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MorganFinance Review – All You Need to Know About This Firm
Table of Content
Fraudulent websites could sometimes be hard to spot. MorganFinance is one of them. Meticulously detailed and shiny, the site is meant to capture the attention of a potential investor. The story behind the facade is quite contrasting, though.
Effervescent Group LTD is the owning company, registered in 2021 in Saint Vincent and the Grenadines. This location is ill-famed for housing illegal brokerage activity.
Despite the missing regulation, this bogus broker announces a modern platform, a variety of assets, the tightest spreads and all in all, exceptional trading conditions.
|Leverage||Up to 1:300|
|Minimum Deposit||250 $|
|Spread||From 3 pips on EUR/USD|
Our MorganFinance review specifies all variables causing this broker not to be trustworthy, so read on to learn everything on the subject.
Is MorganFinance Legit or a Scam Brokerage?
Under the pretense of being an internationally regulated broker, MorganFinance insists on being professional, advanced, and trustworthy. Yet, the only actual proof of that would be a license issued by a financial authority, which the broker fails to provide.
The SVG financial entity does not regulate Forex brokerage firms. For that reason, we went on to check other regulators’ databases. FCA, BaFin, CySEC, ASIC, CFTC, IIROC, CONSOB, and CNMV do not include MorganFinance in their lists of regulated companies.
Based on the search results we can deduce that this firm is a bogus broker offering financial services it wasn’t authorized for!
Without a license to back their claims, MorganFinance cannot be expected to function in the regulatory framework that requires customer protection, transparency, and the safety of funds.
When offering online trading favors to EEA customers, MiFID rules and AML measures are obligatory. MorganFinance keeps its anonymity and is not transparent.
Please be highly cautious when dealing with this fake forex provider.
MorganFinance Trading Software Overview
Trading at MorganFinance is supposed to be made easier for all customers thanks to advanced trading tools, one-click trading, in-depth analysis, superior charting, and trading robots. The platform meant to bring this sort of experience is allegedly MT5, available for web browsers, iPhone and Android.
Working download links are not present. Quick registration allowed us access to a basic-looking web terminal that hardly resembles the renowned MT5.
MorganFinance is not honest when it comes to the most important aspect of online trading – functional trading software. How can this broker be trusted with anything they claim then?
MorganFinance Account Types Available
MorganFinance is offering several kinds of trading accounts. Every type of account requires a different deposit amount and offers unique perks, leverage, and spreads. Beginners are recommended to open Bronze and Silver accounts, while Gold and Platinum accounts would better suit the trading needs of professional investors.
All account types with minimum deposit required are:
- Bronze – $250, leverage 1:30, floating spread, stop out 25%
- Silver – $1000, leverage 1:70, floating spread, signals, account manager, stop out 40%
- Gold – $5 000, leverage 1:100, floating spread, signals, account manager, stop out 60%
- Platinum – $10 000, leverage 1:200, stop out 80%, signals, risk management, account manager
- Diamond – $25 000, leverage 1:300, stop out 100%, signals, risk management, account manager, VIP support
MorganFinance Trading Instruments
The broker ensures their clients can access all possible markets. Buying and selling of products and assets are made easier with 0% commission, 100% execution speed, and trading is available 24/5.
Groups of tradable assets are the following:
- Forex (EUR/USD, USD/JPY, GBP/CHF, CHF/AUD, CAD/EUR, NZD/JPY)
- Stocks (Amazon, Microsoft, Apple, BMW, Facebook)
- Indices (UK100, DE30, US500, EU50, FRA40, RUS50)
- Commodities (sugar, wheat, corn, oil, gold, silver)
Deposit and Withdrawal Procedure
Depositing methods available are bank/wire transfer, crypto wallet, and credit/debit cards. As mentioned before, the minimum funding amount required is $250.
Withdrawals are processed within 4 to 7 business days. Beware of the fact that all deposits and withdrawals are charged! Processing and handling fees are deducted from the transferred deposited/withdrawn amount. Suspiciously enough, the broker denies having anything to do with these charges and instructs you to refer to your bank about it.
Additionally, an inactivity fee is also imposed.
Undeposited funds, such as bonuses and incentives are not available for withdrawal until the minimum trading volume is reached. This amounts to 25 times the deposit amount plus the bonus, which is quite a lot.
Got Scammed by MorganFinance? Get Your Money Back!
Consider our MorganFinance review to be a warning if you were planning on investing with this broker. Do bear in mind that returning your funds lost to scammers has slim chances of happening. Although, it isn’t impossible.
Reacting in time is the key point in fighting against fraud. Local financial authorities and police should be alerted as soon as possible. If you find it necessary to get additional assistance, we are at your disposal for advice or consultation.
MorganFinance is a newly registered forex provider. Despite short-term functioning, this bogus firm is attracting customers with some tempting trading conditions and offers.
We’d like to list the most notable and concerning traits we have discovered about MorganFinance:
- Operating illegally – MorganFinance is an illicit brokerage site unauthorized for financial favors, transactions, and online trading services as a whole.
- Despite proclaiming to have MT5 provided, the only functional trading terminal is simple web-based software.
- Overly high leverage of up to 1:300 is banned by most influential regulators and is limited to 1:30 or 1:50.
- Bonuses, promotions, and rewards all come with strings attached and are non-viable for withdrawal before an impossible trading volume is reached.
If you’re still having doubts, remember there are plenty of regulated brokers to invest with and obtain realistic chances of achieving your trading goals.
Avoid putting your hard-earned money at risk and do not invest with MorganFinance!
FAQs About MorganFinance Broker
Is My Money Safe With MorganFinance?
Since MorganFinance operates illegally, this broker cannot be trusted to keep your investments safe.
How Long Do MorganFinanceWithdrawals Take?
Processing the withdrawal at MorganFinance takes 4-7 business days.
What Trading Asset MorganFinance Offer?
Forex, stocks, indices, and commodities are the tradable assets available at MorganFinance.