Watch Out! MGK GLOBAL’s Licensed Office in Malaysia Does Not Exist

Broker: MGK GLOBAL

Address:Block A, Lot 5, 2nd Floor, Lazenda Phase 3 Shophouse, Off Jalan OK Abdullah, 87000 Labuan F.T, Malaysia

Conclusion:the brokers office is not at the registered address

Background

Last year, Japanese Kanto Finance Bureau issued a warning against MGK Global Limited, an unauthorized broker in Labuan F.T, Malaysia that operates brands including MGK GLOBAL and MGK.GLOBAL. Recently, investor reported MGK GLOBAL to WikiFX as a fishy forex broker because the information on its website was quite incomplete and the contact number remained unavailable.

On MGK GLOBAL‘s website, the broker claimed that it is regulated by the Labuan Financial Services Authority in Malaysia. Is it a lie？ In order to guard the safety of investors’ funds and help investors avoid investment risks, WikiFX team decided to visit MGK Globals licensed branch in Malaysia.

MGK GLOBALs website

On-the-spot investigation

WikiFX team spent much time and efforts to locate MGK GLOBAL according to the address on its official website. The exterior of this small and old building indicated this place was out of repair and likely deserted. Walking into the building, WikiFX team noticed that theres no floor directory on the wall, only the signs of two other companies. After a comprehensive search, WikiFX team found nothing related to MGK GLOBAL, but a locked door on the 2nd floor. As no one answered when we knocked on the door, we concluded that no one was working there.

Conclusion

Per investigation, MGK GLOBALs office is not at the registered address. According to the WikiFX App, MGK GLOBAL is only rated 1.30, and the LFSA regulatory license it claimed to hold is a suspected clone. It has been confirmed that MGK GLOBAL currently has no valid regulation. Please stay away from this broker, lest you lose your money to it!

MGK GLOBALs score on WikiFX App