Mag Markets Detailed Review – Scam or Good Forex Broker?

What about Mag Markets Regulation?

Mag Markets LLC is the owner of Mag Markets from Saint Vincent and Grenadines. Mag Markets was able to solve the problem because there is no regulatory body in this off-shore country. They claim they work for Geomatrix Ltd., an FSC licensed business located in Cook Islands.

We don’t have any way to verify this claim as the Geomatrix Ltd brand is 4XC. Even if true, the money-changing and remittance company license is only valid in the Cook Islands.

It’s also a shell company that allows money laundering, as Cook Islands do not have strict regulations regarding MLM schemes.

This means that your funds and assets are at risk if you deal with a fraud trading company.

Additional fees may be charged for withdrawals

We’ve heard traders complain that Mag Markets requires them to pay extra funds in the form of taxes, non-existent fees and bank transfer fees just to get their money back.

The amount can be anywhere from 20-50% to 20% of your profits, but it cannot be paid out of funds in the company. You must always pay it through a new deposit.

You will not see your money back once you have paid it out, as you can guess.

Mag Markets Broker: Fund Withdrawal Issues

Withdrawals are almost impossible for anyone who is aware that the company will ask for additional money in order to allow payouts. Even those who pay the money are still at high risk. The broker may then close the contact with you and lock your account. You won’t be able to withdraw any money and you won’t have to pay more.

Let us know if you have experienced something similar.

Areas of Mag Markets Scam

The broker is allegedly licensed from Cook Islands and one of their primary targets is Australia, a country in the same zone. If you look closely at the website, however, you will notice that support as well as many other items are German. This tells us the broker targets Germany, Switzerland, and Austria.

We’ve also found negative reviews from France so we know that it is there. Mag Markets scams people from all over the world. Don’t fall for them.

Mag Markets Scam: Traders About Mag Markets

Mag Markets has received very poor reviews from all investors. They only do one thing: post issues in reviews and request help. The company has problems with withdrawals and account managers. They also have issues with the behavior of their employees. Trading software is not standard MT4, which can lead to clients losing their funds quickly.

Avoid offshore firms and find one that has a Tier 1 license, such as ASIC, FCA or BaFin.

What are the different types of Mag Markets accounts?

Here is a summary of the three types of Mag Markets accounts:

• Classic account Minimum deposit 100$ Spreads starting at 1 pip, Commission 0$
• Raw account Minimum deposit of 1,000$ Spreads starting at 0 pips and commission 8$
• VIP account Minimum deposit 10,000$ Spreads starting at 0 pips and commission 5.5$

The leverage cap is 1:500 for each type of account. Mag Markets, an offshore scammer, makes this possible. Top regulators have limited leverage to 1:30 (FX major pair) for retail clients.

Spreads can be decent, but not relevant given the unfavorable leverage. You have a scam when you add the unreliable MT4 platform. It’s not “excellent trading conditions”, as the broker stated.

Mag Markets Assets – Instruments Types

Mag Markets provides a comprehensive overview of trading assets. We’ll be listing the assets available and providing a few tools for each.

• Forex currency pairs: EUR/USD. AUD/JPY. EUR/CHF.
• Metals – silver/USD and gold/USD
• Commodities – brent crude oil & WTI crude oil;
• Indices – AUS200mm, EU50mm, UK100mm…
• Cryptocurrencies – BTC/USD, ETH/USD, LTC/USD, BCH/USD & RPL/USD.

This is a long list, we have to admit. It’s tempting, and dangerous, as such. Mag Markets is an offshore scammer, so don’t let the shiny instruments fool you.

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

Mag Markets: Video

Below you will find a short video about Mag Markets. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about Mag Markets!