What about the Regulation of Mag Markets?
Mag Markets is owned by Mag Markets LLC, which is based in Saint Vincent and the Grenadines. Since this offshore jurisdiction lacks any regulatory oversight, Mag Markets claims to have found a solution. They assert that they operate under the auspices of Geomatrix Ltd, a company registered in the Cook Islands holding an FSC license.
Firstly, it’s essential to note that we have no means of verifying this claim, as the only known brand associated with Geomatrix Ltd is 4XC. Furthermore, even if this assertion were accurate, Geomatrix Ltd holds a license specifically for money exchange and remittance services, which is valid solely within the Cook Islands.
Additionally, according to various reviews, Geomatrix Ltd appears to be primarily a front for money laundering activities, given the lack of stringent regulations for MLM schemes in the Cook Islands.
All of this suggests that you may be dealing with a deceptive trading firm, and your invested funds could be at considerable risk.
Requiring Additional Fees Before Withdrawal
Traders have reported a concerning practice by Mag Markets, where they are compelled to make additional payments under various pretexts such as taxes, fictitious fees, bank transfer charges, and more, solely to access their own funds.
Remarkably, these additional fees are substantial, often amounting to 20-50% of the profits, but the company insists that these fees cannot be deducted from the funds already held with them. Instead, they demand that these fees be paid through a new deposit.
Unfortunately, once these fees are paid, there is no guarantee that the funds will ever be returned.
Issues with Fund Withdrawals at Mag Markets Broker
Given the company’s demand for extra payments before authorizing withdrawals, many traders who recognize the scheme’s nature find it exceedingly difficult to withdraw their funds. Even those who comply and make the payments are not exempt from risk. There is a significant likelihood that the broker will sever communication and freeze the account, leaving clients without withdrawals and without any intention to make further payments to the company.
If you have experienced a similar situation, please report it immediately.
Aspects of the Mag Markets Scam
Despite the broker’s alleged regulation from the Cook Islands, its primary target appears to be Australia, a neighboring country in the same region. However, a closer examination of the website reveals that customer support and various other aspects are geared towards a German-speaking audience. This suggests that the broker may also be targeting Germany, Switzerland, and Austria.
Furthermore, negative reviews from France indicate its presence there as well. Regardless of your location, it is crucial to be aware that Mag Markets is a scam, and it is advisable to avoid falling victim to it.
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