MGS Finance
On March 4, 2024, the New Zealand Financial Markets Authority (FMA) issued a warning against MGS Finance, stating that this broker is not registered or licensed to provide its services to New Zealand residents. https://www.fma.govt.nz/library/warnings-and-alerts/medium-global-strategy/
On March 4, 2024, the New Zealand Financial Markets Authority (FMA) issued a warning against MGS Finance, stating that this broker is not registered or licensed to provide its services to New Zealand residents. https://www.fma.govt.nz/library/warnings-and-alerts/medium-global-strategy/MGS Finance purports to be an online forex broker under the regulation of the Australian Securities and Investments Commission (ASIC). However, it does not provide any licensing details or company profiles, which casts doubt on its legitimacy and authenticity.
Upon verification with the ASIC, an entity named MGS FINANCIAL PTY LIMITED was found whose license is not for forex trading. The website of MGS Finance, mgsfin.com, lists an address identical to that of the ASIC-licensed entity. However, further investigation reveals that the licensed entity operates its own distinct products and website, suggesting no affiliation with MGS Finance. MGS Finance may misappropriate the address details of the legitimate company to appear real.
Contradicting to its assertions of having over 20-year-experience, its domain name, mgsfin.com, was first registered in December 2023. This discrepancy is another red flag.
It is crucial to note that the New Zealand Financial Markets Authority (FMA) has issued a warning against MGS Finance, stating that this broker is not registered or licensed to provide its services to New Zealand residents.
In essence, MGS Finance is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.
MGS Finance appears to be a scam.
MGS Finance purports to be an online forex broker under the regulation of the Australian Securities and Investments Commission (ASIC). However, it does not provide any licensing details or company profiles, which casts doubt on its legitimacy and authenticity.Upon verification with the ASIC, an entity named MGS FINANCIAL PTY LIMITED was found whose license is not for forex trading. The website of MGS Finance, mgsfin.com, lists an address identical to that of the ASIC-licensed entity. However, further investigation reveals that the licensed entity operates its own distinct products and website, suggesting no affiliation with MGS Finance. MGS Finance may misappropriate the address details of the legitimate company to appear real.Contradicting to its assertions of having over 20-year-experience, its domain name, mgsfin.com, was first registered in December 2023. This discrepancy is another red flag.It is crucial to note that the New Zealand Financial Markets Authority (FMA) has issued a warning against MGS Finance, stating that this broker is not registered or licensed to provide its services to New Zealand residents.In essence, MGS Finance is not regulated by any governing body. Entrusting it with investors' funds is highly risky, as there are no legal protections in place to safeguard the funds.MGS Finance appears to be a scam.BrokersView found that the domain "https://www.mgsfin.com/" is currently inaccessible. This is widely regarded as a significant red flag, as the suspension of a broker's website often points to underlying regulatory or operational issues.
BrokersView found that the domain "https://www.mgsfin.com/" is currently inaccessible. This is widely regarded as a significant red flag, as the suspension of a broker's website often points to underlying regulatory or operational issues.
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