MangoTrade: reviews and full analysis of activities
Trading for Everyone: MangoTrade in Detail
The mission of MangoTrade is to make trading accessible to everyone. The broker offers clients minimal spreads, 24/7 support, no commissions, and other privileges. We have explored how honest and safe the MangoTrade broker is based on traders’ reviews.
Contacts and Company Information
MangoTrade does not have a website in Russian and is presented stereotypically. There are many pseudo-brokers on the market with similar structures and marketing. There is little information and reviews about MangoTrade on the Internet as most resources are not aware of this broker.
The MangoTrade brand is owned by Digital Smart LLC, registered in Saint Vincent and the Grenadines. The company was only created a year ago, so it has a short history.
The domain mangotrade.com was registered in 2016 but has been listed for sale since 2018. The last update in June 2021 indicates the actual founding date of MangoTrade. The registered domain owner is Ilya Zigunov, who is also the director/founder of the company 8XBUSINESS CY LTD. 8XBUSINESS CY LTD’s role on the MangoTrade website is listed as controlling and managing payments.
MangoTrade has no representative offices or offices, and the legal address is a general mailing address for many one-day firms in Saint Vincent and the Grenadines. The company’s social media accounts have not been updated for a long time, indicating artificial increase in followers.
Regulation of MangoTrade’s Activities
The legal documentation states that the broker operates in accordance with the laws of Saint Vincent and the Grenadines. Clients are recommended to resolve disputes in the courts of this region. However, the government of the islands officially abandoned the regulation of such companies.
- Licensing of forex brokers has been terminated since 2018,
- FSA does not control their activities,
- In case of fraud, clients should seek assistance in their jurisdiction.
This means that in case of deception by MangoTrade, clients will find it difficult to protect their interests. It is important to note that the broker is not licensed in the Russian Federation.
MangoTrade Offer Review
The MangoTrade website beautifully describes cooperation with the broker, although there is no real benefit in it.
The broker offers its own trading terminal through the web or application. The application is only available on Google Play and has not passed verification in the App Store. According to reviews, the terminal works poorly: quotes are not accurate, stop-losses do not trigger, and deposits are sometimes zeroed for no reason.
The fraudulent claim of no commissions is incorrect, as commission amounts are variable and sometimes significantly increased.
The assets for trading offered include a standard set and cryptocurrencies. The minimum deposit is $10. A demo account with 10,000 virtual dollars for practice is available.
Reviews of MangoTrade
Reviews of MangoTrade are mostly negative among Russian-speaking users.
Positive or neutral reviews may refer to another company named ManGo Trade, which is not related to the discussed broker.
MangoTrade Fraud Methods
By creating their own terminal, scammers gained access to user accounts. They can easily cancel trades, manipulate prices, and block accounts, zeroing deposits without explanation.
According to reviews, the customer support at MangoTrade does not work. Disappointed clients cease cooperation with the broker. Scammers continue to deceive and evade punishment for several months.
MangoTrade Inspection Summary
MangoTrade is a typical scam project without licenses and accreditations. Reviews warn of the risks of working with this broker who does not withdraw client funds and uses its own terminal for fraud.