MGX Foundation has been flagged by Ontario Securities Commission for "Unregistered/Unlicensed entity offering financial products or services". MGX Foundation found at www.mgxfoundation.com is not registered in Ontario to engage in the business of trading in securities. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Several red flags with MGX Foundation: (1) They promise unrealistically high returns, (2) They're not registered with Ontario Securities Commission, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Pros: Website looks legitimate on the surface
Cons: Not registered with regulators|Unrealistic promises
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. MGX Foundation said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Segregated accounts|Reliable uptime|Risk management tools
Cons: Nothing significant|Spreads widen during volatile periods
MGX Foundation offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Multiple order types|Regular updates|Risk management tools|Detailed reporting
Cons: Limited social trading features|Inactivity fee applies after 12 months
The onboarding at MGX Foundation was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Portfolio tracking tools|Social trading features
Cons: Spreads widen during volatile periods|Limited social trading features
I lost a significant amount because MGX Foundation did not execute my stop loss during a flash crash. They said the market was illiquid. Other brokers managed to execute. I have no proof they did not trade against me. Avoid.
Pros: Transparent fees|Instant funding|No hidden fees
Cons: Withdrawal takes 1-2 business days|No integrated tax optimization
I signed up with MGX Foundation after hearing about them at a conference and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: API access|Market news feed|Instant funding|Good mobile app
Cons: Research section could be deeper
I opened an account with MGX Foundation for roughly four months ago. The platform frequently logs you out, orders fail to execute at the stated price, and when you complain they blame your internet connection. I have screenshots proving otherwise.
Pros: Helpful community forum|Responsive team|Educational resources|Personal attention
Cons: No live chat on mobile|Research section could be deeper
I had high hopes for MGX Foundation after doing extensive research, but my experience has been disappointing. Customer support is slow, the platform has frequent issues, and their fee structure is not as transparent as advertised. I am actively looking for alternatives now.
Pros: Responsive team|Educational resources|Fast support response
Cons: Onboarding videos are outdated
I was contacted by MGX Foundation through social media. They promised guaranteed returns of 20-30% monthly. Being naive, I invested. The "account manager" pressured me to invest more and more. When I finally tried to take profit, my account was frozen and they stopped responding. Classic Ponzi/advance fee fraud.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
I joined MGX Foundation through my accountant's suggestion and from the start, things felt off. The signup process collected far more personal information than necessary, the verification took unreasonably long, and when I finally got access, the platform was nothing like what was advertised.
Pros: Dedicated account manager|Responsive team|High security standards|Dividend tracking
Cons: Inactivity fee applies after 12 months|Limited cryptocurrency options