Is MAG Markets Legit or a Scam?
MAG Markets is a pure scam. They have an offshore registration and their regulation is not satisfactory enough to convince the traders to believe that this broker is legitimate. Read the article further to discover the dark sides of this scam broker.
What is MAG Markets?
Mag Markets LLC, based in Saint Vincent and the Grenadines, is the owner of Mag Markets. With no regulators at all in this offshore nation, Mag Markets devised a solution. They say they are employed by Geomatrix Ltd, a Cook Islands-registered company with an FSC license.
First off, since 4XC is the only trademark associated with Geomatrix Ltd that is currently known, we are unable to verify this allegation. Furthermore, this company operates on a money-changing and remittance business license that is only valid in the Cook Islands, even if it is real.
Furthermore, a lot of reviews claim that since Cook Islands legislation regarding multilevel marketing is lax, the organization is just a front for money laundering.
MAG Markets Details
Broker status | Offshore Broker |
Regulated by | Unlicensed brokerage |
Scammers Websites | magmarkets.com |
Blacklisted as a Scam by | No Info |
Owned by | Mag Markets LLC |
Headquarters Country | Saint Vincent and the Grenadines |
Foundation year | 2020 |
Supported Platforms | MT4 |
Minimum Deposit | $100 |
Cryptocurrencies | Available – BTC, LTC, ETH |
Types of Assets | FX, commodities, indices, shares, cryptocurrencies |
Maximum Leverage | 1:400 |
Free Demo Account | Yes |
Accepts US clients | No |
Deposits and Withdrawals
While placing deposits on MAG Markets seems effortless, withdrawing funds becomes a nightmarish ordeal for many users. Reports of delayed withdrawals, missing funds, and unresponsive customer support plague the internet.
We’ve heard from traders that, to get their money back, Mag Markets requires them to pay extra money under the guise of taxes, fees that don’t exist, bank transfer costs, and other things.
Naturally, the sum is never insignificant and typically accounts for 20–50% of your earnings; nonetheless, you are never able to deduct it from your company’s current assets. It must constantly be paid with a fresh deposit.
Account Types
MAG Markets offers three account types: Classic, Raw, and VIP. Each tier unlocks progressively tighter spreads and lower commissions, but this seemingly attractive benefit comes at a cost.
Red Flags and Warning Signs
The company says it is registered in Saint Vincent and the Grenadines, but it also says it has a license from the Financial Supervisory Commission (FSC) of the Cook Islands. There is a little bit more to it than that.
This has to be cleared away. The business that Mag Markets purports to be a part of, Geomatrix Ltd., is governed by the FSC. Furthermore, despite being listed as a licensed money-changing and remittance company on the regulator’s website, Geomatrix Ltd. has no apparent affiliation with Mag Markets. Furthermore, anyone can create a website with false information and pretend to be a member of a corporation.
Customer Complaints and Negative Reviews
A quick search online reveals a torrent of complaints against MAG Markets. Common gripes include:
- Withdrawal delays: Some users wait weeks or even months to receive their funds, often being met with excuses and bureaucratic hurdles.
- Unresponsive customer service: Attempts to reach customer support often end in frustration, with emails left unanswered and phone calls met with long wait times or disconnects.
- Hidden fees and charges: Charges not mentioned in the initial agreements suddenly appear on accounts, further eroding profits and increasing frustration.
These complaints paint a clear picture of a broker prioritizing its gain over client satisfaction.
Got Scammed by MAG Markets? We Help Victims!
If you’ve fallen victim to MAG Markets’ deceptive practices, there are steps you can take to recover your funds. Contact financial authorities like CySEC and file a complaint. Consider joining forces with other victims and seeking legal action against the broker. Remember, you’re not alone – numerous organizations and resources exist to help you in your fight for justice.
Our professionals will help you by providing guidance and recovery service recommendations to help you recover the lost funds.
If you’ve experienced financial losses with companies like WealthPro365, Exorays, or Cylwex, please report it using the form below.
