Scammed By MGM Global?

Don't let online scammers drain your bank account

Fight back and reclaim your funds!

Fill the form and claim a chargeback now

FREE CONSULTATION
Quick Processing
High Success Rate
Home » Trading » MGM Global

MGM Global Review

Table Of Contents

Table Of Contents

MGM Global Logo
🌐 Website mgmglobal.com
🏠 Company MGM Global Management Ltd
📌 Address Saint Vincent and the Grenadines & 5 Harbour Exchange E14 9GE, United Kingdom
☎️ Phone +442039961490 +442037693472 +447784310979 +447564774358
📧 Email complaints@mgmglobal.com support@mgmglobal.com
⚖️ Regulation  Unregulated, Blacklisted, Scam

Introduction

Stepping into the financial trading world is thrilling, to say the least. The highs, the lows, the risks, and the potential rewards—it’s a heady mix. But, like any journey, the first step is crucial, and in trading, that’s picking the right broker.

In the vast digital landscape, a flashy website doesn’t necessarily mean a trustworthy broker. MGM Global, which parades around with a banner of legitimacy, seems to have left several loose ends. Let’s peel back the layers and take a closer look.

MGM Global Details

MGMGlobal_footers

MGM Global operates as an online trading broker and is under the ownership of MGM Global Management Ltd. The company purports to be based at 5 Harbour Exchange E14 9GE, United Kingdom.

To get in touch with MGMGlobal, you can contact their support team by phone at +442039961490 or email them at complaints@mgmglobal.com or support@mgmglobal.com.

Explore their official website at mgmglobal.com.

It’s crucial to tread carefully and undertake comprehensive research before committing to any online trading platform, MGM Global included.

To help you make an educated decision, consider checking out our in-depth reviews of two other companies we have recently examined: GateEX and Savoy Investment Group.

Regulatory Claims vs. Reality

The Absence of Concrete Regulatory Evidence

MGMGlobal_False_claims

While MGMGlobal boldly claims adherence to guidelines set forth by premier regulators like FCA, CySEC, and ASIC, they fall notably short in offering tangible evidence. One would expect a legitimate entity to provide regulatory certificates or specific registration numbers to back such statements.

Unfortunately, MGM Global assertion of being regulated by both CySEC and ASIC remains unsubstantiated, casting a shadow on their credibility.

Upon investigating the validity of MGM Global claims, we delved into the official CySEC’s registry to see if mgmglobal.com was listed among its approved domains. As expected, our search came up empty-handed, underscoring the fact that MGM Global’s assertion of being CySEC-regulated is, unfortunately, baseless.

MGMGlobal_CySEC_register

Contradictions in Locational Claims

MGM Global’s claim to be based in the United Kingdom further raises eyebrows. To operate as a broker in the UK, an entity must possess a license granted by The Financial Conduct Authority (FCA). Yet, the FCA itself has flagged MGM Global with a warning.

This discrepancy not only challenges their UK operational claims but also underscores potential deceptive practices.

MGMGlobal_FCA_warning

Probable Location: Saint Vincent and the Grenadines

MGMGlobal_governing_law

Interestingly, despite their claims of UK-based operations, MGM Global terms and conditions suggest a different narrative. These terms highlight the governing law of Saint Vincent and the Grenadines.

This Caribbean nation is renowned as a hotspot for questionable entities, primarily because the Financial Services Authority (SVGFSA) in St Vincent has openly declared its non-regulation of forex activities. Thus, any forex entity operating under its jurisdiction does so without genuine oversight.

st_vincent_forex

Inconsistent Offers and Regulatory Guidelines

Deposit Bonus Discrepancy

MGMGlobal_BonusMGMGLobal_legal_compliance

MGM Global promotional strategy further undermines its claim of regulatory adherence. Offering a tantalizing 100% first deposit bonus might seem attractive to naive traders, but it directly contradicts guidelines set by CySEC.

In a clear circular no. C168 dated from November 30, 2016, CySEC underscored that brokers should refrain from bonus offerings. MGM Global’s bonus offering starkly goes against this directive, again challenging their proclaimed CySEC regulation.

CySEC_Bonus

Conclusion

In the dynamic sphere of online trading, trust is paramount. Brokers act as bridges between traders and the market, and their credibility is non-negotiable.

While MGM Global website and offerings might appear polished, the inconsistencies in their regulatory claims, location discrepancies, and questionable promotional strategies spotlight the need for traders to approach with caution.

It’s imperative for traders to conduct thorough research, seek tangible proof of claims, and most importantly, prioritize their financial safety.

Got Scammed by MGM Global?

If you have lost money with MGM Global, stay calm. It has likely happened to many others, and it its important to learn from these experiences. Do not forget that even the most cautious investors can fall victim to online fraud.

The good news is that there is help available. The team at MyChargeBack – a specialist group dedicated to helping consumers recover funds lost online – can help you.

5 Simple Steps To Get A Chargeback From MGM Global

Follow our straightforward guide to efficiently reclaim your lost funds from MGM Global with minimal hassle.

  1. Complete the Form: Begin by completing the form above, providing necessary details about your case. This allows the team to understand your situation with MGM Global and prepare for the consultation.
  2. Get A Free Consultation: Schedule a free consultation with MyChargeBack team of experts. During this consultation, they will assess your case and offer guidance on the best course of action to recover your lost funds from MGM Global.
  3. In-Depth Case Analysis: As you proceed with MyChargeBack, their expert team conducts an in-depth analysis of your case, identifying the optimal chargeback strategy for fund recovery based on your unique circumstances.
  4. Recovery Process: Their team of specialists scrutinizes your case, collects evidence, and negotiates with the involved parties to expedite the recovery of your funds. MyChargeBack team will consistently communicate with you and your bank or card issuer during the chargeback process.
  5. Fee Payment: Upon successful recovery of your funds lost to MGM Global, MyChargeBack charges a fee as a percentage of the reclaimed amount. If fund recovery is unsuccessful, no fees apply, except in exceptionally complex cases.

Through these five straightforward steps, MyChargeBack simplifies the fund recovery process, enabling you to reclaim your money from MGM Global with minimal inconvenience.

FAQs

Is MGM Global regulated by CySEC and ASIC?

Despite their claims, MGM Global fails to provide concrete evidence or regulatory numbers to substantiate their regulation by CySEC and ASIC.

Can MGM Global legally operate as a broker in the UK?

To operate in the UK, a broker must hold a license from the FCA. Furthermore, the FCA has issued a warning against MGM Global.

Why is MGM Global’s location significant?

The broker claims UK operations, yet their terms point towards Saint Vincent and the Grenadines, known for lax financial regulations.

Are deposit bonuses offered by brokers a red flag?

Not always, but in the context of MGM Global, their 100% deposit bonus goes against CySEC guidelines.

How can traders ensure a broker’s legitimacy?

By verifying their regulatory claims, checking for licenses, and researching feedback and warnings from reputed financial authorities.

Leave a Reply

Your email address will not be published. Required fields are marked *