Morgan Trust
The Worst Forex Broker in Europe
Morgan Trust is owned by GreenRiver OU. The registered address of Morgan Trust is stated to be situated in HarjuMaakond, Tallinn, Keslina Linnaosa, Parda to 4, 10151, Estonia and is operating from Dublin. The operational address of the company is 77 Sir John Rogerson’s Quay, Grand Canal Docklands, Dublin, Ireland.
Not Regulated by Estonian FSA
The Financial Supervision Authority of Estonia is the government agency responsible for the financial crisis resolution and the regulation of the financial market in the North European region. Morgan’s trust is not regulated but the reputed Estonian FSA. It can be verified
Not Regulated by Central Bank of Ireland
The Central Bank of Ireland does not have Morgan Trust incorporated in its registers of regulated financial services. The Central Bank of Ireland is the regulator authority of the financial services in the area of Ireland. You can check the references.
Doubtful Jurisdiction of Marshall Islands
The terms and conditions of the Morgan Trust clearly states that it is under the jurisdiction of Marshall Islands laws.
To my surprise, there is no address or office of the Morgan Trust in the Marshall Islands. Just to revise my facts that any company is termed as a regulated broker if it is registered with the regional financial authority. Morgan Trust has offices in Ireland and Estonia but is not regulated by any of the regional watchdogs.
Similar review: MFP Investments
The terms and conditions of the company have added further confusion with the third location of the Marshall Islands. All three areas, Marshall Islands, Ireland, and Estonia are geographically vast areas having no link to the company from the regulation of services.
Ban on GreenRiver OU by FCA
The Financial Conduct Authority of the UK has raised a warning against the parent company of Morgan Trust. It has mentioned that the company is illegally providing the services to the traders form the region. Morgan Trust is neither registered nor regulated by the reputed FCA.
Ban on Morgan Trust by Austria’s FMA
The Financial Market Authority of Austria has warned its traders that it has not authorized the Morgan Trust to provide any financial services in the region of Austria. The traders dealing with the company are not protected by the respected FMA as the company is not maintaining the minimum standards to be legalized in the region.
Warning to Morgan trust by FSMA
The Financial Services and Market Authority of Belgium have also warned its traders against the Morgan trust on the recommendation of the FMA of Austria. It is responsible for the regulation of financial services in Austria.
Ban on Morgan Trust by CONSOB
The Commissione Nazionale per la Societa e la Borsa has released a warning against the Morgan Trust. The Italian securities market has conveyed to the traders that it is not safe to trade with the company and there is no security of the funds while dealing with Morgan Trust.
Blacklisting of Morgan Trust by DFSA
The Financial Supervisory Authority of Denmark has issued a red flag against the illegal services of the Morgan Trust in the Danish region. It is the government body that safeguards the interest of the Danish traders. The link of the warning is mentioned below.
My Morgan Trust review has found that the company is not regulated under any of the reputed agencies and has various warnings against its fraudulent activities. The five reputed regulators like the FCA, the FMA, the FSMA, the CONSOB, the DFSA have observed the fraud activities of the company. Morgan Trust is an unregulated offshore broker operated by unknown persons, whose identity cannot be established.
Colossal Charging Trading Accounts
Morgan Trust is into currencies, commodities, indices, cryptocurrencies,and stocks. Nothing to surprise that the company does not provide demo accounts. The traders are not able to practice in the actual trading conditions without risking actual money. Further, a trader loses the ability to try his trading strategies and understand the forex charts, trading signals, etc. For an unregulated broker like the Morgan Trust, the absence of a demo account creates a sense of unreliability and distrust over the company’s committed trading conditions as well.
About the live trading accounts, Morgan Trust has the basic account starting with $10,000 as a minimum first investment. Supplementary to this is the division of accounts based on sprouting minimum initial amounts only. Let us have a look at the 5 trading accounts of the company.
- Basic Account: As stated earlier, it starts with the minimum initial deposit of $10,000. The spreads are not so attractive as it starts with 2.5 pips for the EUR/USD than the ideal 0 pips. There is no clarity over the leverage ratio.
- Silver Account:It starts with the minimum initial deposit of $25,000. There are no changes in the pips and the leverage ratios remain undefined. The height of the inconvenience is that there is no difference in the services than a basic account.
- Gold Account: The gold account requires a minimum initial investment of $,50,000. It is a gigantic amount to be considered as a minimum first deposit only.
- Platinum Account: It starts with the minimum initial deposit of $150,000. No information about the leverage and spread are provided.
- Diamond Account: The diamond account starts with the least investment amount of $250,000. The spreads and the leverage ratios remain unknown.
The five live trading accounts with no actual services to offer are not advantageous but adds to the gripe of the traders. The trading conditions are not defined. There is no provision of a demo account. Likewise, there is no way that a trader can get the idea of the Morgan Trust unless you are in business with the company while risking your money.
Outdated Trading Platform
Morgan Trust has not gone beyond the much trusted MetaTrader 4 platform. Developed by MetaQuotes in the year 2005, the Meta Trader is an all-in-one trading platform. The Meta Trader is a strong yet fully customized trading platform. All the trades and funds transfers are encrypted. Apart from the safety and security of the funds, Meta Trader is best in the fast execution of traders, automated robots, trading charts add to the best trading experience for the professional and newcomers traders.
There is no facility for social trading with Morgan Trust. Moreover, while Meta Trader is a great platform, the version they use is an outdated one. The market uses MetaTrader 5 while they’re stuck at MetaTrader 4.
Limited Options for Deposits and Withdrawals
There are no options in channels of funds transfer. The only method to transfer funds in the trading accounts of the Morgan Trust is through bank wire transfer and credit/debit cards. The absence of much-trusted e-wallets like the Skrill comes as no new amazement as the payment provider is working under the anti-scam policy that does not allow it to extend its services to offshore unregulated brokers.
Morgan Trust has found some surprising facts in the terms and conditions of the company. It has mentioned that the minimum deposit amount is $250. But the minimum initial deposit for live accounts starts with $10,000. The company aims to create a mirage to attract traders.
The withdrawal time is set to seven days. It is high as compared to the competitor’s time frame of around 24-36 hours only. The withdrawal charges start at $20 for the bank wire transfers and go upto 3.5% for the credit cards. The withdrawal less than $100 has an additional fee of $20.
Online Existence Check
There are no active accounts of the company on Facebook and Twitter. The breakdown of the company to understand the value of social media reflects the level of unprofessionalism adopted by the company. It is another way adopted by the Morgan Trust to keep the negative responses of the customers away from getting into light.
Decrepit Professional Support
Morgan Trust has given two numbers over the website. These belong to Austria and Switzerland. There is no live support and the Skype ids provided by the company. There is no way to connect to the technical support team and hence their reliability cannot be established.
Weak technical support by the Morgan Trust adds to the vows of the traders. The response time taken by the company is already 3 times higher than other brokers. An additional delay of the professional support to the trader makes it the worst experience.
Conclusion
Morgan Trust is established to be an offshore unregulated broker offering fake claims to attract the traders. The high investment demanding live accounts of the company with no availability of trading accounts and the demo account is of no use to the traders. The imposition of ban on the services of Morgan Trust by different regulatory invigilators, hallmark the greed and money eccentric approach of the owners.
References:
- https://www.fi.ee/en/otsing?keys=Morgan+Trust&type=All
- https://registers.centralbank.ie/FirmSearchResultsPage.aspx?searchEntity=Institution&searchType=Name&searchText=Morgan+Trust®isters=All&firmType=All
- https://www.fca.org.uk/news/warnings/jones-mutual-greenriver-ou
- https://www.fma.gv.at/morgan-trust-greenriver-ou/
- https://www.fsma.be/en/archive-2019-warnings-foreign-authorities-who-are-members-esma-pol
- https://www.consob.it/web/consob-and-its-activities/warnings?viewId=ultime_com_tutela
- https://www.dfsa.dk/News/Advarsler-fra-Andre-tilsynsmyndigheder
