MigoTrade is an offshore Forex broker, that opened on March 24th 2020. They have already made a name for themselves, as a high pressure, cold calling broker. Now they are out of business, and clients are looking for their money!
For withdrawal issues and complaints read this.
MigoTrade Review
A review of the trading apps that MigoTrade offers their investors shows that it is the Sirix web trader, from Leverate. It is available as a web-based version or you can download the mobile apps for Android and Apple devices. During our review we did not find MT4 or MT5 available. Most UK investors are using ForTrade.
MigoTrade lists a variety of underlying assets for CFD trading including; Major and Minor Forex Pairs, Market Indexes, Shares, Commodities, Crypto Currency and Metals. The minimum deposit requirement for a new trading account is officially $250, and this broker accepts deposit via credit card.
Migo brokers offer new investors “Bonus Money”, which sounds very appealing, but is the reason for most complaints by newbie investors that do not understand how it works.
If you are interested in using an automated trading app, look at the popular apps listed here.
Scam Trading Apps!
Many investors end up at a broker like Migo Trade after registering with a crypto trading app, like Click Money System. Automated trading apps are promoted online, via spam emails and fake news websites. You should take a few minutes, and learn how the Crypto Investment Scams operate, see the article.
Before investing your money in an automated trading app, just know that 99% of people lose their money that way! Instead, educate yourself about day trading and only use a licensed broker, look here.
Is MigoTrade a Legit Broker?
No, MigoTrade is not licensed and not regulated by any E.U. financial regulator. On September 24th 2020, the FCA warned investors not to use this broker, read more.
They are owned and operated by: Smart iSolution LLC, number 417LLC2020, and located at: First Floor, First St Vincent Bank Ltd Building, Kingston, St. Vincent and the Grenadines. Contact phone number is: +41615100607, and their email address is: [email protected]. Official website is at: https://MigoTrade.com and https://MigoTrade.net.
The way that sophisticated investors research their online broker, is by checking for a valid brokerage firm license. And the reason for that, is in the event that the broker does not give you your money back, your money is protected by the government.
Scam Broker Investigator has reviewed more than 700 online brokers, and recommends you only use a licensed broker. In the United Kingdom, brokers must be registered with the FCA, and in Australia by the ASIC. There are many licensed Forex brokers who you can trade with, see here.
Compare Regulated Brokers
Smart investors always tryout a few Forex brokers with a demo account, before activating their live trading account.
ForTrade is the fastest growing broker on this website. They are a legal Forex broker, because they are licensed in Canada, Australia and United Kingdom, see here.
Register a Free Demo Account, on their awesome trading platform, signup here.
What was your experience investing at MigoTrade? Please share your experience with others, in the comments section below.