MGC Logic is a CFD brokerage focusing on offering cryptocurrencies as their main product. This review will focus on debunking the MGC Logic scam rumour and showcasing the brokers’ features and comparing them to industry standards to make them more understandable.
The company is owned and operated by a Commonwealth of the Dominica-based marketing company called New Olympia. The brokerage has been operating not too long now but is already fielding quite a large customer base. Their main benefits include things such as access to small altcoin CFDs as well as large leverage of 1:100, with spreads as low as 0.1.
Out MGC Logic review will focus on the details and intricacies of the website, as well as the legal aspects of the company’s operations. Let’s get started.
Leverage: 1:100 Licences: FSU
Min. Deposit: 250 EUR Bonus: N/A
Spreads: from 0.1 pips US Clients: No
Is the MGC Logic scam real?
MGC Logic has been considered as a scam due to some rumours online. The argument was that the company does not hold a regulatory license in the Commonwealth of Dominica, but what needs to be considered is the age of the company. The MGC Logic scam cannot be real as the company has just launched a couple of months ago. Furthermore, it is a subsidiary of New Olympia Inc, which is a global online marketing firm with multiple customers.
Overall, the company’s customers are relatively happy across the board as leverage, spreads and withdrawals are always on time. It always pays off to be careful with scam reviews as some of them may be untruthful. Simple research is enough to discover the truth when you need it. So without further ado, let’s now dive into the MGC Logic review now that the scam issue has been squared away.
MGC Logic account types
In most cases, we’d expect a CFD brokerage or even a Forex brokerage to have two or maybe three account options, but MGC Logic is able to provide six options. This is an amazing way to diversify the client base, as well as provide multiple options for anybody willing to start trading with them.
Although, even if you’re a veteran, it’s best to start with a basic account as the other options could pack quite a punch in the costs department.
Overall there are six options: Basic, Bronze, Silver, Gold, Platinum and Black. All of these accounts come with perks and advantages such as, trading signals, personal account managers, expert traders to trade for you and etc.
The costs are €250, €10,000, €50,000, €250,000, €500,000 respectively. The “Black” account type does not come with any information, but the website does say that anyone wishing for this option needs to contact their account manager and that it’s only reserved for VIP traders.
Deposits & Withdrawal options
There are not too many deposit options with MGC Logic. In fact, it can be considered that it’s quite restricting. The only options people have are Credit Card and Wire Transfer. Although it seems restricting, it’s the most common ways people make deposits, therefore it can be overlooked for the time being. As already mentioned, in order to activate the account, the trader needs to make a deposit of at least €250 on their account.
Withdrawals are much different. In fact, the withdrawal policies may have been the reason why the MGC Logic scam rumours started to circulate around the web.
The company requires that the traders provide quite a lot of personal information. For example, a trader needs to show their Personal ids, such as their ID card, driver’s license or anything else containing their ID number. Furthermore, a Proof of Adress needs to be shown, alongside a photo of your credit card from both ways, covering everything besides the last four digits.
The credit card part was the most controversial for many, but quite a lot of large brokerages require these details, but only for large withdrawals.
The withdrawals need around three or seven days to process, but it usually takes three days. There are no fees connected to deposits and withdrawals as well.
MGC Logic leverage and spread
The broker does not disclose the full information on how large the leverage is on their platform, but it has been confirmed that they offer it as high as 1:100. Therefore people that entered positions as early as April 2019, are now enjoying quite a lot in profits. Furthermore, the platform has a spread of 0.1 pips on average with currency pairs such as BTC/USD and ETH/USD.
Thanks to the company’s connections and size, they are able to offer CFDs on cryptos such as Bitcoin, Ethereum, Dash, IOTA and etc. In most cases, people would find only three or four options, but the diversity in trading tools needs to be commended on MGC Logic’s part.
Is MGC Logic legit?
Although there were more than enough incentives with the company to deem it as a scam, MGC Logic managed to prove to us that their operations are completely within the frameworks of their local regulation as well as global law.
The questionable decisions on the withdrawal policies were implemented due to preventing money laundering cases as well as identity theft on customer accounts.
If you’re in the market for a cryptocurrency CFD brokerage, MGC Logic may be your best choice simply due to their diversity and the number of coins available on their platform.
Furthermore, they are one of the few companies that provide their traders with both WebTrader and MobileTrader options. This is imperative as the volatility of the crypto market requires constant monitoring and immediate access to the trading terminal.
Overall, we believe that MGC Logic can be trusted, and is a great way to start your crypto trading journey if you’re a beginner.