MGM Markets review

Overview:

The name of MGM Markets resembles Hollywood based film and TV company Metro-Goldwyn-Mayer. In reality, these two organizations do not have any correlation with each other apart from similarity in the name. The broker under consideration provides online trading of many financial instruments. It offers six account types to its clients. Sadly, information on the trading environment is not mentioned. The broker has many serious concerns and we will address them one by one in this MGM Markets review.

About MGM Markets:

The advantages of MGM Markets includes a wide variety of CFDs and competitive leverage up to 1:200. The CFDs are provided on many indexes, commodities like precious metals, and binary options.

The disadvantages of MGM Markets are more in number than advantages. First, the brand MGM Markets is managed by Tube Global Marketing LTD. The address of Tube Global Marketing LTD is missing. There is only a UK based customer support phone number available. Also, the information on the license and regulation of the broker is missing. Considering the UK based phone number we tried to find traces of MGM Markets in the registry of the local financial body the Financial Conduct Authority, UK. And we can admit that the broker is not regulated. The lack of financial regulation means uncertainty on the safety of customer's investments. Furthermore, the forex sites and forums are flooded with complaints about the scam and fraud indicating the poor reputation of MGM Markets.

Another fact of worry is that the MGM Markets fail to provide information on the trading environment. Also, it does not provide a free demo account so traders can see the provided spreads, leverage, and calculate the cost of trading. From this, we can conclude that the nature of this broker is opaque. We opened a live account with MGM Markets to check the trading condition offered. For the Gold account, we found provided spread fixed at 3 pips on Euro/Dollar FX pair. This trading cost is tremendously high compared to the market average. Also, the broker does not offer the MetaTrader trading platform. Hence, clients at MGM Markets fail to get profit-making features like Expert Advice, charting, automated trading provided in MT.

Is MGM Markets scam or legit?

MGM Markets seems to be situated in the UK and it is not regulated by the Financial Conduct Authority. Most of the unlicensed brokers are scams. Also, trading conditions are not feasible for traders. We highly recommend that traders should avoid this forex scam broker called MGM Markets.