MangoTrade has been operating for a long time. It seems they are still hiding in plain sight with their business. Anyway, with headquarters in Saint Vincent and the Grenadines, they are not that reliable.
Even though their payment processors are coming from highly regulated country, that doesn’t mean anything. However, for a detailed analysis of the company, we invite you to read fully our MangoTrade review.
One of the first warning signs is the company’s registration location. Since the Financial Services Authority doesn’t issue licenses in SVG, the company should look for them elsewhere. Some of the most reliable institutions for FX and CFD trading are FCA, BaFin and ASIC. Generally, they are accepted everywhere and their protection includes significant benefits.
Yet, MangoTrade firm didn’t bother with it. None of these databases hold any records of this company having a license. Hence, prepare your nerves for a nightmare.
Surprisingly, for a company existing since 2016, they don’t have many reviews. However, it looks like they attract investors with low deposit requirements.
Very often you will see hard-sales ads with limited-time offers and lucrative deals. But once you leave your contact details, agents from boiler rooms start calling you viciously. Therefore, we advise you not to crack under pressure.
Due diligence is the key to safe trading. Yet, many traders fall for tricks and start depositing more money. All until they realize they won’t see it back. If you see yourself stuck in such a situation, feel free to contact our refund specialists for detailed guidance.
But we are interested in your opinion about this company. Feel free to contact us directly or leave a comment below.
In fact, this brokerage has invested quite a lot into their technology. Sadly, without regulations, it can’t be trusted much. Not only because of regulations but because it’s a web-based platform.
On the positive side, the company has developed a mobile app as well. Yet, only for Android users. Practically, they have nullified the positive facts. But an even more disturbing fact is that both their platforms look designed for binary options instead of regular trading.
It’s quite unclear what exactly the company offers. The company claims to offer the following:
Surprisingly, MangoTrade doesn’t have transparent account types. With a minimum deposit requirement of $10, they have quite an attractive offer for anyone. However, don’t expect some benefits if you trade or deposit more.
Indeed, yes. MangoTrader offers a free practice account with a $10k virtual balance. Yet, with their web-based platform data might differ between live and demo accounts. Therefore, you might think you are gaining while everything is controlled in the background by the company.
Important to realize is that this investment firm doesn’t reveal leverage. Therefore, keep in mind what are general rules in Europe and the US. All European brokers can offer a maximum of 1:30 leverage to retail traders, while in the US, that’s 1:50.
Spreads for forex pairs are quite unattractive starting from 2 pips. On top of that, there is a dormant and inactivity fee of $10. Sadly, none of the other fees or commissions are revealed.
Of course, according to the company, withdrawals are smoothly processed. Yet, their withdrawal policy reveals potential risks. Firstly, the processing time is 3 business days.
However, the company reserves the right to increase processing time or cancel withdrawal in some cases. But who decides if their rules are broken? Only the company staff. So, you could be stuck in a withdrawal process forever. Anyway, the first withdrawal in the month is free while every other will cost you 2% at least.
Without regulatory oversight, it’s hard to do anything except apply for a chargeback. In some cases, it gets even harder. Such as when clients deposit crypto.
Luckily, our refund specialists found a solution and successfully helped scammed traders get their money back. If you are looking for a solution as well, you can book a free first consultation with us. Get in touch today for detailed guidance!
MangoTrade is an investment firm based in Saint Vincent and Grenadines that provides FX and CFD trading services since 2016.
Definitely. Without regulations and fully transparent conditions, but also reviews, you are not in a safe place with this brokerage.
Yes. The company shows its fees transparently. But without regulation, they can manipulate anything. If that is something you experienced, contact our refund team immediately.
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