MGM Global is not subject to any regulatory body. It is an unlicensed broker red-flagged by the Financial Conduct Authority (FCA) and the Belgian Financial Services and Markets Authority (FSMA).
While the platform claims to be regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the FCA, our search for the company within the databases of the three financial watchdogs didn't return any results. This means the claim about its regulatory status is false.
Furthermore, both the FCA and the FSMA have issued warnings against MGM Global for carrying out unlicensed activities. The full FCA warning can be accessed here and the full FSMA warning here.
Therefore, BrokersView strongly suggests investors stay away from MGM Global. Entrusting it with funds and personal information is highly risky, as there are no rules in place to safeguard them. If any violation occurs, investors dealing with the platform may not be able to recover their money or get compensation from any official body. To mitigate such risks, it is advisable to choose a fully regulated broker instead.
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