Quick Links:

• Our Review Method

• Is MGM Markets Scam or Legit Broker?

• What is MGM Markets?

• Conclusion

Our Review Method ▲

In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding MGM Markets due to the issues we've identified.

Is MGM Markets Scam or Legit Broker? ▲

MGM Markets raises significant safety concerns as it operates without a license from any globally acknowledged Forex regulatory authority. This lack of oversight means MGM Markets has not been subjected to the stringent compliance checks that are standard before a brokerage is established, nor is it subject to ongoing monitoring to ensure operational safety. Consequently, MGM Markets operates with a high degree of freedom, devoid of the regulatory safeguards that protect traders and their funds, leading to suspicions of fraudulent activity.

No Registration

MGM Markets does not have any form of registration with a regulatory body, which is a fundamental requirement for any trustworthy broker. Without such registration, the broker’s legitimacy cannot be verified.

No License

Operating without a license is a major red flag. MGM Markets lacks accreditation from any serious worldwide Forex authority, leaving traders exposed to potential scams without recourse to a regulatory body for protection or dispute resolution.

Not Safe to Trade

Given the absence of regulatory oversight, trading with MGM Markets is deemed unsafe. The broker's operations are not bound by any regulatory standards that ensure transparency, fairness, and security for traders.

Recommended Licenses

For a Forex broker to be considered safe to trade with, it should hold licenses from reputable regulators such as the FCA in the UK or ASIC in Australia. These regulatory bodies enforce strict standards and practices to protect traders.

What is MGM Markets? ▲

Owned by Tube Global Marketing, MGM Markets positions itself as an innovative online trading brokerage firm. It claims to offer traders worldwide the opportunity to trade and profit from global financial markets. With an extensive array of more than 1,000 top-class financial assets spanning four major markets and three trading instruments (CFDs and FX), MGM Markets purports to maximize traders' profit potential and enhance their trading skills.

Claims of Location

MGM Markets claims to be based in the United Kingdom, yet it fails to provide any concrete regulation details or a physical address. The only provided contact detail is a phone number with a British country code, which is insufficient to ascertain the broker's actual location.

Regulatory Warnings

The broker's operations have attracted negative attention from regulatory bodies. Specifically, the Australian regulator ASIC has issued a warning against MGM Markets, advising the public that the company could be involved in scam activities due to its unlicensed status in Australia. This warning is a critical indicator of the broker’s unreliability.

Conclusion ▲

It is strongly recommended to avoid trading with MGM Markets and to seek alternatives among regulated brokers. The absence of crucial information regarding MGM Markets’ regulations, trading conditions, and contact details, coupled with the regulatory warning from ASIC, signals a high risk of investment scams. Instead, traders should consider engaging with brokers that hold reputable licenses from regulatory authorities such as the FCA in the UK or ASIC in Australia, which ensure adherence to stringent operational standards designed to protect traders. These safeguards include transparent trading conditions, secure handling of client funds, and access to dispute resolution mechanisms. By choosing a well-regulated broker, traders can significantly mitigate the risks associated with online trading and enjoy a safer trading environment.