MWNGMarket Review 2024

Trading platform:

  • MetaTrader4

MWNGMarket Review 2024

Updated:
Updated: June 07, 2024

Summary of MWNGMarket Trading Company

MWNGMarket was registered in Cyprus and had an office in the United Kingdom, but failed to disclose its legal address on its official website. The unlicensed broker offered trading in currencies, indices, oil, gas, gold, and silver on the MetaTrader 4 platform. In 2021, Belgium’s Financial Services and Markets Authority (FSMA) filed a fraud lawsuit against MWNG Company Limited. The broker operated a clandestine network on social media and dating sites, luring clients with screenshots of supposedly successful investments and promises of quick riches, according to former clients. Many traders suffered losses, while others found their withdrawals blocked and accounts frozen.

User Satisfaction i

10 comments
Total score:
2.2 /10

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jenny1111
2 weeks ago

MWNGMarket is a fraudulent company with an entire network of employees who hunt gullible traders on social media. At first, a girl texted me on Facebook under the pretense of a simple acquaintance and then smoothly brought the conversation around to Forex. We moved to WhatsApp, where she showed me screenshots of the trading platform and profit payout receipts and offered to make money on Forex together. I agreed and regretted it very soon. Trading brought me only losses, so I decided to at least withdraw the remainder of my funds. But the request was suspended and the support service didn’t help me at all.

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alexandarsimov
2 weeks ago

Some guy texted me on Facebook, telling me about a new brokerage company that offered very favorable terms to earn from trading various financial instruments. At first, I wasn’t interested, but when I saw screenshots of payouts, I wanted to know more. This guy suggested using a demo account to show me how and how much I could earn. I opened a demo account and traded following his tips. My virtual capital grew fast and I decided to try real money. But after that, trading brought nothing but losses, and as soon as I made a withdrawal request, my account was blocked.

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gpopescu1
38 weeks ago

MWNGMarket is not a broker, but a group of scammers that don’t have the legal right to do such business. This company aims to attract as many traders as possible and take possession of their funds. MWNGMarket’s representative found me on Facebook and insisted that I should open an account and start trading. He promised favorable conditions, help, and support. I succumbed to his urging and ended up losing all the money. At first, they froze my withdrawal request and then my user account as well. I sent numerous messages to the support service, but didn’t get a single reply.

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Ako
6 weeks ago

I corresponded with a man on a dating site and he mentioned that he earned on trading gold. I once tried Forex, but had to quit because of a lack of time. This idea got me interested and, inspired by stories of easy income, I registered with MWNGMarket, made a deposit, and started trading. The man would tell me when to open and close orders and I made some profit. He also convinced me to add a large amount to my account. But after that, my balance was nullified and then the company’s website became unavailable and I lost all of the invested funds.

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nadimaudah
25 weeks ago

Never entrust your money to unregulated companies. In most cases, they are scammers who will disappear with your money like MWNGMarket did. I traded with this broker for about three months, but when I wanted to withdraw my profit, I couldn’t. First, they told me about technical problems and then stopped responding altogether. I emailed them every day, but got nowhere. I can’t complain to any authority because the broker wasn’t regulated and operated without a license.

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ubeth
31 weeks ago

I met a girl on social media and she offered me to try trading metals with MWNGMarket. She told me how quickly and easily she managed to earn on gold and showed me bank account statements to prove that the funds came from the brokerage company. At first, I had a small amount in my account, but my new acquaintance helped me increase the balance by 15-20% weekly. I decided to deposit a more significant amount and calculated potential profits. I traded for about two weeks and then couldn't log in to the site anymore because it had been shut down. Traders lost all their funds.

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varilorant
9 weeks ago

I saw this company’s ads on social media, where there were many posts with thankful comments and screenshots of payouts. I had long been interested in trading metals, so I began actively looking for information about that. A specialist at MWNGMarket contacted me almost right away. He helped me register and get verified and then advised me on trading on a demo account. It all was over once I made a real deposit. The website became unavailable and sending emails to support was useless – they never replied.

Trading Conditions for MWNGMarket Users

💻 Trading platform: MetaTrader 4
📊 Accounts: No
💰 Account currency: No
💵 Replenishment / Withdrawal: No
🚀 Minimum deposit: No information
⚖️ Leverage: No information
💼 PAMM-accounts: No
📈️ Min Order: No
💱 Spread: No information
🔧 Instruments: No
💹 Margin Call / Stop Out: No information
🏛 Liquidity provider: No
📱 Mobile trading: No
➕ Affiliate program: No
📋 Orders execution: No information
⭐ Trading features: No
🎁 Contests and bonuses: No

Contacts

Registration address 296 High Holborn, London, United Kingdom, WC1V 7JH
Disclaimer:

Your capital is at risk.  Your capital is at risk.  79.43% of retail investor accounts lose money when trading CFDs with this provider. MWNGMarket Ltd and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.

We constantly monitor the Internet for the emergence of new fraudulent schemes to deceive traders. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market. Below we have collected for you the information about the scammers from the List of SCAM Brokers.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

Why has MWNGMarket been placed on the Forex Broker Blacklist?

Possible reasons:
• multiple complaints have been filed against MWNGMarket by traders claiming the broker failed to fulfil its obligations, including process withdrawals;
• the website of MWNGMarket is down, not updated or operates with clear errors and some features are not available;
• MWNGMarket has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.

What should I do if MWNGMarket got blacklisted and I still have money in my account?

Don’t panic right away. First, try to find out the reason why MWNGMarket got blacklisted. The situation may be temporary. Contact Traders Union client service for details. If the situation is critical, try to withdraw money. The best way to do it in parts, so that the broker does not suspect that you want to withdraw your entire balance and close the account.

What should I do if I cannot withdraw my money from MWNGMarket?

If your broker refuses to process withdrawals under various pretexts, your algorithm of actions is as follows:
• Get a clear response from the broker’s Support Service with reference to the clauses of the Terms of Use (User Agreement). Save your correspondence and download the transaction history from your account.
• With a full package of documents, appeal to the following organizations: the broker’s regulator or corresponding law enforcement agencies. If you make your deposit with a bank transfer, try to initiate a chargeback request.
• Share your situation on traders’ forums, add the broker to blacklists of various websites, as it will help others avoid the mistake.

Is there any chance to recover my money if MWNGMarket is a scam?

On rare occasions, yes, for example, if the broker was a member of a compensation fund, or upon a court’s ruling.

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