Overview:
Marigold Global Markets Corporation (MGMC) is a Cambodia-based broker that claims to specialize in trading precious metals and currency pairs. The company's website provides limited information about its services and operations. It was created in 2012 but has not been regularly updated, with the latest news update dating back to June 2017. The website also contains many empty sections and non-functional links, suggesting a lack of attention to maintaining an informative online presence.
Unfortunately, the website of Marigold Global Markets Corporation (MGMC) is currently inaccessible or unavailable.
Regulation:
License Revoked.When a broker's license is revoked, it means their legal authorization to engage in brokerage activities has been permanently or temporarily withdrawn. This occurs due to violations of industry regulations, unethical conduct, fraudulent practices, or repeated offenses. Regulatory bodies investigate such cases, and if the broker is found guilty, their license is revoked. The consequences of a revoked broker license can include loss of livelihood, damage to professional reputation, potential legal repercussions, and the possibility of permanent or temporary barring from obtaining another license.
Revocation proceedings typically involve an investigation triggered by complaints, irregularities in transactions, or audits. The specific consequences vary by jurisdiction, but they can be severe. Revoked brokers may have the option to reapply for a license after a specified period or upon fulfilling certain conditions. However, the revocation of a broker's license has significant professional, financial, and legal implications for the individual or firm involved, as well as potential repercussions for clients or investors who may seek compensation for losses.
Market Instruments:
Marigold Global Markets Corporation (MGMC) offers a variety of trading instruments to its clients. While specific details about the market instruments are not provided, it is mentioned that the company specializes in trading precious metals and currency pairs.
Precious metals are commonly traded instruments in the financial markets, and they typically include assets such as gold, silver, platinum, and palladium. These metals are known for their intrinsic value and are often sought after by investors as a means of diversifying their portfolios or hedging against inflation.
Currency pairs are another significant category of instruments offered by MGMC. These pairs consist of two currencies and represent the exchange rate between them. Major currency pairs such as EUR/USD (Euro/US Dollar) and GBP/USD (British Pound/US Dollar) are frequently traded in the foreign exchange market. Currency trading offers opportunities to speculate on the fluctuating values of different currencies and take advantage of currency exchange rate movements.
In addition to precious metals and currency pairs, MGMC may also offer other popular trading instruments such as indices, commodities, cryptocurrencies, bonds, and stocks. Indices represent the performance of a specific group of stocks or markets and allow investors to gain exposure to broader market trends. Commodities include assets like crude oil, natural gas, and agricultural products. Cryptocurrencies such as Bitcoin, Ethereum, and Litecoin have gained popularity in recent years as digital assets with the potential for significant price volatility. Bonds represent debt instruments issued by governments or corporations, while stocks are shares of publicly traded companies.
It is important to note that the exact range of market instruments offered by MGMC may vary, and traders should refer to the company's official documentation or contact their customer support for comprehensive and up-to-date information on the available trading instruments.
Account Types:
Standard Account:
The Standard Account is likely to be the basic entry-level account offered by MGMC. It may require a minimum initial deposit and provide access to a range of trading instruments. Traders with a Standard Account may have access to basic trading tools and features, such as real-time market quotes, order placement, and account management. However, specific details about leverage, spreads, and additional benefits may vary and would need to be obtained from the company directly.
Premium Account:
The Premium Account is expected to offer enhanced features and benefits compared to the Standard Account. Traders with a Premium Account may enjoy lower spreads, higher leverage, and additional perks designed to enhance their trading experience. This account type could provide access to a wider range of trading instruments and more advanced trading tools, along with priority customer support.
VIP Account:
The VIP Account is likely to be the highest-tier account offered by MGMC, catering to experienced and high-volume traders. This account type may come with the most favorable trading conditions, including lower spreads, higher leverage, and personalized support. VIP Account holders may have access to exclusive features, such as advanced charting tools, custom trading strategies, and dedicated account managers.
How to open an account:
To open an account with Marigold Global Markets Corporation (MGMC), you can follow these general steps:
Account Application:
Visit the MGMC website or contact their customer support to initiate the account application process. Provide the required personal information, including your full name, contact details, and any other information specified by the broker.
Documentation:
Prepare the necessary documentation to verify your identity and address. This typically includes providing a valid identity card or passport as well as proof of address such as a recent utility bill or bank statement. Ensure that your documents are valid and meet the broker's requirements.
Account Agreement:
Upon completing the application and providing the necessary documentation, you will need to sign a client agreement. This agreement outlines the terms and conditions of your trading account with MGMC. Review the agreement carefully, ensuring that you understand and agree to the terms, and sign it as required. The signed agreement is usually submitted by email or through the broker's designated channels.
Leverage:
Marigold Global Markets Corporation (MGMC) offers a maximum trading leverage of 1:300. Leverage is a financial tool that allows traders to control larger positions in the market with a smaller amount of capital. In this case, a leverage ratio of 1:300 means that for every unit of capital invested, the trader has the ability to control a position in the market that is 300 times larger.
For example, if a trader has $1,000 in their trading account and utilizes the maximum leverage of 1:300, they can potentially control a position worth $300,000 in the market. The use of leverage can amplify both profits and losses, as gains or losses are calculated based on the total position size, rather than just the invested capital.
While leverage can enhance potential returns, it also carries significant risks. Traders should exercise caution and have a solid understanding of leverage, risk management strategies, and the potential impact on their trading capital. It is crucial to carefully consider one's risk tolerance and trading objectives before utilizing high leverage ratios. It is also recommended to familiarize oneself with the specific terms and conditions set by MGMC regarding leverage usage and any associated margin requirements.
Spreads & Commissions:
Spreads refer to the difference between the buy and sell prices of a trading instrument, and they represent the transaction cost for traders. In this case, the website states specific spread values for gold and silver, which are $0.40/oz. and $0.04/oz., respectively. These values indicate the additional cost per ounce when trading these precious metals.
Commissions, on the other hand, are additional fees charged by brokers on top of the spreads. The information provided does not mention any commissions charged by MGMC.
It is important to note that the spreads and commissions may vary depending on the trading accounts offered by MGMC. Unfortunately, the specifics about the different account types and their associated spreads and commissions are not provided. To obtain accurate and detailed information about the spreads and commissions for each account type, it is advisable to consult MGMC directly or refer to their official documentation.
Considering the limited information available, it is essential for traders to carefully evaluate the overall trading costs associated with spreads and potential commissions, along with other factors such as regulation, reliability, and customer feedback, when considering MGMC as a broker.
Deposit & Withdrawal
Deposit Methods:
Marigold Global Markets Corporation (MGMC) offers several convenient methods to deposit funds into your trading account. Here are some potential deposit methods that could be available:
Wire Transfer: Deposit funds directly from your bank account to your MGMC trading account using wire transfer. Contact MGMC's customer support or refer to their official documentation to obtain the necessary bank details for the transfer.
Online Payment Processors: MGMC may support popular online payment processors such as Skrill, Neteller, or PayPal. These platforms allow for secure and swift electronic transfers. Check with MGMC for the availability of specific payment processors and any associated fees or requirements.
Credit/Debit Cards: MGMC might accept deposits through major credit or debit cards like Visa, Mastercard, or Maestro. This method offers convenience and allows for instant fund transfers. However, it's important to verify with MGMC if they accept card payments and if any fees or limitations apply.
Withdrawal Methods:
When it comes to withdrawing funds from your MGMC trading account, here are some potential withdrawal methods that could be offered:
Wire Transfer: Withdraw funds directly to your bank account through wire transfer. Provide MGMC with your banking details and follow their withdrawal procedures. It may take a few business days for the funds to be reflected in your bank account.
Online Payment Processors: If available, MGMC may allow withdrawals through online payment processors such as Skrill, Neteller, or PayPal. Ensure your MGMC account is linked to your chosen payment processor and follow their withdrawal instructions.
Credit/Debit Cards: MGMC might support withdrawals to your credit or debit card. Confirm with MGMC if this option is available and review any associated terms, fees, and limitations.
Other Methods: MGMC may offer additional withdrawal methods such as alternative electronic payment systems or cryptocurrency transfers. Consult MGMC's official documentation or reach out to their customer support for information on alternative withdrawal methods.
Please note that the availability of specific deposit and withdrawal methods, along with any associated fees or limitations, can vary. It is important to directly verify with MGMC or refer to their official documentation for the most accurate and up-to-date information on deposit and withdrawal methods offered by the company.
Trading Platform:
Marigold Global Markets Corporation (MGMC) offers the popular trading platform MetaTrader 4 (MT4) to its clients. MT4 is a widely recognized and widely used platform in the financial industry, known for its user-friendly interface and comprehensive features. Here's an overview of the MT4 trading platform:
User-Friendly Interface: MT4 provides a visually appealing and intuitive interface, making it accessible for both novice and experienced traders. The platform offers customizable layouts, charts, and windows, allowing traders to personalize their trading environment according to their preferences.
Advanced Charting Tools: MT4 offers a wide range of technical analysis tools, indicators, and charting options. Traders can analyze price movements, identify trends, and make informed trading decisions using the platform's extensive charting capabilities.
Execution and Order Types: MGMC's clients using MT4 can execute various types of orders, including market orders, limit orders, stop orders, and more. The platform allows for one-click trading, providing quick and efficient order execution.
Automated Trading: MT4 is renowned for its Expert Advisors (EAs) feature, which enables automated trading. Traders can develop or utilize pre-built trading algorithms to execute trades based on predefined conditions. This feature allows for trading even when the trader is not actively monitoring the market.
Mobile Trading: MT4 is available as a mobile application for iOS and Android devices, enabling traders to access their accounts and trade on the go. The mobile version provides essential features and real-time market updates, allowing traders to stay connected and manage their trades from anywhere.
Backtesting and Strategy Development: MT4 includes a built-in strategy tester, enabling traders to backtest their trading strategies using historical data. This feature helps traders assess the performance and viability of their strategies before implementing them in live trading.
It's important to note that while MT4 is a robust trading platform, the specific features and functionalities offered by MGMC on their MT4 platform may vary. Traders should consult MGMC's official documentation or contact their customer support for detailed information about the specific features, tools, and capabilities available on their MT4 trading platform.
Customer Service:
Marigold Global Markets Corporation (MGMC) offers customer support services; however, clients may encounter challenges when trying to reach out for assistance. Here are the available contact options:
Contact Number:
English-speaking clients can attempt to reach MGMC's customer support by dialing the provided phone number: +855 81 996 020. However, it is important to note that reaching a live representative or receiving prompt assistance through this phone line can be uncertain and frustrating.
Email:
Clients can opt to contact MGMC's customer support via email. However, based on negative feedback from some clients, the responsiveness and effectiveness of their email support can be lacking. It is advisable to set realistic expectations regarding response times and the likelihood of receiving a satisfactory resolution.
Considering the negative tone surrounding MGMC's customer support, it is crucial for clients to be prepared for potential difficulties in reaching a support representative promptly or receiving satisfactory assistance. It is advisable to explore alternative brokers that prioritize responsive and reliable customer support to ensure a smoother trading experience.
Summary:
Marigold Global Markets Corporation (MGMC) is a China-based broker specializing in trading precious metals and currency pairs. However, several concerning factors should be taken into consideration before engaging with this company.
Firstly, there is a lack of transparency regarding the regulation of MGMC. The broker does not provide any information about regulatory licenses or affiliations, raising questions about the safety of client funds and fair trading practices.
The website of MGMC, created in 2012, shows signs of neglect with many empty sections, non-functional links, and outdated content. The latest news update dates back to June 2017, indicating a lack of commitment to keeping clients informed and up-to-date.
While MGMC mentions an office in Cambodia, it is unclear whether it is fully operational and provides adequate support. The exclusion of certain countries, including Cambodia, Hong Kong, and the United States, from trading account applications raises further questions about the broker's policies and eligibility criteria.
Additionally, the founder, Mr. Chen, lacks verifiable credentials, and no information or links are provided to substantiate his claimed experience with major companies in the financial industry.
The limited information available on spreads, commissions, account types, and leverage further adds to the overall lack of transparency and makes it challenging to assess the broker's offerings.
Considering these factors, it is advised to approach MGMC with caution. Traders are encouraged to seek alternative brokers with a proven track record, regulatory compliance, transparent operations, and reliable customer support. Thorough research and due diligence are crucial when choosing a broker to ensure the safety and success of trading activities.
Pros:
Cons:
Lack of regulation: The absence of regulatory oversight raises concerns about the safety of client funds and the fairness of trading practices.
Outdated website and limited information: The website is not regularly updated, with empty sections, non-functional links, and outdated content. This lack of attention to detail may indicate a lack of commitment to providing accurate and up-to-date information to clients.
Unclear founder credentials: The founder's claimed experience lacks verifiable evidence or links to support their background in major financial companies, which may raise doubts about their expertise and the company's credibility.
Restricted trading account applications: MGMC refuses to accept trading account applications from individuals and residents of certain countries, which may limit the accessibility of their services.
Limited information on account types, leverage, and spreads: The lack of specific details regarding account types, leverage options, and spreads makes it challenging for traders to assess the offerings and associated costs.
Considering these cons, it is important for traders to carefully evaluate the risks and limitations associated with MGMC before considering them as a broker. Exploring alternative brokers with a strong regulatory presence, transparent operations, and positive customer feedback may be advisable to ensure a safer and more reliable trading experience.
FAQs:
Q: Is Marigold Global Markets Corporation (MGMC) regulated？
A: No, there is no information available about MGMC's regulation, which raises concerns about the safety of client funds.
Q: Can I open a trading account with MGMC if I am from Cambodia？
A: No, MGMC does not accept trading account applications from individuals and residents of Cambodia, among other countries.
Q: What is the minimum account size to open an account with MGMC？
A: The minimum account size required to open an account with MGMC is $3000.
Q: What payment options are available for deposits and withdrawals with MGMC？
A: MGMC primarily supports wire transfer for depositing and withdrawing funds from trading accounts.
Q: Are there any reliable feedback or reviews about MGMC's activities？
A: No, there is a lack of reliable feedback or reviews about MGMC's activities, making it challenging to assess the broker's reputation and reliability.
