Morgan Finance presents itself as a reliable broker that will offer users great profits and access to amazing platforms, it is unlikely that this will turn out to be true in reality. So think twice before investing any money with this shady brokerage.
This is another fraudulent broker who manipulatively hides important information about himself. Although the site looks decent enough, the scam broker is not regulated, and its registration abroad makes it basically anonymous.
Morgan Finance is an unregulated company, which is associated with Effervescent Group LTD, which is another dubious brokerage.
|Headquarters||First Floor, First ST Vincent Bank LTD Building, James Street, Kingstown VC0100, St. Vincent and the Grenadines|
Morgan Finance License and Regulation
We could not find information about regulation on the Morgan Finance website. More precisely, there is no license mentioned on the webpage.
The information we have obtained is that the company is owned by Effervescent Group LTD, a company that is based in St. Vincent and the Grenadines, which does not add credibility to Morgan Finance.
We have not been able to reach the owners of the website. This can be a big problem especially when you start suspecting that it is a scam. You will not know who to take any significant legal action against to recover your funds.
Although not all brokers who are registered in St. Vincent and the Grenadines are scammers, this pace is a frequent choice of scam brokers for their activities. The local financial authority, SVGFSA, deals only with the banking sector and does not impose any laws in the sphere of foreign exchange trading.
This means that brokers who are registered there do not have special requirements and regulations that they have to fulfill. Here they are free to operate under any conditions they choose or see fit. This is frustrating for users because they are investing money at risk.
Morgan Finance Trading Software
Morgan Finance says its trading software is MetaTrader, and the popular MetaTrader5, no less. However, the platform they actually offer is actually a simplified web platform, Nijava’s web trading platform can be called decent, it has some charting and analysis tools and gives the ability to set trading signals or access the economic newsletter directly through the platform.
But, this platform is far from comparable to MetaTrader, which has a lot more features and options. Certainly, the information that it is an unregulated broker diminishes the importance of the trading platform.
If you are getting scammed, it doesn’t really matter which platform you play around with while you’re getting defrauded by an illicit broker.
Available Trading Instruments at Morgan Finance
When it comes to trading instruments, Morgan Finance offers its users trading in currency pairs forex, stocks, indices, and commodities.
The problem is that with currency pairs there is a huge spread that is as much as 3 pips. The leverage of 1:300 is another thing only a phony broker would offer.
Even if the trade offer seemed good, which is not the case here, it would not be worth the risk of losing your capital. There are many other secure brokers that offer their clients much better terms and more choices for trading.
Deposit and Withdrawal Methods
The minimum deposit with Morgan Finance is $250, which doesn’t sound as scary as some other scam brokers but it is still higher than what legitimate brokers usually require.
When it comes to transferring money, MorganFinance suggests Bitcoin, Litecoin, and Ethereum, to avoid transaction tracking.
But on the site, there are also options for deposit payments via VISA and Mastercard cards, but these transactions go through a third party called abncbp.com, which probably takes a fee, and at the same time reduces the credibility of Morgan Finance.
Another old method used by scam brokers is the bonus that the scammer offers, but you will not be able to withdraw the bonus unless you reach a certain turnover threshold, 25 times the bonus plus your initial deposit. This will make it much more difficult for you to be able to withdraw money.
However, the broker will most likely reject the profit withdrawal request and will continue to raise the turnover threshold so that you cannot withdraw the profit. This will buy the broker time in preparation to completely disappear with your deposit.
How Does Offshore Brokers’ Scam Implement?
Scam brokers usually put all their resources into attracting clients. They will make the website look as user-friendly as possible and present themselves as a trusted broker, with advanced technology, and an amazing offer. The goal of such brokers is to attract as many users as possible and then extract deposits from them.
After the clients make the deposit all they have to do is get entangled in the web of terms and conditions devised by fraudsters like Morgan Finance.
So, for example, this broker will constantly add new conditions for withdrawing profits, thereby buying time for himself and at the same time deceiving other clients, and then he will disappear. Often these scam brokers soon appear on a new web address with a different name.
Highly Recognized Trading Brokers
In order not to get entangled in a network of fraudsters like Morgan Finance, we will recommend you verified brokers.
Take a look at the table, and check out these top-rated brokers. These are regulated brokers with good trading conditions for users. You can choose your broker according to your personal preferences.
The terms of business with regulated brokers are completely clear and transparent, as is the regulation. So don’t take any risks, but do business in a safe environment.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFx.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||Xm.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||Fbs.com|
Morgan Finance Summary
We do not recommend Morgan Finance Broker. You can see from our Morgan Finance review that it is an unregulated company.
They have sub-par trading software, and their offer does not stand out in any way, unlike regulated brokers with a wider range of trading instruments offered. Their business conditions are disastrous, and the lack of refund information is a big drawback.
Of course, nothing better could be expected from a fraudulent broker. Morgan Finance is certainly not in the market to provide customers with convenient trading conditions, it is only there to steal from them.
FAQs About Morgan Finance Broker
Is My Money Safe with Morgan Finance?
Your money will not be safe with Morgan Finance broker.
When Was Morgan Finance Founded?
The only information we have about Morgan Finance is that it is owned by Effervescent Group LTD.
How Long Do Morgan Finance Withdrawals Take?
Morgan Finance does not provide such information. Since it’s a scam, we doubt you’ll get your money back.