Binary options are prohibited in the European Economic Area. Between 74-89 % of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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MGMtrader Broker Review

  1. MGMtrader is a relatively new unregulated binary options and CFDs broker. It was established in 2017. MGM promises great trading experience to all beginners who can get personal coach, webinars and other assistance they need. MGM also offers many interesting assets, including cryptocurrencies – Bitcoin/USD pair, Litecoin/USD pair and Ethereum /USD pair. In MGMtrader review we will try to find out if it is really so.

    MGMtrader review that follows will provide traders with more information about this broker that offers very interesting service, as well as trading interface.

  2. Account Features

    MGM trader is a new broker that offers three trading accounts for traders to choose from. The account types are visible by clicking a specific tab in the upper right corner that is not very visible.

    MGMtrader accounts are

    Basic account

    • Up to 82% payout
    • Monthly Withdrawal Fee
    • 24/5 Customer Service
    • Professional Chart
    • Trading Central (basic)

    Gold account

    • Up to 84% payout
    • Monthly Withdrawal Fee
    • 24/5 Customer Service
    • Professional Chart
    • Trading Alerts
    • Trading Central (basic)
    • SMS & Email Alerts
    • A Personal Coach

    Diamond account

    • Up to 88% payout
    • 24/5 Customer Service
    • Professional Chart
    • Trading Alerts
    • Trading Central (basic)
    • SMS & Email Alerts
    • A Personal Coach
    • Live Training Session
    • Research website

    Minimum deposit with MGMtrader is $500. The depositing limits for each account type are not listed on the website.

    MGMtrader Demo

    MGMtrader is a binary options and CFD broker that claims to deliver superior experience to all beginners. Unfortunately, they failed to deliver a demo – the most popular learning tool among all traders.

    Demo account gives traders the opportunity to test the trading platform in real-time, in all conditions that are present on real trading platform as well. The main difference is that the money on the demo account is not real, so traders can’t lose any money while they are trading on the demo account.

    MGMtrader Bonus and Leverage

    MGMtrader also offers some special benefits such as leverage. Leverage is very common among CFDs brokers as it allows traders to increase their earnings under certain conditions. However, we must admit that terms and conditions regarding leverage are never properly explained. The only place that even mentions leverage is buried deep in terms and conditions. Also, the available leverage amount is nowhere to be found. It can be presumed how the leverage is determined by the account manager. Before accepting a bonus, leverage or any other type of promotion, make sure to understand all the terms and conditions, as they are not free money.

    We also found a banner that promises us 7 days of free trading signals upon registration, but after we created our account, there were no signs of such offer. Also, trading signals were not explained in Terms and Conditions which is somewhat unusual.

  3. Try trading with an award-winning broker like IQ Option

    Between 74-89 % of retail investor accounts lose money when trading CFDs
  4. Testimonials FairForexBrokers Your capital is at risk

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  5. Trading Software & Assets

    MGMtrader is using Tradologic platform, but there is also a notification that this is about to change. All inquiries about the new platform should be sent to customer support. MGMtrader review, therefore, will only deliver the info about the current Tradologic trading platform, as it remains a mystery what platform will be integrated in the future.

    The trading platform is available in several languages: English, Russian, Italian, German, French, Hebrew, Spanish, Chinese and Arabic. Traders can easily change the language of the trading platform by clicking the desired language in the drop-down menu. There is also a selection of two types of trading: CFDs and Binary trading.

    On the left side is an asset index that traders can simply use to find the preferred underlying asset. Unfortunately, there is no possibility of creating customized asset lists or search bar. Traders have to scroll to find the asset they are interested in.

    In the middle of the platform is the trading chart, where you can follow market movements. There is also a special bar that shows buying and selling levels. However, the bar should be only used as an informative tool and not as a trading recommendation.

    Below the chart, there is a special filed dedicated to opened trades and closed trades. Trades are placed in a special field on the right part of the platform. Some of the most interesting underlying assets available with MGMtrader are pairs involving cryptocurrencies and USD: BTC/USD. LTC/USD and ETH/USD.

    Unfortunately, MGMtrader review showed how this broker doesn’t have a mobile platform that can be used for trading form the mobile device such as smartphone or tablet. This makes it somewhat unadjusted to the needs of modern traders. However, the trading platform is web based, so there is no need to download it in order to access it. Simply log in with your credentials. Also, at one moment during our review, the platform crashed down and became unresponsive.

  6. If you want to trade with an award-winning licensed broker, we recommended using IQ Option

    Between 74-89 % of retail investor accounts lose money when trading CFDs

  7. Support Information

    MGMtrader review has to inform traders how this broker has very unusual customer support. For example, there is a live chat available, but only for traders with opened account. This means, that potential traders, who still don’t have a trading account, must open one in order to chat with an agent. Live chat is one of the most popular ways of communicating with the broker, and even traders who haven’t signed up with a certain broker still use it to ask their questions and find out more. This can be described as quite unfriendly towards users.

    Traders can also use an email, online form, phone numbers for UK and the USA. The live chat icon on the homepage is not active and only redirects trader to the contact page.

    Education section contains only few short articles that explain some basic info about binary options and CFDs trading, but don’t go too much in depth. We were unable to find any webinars mentioned on the homepage. The educational section can be a good start for traders who have no idea what binary options or CFDs trading is, but doesn’t provide a comprehensive insight into developing strategies, making progress etc.

  8. Try trading with an award-winning broker like IQ Option

    Between 74-89 % of retail investor accounts lose money when trading CFDs

  9. Banking & Company Information

    MGMtrader has a minimum deposit in the amount of $500. As it can be easily notices, this is quite a price tag that will prevent many traders from depositing, as the usual minimum deposit is around $250 and there are evern broekrs that support trading with only $10 deposit.

    Minimum withdrawal varies from method to method.

    • Minimum withdrawal via wire transfer – $500
    • Minimum withdrawal via credit cards – $100
    • Other methods – no minimum withdrawal

    All withdrawals are charged with a $30 fee, which is quite a sum. There is also a $25 fee for bank wire withdrawal, but it remains unclear whether or not these two fees apply at the same time. Traders who wish to make a MGMtrader withdrawal should definitely consider this as it turns out smaller and more frequent withdrawals are not the best solution with this broker. All traders must verify their trading accounts by providing documents listed on the website. This process is a part of KYC policy. Brokers are obliged to take this step, in order to help in money laundering prevention.

  10. Conclusion:

    We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!

    • FREE $10,000 demo account
    • Award-winning trading platform
    • Licensed and regulated broker

    Trade with an
    award-winning broker
    like IQ Option

     

     

    Between 74-89 % of retail investor accounts lose money when trading CFDs
    11. Your capital is at risk

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