Beware! Morgan Trust is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Morgan Trust is an alleged Estonian broker. We were unable to register, and so the trading conditions remained a mistery to us. This shouldn’t worry readers too much, for this broker, as we shall, see is not worth it.
MORGAN TRUST REGULATION AND SAFETY OF FUNDS
The parent company of the broker, GreenRiver OU, is located in Estonia. In Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, with all regulated companies being officially included in an online register. There were no results for GreenRiver OU, nor Morgan Trust in the registry, so we can conclude that the broker is not regulated in Estonia. Note that the broker does not claim that the company is actually regulated there, only that it is registered there. Even if a company is registered in a country, that does not make it licensed by its appropriate body which is crucial for any forex broker.
There are no other mentions of a regulationm to be found, so we can safely conclude that Morgan Trust is UNLICENSED, making it a rik to all traders.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent.
The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
MORGAN TRUST TRADING SOFTWARE
The company offers the Sirix Trader, of which we can confirm, but we couldn’t log in to the platfroms for unexplained reasons. Thus we cannot give you any proper leverage and spread values. And seeing as the broker doesn not reveal any trading termsn, we are left emtpy handed here.
Nevertheless, the Sirix Platform is a decent terminal with pending orders, one point clicking, options for chart customization, and surprisingly, copy trading. The trader is in fact attractive to look, and easy to use, and is able to accommodate to most users. Yet, with all its intricacies, it cannot compare to the MT4.
MORGAN TRUST DEPOSIT/WITHDRAWAL METHODS AND FEES
The minimum deposit is $300, and the only method of payment is through a credit card. This info is taken fro the dashboard. There are no deposit fees.
Withdrawals are made by requesting one, probably meaning that the broker will not return any funds you might have deposited. Nevertheless, the website has reveled that credit card withdrawals are charged by 3.5%.
We strongly advice traders to only deposit the minimum deposit, or better yet – not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time.