Marginelite Review – 5 things you should know about marginelite.com

Marginelite Review – 5 things you should know about marginelite.com

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

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If you look at Marginelite website, you will be amazed at the promise for your future getting better and better. The symbols of some famous brands imply a sense of ‘running with the big guys’ and your ‘personal success manager’ is out there waiting for you the take you step-by-step and teach you some trading strategies. Is it too good to believe? We are about to find out!

Marginelite Regulation and safety of funds

The Financial Conduct Authority (FCA) that regulates forex brokers in the UK has issued a warning not to trade with Marginelite. Marginelite is an unauthorised broker and it is not safe to trade with it as per the FCA warning (see the screenshot below). This is proof enough that we are dealing with scammers and investing funds into their schemes will put your funds at risk.

 

 

One of the first things you need to check when considering a forex broker to trade with is to see whether it is licensed or not. Only licensed brokers from well-established jurisdictions can provide protection against scammers and guarantee the safety of your funds. We want to suggest that you look up brokers from the jurisdictions of the EU, the UK, the US and Australia. The regulatory authorities in the US and Australia have set high initial capital for licensed brokers which among other things serves as a prevention against scammers. In the US, it is the highest in the world – $20 million! Only genuine brokers will invest this huge amount of money. In Australia, although not so high, an initial capital of 1 million AUS is required from legit brokers and also serves as a wall against scammers.  Although in these two jurisdictions there are no traders’ compensations schemes, being well-capitalised is also a form of protecting investors from unfavourable events.

In the EU and UK the initial capital required from brokers is 730,000 EUR and in addition to that, brokers must contribute to local compensation funds from which investors will be compensated. In the UK, if the broker is licensed by the FCA, investors will be compensated by up to 85,000 GBP per person and in the EU, if the broker is regulated by the CySec, then the investors will be compensated by up to 20,000 EUR per person in case of bankruptcy.

These are excellent conditions to benefit from and we advise our potential forex traders to look up those brokers in the links we provide above.

Marginelite Trading software

Marginelite offers the MetaTrader 4 trading platform. Unfortunately, due to broken links on the company’s website, we were not able to open a trading account. However, we must say that having the MT4 trading platform is an excellent choice. This is one of the most reputed trading platforms in the forex trading world and around 80% of the brokers swear by it. This is not surprising as the platform comes with an excellent package of trading tools and instruments unmatched by other platforms, except perhaps by its ‘younger brother’ the MetaTrader 5. Both platforms have auto trading options, an app market, VPS, code base with customs scripts, trading signals that can be obtained for a subscription fee, etc. The charting options are also out of this world and offer a lot of analytical indicators to choose from and that serve to facilitate transactions and predict the direction of exchange rates.

However, having an excellent platform cannot turn a non-legit broker into a legit one and we find the proof in the high leverage that this broker offers to its investors – 1:500. Offering such high leverage is like leading lambs to slaughter – luring with the promise of a big win that most probably will result in disaster having in mind that around 70% of traders lose money in transactions. Don’t forget that the bigger the leverage, the bigger the loss! It’s not by chance that licensed brokers in the EU have a cap on leverage that cannot exceed 1:30, and in the US, cannot exceed 1:50. Compare with the leverage this broker offers and draw your own conclusion how safe it is to trade with Marginelite.

Marginelite Deposit/Withdrawal methods and fees

To its traders, Marginelite offers 5 different account types – Basic, Bronze, Silver, Gold and Platinum. There is no minimum initial deposit indicated on the company’s website and traders must contact their ‘dedicated’ support office to find out.

Payment methods include VISA, MasterCard, American Express, Discover, wire transfer, Neteller and BPay

While looking at the deposit and withdrawal methods, we noticed that this broker charges a lot of fees. For example, there is the clearance fee which is $5 from every trade. The withdrawal fee is 3.5% but don’t panic, the maximum withdrawal fee is ‘only’ $3,500!

If your account stays inactive for 2 months, then you’ll be charged $500 fee! And there is also 5% swap fee if you trade in cryptocurrencies.

My, my, my! This broker doesn’t joke around. We hope you have enough funds in your account to pay so much money in fees! Of course, licensed brokers won’t charge you like this one when it comes to fees, so the choice is yours!

How does scam work?

No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for a chargeback.

What to do if scammed?

You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for a chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for a chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!

Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.

Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.

Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!

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3 Comments

  1. How I was robbed and lied to

    When I open the Google search engine on my computer, various advertising offers are opened, including an offer to work with the Broker House “Marginelite” which offers a small investment, fast earnings, explaining that they work using computer technology that selects reliable investments. .
    Upon entering and reading this offer, I received an email and they asked for my phone. communication number. Because telephone communication was difficult, they asked me to install an Any Desk platform. This allowed them to log into my computer and communicate via Google Translate. We agreed to pay $ 250 to Marginelite to trade with them. This was done on 01.02.2021. After that, in the next few days, emails arrived from “Marginelite” thanking me for my decision and that my account is already starting to grow to $ 320, then to $ 740, and on February 12, 2021, I reached the amount of $ 3458.

    Due to the doubts that arose in me, I decided that Margin Elite should withdraw the first earnings of 3000 USD on my bank account. In a conversation with one of my alleged managers John Adams of the Margin Elite, he said he would immediately make a payment order. After ten minutes he called me and told me that everything was in order and that he needed my security number from the bank to make sure that the funds were transferred to the right account. I gave him the protected number and noticed that without my approval all my savings from 25,000 EU that I had at my disposal were taken away. I immediately reacted not to try to take that money from me, I received an answer that he would transfer 3000 US to that transaction account, but the work was done. 25000 EU were withdrawn from my transaction account as well. The communication ended and I immediately called my bank and asked them to block my transaction accounts.
    It was done, but late because then I received text messages from my bank and they informed me about the transactions made to> JUBITER.com> and BRATISLAVA GLOBAL DLT EXCHANGE S. for buying cryptocurrencies. I did not receive any transaction notifications, usernames or passwords on my wallet for cryptocurrencies from MarginElite.
    So my marginal broker used my bank account to buy cryptocurrencies for his own needs. The next day I went to my bank and filed a lawsuit to challenge the transactions because I was deceived.
    I emailed Margin Elite to my broker and asked him why they used my transaction account without my approval and withdrew all my savings, but received no response.
    I wrote an e-mail to Jubiter explaining that I had been deceived and that my Marginal Broker had bought cryptocurrencies using my bank account and asked them to tell me the buyer’s name. I was informed in return that Jubiter does not have the password to open the wallet, but they only know the wallet number that was sent to me by e-mail.
    On 19.02. I got a phone call from the marginal financial manager. He told me that the money will be returned to my bank account, which will arrive in my bank account in two or three days.
    But after a few hours, the manager called me again and told me that the order had been returned to them because my bank account was not liquid. Then he kindly asked me to put an extra 15,000 EU on my account so that the Margins could transfer 40,000 EU to me.
    From here, things get trickier, and this is where the true Marigolds come in. I’m looking for a way to stay in touch with them, at least until a solution is found. Every time I open Margin Elite’s page, the Finance Manager calls me and asks if I have secured finances on my account to transfer 40,000 euros to me. The communication with Margin Ellie is still ongoing. They call me from time to time, comforting me not to worry that as soon as my bank account becomes liquid, they will transfer the funds to me. completed the transaction. I am aware that I have been completely deceived and that my only savings have been lost. They know that I am old and incapable of work, but they have no mercy. Sadly
    Sorry for the bad translation, but I hope I understood.

  2. I think the ‘Bastards’ have gone out of business as their web pages etc are all down, obviously taking eveyone’s money. I’m sure we will find them especially Tom Stevens and John Adams

  3. Hey guys
    I was the last to have bad expirience with them , i didnt believe the comments people left on web so i decided to try myself.
    Worst decision ever made
    All is true,they just suck the money from you,maybe will give you some small withdrawal just to lean you on to put more.
    They are making always stuff up like legalisation proceses and tax payments etc
    They also use forgered documents from Cyprus ,they copied their stamps and signature so it looks like legit but its not,i emailed those gupeople in Cyprus and they warned me after .
    Basicly its 10000% scam
    They changed their web to marginelite.co
    I gathered some possible adresses and id of a guy working there
    So if anybody wants send me your email adreses her and i will provide you with it so we can together destroy these guys

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