MAGMarkets review: Regulations, Platforms, Trading Instruments and Broker Ratings.
1 •
1 REVIEWS
What is MAG Markets?
MAG Markets is a forex broker with Metatrader 4 (MT4) as their trading platform in Windows and Mobile version.
MAGMarkets.com offers over 25 forex currency pairs, indices, commodities, oil, gold, silver, bitcoin and other cryptocurrencies for your personal investment and trading options.
Please read MAG Markets Reviews below and share your live trading experiences with this broker.
Note: All payments are processed via 4xCube.
Broker Details
| Minimum Trade Size: | 0.01 |
|---|
| Maximum Leverage: | 500:1 |
|---|
| Minimum to Open Live: | $100 |
|---|
| Established: | 2021 |
|---|---|
| Address: | Euro House, Richmond Hill Road, Kingstown, P.O. Box 2897, Saint Vincent And Grenadines |
| Contact: | Info@magmarkets.com |
| Regional offices: | |
| Regulators: | SVGFSA #731 |
| Prohibited countries: |
| Trading platforms: | MT4 |
|---|
| Mobile Trading: | ✅ Yes |
|---|
| Currencies: | (25+) |
|---|---|
| Cryptocurrencies: | (5+) Bitcoin, Litecoin, Ethereum |
| CFD: | (10+) Gold, Silver, Stock Indexes, Oil, Other Commodities |
Trading Conditions |
|
| Hedge: | ✅ Yes |
|---|---|
| EAs/Robots: | ✅ Yes |
| Scalping: | ✅ Yes |
| PAMM: | ✅ Yes |
|---|
| Deposit Methods: | Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, AdvCash, Alipay, American Express, Bitcoin, Etana Custody, Ether/Ethereum, Litecoin, Tether (USDT), Wise (TransferWise) |
|---|
| Withdrawal Methods: | Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, AdvCash, Alipay, American Express, Bitcoin, Etana Custody, Ether/Ethereum, Litecoin, Tether (USDT), Wise (TransferWise) |
|---|
1 •
1 REVIEWS
Recent User Reviews of MAG Markets
PipInfuse
Mumbai, India,
Dec 12, 2023,
Registered user
MAG Markets-White Label of 4XC(Previously 4XCube)
Service use: Live
Length of use: over 1 Year
MAG Markets LLC, a white label Forex Broker platform of 4XC owes us and one of our associate trader partner, a sum 0f above $38000 in total in commissions since the month of March 2022.
We were assured the payment several times last year by the CEO of MAG Markets, Michael Lachner, however after multiple follow-ups all we got in response were nonsensical excuses.
We tried our level best to solve the issue amicably through the first half of this year via email, WhatsApp Chats and various other mediums, but our messages and emails were ignored. Hence we were forced to threaten them with a legal notice, after which we had a Video call with Michael Lachner and the CSO of MAG Markets, Fabian Falchle.
And through Multiple email exchanges with Michael Lachner and Fabian Falchle marked in all the communication, we were given a specific date of December 1st 2023, as the date of our payment. However knowing Michael Lachner’s business ethics, as expected, the date was breached, and we have finally decided to take the legal route for good.
As per our legal council. Although the company MAG Markets is registered in St. Vincent’s and Grenadine, Since all the members involved with MAG Markets are physically present in the EU zone:
Michael Lachner (CEO) – France
Fabian Falchle (CSO) – Germany
Support Team – Cyprus
We will have to file complaints against individuals, in the embassy tribunals, along with the Financial regulators in these countries namely BaFIN, AMF and CySec.
We have all the email and chat transcripts of all our above claims which can be to submitted to the regulators as required. Along with some unethical business tactics used by Michael Lachner to trade higher volumes to generate commissions, disregarding the clients managed Funds which was revealed by our trader partner through the process.
Just for the record, We have never dealt with 4XC or any of their management. And we have nothing against the company.
We had a call with an old contact today, 11th December 2023 with, Mr. Abdoulkader Aden Abdi, Managing partner of 8topuz(part of 4XC), since we have had a cordial relationship since a long time. And after informing him about the above issue, we were explicitly informed that 4XC were not aware of the malpractices of Michael Lachner and/or MAG Markets
We believe 4XC(Previously 4XCube) had no knowledge about the above issue. However, Since they are the parent company, we might have to drag their name into this issue as well. And I hope 4XC and their management will have a look at this issue internally.
I believe this is exactly the purpose of this forum, to keep individuals like Michael Lachner away from the world of financial markets who bring a bad name to the industry, and discourage traders and IB’s alike.
I urge the Moderators of this Forum, and any member from the above mentioned regulatory bodies on this forum to get in touch with us through private message and assist us to expedite the process of a regulatory action against such a company and individuals which will help us proceed with our legal action.
Thanks.
We were assured the payment several times last year by the CEO of MAG Markets, Michael Lachner, however after multiple follow-ups all we got in response were nonsensical excuses.
We tried our level best to solve the issue amicably through the first half of this year via email, WhatsApp Chats and various other mediums, but our messages and emails were ignored. Hence we were forced to threaten them with a legal notice, after which we had a Video call with Michael Lachner and the CSO of MAG Markets, Fabian Falchle.
And through Multiple email exchanges with Michael Lachner and Fabian Falchle marked in all the communication, we were given a specific date of December 1st 2023, as the date of our payment. However knowing Michael Lachner’s business ethics, as expected, the date was breached, and we have finally decided to take the legal route for good.
As per our legal council. Although the company MAG Markets is registered in St. Vincent’s and Grenadine, Since all the members involved with MAG Markets are physically present in the EU zone:
Michael Lachner (CEO) – France
Fabian Falchle (CSO) – Germany
Support Team – Cyprus
We will have to file complaints against individuals, in the embassy tribunals, along with the Financial regulators in these countries namely BaFIN, AMF and CySec.
We have all the email and chat transcripts of all our above claims which can be to submitted to the regulators as required. Along with some unethical business tactics used by Michael Lachner to trade higher volumes to generate commissions, disregarding the clients managed Funds which was revealed by our trader partner through the process.
Just for the record, We have never dealt with 4XC or any of their management. And we have nothing against the company.
We had a call with an old contact today, 11th December 2023 with, Mr. Abdoulkader Aden Abdi, Managing partner of 8topuz(part of 4XC), since we have had a cordial relationship since a long time. And after informing him about the above issue, we were explicitly informed that 4XC were not aware of the malpractices of Michael Lachner and/or MAG Markets
We believe 4XC(Previously 4XCube) had no knowledge about the above issue. However, Since they are the parent company, we might have to drag their name into this issue as well. And I hope 4XC and their management will have a look at this issue internally.
I believe this is exactly the purpose of this forum, to keep individuals like Michael Lachner away from the world of financial markets who bring a bad name to the industry, and discourage traders and IB’s alike.
I urge the Moderators of this Forum, and any member from the above mentioned regulatory bodies on this forum to get in touch with us through private message and assist us to expedite the process of a regulatory action against such a company and individuals which will help us proceed with our legal action.
Thanks.