Beware! This 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.


MangoTrade differs in no way from the hundreds, if not thousands, of offshore brokerages that exist out there – this broker is completely unregulated and only provides access to risky, and quite frankly illegal, trading tools. Turning to someone like that for investing is never a good idea – no matter how attractive their offer might sound, or how legitimate their website might seem at first. Trusting MangoTrade and the likes of it would only lead to huge losses of money – turn to a legitimate established company instead.


MangoTrade is based in St. Vincent and the Grenadines – a notoriously favorite location for scam brokers. The local financial authority of the country does not regulate forex brokers or monitor their activities – which in turn means that a scam broker could do whatever they want, and conduct business in any manner they see fit without having to face consequences or answer to anyone. That is why we would generally advise you to avoid brokers registered in St. Vincent and the Grenadines unless you are 100% sure that they are the offshore brand of a reliable international company regulated elsewhere.

We find it quite bothersome that although MangoTrade did seem to have comprehensive Terms and Conditions, it would not allow us to fully access those because of some website malfunction – which means that there might be all sorts of shady clauses you would not be informed about when setting up an account.

We would advise you to look up reliable brokers regulated in strict jurisdictions – UK, EU and Australian brokers are all good choices. Such brokers maintain a high standard and do everything by the book because they are simply obligated to – otherwise, they would have to deal with fines, and the danger of losing their good reputation and hard-earned license. There are many requirements – companies have to maintain a certain minimum operational capital – €730 000 in the UK and the EU, and A$1 million in Australia to prove that they are well-capitalized. Regulated brokers must keep client money in segregated accounts to ensure that they are not using your money for their own purposes. Negative balance protection is a must – this means you could never lose more money than you have in your account. UK and EU brokers participate in compensation schemes –  in case your broker goes bankrupt, you could receive compensation – up to £85 000 in the UK and €20 000 in the EU which is not without value.

Turn to a licensed broker if you want to be sure that everything will be running smoothly – trusting anonymous offshore brokerages would be a huge mistake.


MangoTrade offers access to a slick-looking web platform – but one you could not use for forex trading.

This is a platform that could only be used for trading binary options and no other assets.

If you are actually interested in getting access to a full range of instruments, an abundance of indicators, and charting and analysis tools, features such as Expert Advisors, VPSs, customizable signals, a market for trading apps, as well as access to a community of traders with whom you could exchange strategies, look no further than MetaTrader 4 and MetaTrader 5 – the two most popular and beloved platforms in the industry. There are more than enough brokers who offer one or both versions of the software – open an account with one of them instead.


MangoTrade allows you to open an account for as little as $1 and deposit as little as $10 – very attractive indeed but there are plenty of legitimate brokers who would ask for the same tiny amount and could offer much better conditions, as well as reliability and transparency.

As MangoTrade is a binary options broker, it would be pointless to talk about spreads or leverage – leveraged trading would not be in the books with this broker. Binary options are an extremely risky tool trading banned almost everywhere around the world because of the high number of people that have lost a ton of money while using it – especially with scammers like MangoTrade. Binary options allow you to bet on the short-term price of an asset, and how it will change – and if this sounds a lot like gambling to you, you are completely right. Refrain from doing business with brokers who still offer binary options trading – they are most certainly scammers.


MangoTrade allows you to deposit with Visa, MasterCard, or bank transfer – which is very good news. Under no circumstances should you consider investing with such a shady broker – but if you already have, and have used Visa or MasterCard, ask for the chargeback as soon as possible – both card providers have a policy that allows chargeback within 540 days.

The broker also charges a standard dormant account fee of $10 after 90 consecutive days of no trading activity. And while such fees are not uncommon, some legitimate brokers like FBS or Trading212 have abandoned them completely.


Such scams are becoming more and more of a thing – obviously the people behind them have no intention of slowing down once they have seen how easy it is to convince people to trust you with their money. That is why it is important to read the following paragraphs carefully to know how to avoid scam brokers.

Not all scams are obvious – you might see a nice-looking ad promising you immense wealth and fast profits. You have heard that forex trading is nothing less than a lucrative profession for some people – so you decide there is no harm in checking out some broker’s website and setting up an account without depositing. However, the moment you provide the scammers with your contact details, you would not stop getting calls and emails – the scammers will try to convince you to deposit. Such people are well-versed in the art of smooth-talking so soon enough you will see yourself doing just that. The problem is that “the broker” will start asking for more and more money – and you will gladly deposit because, at this point, it might seem like you are turning a profit. Nothing could be further away from the truth – platform manipulations are not unheard of. Or you might be losing and would want to withdraw whatever money you have left.

In both cases, it will turn out to be impossible to withdraw – new clauses in the Terms and Conditions you had no idea about will show up, additional taxes might be demanded of you. At some point, you will figure out something is not right and will try to withdraw your money immediately – and that is when the broker will stop answering phone calls, and emails.


Keep in mind that recovering your money would be hard, sometimes impossible. If you have deposited with Visa or MasterCard, demand a chargeback immediately – such is possible within 540 days. Getting a chargeback on any other payment would be much harder while transactions made in crypto are completely irreversible.

Make sure to change all banking passwords you have given the scammers access to. Remove any remote access software, if you have installed such – these measures are important to avoid further losses of money.

Notify authorities and tell your story – both to your acquaintances and online. This way, people will know to avoid such scams.

Finally, stay away from anyone who calls themselves a “recovery agent” and who offers to retrieve your money if only you pay a fee – this is just another type of scam targeting victims of fraud.

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