MagKing review – 5 things you should know about magkingforex.com

MagKing review – 5 things you should know about magkingforex.com

Beware! MagKing is an offshore broker! Your investment may be at risk.

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MagKing is a Forex broker that says to offer low spreads, more than a thousand trading instruments and an exotic leverage level of 1:888. They also claim to be regulated by ASIC in Australia, which creates a paradox, because in Australia the Forex brokers are not allowed to offer a ratio higher than 1:500. They also claim to be regulated by FINTRAC in Canada, but that’s actually nonsense, and you will understand why later in the review. This Forex broker claims to be owned and operated by a Hong Kong company called MagKing Global Limited, which actually holds a few other companies bearing the name of MagKing. All of these were found to operate many websites that are similar in appearance; some even identical with the domain changed only. The list includes magkingfx.com, zcforex.com, mk-forex.com and585680.com! Beware, it’s a solid scam sign.

MagKingFX REGULATION AND SAFETY OF FUNDS

MagKing claims to be ASIC, CySEC, and Belize regulated. In fact, all of this is a plain talk, because they fail to give any substantial evidence, which can irrefutably prove that it’s a legit Forex broker. Have a look at their claims.

FINTRAC registers MagKing, that’s true, but it doesn’t mean that it’s authorised to sell financial products or services to the public. This government agency is not the financial regulator in Canada and does not authorise Forex brokers to operate and collect deposits. Our research in the registers of the financial regulators in Australia, Cyprus, Belize and Hong Kong didn’t produce any results whatsoever. We can conclude that MagKing is an unlicensed, unauthorised and unregulated Forex broker thаt’s misleading the customers. Stay away and report immediately if someone from them reaches you on the Internet or over the phone.

Our sincere advice is to pick EU(mostly CySEC), or UK(FCA) regulated broker because Europe created the safest financial environment for the traders’ funds and not surprisingly hosts the leaders in the retail FX industry. Most importantly, money protection schemes were developed in Europe, such as ICF in Cyprus and FSCS in the UK, which is laid out to guarantee the deposits made by traders and investors. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are considered to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.

MagKing TRADING SOFTWARE

MagKing offers MetaTrader4 accounts to its customers; MetaTrader5 is not available. It’s an obvious choice, however, because Metatrader is the most popular Forex trading platform in the world, which is actually used by a variety of banks and other financial institutions. It’s highly renowned for its stability and reliability and also offer trading features that you can hardly find in any other retail Forex trading platform. Metatrader has generated its own programming language- MQL, which helps create profoundly sophisticated trading tools such as Expert Advisors, Automated Trading Robots and other complex indicators. Metatrader has even established its own marketplace where you can find loads of other useful tools, developed by third-parties, as well.

The EUR/USD spread is considerably competitive and most of the time floats between 0.1 and 0.2 pips. The spread is part of the costs for the trader, and the lower the spread, the bigger the potential profits. We do not recommend to our readers to trade with MagKing, no matter the favourable trading conditions, because it’s an anonymous fishy broker.

The maximum leverage level is said to be 1:888, but in their MT4 platform, you cannot create such an account, because thMetaTrader5e highest possible ratio is 1:500. That’s yet another red flag and an information discrepancy which is strong evidence of a scam.

The leverage makes the world’s financial markets available to everyone because by using it, you will need to pay only a fraction of the price of the asset that you want to buy or sell. But it comes at a cost, the risk increases and you might easily record quick loss by misusing this tool. We do not recommend levels such as 1:100 or 1:500 because these ratios are way too risky for the traders. EU and UK, however, capped the allowed leverage that the Forex brokers might offer to 1:30 because it’s considered that higher levels are inadequate for the retail traders. Australia is going to match, and from the spring of 2021, a leverage cap of 1:30 will be forced, as well. It would be best if you stopped looking for brokers offering raised leverage because you will most likely end up trading with scammers and losing your money.

MagKingFX DEPOSIT/WITHDRAW METHODS AND FEES

Warning! MagKing does not present Terms and Conditions, Client Agreement or other forms of a document that will give comprehensive information to the traders about the real conditions that apply when using the products and services of this Forex broker.

The minimum deposit is said to be 5 USD, but that’s not true, because they will not accept less than $100. What’s more, you can make a deposit without proof of identification, which raises a red flag. It confirms once again that MagKing is a sham unregulated broker that’s misleading the customers, and most probably trying to defraud them!

The funding methods include Bitcoin, Payeer, Wire Transfers and Epay.

No minimum withdrawal amount and no withdrawal fees specified. It’s actually in line with the rest of the industry because most of the trustworthy Forex brokers will let you withdraw any sum that you want.

No dormant policy found and no fees for inactivity specified, as well. That raises a red flag because it’s an essential condition that the traders should be aware of. It deals with the accounts that have become inactive, which is a crucial matter for the traders. Most of the legit Forex brokers will not charge more than $20 per year, while the scammers will either impose unbearable fees or miss to specify the conditions.

No bonuses offered at the moment, and we do not know if there is such a possibility. You should avoid brokers that offer bonuses because the trading incentives are not free money but a leverage tool that increases the risk significantly for the traders.

HOW DOES THE SCAM WORK

A group of scammers usually operates many different scam brokers, scam websites and call centres. Sometimes they will rely on the quantity; they will publish tens or hundreds of websites and will wait for traders and investors with little or no experience to bite. Nowadays, it’s really cheap to create one, and it looks like a profitable strategy, as they carry on doing it. At times they are so arrogant that the only thing that they change will be only their domain name. Beware, and always do thorough research before making a deposit, it will save you a lot of money and stress!

The fraudsters will also actively work in social media to attract new customers. Facebook and Instagram are full of scam pages and groups showing a lush lifestyle and promises for big, guaranteed profits. The scammers will downplay the risks associated with trading, making the prospective traders believe that it’s a market that’s suitable for everyone. In reality, the opposite is true. Then, at some point, the scammers will push the traders to open an account with a scam Forex broker and make a deposit. The end is always the same, a defrauded trader that failed to recognise the scam, trying to get back his funds. You need to understand how to detect scammers and avoid them. Stay safe and always do thorough research before you decide to deposit with a Forex broker.

WHAT TO DO WHEN SCAMMED

No one is immune to scam; anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!

Share online your experience; it is essential to protect others, as well. Be responsible!

Rich Snippet Data
Review Date
Reviewed Broker
MagKing
Broker Rating
11stargraygraygraygray

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42 Comments

  1. Don’t do anything with this scammers, I am unfortunately scammed by this fake broker

  2. Thanks for sharing the information about this fake broker. I was lucky I did not send them any money before I realized it’s a scam. I have registered a Magking demo account according to their instructions (1:100) and I was given a “very reliable advice” when to buy (10.1) and when to sell (both within 10min). In this demo account I made more than 3.000USD almost instantly. I know there must be some trick behind this but as I’m a beginner, I do not understand how is it possible. Could somebody explain that please?

    1. @ Tom I am in the Same situation, i think the Trick must be their Server. Normal is the trade Symbol xauusd and they have xauusd.m (the m is a Suffix from a Broker). So when the Server time is half an hour behind the WhatsApp girl is able to say whats next (sell/ buy).
      But i Made 1000$ and was able to withdraw, but some money is still there and what If there is the big win (thats my thought)

      1. Please tell me how you withdrew your money, because I was also scammed.

  3. They are scammers.i also lost money to them.

    1. How can i contact with you?

  4. a beautifull chinese woman contacted me , asking my number and started to talk about her financial wealth, and she was willing to help me with that gaining her succes. i followed her instructions to download MT4 but when i wanted to hit the register i felt like there was something not good about this. luckely i seen this warning online and i immediatly cancelled and blocked everything.

    1. de Oliveira Pinto Emanuel

      Do ypu still have the foto of the girl?

      1. pal marius pavel

        How is the name of this women?

        1. Her name is Lisa

        2. Guys, I have some photos of this girl, she also called me on WhatsApp in a video call. but where can I publish her photos?
          —————————-
          Ragazzi io ho un po’ di foto di questa ragazza, mi ha anche chiamato su WhatsApp in videochiamata. ma dove posso pubblicare le sue foto?

      2. We are the same situation. We have scammed.

    2. Hi Murtaza

      May I ask the beautiful woman claim she from hongkong and helping you with a demo account that you really makes money.
      Will text you that her mentor is trading now and follow her trade, also inform you can trade with minimum of $500 dollar , able to make back maybe 2 weeks with trading on On Gold

  5. Same happen to me a beautiful chinese woman contact me and “help me” thought the creation of the demo account… I’m lucky not to deposit real money in this broker…

    1. Hi Zak,
      May I ask the beautiful woman claim she from hongkong and helping you with a demo account that you really makes money.
      Will text you that her mentor is trading now and follow her trade, also inform you can trade with minimum of $500 dollar , able to make back maybe 2 weeks with trading on Gold – XAU/USD

      1. Exact same thing has happened to me. Can you contact me, I would like to talk to someone else about this.

  6. All who have suffered from the illegal actions of broker MagKing, urgently contact me. My lawyer and I intend to stop the illegal actions of the MagKing broker and bring him to court. All who have lost their funds, contact me urgently! The more cheated persons we find, the easier it will be returned the lost funds.

    1. I was tricked by that chinke. I paid $ 3000. Can we stop it somehow? Polish
      ————————
      Zostalem oszukany przez ta chinke. Wplacilem 3000 usd. Możemy to jakos zatrzymać? Polish

    2. de Oliveira Pinto Emanuel

      Can you contact me ?

    3. Well, I fall in this as well .. I don’t know what to do . Can u please email me?

      Please contact me as soon as possible as I got scammed by this and I want help please please

    4. This same thing has happened to me. I met a nice chinese girl and talked to her for quite some time, she convinced me to get binance, my4 and a forex account. I deposited 500 and lost and deposited another 700 to cover my negative balance. I traded again and in one update I owe $10 000 so I am told or will be taken to court. Please advise what action you have taken or what you suggest I do. Apparently I have 3 days to pay up.

    5. I also did deposits, but could not Withdraw.
      When i tried to do they say i have to pay taxes first…

      Is there a possibility to get back my money?

    6. Scammed too.

    7. Hi! I’m willing to stand with you. I lost a fund too

  7. What should i do if i deposit allredy using magking forex but i didn’t try untill now a withdraw. If is a scam, then withdrawals are not available. Any ideeas?

  8. Is her name Han Li and her phone number is: +852 9540 41xx ???

  9. Good evening. I have a picture of this girl, if I publish it someone can help me understand if it’s her. Thank you
    ———————-
    Buonasera. Io ho una foto di questa ragazza, se la pubblico qualcuno mi può aiutare a capire se è lei. Grazie

    1. Luigi, send me the picture and I will then confirm if it is the same girl that scammed me. The girl in question for me said she was Korea and her name was Enjing. I have photos of her as well. The number she used was +44 7858 656340. Guys if anyone knows where we can post all these details to start a criminal procedure please contact me

  10. Hi
    But Magking is a plattform you need to deal with an agent broker. The most important is the ID you registered with.

    I dont really understand XM is a manking broker and regulated in UK

  11. Hi, I have been scammed for two months and just realized it today when I tried to withdraw from MagkingLimited account.
    How can I contact you because I need help and can’t think straight after the shock when realized how stupid I was

    1. Hello I was also deceived, I invested 4000 dollars and now I can not return these funds. I was also contacted by a Chinese woman who sent me photos and she met me from Facebook dating.
      If anyone knows how to get this money back, please write.
      the first thing we should all do is file a report with the police to start looking for them.
      we will make sure that they end up outside the prison walls for many years

      1. It happened to me the same what do I do ??
        ————————
        Aconteceu me o mesmo o que faco??

  12. I need information on a Chinese girl who contacted me
    Kindly contact me
    Thank you
    ————–
    Ho bisogno di informazioni su una ragazza cinese che mi ha contattato
    Gentilmente contattatemi
    Grazie

  13. Magking is scammer

    Sos! Sos! Sos!

    Осторожно, мошенники!!!!!!
    Beware Scam!!!!!
    https://www.forex40. com/
    https://www.forex48. com/
    Magking Limited (Hong Kong) Technology Co., Ltd.

    The list includes magkingfx.com, Forex40. com, zcforex.com, mk-forex.com and585680.com! Beware, it’s a solid scam sign.

    The scam broker on Forex is called: MagkingLimited-Live

    For help, the detention of these criminals and members of this criminal group is rewarded.

    #MagkingLimited #Magking #Forex #Scam #Broker #MT4 #MQL5 #Fraud #Metatreader #Trader #Hongkong

  14. MagkingLimited Live

    This chinese girl meets guys through internet dating.
    she deceives the victim that she is in love with him.sends photos,
    which, most likely, they are not her.most likely she is stealing photos from other people on Facebook.She sometimes talks on video, chat too.after a week of dating, she kind of accidentally starts talking about forex. She says that as if she has a very good job and that as if she earns a lot in Forex.
    and invites the guys to deposit money into the account of this fraudulent broker as well.
    they do not accept direct bank transfers.Forex40.co. web page does not accept payment cards either.they want to be credited money in bitcoins. because it is difficult for the police to track transfers through bitcoins.
    if you transfer money to you, you will never return it back.
    there are several people in the broker’s gang.girls are responsible for luring people and putting money into their account.and the programmers of this scammer are responsible for ensuring that their web page works well and that the money is taken out.I propose to unite and file a general complaint.
    for the police to start looking for them.The police can close their web page and ban this broker from trading on the exchange.
    all members of this fraudulent broker they hide their personal data.these scammers are hiding behind girls who are prostitutes in China who cannot earn much for themselves.they pay prostitutes to meet guys through social networks.
    when I wanted to withdraw money from my account forex40.com, they did not write to us on Vatsapa so that I would transfer another 1400 dollars to their account in order for me to pay taxes.they said that I need to pay taxes so that I can later take out my money.
    When I eat, I paid taxes, They said that they temporarily could not give me my money.
    they are playing for time. stalling because after 6 months they have the right to deactivate the account to anyone.

    If you have any ideas to catch these criminals. They should be for many years outside the walls of the prison.

  15. If you have any information about these scammers and appetite Chinese girls please send information to this web page

    https://www.interpol.int

  16. Magking is criminal

    never send money to these scammers even if they promise you a mountain of gold.
    They specifically want to be credited with bitcoins.because bitcoin transfers are difficult for police to trace.

  17. Magking is scammer

    I also became a victim of Broker MagkingLimited’s scam. there are many victims like me from this swindler.we must unite against this rogue. I now have $ 5390 on the account of this swindler broker.but they don’t want my money back.please contact me on Facebook and discuss what we can do.

  18. TRUTH REVEAL OF MAGKING

    Magking is a big scam be aware before investing do your own research never invest with someone who you meet online many people have been scammed one of my friend have been scammed and lost his money. He met a girl on Tinder name Julia they started texting and she initiated the idead of investing the money first my friend tried to avoid but after few days he trusted her words and invested money, it was a small investment of 100£ so after profit she taught him how to withdraw as well. Then slowly she started to motivate him for investing big amounts for big profit and even promised for investing in her parlour she was going to open in London, this girl name Julia was in Hong Kong owning a parlour she claimed. My friend started trusting her blindly and invested 5000£ it was too late to understand things. This girl said him not to withdraw money until he reaches his target money. When he told me about this investment I started to research and came to know about this scam company and how they are using girls to attract people and steal money from them.. Now my friend is in depression after loosing his hard earned money so please never trust anyone while investing do your own research and make sure the trading platform is genuine. They used MT4, Binance and MagKing . MT4 and Binance are good platforms but the MagKing is where your money is saved and that website is in the control of these scammers. First they try to attract you with profit and withdraw for first time them once they gain your trust and you invest more the game is over.

    Be aware be safe guys… work hard be smart to earn money..

  19. I made a deposit with them but it was suspicious how the tinder girl constantly asked me to invest more, so I looked for reviews and found then I fooled her by saying that I want to invest a lot more but first I want to see how the withdrawal works and took out all my money along with the profits. I actually got a profit but I’m sure a lot of people are losing a lot of money because of this, they should be reported to interpol or Hong Kong police somehow.

  20. Hi! I was scammed as well I have all the pictures, screenshots and their IPs and phone numbers.

    1. Magking is scamer and fraud broker. You can only deposited in fake broker. Not widrawal. Their system not access for widrawal. Their gold pair xausd video games. You are not connected stock market. They self control market on desktop. Be aware this scammed broker.

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