An Offshore Crypto Broker with Fake Offers
MGC Logic is a cryptocurrency broker company which has a very bad reputation among the traders. After looking at the basic things, the MGC Logic review soon established the truth about the fake offers of the company. We are starting with the website, which has very limited information.
The company claims to be the world’s leading cryptocurrency trading platform. It seems quite funny that the company’s domain is registered in 2019 yet it claims to be the leader in crypto trading. Here is the snapshot of the domain details of the website.
Who are the Owners?
Scrolling through the website of the company generates a very genuine question that why are the owners of the company not mentioned? While it is stated that the company is operating from the Commonwealth of Dominica, it is an offshore Caribbean area which is highly infamous for fraudulent brokers.
Lands like the Caribbean have all the essentials a scam company looks for. No essentials for registration of office and flexible rules for starting up a company go in favor of the scam dwellers. The company must mention the details of the owners to generate authenticity about dealings with the company. Lack of information about owners makes sure that it is a wrongful platform that is why they do not want to reveal their exact information.
Where is the License?
MGC Logic is said to be owned by New Olympia Incorporation. The company is based out of the Commonwealth of Dominica but is not regulated by any of the reputed licensing authorities. There is no surprise that the company has not mentioned any license details and no further indications of the plans about getting registered as well.
MGC Logic is thus an anonymous broker operating from an ill-famous region. A regulated broker has to maintain your funds in segregated accounts. It can’t use your funds for illicit purposes. It has to abide by the set guidelines for trading and forex exchange. In case, a regulated broker suffers huge losses or likewise becomes bankrupt, then the role of regulating agency comes into play. The traders of the bankrupt company have full rights to receive the compensation provided by the regulating authority.
MGC Logic, on the other hand, is not registered with the UK’s Financial Conducting Authority (FCA), Securities Exchange Commission of the USA, and Federal Reserve Board (FRB) of the USA. Thus, no registration with any reputed agency. Your money is not safe with MGC Logic. It may not be kept safely by the company. In addition to that, the company can pack the bags overnight and turn to be at a run. You have nowhere to report about your lost money even. The traders are thus requested to deal with regulated broker agencies only.
No Demo Account and High Investment Accounts
The company is providing Bitcoin trading and Crypto currencies trading. They do not offer any demo accounts or free practice accounts for the beginners. It is into 5 types of trading accounts.
- Basic account: It requires a minimum investment of $250. This is the least money which you have to give to the company. Very high and risky as compared to the other companies’ standard initial deposit amounts of $50-$150.
- Bronze account: This account can be opened with a minimum of $5,000 as an investment. The basic account with $250 and the second option comes with a whopping increase of $4,750. The account manager will be assigned to you but for only a month. You will not be getting any trading signals for better choices to invest your money.
- Silver account: Another rise of $5,000 in minimum investment and you get a silver account with the company. No details about the minimum trading amount, the trading methodologies are provided.
- Gold account: The initial investment amount has been raised to $25,000 with no specific trading benefits. This is a huge amount as compared to no specialized trading skill development provided by the company.
- Platinum account: The last in the list and the services as well. Even if you have $50,000 to invest as a minimum initial deposit for trading and willing to be a VIP customer, do not get carried away by the offer. The company claims to be providing account managers for the better trading sessions but there is negligible information available about the experience of the so-called trainers provided by the company.
It is never the right decision to judge the waters by standing inside the river. Sadly, you do not have any other option for MGC Logic as you will get to know about the services only when you lost all of your invested money.
Absent Leverage, Spreads & Transaction Amounts
MGC Logic does not clarify the leverage provided in the trading accounts. While writing this MGC Logic review I had contacted some of their existing users. And we found that the company has set the leverage up to 1:100. The other competitors in cryptocurrencies are providing attractive leverage of the order of 1:2, 1:5, or a maximum of 1:20. There are no details about the pips and the transaction limits set up by the company.
It is practically impossible for any trader to invest with a company that does not give proper information on the basics of trading. It looks like the company has not done any basic exercise to attract the traders. Leave the offers and benefits, even the standard information is not provided.
Unreliable Website Platform
The company’s services are not compatible with the trusted MT4 but have provided its services through its website platform.
It is not comparable to the leading trading platforms. Weak visuals with limited options make it very difficult for smooth trading. Also, experienced traders need to start from scratch as trading on the universal compatible platform helps in saving the time and using their skills for best trades.
Deposit Methods (and Horrible Withdrawals)
The company accepts deposits using bank wire transfer and using a credit/ debit card into a personal account, not a company account. You will be provided a personal account number which highlights that you are depositing the money to a specific person, not with a company.
There is no option for using Skrill. It comes as no surprise as Skrill has already blacklisted its operations with fraud unregulated brokers to save its customers from faulty money transactions. Many traders have suffered the problem of deduction of amounts for their accounts but the credit is not shown in their trading account.
Please have a look at the withdrawal policy of the company. The company has full rights to decline the withdrawal application of a user. This can never be done with a legit broker as the broker is just an intermediate. It cannot keep the money of the traders or has no right in any case to decline the withdrawal.
There is no clarity over the fees deducted while depositing and withdrawing funds.
Absent Customer Support
No contact numbers or support email ids are provided over the website. There is no provision of 24*7 live chat or support to the traders using the very own trading platform of the company.
There is one UK code number mentioned on the website but the link between the companies operating from the Caribbean and the UK is doubtful. The same number comes out to be switched off if existing customers try to reach the company over it. No support teams to help the traders if you are stuck in general account activities or while you are live on trading platforms.
Weak Social Media Reputation
MGC Logic does not have any active social media accounts. While social media is a pioneer in business development and helps the companies to share the latest trends according to the company’s rise in the global market, the absence of online reputation leaves the company in the dark. It is only done to keep the existing customers away from the leading platforms. The sufferers do gripe about their experiences on social media to generate awareness about the brand and to help others to stay away from falling prey to the scam brokers.
MGC Logic cannot be trusted for its services in the trading industry. Hidden information, false claims, weak trading platform, and unjustified fees lead it to score a rating of 1 on the 5 point scale. It is not recommended to deal with MGC logic for any type of trading.
MGC Logic fails to provide effective services to its clients. It fails in every aspect as a Crypto broker.
- No Customer Support
- Greedy Withdrawal Conditions
- No Info on Offered Leverage and Spreads