Investing with any online company is a risky business, but having your funds handled by an unauthorized broker is a recipe for a financial disaster. The online business we’re taking a look at today never intended to allow users to withdraw any of the alleged profits on their platform.
Follow our MorganStern review as we get to the bottom of this fraudulent scheme, and debunk it for what it really is!
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, this company has proven to be a deceitful entity, so better stay away. |
| Known Websites: | morganstern.io |
| Have Warnings from: | FCAA |
| Registered in: | United Kingdom (alleged) |
| Operating since: | January 2023 |
| Trading Platforms: | Web |
| Maximum Leverage: | 1:100+ |
| Minimum Deposit: | $5.000 |
| Deposit Bonus: | No |
| Trading Assets: | Forex, Crypto, Commodities, Indices, Stocks |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Withdrawals from this firm are impossible. Contact our legal experts to start a recovery procedure. |
Imposter in Plain Sight
A firm as anonymous and as dishonest as the MorganStern broker uses all kinds of lies to appear legitimate. In this case, the fraudsters are impersonating a reputable company by claiming to be headquartered in the UK. However, Morgan Stern Ltd, the owning company, isn’t regulated by the UK’s leading financial authority – FCA.
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) has detected fraudulent practices of this conduct and has issued a warning against them. As the document clarifies, the business is not licensed to engage in selling securities or derivatives in Canadian province.
Besides not providing the mandatory fund safety, compensation options and risk-reducing terms, these swindlers outright steal all deposits and disappear.
Con Scheme Explained
The morganstern.io website has been operating since January 2023, targeting mostly people from the following areas:
- Canada
- Netherlands
- Germany
The short lifespan of the platform does not excuse the lack of any MorganStern reviews to be found online. Legit brokers are usually heavily advertised on various platforms and gain traction quickly.
This tells us that the firm we’re discussing is a clandestine operation, and that it contacts potential victims directly. It employs various smooth talkers to constantly look for new marks and pester them for investment by phone. Any invested money, however, only ends up stolen. It may be recovered, though, so contact our expert team.
Trading Costs Reflect Risks
With the MorganStern login being impossible to register at the time of writing this review, we couldn’t verify what the actual trading terms were.
The web presentation promoting various investment plans revealed that the highest leverage available was over 1:100 but the precise parameter wasn’t shown. Invest AZ is regulated and despite that offers similar conditions, so beware of seemingly legit deals, as well.
Furthermore, trading costs also remain unclear and vary from 1% to 0 for more expensive accounts. The commission broker charges on unclarified service also ranges from 5% down to 1%. It remains unclear what sum is deducted and for what cause.
Can You Make Money Here?
This firm apparently offers online trading possibilities but also investment opportunities. That’s according to their words and a self-proclaimed status of a world’s leading online trading portal. The truth is shockingly different, but our unbiased review will bring you clarity about the actual state of things on this dubious site and its services.
Non-Downloadable Software
If you want to preview the MorganStern app, you can simply go to the trading room and explore it without registering. However, there’s nothing much to see there, as there’s just a list of instruments and an unmoving graph without a single active button.
We saw several links to online stores on the site, so we decided to test the functionality of the software that way. However, both the link to the Google Play and App Store leads to a non-existent page, with a promise that this remarkable software will be launched soon.
Unimpressive Assets List
Range of instruments available for trading on this platform is not particularly exceptional. Especially having in mind that popular brokerage conglomerates tend to offer thousands of tradable products.
This site is blacklisted and shady, so it remains questionable if anything could be traded at all. Here’s the list of alleged asset groups available:
- Cryptocurrencies – BTC, ETH, XRP, ADA
- Stocks – Ferrari, Coca-Cola, AstraZeneca
- Commodities – Cotton, Coal, N. Gas
- Forex – EUR/USD, USD/GBP, USD/AUD
- Indices – Nasdaq, Dow Jones, Nikkei
Familiar Account Types
The MorganStern account types are nothing we haven’t seen with other fraudsters like FusionTrade. They are so-called tiered accounts, which allegedly offer benefits like higher leverage with higher deposits.
These all serve as a basis to ask for additional deposits over time, by promising better investment returns. Here’s an overview of minimum funding:
- Bronze – $5,000 – 8-9% monthly ROI
- Silver – $25,000 – 10-12% monthly ROI
- Gold – $100,000 – 15% monthly ROI
- Platinum – $1,000,000 – 20-25% monthly ROI
Undefined Withdrawal Conditions
The company never mentions any funding channels, or any conditions for payout. The Terms & Conditions document is only a few pages long, and never discusses any MorganStern withdrawal policy.
We can commonly see similar strategies employed by other con artists. The lack of any clearly defined procedure allows the swindlers to change the conditions on a whim in order to put more pressure on their victims.
One of the widespread strategies is the up-front fee, which is a follow up scam that revolves around extorting the victim for additional funds before allegedly approving a payout. Of course, any profits are completely fictitious, and this all ends with the mark losing even more money.
24/5 Customer Service? Not Likely
Every investment firm likes to brag about having the fastest, diligent and most supportive assistance office. However, inquiring about the issue that didn’t allow us to create an account has left us without a response. There’s only an option to fill an online form or request a callback and it looks like neither works.
Seek Help With Chargeback!
It is widely known that financial criminals persist because the victims often choose to remain silent and not speak up or report the harm that’s been done to them. Therefore, we encourage all our audience to stop hesitating and reach out to our professional chargeback team.
Right after reporting the MorganStern scam to the relevant authorities, contact us for legal support with chargeback procedure. It’s only over when you give up. So contact us, book your free consultation and get your funds back!
FAQ Section
What is MorganStern?
MorganStern is a false brokerage and investment platform that doesn’t offer any valuable service and doesn’t have a permit to engage in selling derivatives.
Is MorganStern Legit?
No and there’s proof of it. After all, there’s no firm under this name in the FCA register and the conduct is also blacklisted in Canada.
Is It Possible to Request MorganStern Withdrawal?
No, the company does not feature a withdrawal option. It is possible, however, to start legal action to have your funds reimbursed, so contact our representatives for more info.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fforex-scams%2Fmorganstern-review%2F
