Mgmex is a futures brokerage firm registered in the United States on April 11, 2023, primarily providing commodity trading services to investors. The company's headquarters address has not been disclosed. The broker's official website domain was registered on June 1, 2018, and it does not provide services to jurisdictions where it may violate local laws or regulations.
Corporate Registration Information and Regulatory Status:
Public information on the official website indicates that the registered entity of Mgmex is MGMEX INC, with the company registration address at 244 MADISON AVENUE, SUITE 1666, NEW YORK, NY, UNITED STATES, 10016, and the enterprise registration number is 6796150. The entity is registered with the National Futures Association (NFA) and the Financial Crimes Enforcement Network (FinCEN) in the United States.
Upon verification, it was found that there is an international business company named MGMEX INC in the New York State Corporation and Business Entity Database, with registration number 6796150. However, this entity is registered as a non-member with the NFA and is not subject to NFA regulation. Additionally, the mission of the United States Money Services Business (MSB) is to protect the financial system from illegal use, combat money laundering and related crimes (including terrorism), and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence. The MSB does not regulate futures trading or issue futures licenses.
Account Opening:
To open an account with Mgmex, users need to click on the "Register" button in the upper right corner of its official website. After entering the registration page, users should provide their personal email address and set a login password. Upon submission, 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 website, choose identity verification, upload identification documents, and proceed with deposits and trading.
Trading Leverage:
The leverage provided by this broker ranges from 10 to 100 times, with a minimum deposit of $200.
Trading Platform:
Mgmex offers a proprietary trading platform, limited to the Webtrader version.
Deposits and Withdrawals:
The official website of the broker does not disclose the supported methods for deposits and withdrawals.
Customer Support:
Users can only obtain customer support from Mgmex through the online contact form on the broker's official website, with no other communication channels available.
Summary:
Traderknows reminds investors that Mgmex is only a registered entity with the NFA and is not regulated by the NFA. It is also not subject to effective supervision by any official financial regulatory authorities in other jurisdictions. Additionally, crucial trading information such as account types, spreads, minimum deposit amounts, maximum/minimum trade volumes, maximum position sizes, trading leverage, trading commissions, overnight fees, etc., has not been disclosed. Mgmex only offers a proprietary trading platform, Webtrader version.
The broker can only be contacted through the online contact form on its official website, which has a limited means of communication. Furthermore, the methods for depositing and withdrawing funds are unclear. Moreover, the entity shares a strikingly similar webpage design with Mgport's official website, and their domain names are also very similar, suggesting that they may be products of the same design group.
Therefore, Traderknows recommends investors to choose trading platforms that are transparent, legally regulated, and have a good reputation to avoid unnecessary financial losses. Currently, this broker has been marked as "suspected of fraud" on Traderknows.
