ANSWER We strongly advise against engaging with MGS Finance, a broker that operates without a license.This platform inaccurately purports to be regulated by the Australian Securities and Investments Commission (ASIC). Its website, which is barely over three months old, misleadingly claims to have more than 20 years of experience, which further questions its credibility. Moreover, the New Zealand Financial Markets Authority (FMA) has issued a warning against MGS Finance, stating that this broker is neither registered nor licensed to offer its services to residents of New Zealand.Given these circumstances, MGS Finance poses significant risks of fraud and identity theft. We highly recommend avoiding MGS Finance and instead choosing a fully regulated broker for a safer trading experience.
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