MILIGO foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://user.millionyango.com/public/register?fromuser=3, about the company's legal and temporary regulatory information, the company's address .
MILIGO Forex Broker
Basic Information
Hong Kong
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Miligo Forex Broker - Complete Information Guide
1. Overview of the Broker
Miligo, operating under the full name Million Yango Index Limited, has been in operation for approximately 2 to 5 years. The company is headquartered in Canada, specifically registered in the region. Miligo is a privately held entity, catering primarily to the Chinese market.
Since its inception, Miligo has aimed to provide a robust trading platform for various financial instruments, including forex, commodities, indices, cryptocurrencies, and stocks. The company has developed a reputation for offering tailored account types for both individual and business clients. Key milestones in Miligo's development include the establishment of its trading infrastructure and the introduction of multiple account types designed to meet diverse client needs.
Miligo's business model focuses on retail forex trading, providing services that encompass both individual investors and businesses seeking to engage in the global financial markets. The broker's approach is characterized by a commitment to offering a diverse range of trading options while ensuring a user-friendly experience on its trading platform.
2. Regulatory and Compliance Information
Miligo operates without any proper regulatory oversight, which is a significant concern for potential investors. Currently, there are no valid regulatory licenses associated with Miligo, as confirmed by various sources. The lack of oversight raises questions about the legitimacy of the broker's operations.
As a result, clients should be aware of the risks involved with trading through an unregulated broker. The absence of a regulatory framework means that there are no customer funds protection policies in place, and investors may have limited recourse in the event of disputes. Furthermore, Miligo does not participate in any investor compensation schemes, which further exacerbates the risk for its clients.
Miligo claims to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures; however, the effectiveness of these measures remains questionable given the lack of regulatory scrutiny.
3. Trading Products and Services
Miligo offers a diverse array of trading products, providing clients with access to various financial instruments. The broker facilitates trading in numerous forex currency pairs, including major pairs like EUR/USD, USD/JPY, and GBP/JPY. Additionally, Miligo provides access to trading in commodities such as gold and silver, alongside major global indices like the S&P 500 and NASDAQ.
In terms of cryptocurrencies, Miligo allows trading in popular digital currencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). The broker also offers the opportunity to trade shares of prominent companies, including tech giants like Apple (AAPL) and Amazon (AMZN).
Miligo's trading services are primarily focused on retail clients, but it also offers tailored solutions for institutional clients. The broker has not disclosed specific information about unique trading products or the frequency of product updates, leaving some gaps in the available information.
4. Trading Platforms and Technology
Miligo utilizes the widely recognized MetaTrader 4 (MT4) platform for its trading operations, providing users with a comprehensive interface for trading, data analysis, and market monitoring. The platform is compatible with Windows operating systems, allowing traders to execute trades efficiently.
There is no indication that Miligo has developed its own proprietary trading platform, nor does it appear to offer a web-based trading platform. Furthermore, there is no mention of mobile applications for iOS or Android devices, which limits accessibility for traders who prefer mobile trading.
The execution model employed by Miligo is not clearly defined, with limited information available regarding whether it operates on an ECN, STP, or Market Making basis. Additionally, the broker has not provided details about its server locations or technical infrastructure, which are crucial for understanding the reliability of its trading services.
5. Account Types and Trading Conditions
Miligo offers several account types tailored to meet the needs of different clients:
- Business Account: Designed for companies of various sizes, featuring multiple user access and personalized reporting options.
- Personal Account: Streamlined for individual traders, providing access to Miligo's ATM network and online banking services.
- Premium Account: Offers expedited customer service and exclusive benefits for high-net-worth clients.
Miligo does not specify a minimum deposit requirement for opening a trading account, which can be appealing for new traders. The broker provides a maximum leverage of 1:100, and spreads are generally around 0.1% for major currency pairs. However, specific commission structures are not clearly outlined.
The broker has not provided information regarding Islamic accounts or specific policies for demo accounts. Furthermore, details about overnight fees and minimum trading lot sizes are also lacking, which may pose challenges for potential clients seeking clarity on trading conditions.
6. Fund Management
Miligo supports various deposit methods, including bank transfers, credit/debit cards, e-wallets, and cryptocurrency transactions. The broker does not impose any fees for deposits made via bank transfers or cryptocurrency, but a 3.5% fee applies to credit or debit card deposits.
There is no minimum deposit requirement specified for different account types, which may facilitate easier access for traders. The processing times for deposits are not clearly stated, leaving uncertainty for clients regarding how quickly they can fund their accounts.
For withdrawals, Miligo offers several methods, but specific withdrawal limits and processing times are not disclosed. The minimum withdrawal amount is set at $100, and fees for withdrawals may vary based on the chosen payment method. However, the broker does not impose any inactivity fees, which can be beneficial for clients who may not trade frequently.
7. Customer Support and Educational Resources
Miligo's customer support services appear to be insufficient, with limited channels available for assistance. Reports indicate that clients may struggle to reach support representatives, which can be a significant drawback for traders requiring timely assistance.
The broker does not provide extensive educational resources, such as webinars, tutorials, or eBooks, which are often essential for traders looking to enhance their skills. Additionally, there is no mention of market analysis services or trading tools that can aid clients in making informed trading decisions.
While Miligo claims to offer some form of market analysis, details regarding the frequency and type of analysis provided are not readily available. This lack of comprehensive educational resources may hinder the trading experience for novice traders.
8. Regional Coverage and Restrictions
Miligo primarily focuses on serving the Chinese market, but detailed information regarding its regional offices is not disclosed. The broker does not accept clients from certain countries, although specific regions or countries where services are restricted are not clearly outlined.
Given the lack of regulation, potential clients should exercise caution when considering engagement with Miligo, especially if they reside in jurisdictions with stringent regulatory requirements. The absence of clear information regarding regional coverage and restrictions may pose challenges for traders seeking a reliable broker.
In conclusion, while Miligo offers a range of trading products and services, its lack of regulatory oversight and insufficient customer support warrant careful consideration. Potential investors should weigh the benefits against the risks before engaging with this broker.
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Latest Reviews
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The fraud company hires some lawbreakers to pretend to be rich and handsome and induce people to invest XAU/USD in MT4 with guidance. They will help you profit but your money can't be withdrawn. Besides, they will keep contacting u and push u to deposit funds. I realized that something wrong so I didn't continue depositing funds. But the fraud was desperate and verbally attacked me. Stay away from strangers
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FX3821171287
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I've met some issues about withdrawal. Someone told me that I have to pay 30% to withdraw funds and besides, I have to pay 10% tax. And I did as he said but I still can't withdraw funds.
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2020-12-05
FX1556992501
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The fraud platform hired scammers on social media to add friends to lure investors, and the profit could not be withdrawn. The scammers repeatedly urged the additional investment to no avail, various malicious language attacks, and finally the investor was blocked by the platform and the account was invalid. Please stay away from this People, don’t add friends, a scammer
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