This MGS Finance review will analyze the broker’s operations, focusing on red flags and tips for recovering lost funds if scammed.
MGS Finance Broker Overview
- Website: http://mgs-financial.com/; http://mgsfin.com/
- Website Availability: NO
- Headquarters Country: Australia
- Owned By: NA
- Blacklisted by: Australian Securities and Investments Commission (Australia)
MGS Finance is an online forex brokerage offering its services via mgs-financial.com and mgsfin.com. It claims to have been in business for over twenty years but records show that the domain mgsfin.com was registered in December 2023, therefore casting doubts on its claimed longevity.
Websites Closed
Both the official sites of MGS Finance are currently now closed without any explanation. The abrupt show-off has left speculations around the platform being shut down, and clients are unable to find their accounts or funds.
Warnings to MGS Finance by ASIC
The Australian Securities and Investments Commission (ASIC) has issued a caution relating to MGS Finance, citing that the company does not have a license for operations in Australia and is providing financial services possibly in an unauthorized manner. The latter advises the public to exercise caution with the self-described entity.
Signs of Warning and User Complaints
There is a plethora of red flags and user complaints:
Regulatory Status:
The Financial Markets Authority (FMA), New Zealand, has also warned that MGS Finance does not have registration or licensing to provide services to New Zealand residents.
User Reviews:
The platform has received overwhelmingly negative feedback, with an average rating of 1.62 out of 5 based on 26 reviews. Users have issues such as frozen accounts and the inability to withdraw funds.
Withdrawal Problems:
Clients reported unavailability of withdrawal of principal investments; customer service only provided unfair conditions after demanding more fees termed as suspension.
Thus, potential investors are strongly advised to steer clear of MGS Finance and transact with brokers who are regulated by reputable financial authorities for safe investment.
Avoid These Popular Online and Financial Scams
Scammers have various ways to get into the minds of people and take away money from them. Here’s the list of scams:
- WhatsApp Scams: Scammers pretend to be officials, friends, or investment consultants. Their task is to lead the victim to invest in fake schemes or attempt phishing.
- Telegram Scams: Scammers create bogus groups and pose as real businesses to promote fraudulent investments, fake giveaways, and Ponzi schemes.
- Ponzi Scams: Their promise is of high returns and low risk, which is paid by new investors to earlier ones until the scheme collapses.
- NFT Scams: Scammers create bogus NFT projects, artificially inflate the price of NFTs, or simply dupe buyers into purchasing worthless digital collectibles.
- Amazon Scams: Fake Amazon representatives trick users into leaking personal details via fake order confirmation emails, refund scams, or phishing websites.
Is MGS Finance Broker Legitimate?
Using the following aspects, we try to confirm the legitimacy of MGS Finance Broker:
- Regulation Status: Legitimate brokers are regulated by the SEC, FCA, or ASIC. The lack of regulatory information is a big red flag.
- User Reviews and Complaints: Complaints from dozens of investors regarding lost funds and withdrawal issues point to scamming.
- Transparency and Credibility: Lack of company data, hidden fees, and misleading terms are signs of fraud.
How to Get Funds Back from MGS Finance Broker?
If you got scammed by MGS Finance Broker, these steps might help you recover your funds:
- Report to Your Bank or Payment Provider: Refer to transactions made without your permission and file a chargeback request.
- Collect All Evidence: All communications, transaction receipts, and screenshots should be consolidated as proof of the scam.
- Complaint Registration with Financial Authorities: Report the scam to the regulator within your country.
- Consider Seeking Professional Help: Recovery experts can follow the money trail and launch a lawsuit against the fraudulent brokers.
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New fraudulent schemes targeting traders are something we are constantly keeping an eye on across the internet. Having gathered data on scam brokers for over ten years, we hardly can think of any other untrustworthy company in the market. Information about the scammers is provided below from our List of SCAM Brokers.
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