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MagKing

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Operating status: SCAM

Website: https://www.forex40.com/

Broker violations and abnormal records
  • Mar 25, 2021 The British BCSC added MagKing into its blacklist
    The British Columbia Securities Commission (BCSC) said that MagKing is not registered to trade in, or advise on, securities or derivatives in BC and urged BC residents to exercise caution when dealing with the company: https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2021/magking-limited-international-group-pty-lt.
    The British Columbia Securities Commission (BCSC) said that MagKing is not registered to trade in, or advise on, securities or derivatives in BC and urged BC residents to exercise caution when dealing with the company: https://www.bcsc.bc.ca/enforcement/early-intervention/investment-caution-list/2021/magking-limited-international-group-pty-lt.
  • Mar 04, 2021 Hongkong SFC added MagKing into Suspicious Website Alert
    The Hong Kong’s Securities And Futures Commission (SFC) warned the public that the company gives the above Hong Kong address, but it is not located there: https://www.sfc.hk/en/alert-list/2714.
    The Hong Kong’s Securities And Futures Commission (SFC) warned the public that the company gives the above Hong Kong address, but it is not located there: https://www.sfc.hk/en/alert-list/2714.
  • Mar 04, 2021 The Dutch AFM added MagKing into its blacklist
    The Netherlands Authority for the Financial Markets (AFM) warned consumers not to respond to offers from MagKing Forex Limited: https://www.afm.nl/nl-nl/consumenten/controleer-je-aanbieder/boilerroom/magking-forex-limited.
    The Netherlands Authority for the Financial Markets (AFM) warned consumers not to respond to offers from MagKing Forex Limited: https://www.afm.nl/nl-nl/consumenten/controleer-je-aanbieder/boilerroom/magking-forex-limited.
  • Mar 03, 2021 The UK regulator FCA added MagKing into its blacklist
    The UK’s Financial Conduct Authority (FCA) has warned that MagKing is not authorised by it and is targeting people in the UK: https://www.fca.org.uk/news/warnings/magkingfx-magking-global-limited.
    The UK’s Financial Conduct Authority (FCA) has warned that MagKing is not authorised by it and is targeting people in the UK: https://www.fca.org.uk/news/warnings/magkingfx-magking-global-limited.
  • Aug 12, 2021 BrokersView has found that MagKing is not working
    BrokersView found the domain https://www.forex40.com/ is temporarily unavailable, as most probably it was suspended and it is always a bad sign when broker’s website is suspended.
    BrokersView found the domain https://www.forex40.com/ is temporarily unavailable, as most probably it was suspended and it is always a bad sign when broker’s website is suspended.

Related Complaints

Q&A

What currency pairs do they have?

Francis Udoh
Chile
Mar 06, 2023
ANSWER MagKing is an unregulated trading platform even though it states offers that look good to be true.The link provided in your question even directs investors to different suspicious brokers. Additionally, The British Columbia Securities Commission (BCSC), Hong Kong’s Securities And Futures Commission (SFC), The Netherlands Authority for the Financial Markets (AFM), and The UK’s Financial Conduct Authority (FCA) all added MagKing to their blacklists respectively. That is a bad sign for a broker, meaning it is untrustworthy.The truth is, MagKing is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like MagKing and trade with licensed brokers.
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Risk Warning

FX trading is of high risk and may not be suitable for all investors. Leverage will create additional risks and loss. Before trading, please carefully consider your investment objectives, experience level and risk tolerance. You may lose part or all of your initial investment; do not invest money that you cannot afford. Educate yourself about the risks associated with FX trading. If you have any questions, please consult an independent financial or tax advisor. Any data and information are provided "as is" and only for information purpose, not for trading or recommendations. Past performance does not predict future results.

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