MGM Markets Review (2023)

Is MGM Markets a scam or legit broker?

MGM Markets is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, never monitored in terms of its safety and simply may operate the business in any way it wishes.

No, it is not safe to trade with MGM Markets. MGM Markets is owned by Tube Global Marketing and claims to be located in the United Kingdom.

According to the website, Tube Global Marketing is an innovative online trading brokerage firm, providing traders from across the globe the possibility to trade and profit from the global financial markets. The broker offers to maximize your profit potential and constantly develop your abilities with more than 1,000 top-class financial assets from 4 major markets and 3 trading instruments (CFDs and FX).

MGM Markets doesn’t provide any regulation details as well as its address. The only contact detail is the contact phone number with British country code, which supposedly should be the broker’s location. However, the broker is not licensed by the UK’s regulator Financial Conduct Authority, which means MGM Markets is not regulated. 

Moreover, the Australian regulator ASIC has issued a warning against the broker:

“ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia. The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.”

Conclusion

We advise all investors and traders to avoid MGM Markets and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets and Alpari. Also read our Review InstaForex.

MGM Markets website is no longer active.