FAQ

  • Deposits
    • Does registration require the deposit of money?

      No, there is no compulsory requirement for money deposit. However, if you wish to trade then you are supposed to deposit money.

    • What is the minimum deposit amount required?

      The minimum amount should be 500 in Euro, 500 in USD and 500 in GPB. You are free to make the initial deposit in the currencies of your choice

    • What can be the maximum deposit amount?
      • 5000 USD for credit card.
      • For wire transfers there is no maximum limit.
      • E-wallets maximum amounts might vary.
      • Maximum amount for Western Union is 10,000 USD.

        

    • What does swift code mean?

      Basically, SWIFT is an identification code and it is unique to each and every bank. SWIFT is needed to transfer money between banks. You can get the SWIFT code from your bank. In case the SWIFT code is only of eight digits, you should add XXX at the end.

    • Minimum wire transfer – how much is it?

      We at MGC Logic have kept a wire transfer amount of USD 500 (JPY50,000). We also charge a commission of USD 25 (JPY 2500) added to the wire transfer. We will initiate and complete the wire transfers only if the customer adheres to the guidelines that are available on banking page under the section Wire  Transfer.

      A copy of the wire transfer should also be sent to us at [email protected].

      The process may take up to five business days for the funds to appear in your MGC Logic account.

      For your information, there is a window of two businesses that are designated as a period of examination in MGC Logic from the day that the payment request was received.  After that examination period, the remittance to the customer will be completed within 5-7 business days. For any information and queries, please do not hesitate to contact us.

    • What payment methods can be used?

      You can use credit cards (Mastercard, Visa or Maestro) wire transfer and also debit cards can be used. We also allow a few other payment methods such as Skrill, China Union Pay, apart from a few others. 

    • What procedures are followed for withdrawals and deposits?

      In order for a deposit or withdrawal to be activated, proper documentation has to be submitted to [email protected] by e-mail. You can also have it faxed once the MGC Logic account has been established.

      The documentation should have the following:

      • Image identification – It could be a driving license or passport.
      • Proof of present address – it could be a public utility receipt for payment made within the past six months.
      • When credit is used for payment, photocopy of the same must also be sent. The credit card number should be covered on the front of the card, leaving only 4 last digits visible, and also cover the CVV number on the back of the card, leaving the signature visible.

      The above are the simple requirements before a customer can deposit and withdraw funds from his or her account.

  • My Account
    • What is swift code?

      SWIFT code is a special and unique code for easy identification of every bank from where money is transferred. Contact your bank and they will help you with the right SWIFT code. Some SWIFT codes could have only eight digits in which case XXX has to be inserted at the end.

    • How to update personal details?

      Personal detail updating is quite simple. You access My Account>> Personal Details for updating it. You can also send a mail to us providing details about the necessary changes and updates that you want to make in your personal details.

    • What do I do if I forget my password?

      There is a “forgot password” button. You need to click on it and this will generate a new password which will be sent to your e-mail.

    • Any registration fee is payable?

      No, there is no registration fee.

    • How to submit a complaint?

      There is a form for handling complaints pertaining to website. Once the form is filled and sent to us [email protected], we will work on it. The complaint form is available here.

    • How to contact you?

      We are a fully-functional MGC Logic Support Team and can be contacted by given phone number for your area in the contact us page. We also are available over mail at [email protected]

    • What is the registration process?

       MGC Logic has a simple registration process:

      1. Start the process by accessing “Register” available on home page.
      2. All mandatory fields must be filled.
      3. The form should be submitted, once filled.
      4. We will send you a welcome mail, once form has been submitted. The mail also will come with a verification link. Click on it.
      5. This completes the registration process and welcome on board MGC Logic.
    • How to overcome registration process problems?

      Our dedicated team at MGC Logic will be there to help you out. Contact us by mail, phone, and also use our live chat facility available at page bottom.

    • How to view the transaction history?

      Go to “My Account” section. You will get all information, history and various details related to portfolios, deposits and withdrawals. You should be logged in for viewing the above information.

  • Trading
    • How to make a trade?

      You can start off by clicking “call” button, if you believe that the price of the chosen asset will be rise by expiry. The “put” button has to be activated if you feel the price of an asset could move down before expiry time.

      Once put and call decision has been made, the amount you plan to invest must be decided. Then your trade will have to be approved. You also can cancel the trade by choosing “X” at any point before the trade has been approved. The updating rates are available in the investment box.

    • What is “Put” option?

      Put means the choice of an option for downward movement of the price of an asset. This is a button to click if an asset is expected to move down before expiry time.

    • What is “Call” option?

      Call refers to a decision based on an expected upward movement of the price of an asset. Hence, this button should be activated if the asset price should move upwards.

    • What is Underlying Asset?

      A commodity, index, stock, currency pair or any other financial asset that constitutes the basis for creating an option.

    • Where to see trading hours for each asset?

      Asset Index is the place where you will get all information related to expiry times, brief description, assets available, symbols, trading hours and so on. It is available at homepage.

    • What return will successful investment give me?

      Many factors determine the return on investment. Percentile is an important factor. It is displayed for the offer you are deciding to trade on. Each option comes with separate percentages. MGC Logic offers percentages ranging from 70 to 85%. This is for cryptos that are traditional. We also offer One Touch  options where the percentage of returns could be as high as 550%.

    • If option expires out of money, do I get any return?

      In case of an Option Expire Situation, MGC Logic gives around 10% as ROI. The 10% return gets transferred to the account holder.

    • Which rates are displayed in trading boxes?

      Rates are the quoted priced of underlying assets. It is the price offered by MGC Logic, based on live feeds. The rates offered by MGC Logic will be different from market by a few pips. The rates offered and available in a trading session are the rates at which MGC Logic would be selling their options for.

    • What is the expiration rate?

      It is the price that an underlying asset will fetch when expiration time happens. This is decided based on feed provider of MGC Logic. This is important as it decides if the option is alive or expired. It could be either in Out of Money or In The Money.

    • What is the expiration time?

      The date and time at which the option expires is the expiration time.

    • Rates are fluctuating. When and how I make right decisions?

      MGC Logic crypto rates keep changing because of a dynamic market. It could change each second. Our pricing engine is impacted by market changes. The rates we offer are in real time. The rates are captured  with best of technologies, so no time lag is there. We also offer our customers option to cancel their trade if they were not able to get the expected rates.

      We also have a rate analysis that is user friendly. A blinking movement helps to record price fluctuation. We also provide a color indicator. It blinks green with upward movement and red with download movement.

    • Is trading secure?

      Required measures are taken for total security and complete safety. We have the best of SSL or secure sockets layer. All payments are therefore fully encrypted when made through credit cards. The whole thing is automated and in case of browser malfunction, the customer will get an immediate notification.

    • Is there need for any software to be installed?

      There is no need for any software installation. This is because the platform offered by MGC Logic is fully web-based. Customers just have to login to their accounts and trade. All that is needed is an internet connection and a suitable device.

    • How to view the right trading hours of each asset?

      Customers have to use Asset Index Page where they can get details of assets, its description, expiry times, symbols and trading hours. You can use the link available in the Asset Index Page for this purpose.

    • What is the default time of the site?

      It is GMT +0 timing. It is synchronized to market time.

    • What do colors mean when trading is happening?

      Green indicates upward movement and red talks about downward price movement of crypto.

    • How does rollover work?

      when a crypto nears expiry time, the system automatically changes it to out-of-the-money. If traders believe that the asset might move according to his or her prediction, he or she can delay the expiration time. This is what rollover feature is about. However, the following conditions are to be met:

      • The crypto asset must continue to remain open and have 3 seconds to closing time.
      • The initial invested amount will increase by 30%
      • Out-of-money position should be active.
      • Roll-over feature is not available for last trade of the day.
      • Only one position is available for this feature.
    • Double Up – what it is?

      If the customer is close to expiry time, and believes that the direction he has chosen is on a roll, then he can repeat the action again by clicking on “Double Up”. In other words, the customer can create a new trade following the same conditions and using the same price. Double up could help to double investment and double profits. Other benefits are:

      • Increase investment options on open positions.
      • Expiration can result in double profits.
      • Immediately capitalize on a strong position.
    • What is a Crypto?
      A Crypto is a prediction of which direction the price of an underlying asset will take by an expiry time.  For example, if the price of gold is currently 1500, will it rise or fall by 5:00 PM?  If the trader predicts correctly, he will receive the full payout stated in the contract.  With a Crypto, the trader never purchases or sells an asset, he merely predicts the direction, and the trade expires in-the-money even if he was only right by a single pip.  Crypto are a safe way of trading, as the risk/reward is known from the outset.  Payout structures vary, and are usually between 70% - 550% of the investment amount (depending on the type of option).  Crypto have been growing rapidly in popularity since 2008, and became regulated by CySEC in 2012.
    • Why can’t I make a trade?

      Lack of sufficient funds is the most common for not being able to trade. Trying to trade beyond trading hours could be another reason. Other than the above, for any other reason customers can contact [email protected], or by phone.

    • What is an Underlying Asset?
      A commodity, index, stock, currency pair or any other financial asset that constitutes the basis for creating an option.
    • Which maximum investment is possible?

      This depends on the type of cryptocurrency. For long term and pairs the maximum limit is 1,500 USD or Euro for 60 Seconds and Ladder. the investment amount can reach €/$ 250 and at One Touch Options you can invest up to €/$ 500 per position.

    • Which currency should be used for trading?

      Euro and USD are preferred currencies for opening trading account. Currency selection once fixed cannot be changed and therefore care should be exercised.

  • Withdrawals
    • Explanation for deposit and withdrawal procedure

      Deposit Methods:

       No deposit fees for debit card/credit card. Minimum deposit 110 USD or Euro.

      Maximum deposit 5,000 USD or Euro.

      Deposit Procedure:

      1. Account login.
      2. Deposit tab activation.
      3. Credit card selection as option.
      4. Online deposit form filling, incorporation of amount that you want to deposit.
      5. Clicking “apply” means you are approving the deposit.
      6. Provide to [email protected].  Color copy of your Credit Card, showing only the name, expiration date, last four digits on the front and the signature on the back. For your reassurance, please ensure that all other details are concealed. You trading account will be funded with the deposited amount in few minutes.
      7. You cannot use third party card for funding your account.

      Wire Transfer

      When deposit is made using wire transfer, transfer fee might have to be paid. 100 Euro or USD is minimum deposit

      No maximum deposit amount cap.

      Steps:

      1. Account login.
      2. Activating deposit tab.
      3. Selecting wire as option for depositing.
      4. Wire transfer details will be available.
      5. Use IBAN to copy bank account details. Currency you choose should be same that is in your trading account.
      6. Wire confirmation proof or SWIFT proof should be mailed to [email protected].
      7. The whole process should take up to 5 business days after which the wire-transfer amount will get reflected in your trading account
      1. Login to account
      2. Activate Deposit Tab
      3. Select Wire As deposit option.
      4. Wire transfer details will be made available to you.
      5. Copy bank account details with the help of IBAN. Be sure to choose the currency you have mentioned while s
      6. Provide proof of wire transfer confirmation or SWIFT and mail to [email protected]
      7. It might take around 5 days for the wire transfer amount to reflect in your trading account.

      No third party funding permitted. You have to fund your crypto deposit account from your own account. No third party funding of your account is allowed. It has to be funded out of your account.

      Withdrawal Methods:

      Customers of MGC Logic must adhere to the following instructions for withdrawal.

      Once withdrawal request is originated, funds will get transferred. This will follow the same method that was originally used for funding trading account. A withdrawal form is available and it should be filled out. You can find it in My Account>>Withdrawal.

      How to fill the form

      Ensure all required fields are filled pertaining to client information. All information that is relevant must be fill Credit card details wire transfer details should also be mentioned.

      This is based on withdrawal method chosen. Credit/Debit card withdrawal is easy and you need to fill only card holder name and last four digits of card nu For wire transfer, please go by the following guidelines:

      Mention your bank as beneficiary bank.

      Mention address of beneficiary bank, including city and country.

      Provide IBAN details because it is required for international transfers. Account number is not mandatory.

      Give full name of beneficiary. It should be the same as that of the bank account. Though not compulsory, intermediary bank filed can be filled.

      Also provide SWIFT or BIC code.

      Withdrawal form, duly signed must be mailed to [email protected]

      Withdrawal form when submitted would take about 3 business days for approval and processing. Funds might be reflected in customer’s account after five days. Your withdrawal request will be processed only if the KYC legal requirements pertaining to the account have been complied with by you.

    • How to withdraw money from my account?

      You can withdraw either through credit card or through wire transfer.

    • What is minimum withdrawal amount?

      There are no minimum withdrawal amount conditions.

    • Is it possible to cancel withdrawal requests?

      Yes, it is possible. It can be done even after the withdrawal process has been initiated. You can cancel your withdrawal requests and the money can be sent back to your crypto trading account. MGC Logic offers this facility to help tide over situations when the customers may not have enough funds in their trading account.  It will allow you to continue trading. Cancellation for withdrawals can be made by mail and even over phone.

    • What are the tax rules for withdrawals?

      The responsibility of tax liabilities rests with the traders who have accounts with MGC Logic. The relevant tax rules that are applicable should be followed and compliance is the responsibility of the traders. A visit to the general terms page will help readers to get more information on the subject matter.