McGregorTrade is a forex broker that disappeared and recently reappeared. The company only changed the domain name. Otherwise, everything on the website is identical. These people are back in the market to steal from more people. There are too many customers already complaining about losing their funds to these scammers.
Additionally, this website already falls on a regulator’s warning list. Nothing worse can happen to a forex broker. Once they fall on a regulator’s warning list, that’s the final nail on its coffin. Such a company cannot boast about its legitimacy.
For your own good, invest only in companies with years of experience in the market. McGregorTrade24.com does not fit this description. They only have a month’s experience in the market. Nonetheless, they already have a terrible reputation from their previous runnings in the market. This review will tell you exactly why you should avoid this company. Let’s jump into it.
This company promises to be the gateway to the world’s financial markets. They boast to give access to over 150 assets. On top of that, the company promises an MT4 trading platform. While this may be true, the platform available to customers is broken. It seems that these people tampered with the software and ended up making it inferior.
Therefore, you should not come to this platform expecting the best services in the market. Furthermore, the trading platform is the center point of all forex brokers. When it is broken, there is no reason to invest. Such lackluster performing platforms are only in scam companies. This is because they never care about customer satisfaction. Professional companies will always ensure to provide the best trading platform to clients.
In terms of customer support, this company has nothing good to offer you. The number provided on the website is not in service. The only way to get in touch with the company is via email. That way, the company will control every correspondence they have with clients. After all, they can choose no to reply to their victims.
Sadly, this is common in fraudulent operations. They remove the means to contact them for a reason. They do not want anyone to call asking for their money back.
McGregorTrade24 Account Types
There are four main account types on Mcgregortrade24.com. These include the Mini, Bronze, Silver, and Gold accounts. The minimum deposit for the Mini account is $500. That is extremely higher than what you will find in legitimate companies. There is no reason you should invest more in a shady operation.
Furthermore, all these accounts come with expert advisors. Yet, there is no mention of what kind of expert advisors clients receive. We do not know their strategy nor the parent company. This just goes to prove that this company does not care about transparency.
McGregorTrade Regulation Status
When we look at the regulation of this company, everything starts to fall apart. The company boasts of its regulation by the Vanuatu Financial Service Commission. However, this is a lie. We searched on the regulator’s website and there were no results to match this firm. The VFSC does not recognize this company as a legal operation.
Even worse, this company is on a regulator’s warning list. The FMA from Australia warns investors against transacting with McGregorTrade. That is the final nail on the coffin. This company is illegal.
Evidently, the founders of this company are willing to lie to get people to invest. They are lying about their regulations for a reason. In reality, this company does not have a license to trade on its own account or on behalf of others.
Investing in such a company is a terrible idea. It will always end with investors losing their funds. Founders of unregulated companies are criminals who will do anything to steal from investors.
The People Behind McGregorTrade
Similar to other scam operations, this company does not respect transparency. There is no introduction of the people behind the operations. There are no names nor faces to associate with the company. Additionally, the company does not have a social media presence.
You should never send your money to anonymous people on the Internet. That is how people lose their funds to scammers. At the very least, a company should present to us the names of its founders.
Even worse, these people are impossible to track down. This is because the address they provide is completely fake. The address is in the Marshall Islands. Unfortunately, this jurisdiction has very loose laws. Anyone can register and run a company without stepping foot in the country. All the scammers in the country use this random address to look legitimate. You will not find this company’s offices in this location.
According to the website, this company has been in operation since 2016. However, Whois.com records reveal that this is a lie. Mcgregortrade24.com has only been in operation since 12th April 2021. That means it only has a little over a month in the market.
We do not know why this company would lie about its date of formation. If the information is true, they need to tell us where they have been for the last five years. Unless they are talking about the years they have been in the market scamming people using different domain names.
Customer feedback is a very important tool to determine what to expect from a company. Luckily, we have several customer reviews about this company on Trustpilot. Unfortunately, most of these reviews are negative. Most of the customers are complaining to have lost their money to these scammers.
You do not need any more information to know that this is a scam. The customers are already suffering. Do not trust these individuals with your money. They will disappear with it and come back under a different domain. For your own good, do not invest with these scammers.
Are Your Funds Safe With McGregorTrade?
No, your funds are not safe with this company. There are a lot of reasons why we are saying this. For starters, this company does not have regulations. No unregulated company can assure you of your funds’ safety. They do not have th right banking setup t protect your funds.
Additionally, the founders of this company are anonymous and their location is a mystery. Such individuals are not trustworthy with investor funds. Moreover, the customers of this company are already telling us that it is a bad idea to invest here. Listen to them and run while you still can.
The Bottom Line
The drawbacks greatly outweigh the merits. This company does not have a good reason to invest in it. The design of its operations screams scam. As a result, the FMA already has it on its warning list. Unsurprisingly, there are already people who have lost their money to these scammers.
Do yourself a favor and ignore this platform like the plague. Nothing good can come out of it. Only invest in companies with years of experience in the market. Only such companies can help you protect your investment as you trade.
The article posted herein is published by members of this site. Any information you find on this article is base on the opinion and view of the publisher. You are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this article.
Team Reviewparking is no third party and we can't handle any queries whatsoever.