Morgen Charles claims to have created a unique platform that investors of any gender, age, and skill level can easily master. If there are no questions about the latter, then how does gender affect trading skills in general? And we would like to see how a one-year-old will demonstrate their abilities in the financial markets. In general, we have many questions for this broker, and we will address all of them in our review. Stay with us to find out whether this is a scam or not.
- Morgen Charles General Information
- Registration and Client Portal Review
- Morgen Charles Trading Conditions
- Account Types Review
- Trading Platform
- Morgen Charles — Deposit and Withdrawal of Funds
- Additional Options
- Is Morgen Charles a Scam?
- Legal Information and License
- Morgencharles.business Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Morgen Charles General Information
|+44 203 8343337
|Warwick Court, Paternoster Square, London, EC4M 7AG.
Registration and Client Portal Review
The official website of Morgen Charles certainly did not impress us. Essentially, what did we see here? Well, absolutely nothing that could catch the attention of a seasoned investor. As always, there are only stock photos of charts, unclear propositions, one of which we described to you in the introduction, and catastrophically little information about the company itself and its offerings. The major part of their details can be unveiled only after registration. For now, in the public domain, you can “enjoy” their self-praise and advertising.
The platform’s swift registration process might seem convenient, requiring only minimal information in a small form. However, the concerning aspect is that the broker does not implement Two-Factor Authentication (2FA) – a security feature that adds an extra layer of protection by requiring users to provide two different authentication factors.
By not employing 2FA, the platform is more vulnerable to unauthorized access. If a user’s login credentials are compromised, there’s no additional barrier to prevent malicious actors from gaining full access to the client portal. This lack of security measures increases the risk of unauthorized account access, potential data breaches, and the compromise of sensitive financial information.
Morgen Charles offers a Client Portal that falls significantly short of our expectations. One notable drawback is the integration of the client portal with the trading terminal, and this combination is far from ideal. The integration of these two components may seem counterintuitive for several reasons.
Firstly, combining the client portal and trading terminal may lead to a less intuitive and cluttered user interface. Secondly, from a security standpoint, separating the client portal from the trading terminal is a common practice in the industry. It helps compartmentalize different aspects of user interaction, reducing the risk of security vulnerabilities. If both functionalities are intertwined, any compromise in one area could potentially affect the other, posing increased security risks.
Morgen Charles Trading Conditions
It’s time to investigate whether the trading conditions here are as convenient for everyone, including inexperienced investors.
Account Types Review
Morgen Charles offers three account choices: Individual & Joint, Retirement, and Entity. However, no details were disclosed. You are literally left in the dark, even regarding the minimum deposit. There is no information on leverage, spread sizes, or the distinctions between the accounts. It’s astonishingly negligent. Moreover, in the client portal, there’s no differentiation between account types, and you don’t get to choose; it’s all uniform. Additionally, the website mentions the availability of a demo account. However, once again, there is no hint of this function or any other in the client portal. Explain that this is peculiar and highly suspicious for a reliable and transparent broker.
Morgen Charles exclusively offers a web-based trading platform. However, it falls short in various aspects, providing a rather questionable and limited option. The platform is characterized by a minimal set of indicators, and the interface is notably simplistic, lacking advanced features that experienced traders might seek. This raises concerns about the broker’s commitment to offering a comprehensive and sophisticated trading environment.
Morgen Charles — Deposit and Withdrawal of Funds
Morgen Charles provides users with a relatively restricted set of options for depositing funds. Within the user account, the available method involves funding through Visa or MasterCard, with transactions exclusively in pounds. However, the withdrawal process poses even greater uncertainty. The absence of a withdrawal button in the user interface raises questions about the clarity and accessibility of the fund withdrawal procedure.
Morgen Charles requires users to undergo verification procedures in accordance with Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. The verification process typically involves submitting identification documents, such as a government-issued ID, passport, or utility bills, to validate the user’s identity and ensure compliance with regulatory standards. This is standard practice in the financial industry to prevent illicit activities and maintain a secure trading environment.
Morgen Charles offers additional services, including educational resources. However, educational content is limited to a glossary and instructional articles that provide minimal substantive value. Additionally, upon registration, the company promises to assign a personal representative to users. The role and responsibilities of this representative remain unclear; it might function as a personal manager or possibly an analyst. Overall, as you can see, the additional services leave much to be desired.
Is Morgen Charles a Scam?
Morgen Charles doesn’t appear to be a particularly promising option for us at the moment. We will delve deeper into our research. Get ready; we are moving on to the most interesting part.
Legal Information and License
Morgen Charles identifies its managing company as an interesting LP organizational form. However, this in no way changes the fact that licenses are required for legitimate operations on the market. So, what do you think? Will this broker obtain a license? The situation takes an interesting turn. We conducted a thorough investigation into the company’s background. It did exist in the UK registry. Well, at least until around 2018. After that, it underwent dissolution. What a disappointment! Consequently, the broker lacks any form of licensing for its services. It’s just a regular outlaw, putting on a facade of legitimacy.
Morgencharles.business Domain Info
We are particularly interested in the dates. Morgen Charles claims to have started its operations in 2004. Interestingly, the LP registry it refers to was only recorded in 2011. What’s even more striking is the actual project start date. We checked the broker’s domain and found that it was created on August 1, 2023. So, not only is this broker lying about the duration of its operations, but it also has very little time in the market.
The longevity of a broker in the market often signifies its experience and stability. If Morgen Charles claims to have started in 2004 but has only been in the market since August 2023, it implies a lack of experience and a potentially unstable track record. Traders and investors generally prefer brokers with a proven history of successful operations over a more extended period.
Furthermore, the inconsistency in the stated dates may indicate a deliberate attempt to mislead potential clients.
Morgen Charles provides comprehensive contact details for communication. While we wouldn’t recommend visiting their office, as it’s unlikely to be a real branch.
Pros and Cons
- Full contacts.
- The platform claims to offer educational materials.
- Morgen Charles is an unlicensed broker.
- Lack of transparency in trading conditions and account types.
- Limited trading platform features and tools.
- Questionable and inconsistent information on the company’s history and registration.
- Unclear withdrawal process and limited payment options.
Frequently Asked Questions (FAQ)
It claims to offer a trading platform for investors, with services ranging from educational materials to personal representatives for account management. However, the lack of transparency on trading conditions, account types, and the limited features of the web-based trading platform raise concerns about the completeness of the services.
The minimum deposit required by the company is not explicitly stated on the platform. According to the trading conditions, investors are encouraged to refer to the terms and conditions for detailed information.
No, Morgen Charles is not a safe option. The platform operates without a proper license, which raises serious concerns about the safety of funds and regulatory oversight.