forex Watch Out! MGK GLOBAL’s Licensed Office in Malaysia Does Not Exist

[Anzo Lim 0]

https://jump.wikifx.com/83348CF26389B46D

Broker: MGK GLOBAL

Address: Block A, Lot 5, 2nd Floor, Lazenda Phase 3 Shophouse, Off Jalan OK Abdullah, 87000 Labuan F.T, Malaysia

Conclusion: the broker’s office is not at the registered address

 

 

Last year, Japanese Kanto Finance Bureau issued a warning against MGK Global Limited, an unauthorized broker in Labuan F.T, Malaysia that operates brands including MGK GLOBAL and MGK.GLOBAL. Recently, investor reported MGK GLOBAL to WikiFX as a fishy forex broker because the information on its website was quite incomplete and the contact number remained unavailable.

 

On MGK GLOBAL’s website, the broker claimed that it is regulated by the Labuan Financial Services Authority in Malaysia. Is it a lie? In order to guard the safety of investors’ funds and help investors avoid investment risks, WikiFX team decided to visit MGK Global’s licensed branch in Malaysia.

 

[On-the-spot investigation]

WikiFX team spent much time and efforts to locate MGK GLOBAL according to the address on its official website. The exterior of this small and old building indicated this place was out of repair and likely deserted. Walking into the building, WikiFX team noticed that there’s no floor directory on the wall, only the signs of two other companies. After a comprehensive search, WikiFX team found nothing related to MGK GLOBAL but a locked door on the 2^nd floor. As no one answered when we knocked on the door, we concluded that no one was working there.

 

[Conclusion]

Per investigation, MGK GLOBAL’s office is not at the registered address. According to the WikiFX App, MGK GLOBAL is only rated 1.30, and the LFSA regulatory license it claimed to hold is a suspected clone. It has been confirmed that MGK GLOBAL currently has no valid regulation. Please stay away from this broker, lest you lose your money to it!

Edited December 17, 2019 by Anzo Lim