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The WikiFX Score of this broker is reduced because of too many complaints!

Mgport

United States|1-2 years|
Suspicious Scope of Business|Suspicious Overrun|High potential risk|

https://www.mgmexport.org/home

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https://www.mgmexport.org/home
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Mgport

Company Abbreviation

Mgport

Platform registered country and region

United States

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 5
Previous Detection : 2024-05-20
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 6 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Mgport · Company Summary

      Mgport Review Summary
      Founded 2010
      Registered Country/Region United States
      Regulation NFA (Unauthorized)
      Market Instruments Commodity futures
      Demo Account Unavailable
      Trading Platforms Mgport Platform
      Customer Support 24/7 Live support

What is Mgport?

Mgport's home page

Mgport, established in 2010 and headquartered in the United States, is a brokerage specializing in commodity futures trading. While it operates without regulation from the NFA, it provides traders with the opportunity to trade these specialized instruments. It's important to note that Mgport does not offer a demo account for practice, making it better suited for experienced traders who are comfortable with the nature of commodity futures. The platform's straightforward approach is complemented by 24/7 live customer support, allowing traders to get assistance when they need it most.

Pros & Cons

Pros Cons
• Diverse trading support • Unauthorized regulation by NFA
• Instant execution • Limited information on account
• Professional team • Limited trading instruments

Pros:

• Diverse trading support: Mgport has more than 25 global exchanges and liquidity venues, supporting more than 130 contracts, 30+ global FCM, more than 25 OMS/EMS suppliers.

• Instant execution: Ensures immediate order fulfillment, particularly vital in fluctuating markets where prices can shift swiftly.

• Professional team: Mgport has a professional team with years of expertise in futures trading, which assists investors in their trading.

Cons:

• Unauthorized regulation by NFA: Doubts surrounding a platform's regulatory status can be concerning. Proper regulation guarantees that the broker adheres to lawful and ethical standards, safeguarding traders from potential malpractices.

• Limited information on account: It lacks comprehensive information regarding account details, potentially leaving traders with unanswered questions and uncertainties about their trading conditions.

• Limited trading instruments: Mgport offers a relatively limited selection of trading instruments, potentially restricting diversification opportunities for traders looking to explore various markets beyond commodity futures.

Is Mgport Safe or Scam?

When considering the safety of a brokerage like Mgport or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:

  • Regulatory sight: It is regulated by NFA with license number 0558558. However, the status is labelled as unauthorized,which means that there is no guarantee that it is a safe platform to trade with.

unauthorized NFA license
  • Security measures: The broker offers segregated bank accounts to ensure the safety of customers' funds.

Ultimately, the decision of whether or not to trade with Mgport is a personal one. You should weigh the risks and benefits carefully before making a decision.

Market Instruments

Market Instruments

Mgport specializes in providing access to commodity futures, making it an appealing choice for traders interested in this specific asset class. Commodity futures involve trading contracts that specify the future delivery of raw materials or primary agricultural products at a predetermined price, enabling traders to speculate on price movements. Mgport offers traders the opportunity to capitalize on price fluctuations in commodities, potentially leading to substantial returns on investment.

Trading Platforms

Trading Platforms

Mgport Trader is a versatile trading platform designed for convenience and accessibility. It offers compatibility with a wide range of mobile phone models, ensuring that traders can easily access and use the mgport platform app at any time, making trading on the go a breeze. With a user-friendly interface, it provides an easy-to-operate experience, allowing traders to execute transactions validly and securely while benefitting from safety protection measures, providing a reliable and user-focused trading environment.

Customer Service

At Mgport, customer support is made exceptionally accessible through their 24/7 live chat feature on the website. This instant messaging service offers traders the ability to connect with a support representative in real-time, providing swift assistance for any queries or concerns. With live chat, users can expect prompt responses and efficient problem-solving, ensuring a seamless trading experience with reliable support at their fingertips.

Conclusion

In conclusion, Mgport provides a trading platform suitable for investors interested in commodity futures. However, investors should exercise caution due to the limited information available regarding account options and the relatively small selection of trading instruments. Additionally, it's worth noting that Mgport lacks regulation by the NFA, which may raise concerns for some investors. To make an informed decision, investors should carefully evaluate whether Mgport aligns with their trading goals, risk tolerance, and the specific commodities they wish to trade.

Frequently Asked Questions (FAQs)

Q 1: Is Mgport regulated?
A 1: Yes. It is regulated by NFA, but is labelled unauthorized.
Q 2: How does Mgport ensure my funds are safe?
A 2: Funds are kept in segregated bank accounts in accordance with regulatory requirements.
Q 3: Does Mgport offer demo accounts?
A 3: No.
Q 4: Can I trade indices with Mgport?
A 4: No, Mgport only provides commodity trading.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

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Carolina 2020
more than one year
Stop wasting your time and money because they will not allow you to make a withdrawal from your account but it possible to get back your lost investment from a scam broker because I was able to get back my lost investment from the scam broker through the help of maiI : nick Jover 4 at gm com, he will guide you on step to get back your lost funds
2023-12-08 17:02
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