MGL global foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://user.mglfex.com/register, about the company's legal and temporary regulatory information, the company's address .
MGL global Forex Broker
Basic Information
United States
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Pros
Spread as low as 0
Leverage up to 1:500
Various tradable instruments available
Cons
Unregulated status raises concerns about safety
Negative reviews regarding difficulty in withdrawing funds
No demo account available for practice trading
MGL Global Forex Broker - Complete Information Guide
1. Broker Overview
MGL Global, established in 2023, is a financial services company headquartered in the United States. The firm operates as a private entity, focusing on providing a diverse range of online trading and investment services to retail clients. The primary markets served by MGL Global include forex, commodities, stocks, and cryptocurrencies, catering to both individual investors and institutional clients.
Since its inception, MGL Global has aimed to enhance the trading experience by offering a user-friendly platform equipped with advanced trading tools. The company has achieved several milestones in its brief history, including obtaining regulatory licenses and expanding its service offerings. MGL Global operates under the oversight of the Financial Crimes Enforcement Network (FinCEN) in the United States, holding a common financial service license.
The business model of MGL Global revolves around retail forex trading, enabling clients to access various financial instruments through a single account. The broker provides competitive trading conditions, including flexible leverage options and low spreads, making it an attractive choice for traders seeking efficient market execution.
2. Regulatory and Compliance Information
MGL Global is regulated by the Financial Crimes Enforcement Network (FinCEN) in the United States, with the license number 0560728. However, it is important to note that MGL Global holds an unauthorized crypto license issued by the National Futures Association (NFA), which raises concerns about the extent of its regulatory compliance. The NFA's license number for MGL Global is 31000260800436.
The firm claims to adhere to strict compliance measures, including Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, ensuring that client identities are verified and that suspicious activities are monitored. However, the lack of a robust regulatory framework from a well-established authority may pose risks for potential investors.
MGL Global emphasizes the importance of client fund safety, implementing policies to segregate client funds from the company's operational funds. This practice aims to provide an additional layer of security for traders' investments. Despite these measures, the absence of participation in an investor compensation scheme could leave clients vulnerable in the event of financial difficulties faced by the broker.
3. Trading Products and Services
MGL Global offers a comprehensive range of trading products, making it a versatile broker for various trading strategies. The broker provides access to over 50 currency pairs in the forex market, including major, minor, and exotic pairs. This diversity allows traders to capitalize on different market conditions and opportunities.
In addition to forex, MGL Global offers Contract for Difference (CFD) products across various asset classes, including indices, commodities, stocks, and cryptocurrencies. The inclusion of popular cryptocurrencies such as Bitcoin and Ethereum enables traders to participate in the rapidly growing digital asset market. The availability of commodities like crude oil and gold further enhances the trading options for clients.
MGL Global is committed to regularly updating its product offerings, aiming to introduce new trading instruments to meet the evolving needs of its clients. The broker's retail trading services are designed to provide a seamless experience, while institutional clients can benefit from tailored solutions and account management services.
4. Trading Platform and Technology
The trading platform utilized by MGL Global is known as Trading Web, which is recognized for its user-friendly interface and advanced charting capabilities. The platform supports a wide range of technical indicators and intraday analysis tools, facilitating effective market analysis for traders of all experience levels.
MGL Global does not currently support MetaTrader 4 or 5, which are popular platforms among forex traders. Instead, the proprietary Trading Web platform provides a robust set of features tailored to meet the needs of high-level traders. The platform is accessible across multiple devices, including desktop and mobile applications, ensuring that traders can engage with the markets conveniently.
MGL Global's infrastructure is built on advanced technology, ensuring high-speed order execution and secure transactions. The broker employs industry-standard encryption technology to protect sensitive client information and transactions. Additionally, API access is available for traders looking to implement automated trading strategies.
5. Account Types and Trading Conditions
MGL Global offers a variety of account types to accommodate different trading preferences and strategies. The standard account allows traders to start with a low minimum deposit, although specific details regarding the minimum deposit requirement are not provided. The broker offers competitive spreads, potentially as low as 0 pips, which can significantly reduce trading costs.
For more experienced traders, MGL Global provides advanced account types with higher leverage options, reaching up to 1:500. This flexibility allows traders to amplify their positions in the market, although it also increases the potential for losses. The broker's trading conditions are designed to cater to a wide range of trading styles, from scalping to long-term investing.
MGL Global also offers a demo account for traders to practice their strategies without risking real funds. This feature is particularly beneficial for beginners who wish to familiarize themselves with the trading platform and market dynamics before committing capital.
6. Fund Management
MGL Global supports various deposit methods, including bank transfers, credit cards, and electronic payment processors. However, specific details regarding the minimum deposit requirements for different account types are not explicitly stated. The broker aims to provide a seamless deposit experience, with processing times typically ranging from immediate to a few business days.
Withdrawal methods are similar to deposit options, although MGL Global may impose certain restrictions or fees on withdrawals. The processing time for withdrawals can vary based on the chosen method, and clients are encouraged to review the broker's policies for any applicable fees.
MGL Global emphasizes transparency in its fee structure, although specific details regarding withdrawal fees and conditions are not extensively covered in available information. Traders should be aware of the potential for fees associated with certain deposit and withdrawal methods.
7. Customer Support and Educational Resources
MGL Global provides customer support through multiple channels, including email and phone. The support team is available to assist clients with inquiries and issues related to their accounts. The broker also offers support in various languages, catering to its diverse client base.
While MGL Global offers basic customer support, it has been noted that there is a lack of comprehensive educational resources available to traders. Educational materials such as webinars, tutorials, and market analysis reports are essential for traders, especially beginners, to enhance their trading knowledge and skills.
The broker's market analysis services include daily updates and research reports, allowing traders to stay informed about market trends and developments. However, the absence of structured educational programs may hinder the growth of novice traders seeking to improve their trading capabilities.
8. Regional Coverage and Restrictions
MGL Global primarily serves clients in the United States and has plans to expand its reach into emerging markets. The broker's operations are focused on providing services to individual traders and institutional clients looking for diverse trading opportunities.
While MGL Global aims to cater to a global audience, it may impose restrictions on clients from certain countries due to regulatory compliance and legal considerations. Specific countries where MGL Global does not accept clients are not explicitly mentioned in the available information, but potential clients are advised to check the broker's website for any updates on regional restrictions.
In conclusion, MGL Global presents a compelling option for traders seeking a diverse range of market instruments and a user-friendly trading platform. The company's regulatory oversight by U.S. authorities enhances transparency and trust, although potential clients should be aware of the limitations and risks associated with trading with an unauthorized broker.
MGL global Similar Brokers
Latest Reviews
チャーリー
Japan
Exchange with Yuki Takamura (T) on MGL via Line Below, I will show the main exchanges between me and T in chronological order. (Me) Good morning. Crude oil futures were successfully settled. Thank you. In that case, as I have been saying, I would like to withdraw money to give my wife peace of mind, but is it possible to do so today? thank you. (T) Congratulations on your payment. After settlement, you will need to pay 15% of the crude oil revenue as a commission. Mr. Senda's crude oil revenue is $229,500, and according to the calculation, the payment amount is $34,425, which is 5,111,975 yen when converted to Japanese yen. Please let us know when your payment is ready. We will prepare a dedicated account for you. After payment, you can freely withdraw money after logging into the CRM fund management system. (Me) Is it not possible to pay the fees with funds? (T) Yes, you must pay the fee to our dedicated account through your bank account. Do I currently need to apply for a dedicated account and make payments? (Me) This is yet another story that I don't know. Does this mean that I cannot withdraw money at all without paying the fee? Is it possible to withdraw even just $70,000? (T) Yes, that's right. If the fees have not been paid, no withdrawals will be possible. Once the fee has been paid, you can withdraw the funds yourself. (Me) I feel like I've been deceived. Why do you always come out later? I want to stay here forever, but I feel a growing sense of distrust. (T) There is no deception at all. You can withdraw funds by paying a fee. Currently, many users pay fees and withdraw funds. (Me) Good morning. Mr. Fukuda announced that he would not be teaching for a while. Therefore, please settle the funds on the exchange. When it is ready, I will contact you with your bank account information. Thank you. (T) I'm smart. The fee to be paid is 5,111,975 yen. Please contact us when you are ready. Once again, we will prepare a bank account exclusively for payment. Thank you. (Me) No, it's the opposite. Please pay the funds in your account. thank you. (T)Currently, you can withdraw the full amount of $1,152,118.43 from your account by paying a fee of JPY 5,111,975. 1,152,118.43 dollars is converted to 174,227,957 yen at the current exchange rate. Please contact me when you are ready. thank you. (Me) No, please deduct 5,110,000 yen and transfer the amount to this designated account. (T) We do not have the authority to deduct fees from your account. Payments must be made through a personal bank account. (Me) Whether or not you have the authority is your problem. We are currently preparing a lawsuit against MGL Global in Colorado. We also plan to report to WikiFX and the police. If payment is not received within 24 hours, we will report the above to all relevant authorities and initiate a lawsuit. Please consider this. (T) I'm smart. We will also take appropriate legal measures to protect our rights and interests. Failure to pay may affect your credit rating and that of your family. In serious cases, your property may be liquidated by the court. Thank you. (I) I have nothing to lose anymore. If we take legal action, the actual situation in Japan will become clearer and we will get what we want. Please do it. (T) We recommend that you complete the fee payment as soon as possible in order to proceed with the withdrawal process. This will help avoid further deterioration of the situation. (I) I will reply to you exactly what you said. Please prepare the payment immediately. Others, K2! Mr. Sasakawa, who was teaching at a group line called Sasakawa Investment School, also made a comment that he personally guaranteed that the funds could be withdrawn if the fee was paid. I also received a photo of my personal driver's license, but it has now been deleted from the line along with my comments. If necessary, we will submit additional materials. Thank you.
Exposure
2024-03-26
Pierre Dupont
France
Decent spreads, but laggy trading platform lacks features.
37130
2024-06-28
Jason池
Peru
Better than most. No one likes being whip-sawed out of a FTSE trade on a Monday morning though (post Italian referendum.) As a financial markets professional, obviously I intend to ramp up my activity as much as possible.
Positive
2024-05-17
FX1670584849
Cyprus
Wonderful trading app very fast execution of trade zero commission , all devices zero fee's , cash deposit and withdrawal Excellent
Positive
2024-04-30
FX2172368756
Japan
I was introduced to the LINE group through SNS and participated in a study session hosted by Shuichi Sasagawa. After that, I was introduced to Yuki Takamura of MGL Global by Yoko Takahashi, a member of the group, and upon Takamura's invitation, I opened an investment management account. Then, on Takamura's instructions, a total of 10,500,000 yen was transferred several times. Regarding the reason why the transfer destination is not in the name of MGL but in the name of another corporation in Japan, Takamura said, ``In order to convert from yen to dollars before remittance, it is necessary to transfer the money to an account under a different name.'' There is an explanation. Background leading to this agreement 1. I saw a high school investment study group interviewed by Shuichi Sasagawa on SNS and joined the same LINE group 2. Yoko Takahashi introduced MGL Yuki Takamura to the registered LINE group 3. Yuki Takamura encouraged me to trade at MGL and opened an account. After that, the investment funds will be transferred to the bank according to Takamura's instructions. 4. I was introduced to BTCUSD on LINE, a group led by Shuichi Sasagawa, and each time I received instructions to deposit additional funds for investment management, and made the transfer because I was told that the risk of trading would increase if I had little funds. After that, Yuki Takamura told him that ``Minoru Fukuda'' (Shuichi Sasagawa's mentor) had given him a priority offer to trade in crude oil, so let's invest, so he started trading in crude oil. 5. After the oil settlement, he asks Takamura to withdraw the money, but he receives a request for money that he was not informed about from the beginning, such as ``You will need to pay a 5 million yen guidance fee to withdraw the money.'' I accepted the request and made the deposit, but this time I was told that I had to pay 20 million yen in taxes, so I was asked to remit the money again. This will of course be rejected. MGL Global's Yuki Takamura, Shuichi Sasagawa, Minoru Fukuda (Minoru Fukuda), Yoko Takahashi, and others are definitely a group of fraudsters. I'm also going to the police. Should we forgive such a fraudulent group?
Exposure
2024-03-29