Mgport is a futures brokerage firm whose official website was registered on August 9, 2023. It primarily offers commodity trading services to investors, and its corporate headquarters address has not been disclosed. The broker does not provide services to jurisdictions where it may violate local laws or regulations, and its website offers services in multiple languages.
Corporate Registration Information and Regulatory Status:
Public information on its official website indicates that Mgport's registered entity is Mgport INC, registered on April 11, 2010. The company's registered address is 244 MADISON AVENUE, SUITE 1666, NEW YORK, NY, UNITED STATES, 10016, with the business registration number 6796150. Additionally, this entity is registered with the National Futures Association (NFA) and the Financial Crimes Enforcement Network (FinCEN) in the United States.
Upon verification, there is no company named Mgport INC in the New York State corporate and business entity database. The company registered under the number 6796150 is identified as MGMEX INC, registered on April 11, 2023. Furthermore, Mgport INC is registered with the NFA as a non-member entity and is not regulated by the NFA. The FinCEN website does not have information on the MSB (Money Services Business) registration for this entity. Moreover, both Mgport INC and MGMEX share identical webpage designs, and their domain names are very similar, indicating they are likely products of the same design.
Account Opening:
To open an account with Mgport, users need to click on the "Register" button in the upper right corner of its official website. After entering the registration page and providing a personal email address along with setting a login password, the broker will send a verification code to the user's email address. After entering the code, users can log in to their personal dashboard, click on their account in the upper right corner of the webpage, choose identity verification, upload identification documents, and then proceed to deposit funds for trading.
Trading Leverage:
Mgport provides trading leverage ranging from 10 to 100 times, with a minimum deposit amount of $200.
Trading Platform:
Mgport offers a proprietary trading platform developed in-house, limited to the Webtrader version.
Deposits and Withdrawals:
The broker's official website does not disclose the supported methods for deposits and withdrawals.
Customer Support:
Users can only obtain customer support from Mgport through the broker's online contact form on its official website, with no other communication channels available.
Summary:
Traderknows advises investors that Mgport is only registered as a non-member with the NFA and is not regulated by the NFA or any other official financial regulatory authority in jurisdictions. Critical trading information such as account types, spreads, minimum deposit amounts, maximum/minimum trade volumes, maximum position sizes, trading leverage, trading commissions, overnight fees, etc., is not disclosed. Mgport only provides a self-developed Webtrader version of its trading platform, and communication with the broker is limited to the online contact form on its official website. The methods for deposits and withdrawals are unclear. Additionally, the entity shares identical webpage designs and very similar domain names with MGMEX, indicating they are likely associated.
Therefore, Traderknows recommends that investors choose trading platforms with transparent information, legal regulation, and a good reputation to avoid unnecessary financial losses. As of now, Mgport has been marked as "suspected fraud" on Traderknows.
