MagKing FX Review

Read our MagKing FX review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a magkingfx.com review.

Who are they?

After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.

So MagKing FX is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.

How does it work?

Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.

Withdrawing funds

You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.

If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.

How to get your money back?

If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.

The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.

What about wires?

If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.

Make sure you leave reviews about MagKing FX in other sites

Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.

MagKing FX Review Conclusions

Making the MagKing FX review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our MagKing FX review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected].
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.

etoro

15 COMMENTS

  1. All who have suffered from the illegal actions of broker MagKing, urgently contact me. My lawyer and I intend to stop the illegal actions of the MagKing broker and bring him to court. All who have lost their funds, contact me urgently! The more cheated persons we find, the easier it will be returned the lost funds.+4740587453 WhatsApp

  2. Sos! Sos! Sos!

    Осторожно, мошенники!!!!!!
    Beware Scam!!!!!
    https://www.forex40. com/
    https://www.forex48. com/
    Magking Limited (Hong Kong) Technology Co., Ltd.

    The list includes magkingfx.com, Forex40. com, zcforex.com, mk-forex.com and585680.com! Beware, it’s a solid scam sign.

    The scam broker on Forex is called: MagkingLimited-Live

    For help, the detention of these criminals and members of this criminal group is rewarded.

    #MagkingLimited #Magking #Forex #Scam #Broker #MT4 #MQL5 #Fraud #Metatreader #Trader #Hongkong

  3. This Chinese woman meets guys through online dating.
    deceives the victim that she is in love with him. sends a photo,
    Sometimes she speaks and video chat. After a week of dating, she casually starts talking about Forex. She says that she has a very good job and that she makes a lot of money in Forex.
    and invites the guys to also deposit money into the account of this fraudulent broker.
    they do not accept Forex40.com direct bank transfers. the website also does not accept payment cards. they want the money to be deposited in bitcoins. because it is difficult for the police to track bitcoin transfers.
    if you transfer money to you, you will never get it back.
    There are several people in the broker’s gang. girls are responsible for attracting people and depositing money into their account. and the programmers of this scammer are responsible for ensuring that their web page works well and that the money is withdrawn. I propose to unite and file a general complaint.
    for the police to start looking for them. The police can close their web page and ban this broker from trading on the exchange.
    all members of this fraudulent broker hide their personal details. these scammers are hiding behind girls who are prostitutes in China who cannot earn much for themselves. they pay prostitutes to meet guys through social media.
    When I wanted to withdraw money from my account with a fraudulent broker on the forex40.com page, they wrote to me on Watsapp so that I would transfer another 1400 dollars to their account. Invented something. they said that I need to pay to pay them more taxes.
    When I paid them taxes, They said they were temporarily unable to give me my money.
    they are playing for time. because after 6 months they have the right to deactivate the account to anyone and you will automatically lose all the money.
    please email me at [email protected]
    If you have any idea how to catch these criminals. They must be outside the prison for many years.

    If you have any information about these scammers and appetite Chinese girls please send information to this web page
    https://www.interpol.int
    Never send money to these scammers even if they promise you a mountain of gold.
    They specifically want to be credited with bitcoins.
    Because bitcoin transfers are difficult for police to trace.

  4. MAGKING IS A BIG SCAM BE AWARE BEFORE INVESTING DO YOUR OWN RESEARCH NEVER INVEST WITH SOMEONE WHO YOU MEET ONLINE MANY PEOPLE HAVE BEEN SCAMMED ONE OF MY FRIEND HAVE BEEN SCAMMED AND LOST HIS MONEY. HE MET A CHINESE GIRL ON TINDER NAME JULIA THEY STARTED TEXTING AND SHE INITIATED THE IDEAD OF INVESTING THE MONEY FIRST MY FRIEND TRIED TO AVOID BUT AFTER FEW DAYS HE TRUSTED HER WORDS AND INVESTED MONEY, IT WAS A SMALL INVESTMENT OF 100£ SO AFTER PROFIT SHE TAUGHT HIM HOW TO WITHDRAW ASWELL. THEN SLOWLY SHE STARTED TO MOTIVATE HIM FOR INVESTING BIG AMOUNTS FOR BIG PROFIT AND EVEN PROMISED FOR INVESTING IN HER PARLOUR SHE WAS GOING TO OPEN IN LONDON, THIS GIRL NAME JULIA WAS IN HONG KONG OWNING A PARLOUR SHE CLAIMED. MY FIREND STARTED TRUSTING HER BLINDLY AND TNVESTED 5000£ IT WAS TOO LATE TO UNDERSTAND THINGS. THIS GIRL SAID HIM NOT TO WITHDRAW MONEY UNTIL HE REACHES HIS TARGET MONEY. WHEN HE TOLD ME ABOUT THIS INVESTMENT I STARTED TO RESEARCH AND CAME TO KNOW ABOUT THIS SCAM COMPANY AND HOW THEY ARE USING GIRLS TO ATTRACT PEOPLE AND STEAL MONEY FROM THEM.. NOW MY FRIEND IS IN DEPRESSION AFTER LOOSING HIS HARD EARNED MONEY SO PLEASE NEVER TRUST ANYONE WHILE INVESTING DO YOUR OWN RESEARCH AND MAKE SURE THE TRADING PLATFORM IS GENUINE. THEY USED MT4, BINANCE AND MAGKING . MT4 AND BINANCE ARE GOOD PLATFORMS BUT THE MAGKING IS WHERE YOUR MONEY IS SAVED AND THAT WEBSITE IS IN THE CONTROL OF THESE SCAMMERS. FIRST THEY TRY TO ATTRACT YOU WITH PROFIT AND WITHDRAW FOR FIRST TIME THEM ONCE THEY GAIN YOUR TRUST AND YOU INVEST MORE THE GAME IS OVER.

    BE AWARE BE SAFE GUYS… WORK HARD BE SMART TO EARN MONEY..

  5. OMG. it’s happening to me right now she still Convinces me maybe a different girl but still the same technique.
    thank you guys for the feedback, I would have lost my money.
    thanks a lot. god plus you all
    I still have her contact she is Asian and she lives in Houston Texas.
    please let me know if you guys need any more information.
    my email [email protected]

  6. Hi there,I’m currently going through a situation like this. For an intelligent man I have done something really stupid and 2 weeks ago deposited $21000 AUD to these people. I have read all ur comments and will take action,would like to have a phone call or correspondence with someone about this matter ASAP.
    I have made about 10k USD profits on there since depositing with them but will settle for my initial deposit back if possible. Please help

  7. I had the same issue as reported above.
    I had been in contact with a girl who convinced me to invest in MagKing (www.forex40.com). I invested around 25,000USD. I earned a lot and my funds went over 70,000USD. But then they are asking me to pay taxes to them to unlock the funds!!! So made investigation and reported everything to the police, as well to USA Police, Canada Police, Australian and HongKong Police!
    I also have been able to locate their hosting provider which is collaborative and they are switching-off all their websites (check the addresses by yourself).
    Looking at their email headers I saw that they are using Microsoft Exchange servers to send emails and all emails come from HongKong, so I reported to Microsoft as well.
    I will lose my money, but they will have to suffer a lot at least as much I am suffering now.

  8. Hello. Same here… In my case after a time, and several withdrawals… Like 4 timed they told me i need to unfreeze my account with a minimal deposital, so i did, now they said that i have to pay taxes in advanced, asked them why i have to or why cant be taking from the money i want to withdraw, they just said everyone has to oay taxes or it wouldnt be taxes if we do that; im trying to look for a decent explanation and thats all they say

  9. Hello, i have just suffered the same as many of you, i have invested 4000 usd into the platform, have made about 5000 in ¨Profit¨ and am currently having trouble with withdrawing. I have just started investigating and have noticed it’s all a scam. has anyone resolved anything? I am from Mexico and that money was all i had, they have ruined me as i invested more than what i should have. I find this really pathetic and cruel.

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