Search

MGS Finance Forex Broker provides real users with * positive reviews, * neutral reviews and 11 exposure review!

MGS Finance Broker Review

1.28

WikiFX monitor

Business

Influence E

License

No license

MGS Finance Review 11

Latest All(11) Exposure(11)
Exposure
The Withdrawal was stopped due to coverage limit!

After the problem presented in the platform and with the funds. The MGS manager offered the solution for the withdrawal of funds through their capital coverage but was required to pay 20% of my account balance. When I completed the payment and my identity verification, I proceeded to request the total withdrawal of my funds and it was approved but a few days later I received the notification that the limit allowed by the capital coverage had been reached and it would not be possible to receive my payment. MGS offered me to change the category of my coverage to help me withdraw my funds, for which they requested another additional payment of 35,500 US. This was frustrating but I had no other option because I needed to recover my funds to pay my debts, so I made an effort to make the payment today. MGS has assured me that I will receive the withdrawal of my funds within 6 hours, so I will be waiting for the payment. I hope MGS will keep its promise and pay me!!!

yann369
03-19
Exposure
Forteclaim hijack stolen assets from fraudsters

I have deposited money via crypto method and the payment deducted from my account and it didn’t got credited even after 48 hours and the customer support is so rude they don’t even check why it is taking time my bank has issued the payment to reciever bank and still its under processing please help me scammers are looting the money and asking us to wait for 48hours and still nothing happens

Fx3789943
2024-08-26
Exposure
The platform website is offline, disappeared without a trace.

The platform website is offline, and the reason is not stated. It is estimated that they have run away. See the picture below.

harry138
2024-07-25
Exposure
I expect my withdrawal to arrive in 48 hours!!

the MGS head office support team offered me to move my account to their server and meet certain requirements to be able to withdraw. Today I have complied with everything they have asked me to do and I just hope they do not cheat me once again. MGS assures me that I will receive my money in 24 to 48 hours , if they do not return my money ... I will report them and expose !!!!! I don't want this to be another scam for me to keep paying and never be able to withdraw.

tommy45
2024-07-24
Exposure
It is difficult to withdraw funds, and various fees are set up to make it even more difficult.

Whenever a withdrawal is requested, they impose numerous and complicated fees as obstacles. And once they receive the money, they will never respond again. Stay away from this unscrupulous trading platform as soon as possible.

harry138
2024-07-21
Exposure
The promise was never fulfilled, and the money deducted was not returned to me.

After I urged them many times, they promised to return it as soon as possible. But it has been more than 4 months, and they just ignored me and refused to return it. It is extremely hateful. Stay away from this unscrupulous trading platform.

harry138
2024-07-15
Exposure
SCAMMERS MK

I applied for a withdrawal of US$120,000 from MGS, but they asked me to pay a large withdrawal activation fee of US$30,000. After that, I was asked to pay personal income tax of US$9,533. They also tried to induce me to continue depositing money, but refused cause of the Forteclaim to allow me to withdraw the money.

FX244677432
2024-07-14
Exposure
The deposit was withheld for 5 months without reason and was not returned to me.

The broker promised to return the deposit in 3 weeks after receiving it, but 5 months and 7 days have passed. I urged them many times, but they ignored me. See picture.

harry138
2024-07-05

  

MGS Finance 2025 Review: Everything You Need to Know

  MGS Finance has garnered significant attention in the forex trading community, but the reviews tell a concerning story. This broker, which claims to operate under the auspices of the Australian Securities and Investments Commission (ASIC), has been flagged by multiple sources as potentially fraudulent. Key findings indicate a lack of regulation, numerous user complaints about withdrawal issues, and a general atmosphere of distrust surrounding its operations.

  Note: Given the broker's claims of operating under various regulatory frameworks, it is critical for potential investors to conduct thorough research and remain cautious, especially regarding the different entities that may be involved across regions.

  

Ratings Overview

Category Rating (out of 10)
Account Conditions 3
Tools and Resources 5
Customer Service & Support 2
Trading Experience 3
Trustworthiness 1
User Experience 2

  We rate brokers based on a combination of user feedback, regulatory status, and overall market reputation.

  

Broker Overview

  MGS Finance, established in late 2023, presents itself as an online forex broker offering a range of trading services. The broker claims to provide access to various financial instruments, including forex, cryptocurrencies, stocks, indices, and commodities, primarily through the MetaTrader 5 (MT5) platform. However, the lack of a credible regulatory license raises concerns about the safety of investors' funds and the legitimacy of their operations.

  

Detailed Breakdown

  Regulated Regions: MGS Finance operates without any recognized regulatory oversight, which is a significant red flag. The New Zealand Financial Markets Authority (FMA) has issued warnings about the broker, stating it is not registered or licensed to provide services to residents. This lack of regulation places investors at considerable risk.

  Deposit/Withdrawal Currencies/Cryptocurrencies: Specific details about supported currencies for deposits and withdrawals are not readily available. User reports indicate difficulties with withdrawals, often involving complicated fees and delays.

  Minimum Deposit: The broker does not specify a minimum deposit requirement, which can be misleading as many reputable brokers do.

  Bonuses/Promotions: There is no clear information regarding any bonuses or promotions offered by MGS Finance, which is unusual for brokers in this space.

  Tradeable Asset Categories: MGS Finance claims to offer over 130 instruments, including forex, cryptocurrencies, stocks, indices, and commodities. However, the quality and execution of these trades are often questioned by users.

  Costs (Spreads, Fees, Commissions): User reviews highlight concerns regarding hidden fees and high spreads, which can significantly affect profitability. The absence of transparent fee structures is a common complaint.

  Leverage: Information regarding leverage options is not explicitly mentioned, which is concerning as leverage can greatly impact trading outcomes.

  Allowed Trading Platforms: MGS Finance promotes the use of the MT5 platform, which is well-regarded among traders. However, users have reported difficulties in accessing and utilizing the platform effectively.

  Restricted Regions: The broker appears to operate without restrictions on its website, but given its regulatory status, traders from certain jurisdictions should exercise caution.

  Available Customer Support Languages: Customer support is reported to be lacking, with many users experiencing unresponsive service. This is particularly troubling for traders who may need assistance with urgent issues.

  

Ratings Revisited

Category Rating (out of 10) Explanation
Account Conditions 3 Limited information available, raising concerns.
Tools and Resources 5 MT5 platform available, but user experience is inconsistent.
Customer Service & Support 2 Numerous complaints about unresponsive support.
Trading Experience 3 Users report difficulties and delays in executing trades.
Trustworthiness 1 Lack of regulation and numerous warnings present significant risks.
User Experience 2 Negative feedback predominates, indicating a poor overall experience.

  

Detailed Analysis

  •   Account Conditions: User feedback suggests a lack of transparency regarding account types and conditions. Many users expressed frustration over not being able to access their funds, indicating that the broker may impose unnecessary restrictions.

  •   Tools and Resources: While MGS Finance claims to offer the MT5 platform, users have reported challenges in utilizing it effectively. The absence of comprehensive trading tools and resources further diminishes the trading experience.

  •   Customer Service & Support: The most alarming aspect of MGS Finance is its customer support. Multiple users reported unresponsive support teams, with complaints going unanswered for months. This lack of support can lead to significant issues, especially when traders need immediate assistance with their accounts.

  •   Trading Experience: User experiences indicate that the trading environment is fraught with challenges. Complaints include difficulties in executing trades and withdrawal issues, which can severely impact a trader's ability to operate effectively.

  •   Trustworthiness: The overall trustworthiness of MGS Finance is severely compromised due to its unregulated status and numerous negative reviews. Regulatory bodies have issued warnings, and the broker's claims of legitimacy are highly questionable.

  •   User Experience: The general sentiment among users is one of dissatisfaction, with many reporting that their experiences have been marred by withdrawal issues and unfulfilled promises from the broker.

  •   In conclusion, potential investors should approach MGS Finance with extreme caution. The lack of regulation, coupled with a plethora of negative user experiences, paints a concerning picture of this broker. Thorough research and consideration of alternative, regulated brokers are highly recommended to ensure a safer trading environment.