MangoTrade Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
Please note that this company charges a swap fee of 0.01% to 0.5% and sometimes it might up to 1.7%. This fee is very unreasonable, and that was the reason that I discarded this broker.
Summary: The overall evaluation of Mangotrade is predominantly negative, with multiple sources labeling it as an unregulated and potentially fraudulent broker. Key concerns include its offshore registration, lack of regulatory oversight, and a business model centered around binary options trading, which is often associated with scams.
Note: It is crucial to consider the varying regulatory environments across different regions when assessing brokers like Mangotrade. The absence of a reputable regulatory body overseeing its operations raises significant red flags regarding investor protection.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 5 |
| Trading Experience | 2 |
| Trustworthiness | 1 |
| User Experience | 3 |
| Regulatory Compliance | 1 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user experiences, expert opinions, and factual data regarding the broker's offerings.
Founded in 2016, Mangotrade operates under the entity Digital Smart LLC, with its headquarters located in Saint Vincent and the Grenadines. The broker offers a web-based trading platform but does not support popular trading software like MetaTrader 4 or MetaTrader 5. The asset classes available for trading include forex, commodities, indices, and cryptocurrencies. However, it is essential to note that Mangotrade lacks any regulatory oversight from recognized authorities, which significantly impacts its credibility.
Mangotrade is registered in Saint Vincent and the Grenadines, a jurisdiction known for its lax regulatory environment. This lack of oversight means that traders have minimal protection against fraud or malpractice. According to various sources, including Forex Brokerz, the absence of a legitimate regulatory body overseeing Mangotrade's operations poses significant risks to investors.
Mangotrade primarily operates with fiat currencies and accepts credit card payments. However, it does not provide clear information regarding the supported cryptocurrencies for deposits and withdrawals. This lack of transparency can lead to complications during the withdrawal process, as noted by Global Fraud Protection.
The minimum deposit requirement for opening an account with Mangotrade is relatively low, set at $10. This low entry point may attract novice traders looking to explore the trading environment. However, this can also be a tactic to lure inexperienced investors into a potentially risky trading scenario.
Mangotrade does not appear to offer any promotional bonuses or incentives, which is another indicator of its questionable business practices. Many reputable brokers provide bonuses to attract new clients, but the absence of such offers could suggest a lack of commitment to customer satisfaction.
The trading costs, including spreads and commissions, are not transparently disclosed by Mangotrade. Some reports indicate that spreads start from 2 pips, but without clear documentation, traders may face unexpected charges. The absence of detailed fee structures is a significant concern, as highlighted by PediaFX.
Mangotrade does not specify its leverage offerings, which is a critical factor for many traders. In regulated environments, leverage is often capped to protect investors from significant losses. The lack of clarity around leverage can lead traders to take on excessive risk without understanding the potential consequences.
Mangotrade does not support industry-standard trading platforms like MT4 or MT5. Instead, it offers a proprietary web-based platform, which has received mixed reviews regarding its functionality and speed. Many users have criticized the platform for being slow and lacking essential trading features, as noted by WikiFX.
Mangotrade restricts access to several countries, including the United States and various European nations. This limitation is common among unregulated brokers, which often seek to avoid scrutiny from regulatory authorities.
Mangotrade claims to offer customer support in various languages, but the quality and responsiveness of that support remain questionable. Many users report difficulties in reaching customer service or receiving satisfactory assistance, as indicated by reviews on platforms like Scamadviser.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 5 |
| Trading Experience | 2 |
| Trustworthiness | 1 |
| User Experience | 3 |
| Regulatory Compliance | 1 |
In conclusion, the Mangotrade review reveals a broker that poses significant risks to potential investors. The lack of regulation, combined with a questionable business model centered on binary options, suggests that traders should exercise extreme caution or consider other, more reputable options.
