MorganFinance – The Worrisome Facts about the Broker

MorganFinance

When you are searching for something on the internet, it is always wise to be cautious and not take everything at face value. We have all heard of the scams that take place online and the trading space is full of them. If you are interested in engaging in trading in the financial markets, you will quickly become aware of scam brokerages that are out to steal your money. But, you have to remember that none of these companies are going to share their true intentions. This does not mean that you cannot find out and this is what this MorganFinance review aims to accomplish.

It is true that every company is going to tout its services and promote them as much as possible, including the scam ones. After all, their goal is to get as many victims to believe them, so they try to sway you by making some very tall promises. Many do fall for their offerings and have to learn a valuable lesson the hard way, which you do not wish to do. The important thing to bear in mind is that fraudulent brokers can make all the effort in the world, but they cannot make themselves exactly like legitimate ones.

There will always be holes in their story and you just have to be thorough enough to find these. Once you do, you can see the truth and this can save you from making a big mistake. It also allows you to choose a good brokerage to start your trading journey, which can help you achieve your goals as quickly and as safely as possible. Going through the offerings of an online brokerage will usually do the trick, as you will find in the case of MorganFinance that presents itself as a trustworthy, professional and advanced brokerage.

These are undoubtedly impressive claims and if you didn’t know any better, it would be incredibly easy to believe everything that MorganFinance tells you. But, there are some worrisome facts about the company that you will discover when you look closely. You can check these here:

No regulation anywhere

These days, every online broker is familiar with the importance of being regulated and licensed when providing their services. With the rising number of scams, it has become essential for a company to get a license because it helps them distinguish themselves from the fraudulent platforms in the market. They can reassure their clients and show that they have nothing to hide. It also boosts their reputation because regulation ensures that they deliver high quality, transparent and competitive services.

Therefore, when you come across a brokerage that is not regulated anywhere, you should certainly be worried because it shows that it is not truly committed and most likely a scam. MorganFinance also falls in this category because you will not find a mention of regulation anywhere on its website. The platform is owned and operated by a company named Effervescent Group LTD and this company is based in Saint Vincent and the Grenadines.

This offshore jurisdiction is notorious for being a home of scam companies and brokerages, so it does not help MorganFinance in establishing its credibility at all. Such offshore registration means that the brokerage is essentially anonymous. You do not know anything about it and it can disappear at any time because the financial authorities in Saint Vincent and the Grenadines do not regulate these brokerages. Hence, they are free to do anything they like, including scamming people if they want.

No MT4 or MT5 platforms

One of the most impressive claims that MorganFinance makes on its website is regarding its trading platform. The brokerage is offering its clients the MT4 and the MT5 trading platforms that are well-known in the market. These are recognized as the top two trading software because of their powerful technology and the range of advanced trading tools they offer. Every professional and genuine company gives its clients access to this platform, so the fact that MorganFinance is doing the same works in its favor.

Unfortunately, it turns out that this is nothing but a lie on the part of MorganFinance because it has none of the two trading platforms available. Instead, you will find that it offers an oversimplified web based trading platform that does not have much to offer to its users. The platform is very basic and does not support many tools and features that you will find in market-leading solutions. Apart from that, the fact that MorganFinance lies about the platform it is offering is enough to worry anyone because a genuine company would never do so.

Misleading trading conditions

Another worrisome fact that you will eventually discover about MorganFinance has to do with its trading conditions. When you are going through its offerings, you will find that it is offering spreads as low as 0.5 pips. This is quite impressive because the spreads are really tight and it gives you room to make solid profits. But, as it turns out, this is yet another lie because the spreads that MorganFinance is offering start at 3 pips.

These are extremely high and more than three times what most competitive brokers offer. Furthermore, you will find that MorganFinance also has leverage ratios that go as high as 1:300, which are quite dangerous. Such leverage levels will increase your risks significantly and can lead to hefty losses.

Issues with payment options

When it comes to payment methods, you will find that crypto deposits are available at MorganFinance and this is worrisome because these payments are not eligible for a chargeback. Even though VISA and MasterCard payments are also supported, you have to make these through a third-party payment provider called abncbp.com and this makes the broker shady.

There is yet another discrepancy you will find at MorganFinance in terms of minimum deposit. Even though it claims that this deposit is $250, the default is really $1,000, which is four times higher.

Bottom Line

These worrisome facts about MorganFinance tell you that it is not a brokerage you want to sign up with for your trading journey.