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Score

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/10
The WikiFX Score of this broker is reduced because of too many complaints!

MC

Hong Kong|5-10 years|
MT4 Full License|The server is only located in China.|Clone Firm Hong Kong|Suspicious Overrun|High potential risk|

https://www.xsmcfx.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
XSMCInternational-server MT4
Server Location China

Contact

8008-701-858
service@xsmcfx.com
https://www.xsmcfx.com/
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

Open Now

Contact number

Traditional Chinese(HK)

8008-701-858

Broker Information

More

Company Name

Magic Compass New Zealand Limited

Company Abbreviation

MC

Platform registered country and region

Hong Kong

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 6
Previous Detection : 2024-05-20
  • The claimed China Hong Kong CGSE regulation (license number: 081) is verified as a clone firm. Please pay attention to the risk!
  • The number of the complaints received by WikiFX have reached 53 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
New Zealand broker MC not found according to provided address

New Zealand broker MC not found according to provided address

A field investigation according to the address it provided did not find MC’s office in New Zealand. The company claims to hold an AA-type license from the Hong Kong CGSE, a full license from the Cyprus CySEC, an EU authorized representative license from the UK FCA and a Financial Services Provider license from the New Zealand FSPR. But the authenticity of these licenses needs to be further verifie

Danger MC New Zealand
A Visit to MC in Cyprus -- Office Not Found

A Visit to MC in Cyprus -- Office Not Found

It was confirmed after the visit that MC's real address was not the same with its regulation address. The broker held a Tier AA license issued by CGSE, a full license issued by CySEC and a EEA license issued by FCA, Its since its certification provided by FSPY was cancelled.

Danger MC Cyprus
New Zealand broker MC not found according to provided address

New Zealand broker MC not found according to provided address

A field investigation according to the address it provided did not find MC’s office in New Zealand. The company claims to hold an AA-type license from the Hong Kong CGSE, a full license from the Cyprus CySEC, an EU authorized representative license from the UK FCA and a Financial Services Provider license from the New Zealand FSPR. But the authenticity of these licenses needs to be further verifie

Danger MC New Zealand
A Visit to MC in Cyprus -- Office Not Found

A Visit to MC in Cyprus -- Office Not Found

It was confirmed after the visit that MC's real address was not the same with its regulation address. The broker held a Tier AA license issued by CGSE, a full license issued by CySEC and a EEA license issued by FCA, Its since its certification provided by FSPY was cancelled.

Danger MC Cyprus

WikiFX Verification

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Pyramid scheme complaint
Expose

    Total Margin Trend

    • VPS Region
    • User
    • Products
    • Closing time
    • HoChiMinh
    • 583***
    • EURUSD
    • 04-21 11:05:44
    • Taipei
    • 363***
    • XAUUSD
    • 04-21 06:27:40
    • Washington
    • 211***
    • XAUUSD
    • 04-21 05:30:24

    Stop Out

    1.31%

    Stop Out Symbol Distribution

    6 months

    Sources

    MC · Company Summary

    Aspect Information
    Registered Country/Area Hong Kong
    Founded Year 5-10 years (specific year not provided)
    Company Name Magic Compass New Zealand Limited
    Regulation Hong Kong (Regulation Number: 081)
    Minimum Deposit N/A
    Maximum Leverage 1:500
    Spreads Starting from 0.2 pips
    Trading Platforms MetaTrader 4 (MT4)
    Tradable Assets Forex, commodities, indices, stocks, and others
    Account Types Standard, Premium, VIP
    Demo Account N/A
    Islamic Account N/A
    Customer Support QQ: 800809110, Email: service@xsmcfx.com
    Payment Methods Bank transfers, credit cards, debit cards, fees vary
    Educational Tools N/A

    Overview of M.C.

    M.C., also known as Magic Compass New Zealand Limited, is a financial entity based in Hong Kong. With a history spanning 5-10 years, M.C. operates in the realm of financial market instruments, including futures, options, swaps, forwards, and CFDs. It offers various account types, such as Standard, Premium, and VIP, each with specific features and monthly fees. Notably, M.C. provides a substantial leverage ratio of 1:500, enabling traders to control larger positions relative to their initial investment.

    However, it's important to exercise caution when considering M.C. as a trading platform. The regulatory status of the Chinese Gold & Silver Exchange Society (CGSE), associated with M.C., is under scrutiny, with allegations of being a “fake platform.” Regulatory authorities in different countries, including New Zealand, the United Kingdom, and Cyprus, have raised concerns about CGSE's legitimacy and reported negative ratings. Additionally, reviews and reports suggest that M.C. has faced numerous user complaints, including difficulties in fund withdrawals, frozen accounts, unauthorized transfers, and unresponsive customer service. These issues underscore potential risks associated with M.C. and its associated entities.

     basic-info

    Pros and Cons

    M.C. presents a set of advantages and disadvantages. On the positive side, it is licensed by multiple regulatory bodies, offering a diverse range of financial instruments, high leverage options, low spreads, access to the popular MT4 trading platform, and a variety of account types and deposit/withdrawal methods. However, it faces challenges related to regulatory scrutiny and warnings, concerns regarding its legitimacy, negative reviews and complaints, fees associated with certain withdrawal methods, reports of fraudulent activities, an unavailable main website, and questions about customer support and responsiveness.

    Pros Cons
    Licensed by various regulatory bodies Regulatory scrutiny and warnings
    Offers a wide range of financial instruments Concerns about legitimacy
    High leverage ratio of 1:500 Negative reviews and complaints
    Low spreads Fees for certain withdrawal methods
    Provides access to MT4 trading platform Reports of fraudulent activities
    Multiple account types available Main website unavailable
    Variety of deposit and withdrawal methods Questions about customer support and responsiveness

    Is M.C. Legit?

    The Chinese Gold & Silver Exchange Society (CGSE) is currently under regulatory scrutiny, with a “fake platform” status and holding a License type AA issued by Hong Kong (Regulation Number: 081). The licensing organization associated with CGSE is 香港紅獅集團有限公司. It should be noted that there are concerns and warnings regarding the authenticity and legitimacy of CGSE, with claims of being a cloned platform and numerous investor complaints. Additionally, CGSE is associated with negative ratings and suspicion of plagiarism in various regulatory authorities, including New Zealand FSPR (regulatory number: 480686), the United Kingdom FCA (regulatory number: 771683), and Cyprus CYSEC (regulatory number: 299/16). Consequently, individuals are advised to exercise caution and be aware of the potential risks associated with CGSE.

    regulation
    regulation
    regulation
    regulation

    Market Instruments

    FUTURES

    Futures are contracts that require the buyer to purchase an asset at a predetermined price on a specified date. Examples of futures contracts encompass stock futures, bond futures, and currency futures. These contracts serve purposes such as hedging against price fluctuations or speculating on future price changes.

    OPTIONS

    Options are contracts granting the buyer the right, though not the obligation, to buy an asset at a specified price on a predetermined date. Common instances of options contracts include call options and put options. Call options provide the purchaser with the ability to buy an asset, while put options grant the right to sell an asset. Options are typically utilized for hedging against price fluctuations or speculating on future price movements.

    SWAPS

    Swaps are contracts that involve the exchange of cash flows associated with two distinct assets. Examples of swap contracts encompass interest rate swaps, currency swaps, and commodity swaps. These contracts are employed to manage risks related to interest rates, currency exchange rates, or commodity prices.

    FORWARDS

    Forwards are contracts that obligate the buyer to purchase an asset at an agreed-upon price on a specified date. Unlike futures contracts, forwards are not traded on an exchange. They are employed for purposes such as hedging against price fluctuations or speculating on future price movements.

    CFDs

    CFDs (Contracts for Difference) are a type of derivative that allows traders to speculate on the price movements of an underlying asset without actual ownership. CFDs are traded on margin, enabling traders to control a larger position with a relatively small capital deposit. It is essential to note that CFDs are considered a high-risk investment and should be used cautiously, primarily by experienced traders.

    Pros and Cons

    Pros Cons
    Offers diverse market instruments High risk associated with CFD trading
    Allows for hedging strategies Complex derivatives may not be suitable for all traders
    Provides speculative opportunities Potential for substantial losses in CFD trading

    Account Types

    Standard Account: This is the most basic account type and has no monthly fees. It offers a maximum leverage of 1:100 and a trading volume of 100,000 contracts per month.

    Premium Account: This account type has a monthly fee of $10. It offers a maximum leverage of 1:200 and a trading volume of 200,000 contracts per month.

    VIP Account: This account type has a monthly fee of $100. It offers a maximum leverage of 1:500 and a trading volume of 500,000 contracts per month.

    Pros and Cons

    Pros Cons
    No monthly fees for the Standard Account Monthly fee of $10 for the Premium Account
    Maximum leverage of 1:500 Monthly fee of $100 for the VIP Account

    Leverage

    M.C. offers a leverage ratio of 1:500, allowing traders to control positions that are up to 500 times the size of their initial investment.

    leverage

    Spreads & Commissions

    M.C. offers spreads on currency pairs, starting from 0.2 pips. It does not charge commissions on currency pairs, but does charge commissions on other instruments, such as stocks and commodities. The commissions vary depending on the instrument. For example, the commission on US stocks is $0.005 per share, and the commission on gold is $10 per contract.

    Deposit & Withdraw

    M.C. offers a variety of deposit and withdrawal methods, including bank transfers, credit cards, and debit cards. The fees for deposits and withdrawals vary depending on the method used. For example, the fee for depositing money using a bank transfer is 0%, while the fee for withdrawing money using a credit card is 3%.

    Pros and Cons

    Pros Cons
    Multiple deposit and withdrawal methods available Fees associated with certain withdrawal methods
    No fees for bank transfer deposits Fees for withdrawing money using credit cards

    Trading Platforms

    M.C. offers the MT4 (MetaTrader 4) trading platform to its users, a widely recognized and popular trading platform in the industry. MT4 provides traders with advanced tools and features for executing trades and analyzing market data, including access to a variety of technical indicators and charting tools. It supports trading in various financial instruments, including forex, commodities, and indices. MT4 is known for its user-friendly interface and robust capabilities, making it a preferred choice for many traders.

    trading-platform

    Pros and Cons

    Pros Cons
    Offers the widely recognized MT4 trading platform Limited variety of trading platforms
    Provides advanced tools and technical indicators No information on custom platform options
    Supports trading in various financial instruments Potential need for additional features

    Customer Support

    M.C. provides customer support through QQ at 800809110 and via email at service@xsmcfx.com. They can also be reached by phone at 8008-701-858 or 8008701858.

    Reviews

    According to reviews on WikiFX, M.C. has received numerous complaints and reports of fraudulent activities from users. Some common issues reported include difficulties in withdrawing funds, frozen accounts, unauthorized fund transfers to personal accounts, and problems with closing positions. Users have expressed concerns about serious losses due to issues like internal data problems, slippages, and a lack of responsiveness from customer service. The platform's credibility has been questioned, with claims of deceptive practices and a negligent attitude towards customer problems. These reviews suggest a high level of dissatisfaction and potential risks associated with M.C.

    customer-support

    Conclusion

    In conclusion, Magic Compass New Zealand Limited (M.C.) presents both advantages and disadvantages. On the positive side, it offers a high leverage ratio of 1:500, enabling traders to control larger positions. It provides the widely recognized MT4 trading platform, known for its user-friendly interface and robust capabilities. Additionally, M.C. offers a variety of account types to cater to different trading needs. However, there are significant concerns regarding its legitimacy, as it is associated with regulatory scrutiny and warnings about its authenticity. Negative ratings and suspicions of plagiarism in regulatory authorities further raise doubts about its reliability. Reviews from users on WikiFX indicate numerous complaints, including difficulties in fund withdrawals, frozen accounts, and concerns about platform credibility. Therefore, individuals considering M.C. should exercise caution and thoroughly assess the associated risks.

    FAQs

    Q1: What is the full name of M.C. in Hong Kong?

    A1: The full company name of M.C. in Hong Kong is Magic Compass New Zealand Limited.

    Q2: Is M.C. considered legitimate?

    A2: M.C. is currently under regulatory scrutiny, with concerns about its legitimacy due to claims of being a cloned platform and negative ratings from regulatory authorities.

    Q3: What market instruments does M.C. offer?

    A3: M.C. offers various market instruments, including futures, options, swaps, forwards, and CFDs.

    Q4: What are the different account types offered by M.C.?

    A4: M.C. offers Standard, Premium, and VIP account types, each with its own features and fees.

    Q5: What leverage does M.C. provide to traders?

    A5: M.C. offers a leverage ratio of 1:500, allowing traders to control positions up to 500 times their initial investment.

    Q6: What are the deposit and withdrawal methods available with M.C.?

    A6: M.C. offers a variety of deposit and withdrawal methods, including bank transfers, credit cards, and debit cards, each with its own associated fees.

    Q7: What trading platform does M.C. offer?

    A7: M.C. offers the widely recognized MT4 (MetaTrader 4) trading platform, known for its user-friendly interface and robust capabilities.

    Q8: How can I contact M.C.'s customer support?

    A8: You can contact M.C.'s customer support through QQ, email, or phone.

    Q9: Are there any common issues reported by users regarding M.C.?

    A9: Yes, users have reported issues such as difficulties in withdrawing funds, frozen accounts, and problems with closing positions, raising concerns about the platform's credibility.

    Q10: Should I be cautious when considering M.C. as a trading option?

    A10: Yes, given the reported issues and concerns about legitimacy, it's advisable to exercise caution when considering M.C. as a trading platform.

    User Reviews

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    User comment

    6

    Comments

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    Jason31554
    more than one year
    Even worse, the customer service team was unresponsive and unhelpful when I tried to address these issues with them. It felt like they were intentionally avoiding my inquiries and didn't care about my experience as a trader.
    2023-04-06 10:11
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    0
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    Jason31554
    more than one year
    The platform was clunky and slow, which made it difficult to execute trades quickly, and it often froze or crashed altogether, causing me to miss out on several profitable trades.Another issue I faced was the significant slippage I experienced on my trades. The prices of the trading products often moved against me by a considerable amount, which led to unexpected losses. Besides, I had issues with my withdrawals being delayed, which was frustrating.
    2023-04-06 10:11
    Reply
    0
    0
    FX9909599220
    more than one year
    The domestic VOVO app store also recommends this software. I saw the name of the company’s server from the software, and found that this company is still scamming, but there are tens of millions of downloads in the app store alone. It can be seen that the victim And the number of dupes is huge.
    2022-12-26 20:21
    Reply
    0
    0
    fly60219
    more than one year
    I really don't want to remember my miserable experience with MC, but I hope more people can read my review and stay away from this scammer. They rejected my withdrawal request for various reasons. You can also see on this website that there are still many victims. Never invest with MC!
    2022-11-30 10:22
    Reply
    0
    1
    FX1052007034
    more than one year
    Shame on them! Fraud clone company! Their platform has absconded last year, but now they should come back again, continuing to induce traders to invest money.
    2022-11-27 15:37
    Reply
    0
    0
    FX1061194759
    more than one year
    A scam broker, MC causes substantial losses to his clients. For-profit users are not allowed to join the network. Have the customers lose everything they own! Avoid being fooled. Learn from my mistakes; they could have been avoided!
    2022-11-27 00:01
    Reply
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