MGC Logic Rating
MGC Logic Review
Do you want to invest in the cryptocurrency market? It is currently booming and offers tons of opportunities to those who are willing to invest. Thousands are rushing to take advantage of this growing trend and you can do the same. All you have to do is find a broker to partner with. This is where most people get stuck because there are too many options and choosing one broker from the crowd can be difficult. Among the various names, you will come across MGC Logic. This is a CFD brokerage firm, which is owned and operated by New Olympia Ltd.
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Overview
The parent company of MGC Logic is registered in the Commonwealth of Dominica and they have come up with a sophisticated solution for many traders all over the globe. MGC Logic boasts a trusted and leading crypto trading platform that you can use for trading cryptocurrency CFDs. The broker offers exclusive trading deals to its clients and you will find a variety of crypto options available, including Bitcoin IOTA and Ethereum. MGC Logic has also gained popularity for offering leverage as high as 1:100 and it also has great spreads, which begin at 0.1 pips for pairs such as ETH/USD and BTC/USD.
Trading Options You Have
MGC Logic is only focusing on offering cryptocurrencies to their clientele for now. Amongst the different trading options that you will find include Bitcoin, Ethereum, IOTA, Binance Coin, Qtum, NEM and many more. This is quite a variety as you will not find this many options with other brokers. As far as trading fee is concerned, as mentioned above, the broker offers great spreads starting at 0.1 and 0.2 pips. They also apply standard fees on trades like overnight fees. No other hidden fees are applicable.
Several Account Types to Choose From
One of the best things about MGC Logic is that unlike other brokers, they have not chosen to limit account options to only two or three. Instead, in order to cater to different kinds of traders, their account options are extensive as there are a total of 6 to choose from. Not only does the broker diversify their client base in this way, it also provides convenience to traders because they can choose an option they are comfortable with. The account options are Basic, Bronze, Silver, Gold, Platinum and Black. The minimum trading amounts applicable to these accounts are EUR 250, EUR 10,000, EUR 50,000, EUR 250,000 and EUR 500,000, respectively.
There is no minimum deposit requirement given for the Black account, which is only available to VIP traders. In order to find out how to sign up for this account option, you will have to get in touch with your account manager. Other than that, the rest of the account options come with numerous features and benefits, such as personal account managers, trading signals, access to education center, price alerts and customer service. You also have the option of choosing an expert trader who will make the trades on your behalf, allowing you to enjoy profits from someone else’s expertise.
Security of the Platform
As far as security is concerned, MGC Logic has taken appropriate security measures to ensure any and all data that’s shared by its clients remains safe. If you look closely, you will know that the broker’s website is SSL (Secure Socket Layer) optimized. This means that any information that you share with MGC Logic is immediately encrypted, which adds a layer of security as it prevents fraud and identity theft. Even if other defenses of the website are breached, hackers would need to decrypt the information to make any sense of it and for that they need decryption key, which they won’t have.
Moreover, MGC Logic has also chosen to implement the KYC (Know Your Customer) and AML (Anti-Money Laundering) policy. This is for the safety of its traders because it verifies the identity of everyone who signs up on their platform and helps in preventing identity theft or any sort of fraud. In order to comply with this policy, clients are required to submit scanned copies of a government-issued ID card, proof of address through a bank statement or utility bill and also a photo of their credit card, if they plan on using one.
Education Section That Has So Much to Offer
Another great feature of MGC Logic is the separate education section they have developed for their clients. You will be able to find courses on Fundamental analysis and Technical analysis, which are designed to make trading easy for you. Apart from that, the education center also provides you with access to calculators, asset index, trading academy, weekly market review and video chart analysis. The purpose of providing this information is to help traders in making successful trades by learning the ins and outs of crypto trading.
Many Options of Deposits and Withdrawals
There is no doubt that deposits and withdrawals are some of the most important aspects of any broker. The good thing about MGC Logic is that the broker has everything square away in this regard. As mentioned above, you can deposit a minimum of $250 in order to get started and you have the option of using bank wire transfer and credit and debit cards for doing so. As far as withdrawals are concerned, you should know that your account needs to be verified before a withdrawal request is processed. This means that you need to submit the documents outlined above before you can go ahead. There are no charges applicable on the withdrawal, which is a major benefit.
Bottom Line
A close look at MGC Logic shows that the broker meets all industry standards and is providing the necessary features to help people with crypto trading. The array of cryptocurrencies is a big benefit as is the secure environment the broker has developed. The broker has also provided top notch customer service to clients and they take advantage of the education center to keep mistakes at a minimum and to trade successfully. Plus, the cost of trading is also quite low, which is a major benefit when you want maximum returns.
