The Ponzi scam at Mag Markets has failed.
Investors were notified by Mag Markets Support on August 28 that their accounts will be deleted. Also disclosed was a reset.
A copy of 4XC is Mag Markets. The same group of con artists is thought to be behind both schemes, which have connections to the UAE.
In an email on August 28th, Support suggested to investors check out Mag Markets.
will shut down the current MT4 trading accounts and PAMMs by August 31, 2022, making it impossible to conduct trading there beyond that date.
Mag Markets has “created new MT4 trading accounts that offer… benefits” in place of the deleted accounts.
The benefits are listed as “faster transaction executions,” “24/7 access to crypto CFDs,” and “more advantageous trading circumstances.”
Any cash locked in the scam, according to Mag Markets, “will be instantly relocated to the new MT4 trading accounts.”
Both 4XC and Mag Markets’ traffic is reported as nonexistent by SimilarWeb. This is clear evidence that both plans have failed.
The number of victims overall and investment losses at Mag Markets remain unclear.