Morgan Trust – Is This a Safe Broker?

Website URL: https://morgantrust.eu/

Founded: 2018

Regulations: Not Regulated

Languages: English / German

Deposit Methods: Credit Card

Minimum Deposit: $10,000

Free Demo Account: No Demo Account

Number of Assets: Unknown

Types of Assets: Forex Majors and Minors, Equities, Cryptocurrencies

Trading Accounts and Conditions

Morgan Trust offers its customers five different types of trading accounts:

• Basic: With this type of an account, you need to make an initial deposit of $10,000.
• Silver: To use the broker’s Silver account, you need to first deposit $25,000.
• Gold: The Gold account can only be used if your first deposit is a minimum of $50,000.
• Platinum: The minimum deposit requirement for the Platinum account is $150,000.
• Diamond: You are requirement to make a minimum deposit of $250,000 to open a Diamond account.

The spread offered by the broker is fixed at 2.5 pips. We do not know the leverages offered by Morgan Trust.

Morgan Trust – Advantages

Since we prefer to give a holistic review for all the brokers we assess, we give not just the disadvantages of trading with them, but also the advantages. So, here are the advantages of trading with Morgan Trust.

• Sirix Trading Platform

When you use Morgan Trust, you get to execute trades on the Sirix Platform. This is an all-in-one terminal that offers traders the opportunity to both execute trades and network socially. The software also offers great graphs and charts for market analytics.

The best feature of Sirix is its Social Stream, where you can see the live trades being carried out by other traders using this platform. You can also chat with other traders and get advice on how they carry out trades, and even copy their trades.

So, we would definitely consider Morgan Trade offering this trading platform advantageous for traders.

• Wide Selection of Assets

Another advantage you can get from trading with Morgan Trust is that you will get to choose from a wide selection of trading instruments. This broker offers its customers currency pairs that are both major as well as minor, equities from the US, Europe and the rest of the world and a large number of cryptocurrencies.

Morgan Trust – Disadvantages

With such a good trading platform and the range of assets, many traders get tempted to do business with this kind of a broker. However, before you invest real money in Morgan Trust, find out about the disadvantages of trading with this broker.

• Not Regulated

The company that owns Morgan Trust is called GreenRiver OU, and it is registered in the European Union member state of Estonia. However, the operational address the company has given is in Dublin, Ireland.

We checked the online registry of the financial regulator in Estonia, the Finantsinspektsioonacts (FI). However, we found that neither GreenRiver not Morgan Trust were licensed with this regulator.

We also checked the Irish Financial Services Regulatory Authority’s online registry however we still came up with nothing. When we tried online registries of other regulators in the EU, we still came up with nothing.

What this means is that this broker is not regulated by any financial authority.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Targeting EU Traders Illegally

Since Morgan Trust is not regulated by any financial authority at all, it is, in effect, offering its financial services illegally. And seeing that the default language on its website is German, this broker is basically targeting German traders without legal authorization.

In fact, the Austrian financial regulator, the FMA (Finanzmarktaufsicht Osterreich – Financial Market Authority), has issued a public warning about trading with this broker. The FMA’s warning reads that Morgan Trust is offering financial services without a license and is therefore not allowed to trade in their jurisdiction.

• No Support for MetaTrader

While the Sirix platform is great, it doesn’t really hold a candle to the world’s best trading platform – the MetaTrader platform. There are currently two versions of this platform being used – the MT4 and the MT5. The MT5 has just recently been launched and so is still gaining popularity, but the MT4 platform is the world’s most preferred forex trading platform.

It offers users the option to use charting tools, market indicators and trading bot called Expert Advisors and its interface is very simple to use, both for beginners as well as advanced level traders.

• No Demo Account

This broker does not offer any demo account with which traders can practice trading and check out the trading conditions offered. We consider this a negative since being able to verify the legitimacy of the trading conditions is critical to traders.

Not offering a demo account is common among brokers that are not quite honest, such as Morgan Trust.

• High Spread

While there is no information about the spreads on Morgan Trust’s website, we were able to register an account with this broker and check the platform for ourselves.

What we found was that the spread on the EURUSD currency pair stood at 2.5 pips, which is much higher than the market average of 1.5 pips. This kind of a spread is not advantageous for traders, but do benefit the brokers.

• Unknown Leverage

We also do not know what the leverage levels offered by this broker are. Knowing leverage levels allows traders to decide which markets they can trade in, and allows them to plan how they will execute their trades.

Therefore, for a broker to not provide this critical piece of information is another warning to stay away.

• Single Payment Method

The only way you can withdraw or deposit funds in your account is via credit card. And the only was you can get your money is by making a withdrawal request.

Conclusion 

After checking out this broker, we would recommend to all our traders that they keep away from Morgan Trust.

Morgan Trust

2.7

User Experience

3.3/10

Payment Options

2.4/10

Security

2.6/10

Support

2.3/10

Reputation

2.7/10

Pros

• Sirix Trading Platform
• Wide Selection of Trading Assets

Cons

• Not Regulated
• Targeting EU Traders Illegally
• No Support for MetaTrader
• No Demo Account
• High Spreads