MangoTrade is an offshore broker that tries to attract clients with supposedly favorable trading conditions. However, when it comes to reliability, the situation is quite poor. It has no license, has been operating for an unknown period of time, and has very few reviews online, making it a little-known brand. Is it worth risking your money? That is a good question. Let’s take a closer look and determine whether this is a scam or not.
The official website of MangoTrade essentially lacks any design. It is simply a dark blue or white background with no unique graphics. There are no images either — only a few platform screenshots. There are no photos of the company’s offices or team members.
A classic hallmark of any shady and illegal company is the use of cliche, pseudo-motivational phrases intended to create a fake sense of grandeur and seriousness. For example, “Turn your bravest trading ideas into reality”. All of these attempts to impress traders are meaningless.
What the site truly lacks is key information about the platform’s operations. When was MangoTrade founded? Who are the founders? What is the business model? After all, the company claims to provide brokerage services in the Forex/CFD market. Does it process client orders internally, or does it route them to liquidity providers? There are zero answers to these critical questions.
Yes, the company lists a legal address, but that is not enough. It is merely a legal entity — nothing more. This is the bare minimum level of transparency.
In all other respects, the website is ordinary and standard. In addition to English, Portuguese and Spanish are supported. The top navigation menu is minimalist:
There are not many ways to contact the company’s representatives. MangoTrade offers an email or a contact form for communication. Additionally, there are social media accounts on Facebook, Instagram, and X. However, these accounts are inactive, for example, the last post on Instagram was in 2021. So there is no reason to pay attention to the social media presence.
Unfortunately, there are no other options. A live chat would be a good way to reach support and get a quick response, but such a feature is not available. There is no phone number either, nor any messaging app communication.
MangoTrade offers access to trading with a minimum deposit of just $10. The minimum trade size for binary options is $1. This low entry threshold is attractive for beginners.
Trading is not conducted through MetaTrader 4 or 5, but via their own proprietary platform. It is a closed terminal that runs through a browser and a mobile application. There is no connection to real liquidity. Everything you see on the chart is fully controlled by MangoTrade. They can manipulate prices, delay executions, and alter quotes. Reputable brokers do the opposite — for example, IC Markets and Pepperstone provide direct access to liquidity providers and allow the use of any trading advisors.
The MangoTrade website does not contain a single table listing specific trading instruments, spreads, or commissions. However, the “General Fees” section states that:
There are no account types. Based on all available terms, all users have the same standard account. There is no distinction between Standard, ECN, or PRO. A demo account with $10,000 in virtual funds is available.
There is no information about execution speed. The execution model, whether ECN, STP, or B-book, is not disclosed. By default, everything appears to be handled manually through a dealing desk. Leverage was not disclosed. Commissions are hidden. Withdrawals are limited — only the first one per month is free. All subsequent withdrawals are subject to a fee.
The key question remains: can you trust a company like this with your money? They state that they are registered in the offshore jurisdiction of Nevis. The website lists registration number L 22205 under the name Digital Smart LLC. On the surface, it appears to be official. However, when checked through the FSCR Nevis registry (the local regulator), no such company is found. It simply does not exist — neither by name nor by number.
Previously, MangoTrade listed an address in Saint Vincent and the Grenadines, another offshore location where brokers operate without serious oversight. This means they initially operated without regulation and later simply “moved” to another offshore zone — Nevis. Why? No one knows.
They are not licensed at all. Not by CySEC, not by the FCA, and not by ASIC. In other words, they have no real accountability to their clients. This is not a regulated broker, but just an offshore firm that can do whatever it wants with your money. Block your account? Easily. Delay a withdrawal? No problem. And you will not be able to file a complaint, because there is simply nowhere to turn.
Legitimate brokers operate differently. IC Markets holds licenses from ASIC and CySEC; Exness is licensed by the FSCA and FSA, and Admiral Markets is regulated by the FCA. All of them are required to keep client funds in segregated accounts, provide financial reporting, and adhere to risk management protocols. MangoTrade, on the other hand, has no such obligations. They do not even mention negative balance protection in their terms.
Moving on, the company’s website does not state the year they were established. No launch date, no legal history — just a blank. Although the footer says “2023”, this proves nothing. If you check the domain mangotrade.com through Whois, it shows a registration date back in 2016. However, the WebArchive contains the first saved snapshot only from 2022. Whether the company was active before that remains unknown.
MangoTrade’s social media accounts, such as Instagram and Facebook, were indeed created around 2019–2020, but there is barely any content. No activity, no mentions from real clients, no reviews. It feels like the accounts were registered in advance just to later claim, “Look, we are not new”.
MangoTrade appears to be a platform that has existed for several years. So why does no one seem to know anything about it? Why are there so few reviews online? Most likely, traders recognize the high level of risk associated with trading on such a platform and are simply not willing to invest their money.
MangoTrade is a broker with no regulation, no reputation, and no clear history. Even they seem uncertain about where they are from or how long they have been operating. Their website features nothing but offshore registration and loud promises. We strongly recommend avoiding companies like this, as the risk of losing your money is extremely high.
Helen always knew that her passion for journalism was more than just a hobby. It was a potential career. She began her professional journey at a local newspaper in the small town where she was born. Writing on a variety of topics, from local news to financial reviews, her persistence and investigative talent soon caught the attention of editors at larger publications. We are thrilled that Helen accepted our offer and now writes for fincapital-reviews. Her exposés always create a buzz. Sometimes, we think Helen could easily open her own detective agency.
Do not fall for this scam! This company has long been known as a fake platform that collects money from naïve beginners. My friend lost $500 here. He has no way of getting it back because the regulators do not oversee this fraudulent operation!
I do not recommend getting involved with them because the fees are extremely high. If you are considering trading binary options, the payout rate is low, which reduces your chances of success. Before I started trading with Mango Trade, I was a profitable trader. However, I was never able to achieve consistent profits here. I do not recommend it. I believe they are running a scam
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