: Mangotrade offers a mobile application, but it is only available for Android users, limiting accessibility for iOS users.
Execution Model: The specific execution model (such as ECN, STP, or Market Making) is not clearly stated, which is crucial for understanding how trades are executed.
Server Locations and Infrastructure: Details about server locations and the underlying technical infrastructure are not provided, which are essential for assessing latency and execution speed.
API Access and Automated Trading: There is no information available regarding API access or support for automated trading strategies.

　　The lack of transparency and detail regarding the trading platform raises concerns about the overall trading experience provided by the Mangotrade broker.

5. Account Types and Trading Conditions

　　Mangotrade offers different account types with varying trading conditions, but specific details are limited:

Standard Account Conditions: The minimum deposit for opening an account is $10. However, information regarding spreads, commissions, and other trading fees is not explicitly stated.
Advanced Account Types: There is no mention of VIP or professional account types that might offer enhanced features or trading conditions.
Special Account Options: Information about specific accounts such as Islamic or corporate accounts is not provided.
Demo Account Policy: Mangotrade offers a demo account with a virtual balance of $10,000, allowing new traders to practice without risking real money.
Leverage Ratios: The broker does not disclose specific leverage ratios, which can vary depending on the asset class and regulatory environment.
Minimum Trade Sizes: Details on the minimum trade sizes for various instruments are not available.
Overnight Fees: Information regarding overnight fees or swap rates is not provided, which is important for traders holding positions overnight.

　　The lack of clarity regarding account types and trading conditions may deter potential clients from choosing the Mangotrade broker for their trading needs.

6. Fund Management

　　Mangotrade provides limited information about its fund management practices, which raises concerns for potential investors:

Supported Deposit Methods: The broker accepts deposits via bank transfers and credit cards, though specific payment processors are not mentioned.
Minimum Deposit Requirements: The minimum deposit requirement is $10 for standard accounts.
Deposit Processing Times: The time taken to process deposits is not specified, which can affect the trading experience.
Deposit Fees: There is no information available regarding any fees associated with deposits.
Withdrawal Methods and Restrictions: Withdrawal methods are not clearly outlined, and potential restrictions on withdrawals may apply.
Withdrawal Processing Times: The processing time for withdrawals is mentioned to be around three business days, but this may vary based on the broker's policies.
Withdrawal Fees Structure: Information about withdrawal fees, including any percentage fees or fixed charges, is not provided.

　　The lack of transparency in fund management practices is a significant red flag for potential clients considering the Mangotrade broker.

7. Customer Support and Educational Resources

　　Mangotrade claims to offer various customer support options, but the specifics are not well-documented:

Support Channels: Clients can reach out for support via email, phone, and potentially online chat, but the availability of these channels is not confirmed.
Service Hours and Time Zone Coverage: The operational hours for customer support are not specified, which may impact response times for clients in different time zones.
Multilingual Support: There is no information available regarding the languages supported by the customer support team.
Educational Resources: The broker does not provide extensive educational resources such as webinars, tutorials, or e-books, which are essential for new traders.
Market Analysis Services: Information on daily analysis, news, or research reports is not provided, limiting traders' access to critical market insights.
Trading Tools: The availability of trading tools such as calculators, economic calendars, or signal services is not mentioned.

　　The lack of comprehensive customer support and educational resources may hinder traders' ability to effectively utilize the Mangotrade broker platform.

8. Regional Coverage and Restrictions

　　Mangotrade operates in various regions, but there are notable restrictions:

Primary Service Markets: The broker targets clients in less regulated regions, including countries like Brazil, India, and Mexico.
Regional Office Distribution: There are no specific regional offices mentioned, as the broker primarily operates online.
Countries/Regions Not Accepted: Mangotrade does not accept clients from several regions, including the USA, Canada, Australia, and various countries within the European Economic Area (EEA).
Special Restrictions: The broker's operations are constrained by the regulatory environments of the regions it serves, which may affect service availability.

　　The limited regional coverage and specific restrictions on client acceptance may pose challenges for potential traders looking to engage with the Mangotrade broker.

　　In conclusion, while Mangotrade presents itself as an accessible trading platform with a variety of financial instruments, the lack of regulatory oversight, transparency in trading conditions, and comprehensive customer support raises significant concerns for potential investors. Traders are advised to exercise caution and conduct thorough due diligence before engaging with the Mangotrade broker.

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