MGT STOCK is a scam that we strongly advise you to avoid. You should always do careful research before choosing a broker, and make sure it has proper regulatory compliance. Therefore, no matter how attractive the offers are, you should not trust MGT STOCK with your money.
MGT STOCK claims to be run by Longsheng Financial Limited, which has offices in Hong Kong and the US. It displays four licenses on its website to prove its legitimacy. However, two of them are just incorporation certificates, which mean nothing in any jurisdiction. The MSB license from the US FinCEN is also not a proof of legitimacy, as the FinCEN itself has stated that it does not endorse or certify any business by registering it as an MSB. Moreover, there is no evidence that MGT STOCK is a member of the National Futures Association (NFA), which is required for US brokers.
MGT STOCK also shows a license from the Hong Kong Securities and Futures Commission (SFC), but this license is fake. The license has a Central entity no. AUL711, which actually belongs to another company called Valuable Capital Limited. The SFC has issued a warning against MGT STOCK and confirmed that it is not associated with the licensed entity.
In short, MGT STOCK is an unregulated broker that has no legal authority to operate. Investing with this broker is very risky, as there are no safeguards for your funds and personal information. To avoid costly mistakes and minimize the risks of financial losses and identity theft, it is advisable to choose a fully regulated broker instead.
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