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MGL FOREX

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Operating status: SCAM

Website: https://www.mglforex.mn/

Broker violations and abnormal records
  • 2022-06-23 Brokersview has Reviewed that MGL FOREX is an Unregulated Forex Broker

    MGL FOREX claims to be a reliable broker without presenting any information about its regulation. The lack of such important information may be a distinct signal of an unlicensed broker, as regulated brokers always present their accreditation and licenses in a prominent position. It is a red flag. 

    MGL FOREX also claims to be a Mongolia-based entity. As per information we have, Mongolia has no authorities issue licenses for forex trading or regulate entities that offer forex services. That means MGL FOREX is not regulated by any regulators. 

    Letting an unregulated broker hold or control investors' money is unsafe and the money can not be protected by any laws. Therefore, it is a scam. 

    MGL FOREX claims to be a reliable broker without presenting any information about its regulation. The lack of such important information may be a distinct signal of an unlicensed broker, as regulated brokers always present their accreditation and licenses in a prominent position. It is a red flag. MGL FOREX also claims to be a Mongolia-based entity. As per information we have, Mongolia has no authorities issue licenses for forex trading or regulate entities that offer forex services. That means MGL FOREX is not regulated by any regulators. Letting an unregulated broker hold or control investors' money is unsafe and the money can not be protected by any laws. Therefore, it is a scam.

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