Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighHolds a genuine Labuan money-broking licence confirmed on the regulator's own directory, which caps this score, but it is a low-tier intermediary authorisation with no compensation scheme, it does not cover dealing as principal, and the site adds a false UK FCA claim on top.
Identity & transparency
5/10 · ModerateNamed licensed entity, named director and principal officer, and a physical office matching the regulator's record; against that, an identically named struck-off Singapore company, a Saint Vincent registration in the background, three different published addresses and no working terms of service.
Withdrawals & conduct
3/10 · LowNo fund-integrity complaints found in five years; the single detailed grievance, from May 2021, is about the cost of a bitcoin round trip where the withdrawal was paid, and no advance-fee demand appears anywhere.
Reputation
6/10 · HighNo Trustpilot profile, no ForexPeaceArmy thread and no Reddit discussion, with four third-party user comments in five years, which is near-zero independent trace for a firm advertising more than 200,000 clients.
Website claims
9/10 · CriticalThe client-funds page states the company is regulated by the Financial Conduct Authority, which the FCA register refutes, alongside a 'fully regulated broker' label over an intermediary licence, an unevidenced 2012 start, 200,000 clients and 10 languages on an English-only site, and legal documents that are missing from the server.
Operational history
6/10 · HighAbout seven years verified: domain registered March 2019, continuous single-brand archive history from December 2019 to February 2026, and a same-name entity incorporated March 2019; the figure is an upper bound because the Labuan company itself could not be dated.
Who they are
A quick desk file on the company behind the brand.
- Brand: NGEL PARTNERS, trading at ngelpartners.com since March 2019.
- Legal entity: Ngel Partners Pte. Ltd., Labuan company number LL16146.
- Registered: Unit B, Lot 49, 1st Floor, Block F, Lazenda Warehouse 3, Jalan Ranca Ranca, 87000 F.T. Labuan, Malaysia. The office on the regulator's record is Office 7, Phil Business Centre 1, Unit F25, Paragon Labuan, Jalan Tun Mustapha, which is also the physical address the broker's contact page gives.
- Website: www.ngelpartners.com, with a client portal at traders.ngelpartners.com and a second copy of the public site at backofice.ngelpartners.com.
- Only licence: Labuan FSA money-broking licence MB/20/0048. The regulator records Mr. Seokyun Hwang as director and principal officer.
- Offers: MetaTrader 5 on its own server, forex, indices, commodities, metals and cryptocurrency CFDs, leverage to 1:200, minimum deposit 200 USD. Deposits by bank wire, Neteller, Bitcoin, Ethereum and USDT.
- Not accepted: residents of the USA, Cuba, Sudan, Syria and North Korea. The notice does not exclude the United Kingdom, whose regulator the site names, or Malaysia.
- Age claim: services to institutions and corporations 'since 2012'. The earliest record we can evidence is March 2019.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Labuan Financial Services Authority (Labuan FSA)
Financial Conduct Authority (United Kingdom)
United States Internal Revenue Service (FATCA registration)
Found by our investigation (1) — the broker does not list these on its own site
Financial Services Authority, Saint Vincent and the Grenadines
Found by us — not listed by the broker
Why we reached this verdict
How the evidence adds up.
Two findings pull in opposite directions here, and both are solid. The result is a real company with a real but narrow licence, describing itself as something it is not.
- The licence is real and it belongs to this operation. We opened the Labuan FSA's own financial institutions directory and found Ngel Partners Pte. Ltd. in the money brokers category. The email address on the regulator's record, master@ngelpartners.com, sits on the broker's own domain, and the phone number and office address match what the broker publishes. That rules out the most common fraud pattern in this market, a company wearing another firm's credentials.
- The licence does not do what the site implies. A Labuan money-broking licence covers arranging and transmitting currency transactions as an intermediary, and licence records classify it as a transmission authorisation. The broker meanwhile runs its own MetaTrader 5 server, offers 1:200 leverage and calls itself 'a fully regulated broker'. There is no compensation scheme and no deposit guarantee behind this licence.
- The funds page names a regulator that does not regulate it. On its Financial security page the company states it is 'governed, approved and regulated by the Financial Conduct Authority', and that client money is held in separate accounts 'as directed by the rules of the Financial Conduct Authority'. A search of the FCA register for Ngel Partners returns no firm. A false UK claim on the exact page a cautious client reads about safety is the most serious misstatement we found.
- There is no client agreement to read. The Legal Documents page links a Terms of Service and an AML policy. Neither file is on the broker's server; both links lead to a missing page. Nobody can see the contract, the governing law or the client-money terms before depositing.
- The scale claims have nothing behind them. The About page advertises more than 200,000 clients, traders in 60 countries and more than 10 languages supported. The site is published in English only, with no other language versions, and the firm has no Trustpilot profile, no ForexPeaceArmy thread and no Reddit discussion.
- The history is shorter than advertised. The domain was registered on 5 March 2019 and archived copies run from December 2019 to February 2026 under this one brand. The 2012 start the site advertises is unevidenced, and because Labuan's company registry publishes no public search, the seven-year figure rests on the domain and on an identically named Singapore company incorporated on 19 March 2019, so it is an upper bound.
- The operation began with a Saint Vincent shell. The December 2019 homepage carried an address at Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines, a well-known mass-registration address, while the licence page of the same month already cited Labuan company LL16146. Third-party records still list a Saint Vincent business company number, 25327 BC 2019, for this broker. A Saint Vincent registration is company paperwork and confers no financial supervision.
- A second company of the same name is dead. NGEL PARTNERS PTE. LTD. in Singapore, number 201908964W, incorporated 19 March 2019 with software and e-commerce activity codes, is recorded as struck off. The entity name on the client's contract matches it exactly, and the site never explains the relationship.
- Nothing in the complaint record shows money going missing. No regulator alert names this firm, and the only detailed user grievance we found, from May 2021, concerns losing about 150 dollars on a 500 dollar bitcoin round trip where the withdrawal was in fact paid. We assess the risk as elevated because of what the firm claims about itself and how little can be independently checked, not because of a pattern of clients losing their deposits.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Labuan FSA's own financial institutions directory lists Ngel Partners Pte. Ltd. in the money brokers category, with office address Office 7, Phil Business Centre 1, Unit F25, Paragon Labuan, phone 087-504 220, email master@ngelpartners.com and Mr. Seokyun Hwang as director cum principal officer. The email sits on the investigated domain, which ties the licence to this operation and clears the clone test.
E2The broker's own Financial security page states: 'The Company is governed, approved and regulated by the Financial Conduct Authority (LL16146)', and that client funds are stored in separate accounts 'as directed by the rules of the Financial Conduct Authority'. LL16146 is its Labuan company number, not an FCA reference.
E3A search of the UK Financial Services Register for 'ngel partners' returns no results; a broader search for 'ngel' returns 280 unrelated firms, none of them this company. No UK authorisation exists for the firm named on the funds page.
E4IOSCO's I-SCAN aggregator, holding 47,369 alerts submitted by member regulators, returns no entry for 'ngelpartners' or 'ngel partners'. A control search on an unrelated term returned six rows, so the filter was working.
E5The Securities Commission Malaysia Investor Alert List, read in full, contains no mention of Ngel Partners or ngelpartners.com. Malaysia's securities regulator has not flagged this operation.
E6The domain ngelpartners.com was registered on 5 March 2019 through GoDaddy, with Cloudflare nameservers and an expiry of March 2027. This is seven years before the present and seven years after the 2012 start date the About page advertises.
E7The About page claims the firm has been 'providing services to institutions and corporations since 2012', 'support services for the establishment of over 30 brokers since 2012', 'Over 200,000 clients', 'Traders from 60 countries' and 'More than 10 languages supported', while the site is published in English only with no alternate language versions.
E8The Regulation page gives licence MB/20/0048 under registration LL16146, names Labuan FSA, publishes the regulator's money brokers list as its verification link, and also presents FATCA number GIIN JQYZ1Y.00000.LE.458, which is a tax-reporting registration rather than any form of financial supervision.
ModerateNgel Partners, Regulation pageE9Both documents linked from the broker's Legal Documents page, the Terms of Service and the AML/CFT policy, are absent from its server and the links lead to a missing page. No client agreement, governing law or client-money term can be read before depositing.
E10The archived homepage of 7 December 2019 carries the footer address 'C/O Suite 305, Griffith Corporate Centre, Beachmont, Box 1510 Kingstown, St, Vincent and the Grenadines', the contact address master@ngelpartners.com, language options for English, Korean and Chinese, and the MetaTrader 4 platform. The operation began from a Saint Vincent mass-registration address.
E11The archived Licence and Regulations page of 21 December 2019 states that 'Ngel Partners PTE LTD is Regulated under LFSA with the license number LFSA.400-14/MB/75/2019' and carries the footer 'Company No. LL16146' with the Lazenda Warehouse address in Labuan. The Labuan company and a 2019 Labuan FSA reference were therefore in place before licence MB/20/0048.
E12A Singapore company of the identical name, NGEL PARTNERS PTE. LTD., number 201908964W, registered at 111 Somerset Road with software and e-commerce activity codes, is recorded as struck off. The site and the Labuan register both use the name 'Ngel Partners Pte. Ltd.', so the name a client contracts with also matches a dissolved company.
E13Trustpilot has no review page for ngelpartners.com at all, and searches of ForexPeaceArmy and Reddit return no discussion of the brand or the domain. The firm advertises more than 200,000 clients.
E14Across third-party broker records the entire user-feedback set is four comments between 2021 and 2023: one detailed grievance from May 2021 about losing roughly 150 dollars on a 500 dollar bitcoin deposit and a 490 dollar withdrawal that was paid, one favourable comment on spreads and support, and two general remarks about the absence of tier-1 regulation. No complaint describes a refused or frozen withdrawal, and none describes a demand for extra payment to release funds.
ModerateA third-party broker directory, user feedback recordsE15A dated on-site check in October 2025 at the address printed in the website footer reported no company name on the building directory, no signage and no accessible reception. That address is the one the broker's own contact page labels its registered address; the physical office it publishes separately, at Paragon Labuan, matches the regulator's record.
ModerateA third-party broker directory, dated field survey, October 2025E16The contact page distinguishes a registered address at Lazenda Warehouse 3 from a physical address at Office 7, Phil Business Centre 1, Unit F25, Paragon Labuan, and gives phone +60 087504220 and support@ngelpartners.com. The physical address and phone match the Labuan FSA record exactly, which is a point in the broker's favour on transparency.
ModerateNgel Partners, Contact Us pageE17The homepage distributes MetaTrader 5 from MetaQuotes' own download network, with a company-specific installer path and mobile links pointing at the server NgelPartnersPteLtd-Server, and third-party platform monitoring records a single MT5 server with roughly 196 ms average execution. A real trading server exists, which rules out the fake-terminal pattern.
E18Deposits are accepted by bank wire from 300 dollars, Neteller from 200 dollars and Bitcoin, Ethereum and USDT on ERC20 and TRC20. Withdrawals carry a 1 percent fee with a 20 dollar minimum, take three to five business days by bank wire, and cryptocurrency deposits can only be withdrawn in cryptocurrency. The rails are not crypto only, which is a mitigating factor.
E19Independent broker records tied to ngelpartners.com list both the Labuan licence MB/20/0048 and a Saint Vincent and the Grenadines business company number, 25327 BC 2019, and repeat a 2012 founding year. The Saint Vincent authority does not license or supervise forex trading, so that number is corporate paperwork rather than regulation.
E20The homepage risk notice says the broker does not offer services to residents of the USA, Cuba, Sudan, Syria and North Korea. It does not exclude the United Kingdom, whose regulator the funds page names, nor Malaysia, whose residents a Labuan money broker is restricted from dealing with.
E21The company's LinkedIn page lists its website as https://www.ngelpartners.com and its headquarters as Labuan, Malaysia, which confirms the page belongs to this operation. It is the only social presence we could find, and the broker's own site links to no social profiles at all.
E22A second full copy of the public website runs at backofice.ngelpartners.com under a Social Trading banner, advertising 1:200 leverage, 90 or more instruments and a 200 dollar minimum deposit, and the client portal at traders.ngelpartners.com serves a working login.
The other side
The strongest case in this broker’s favour.
Several points in this broker's favour are stronger than the usual offshore operation, and they deserve to be stated plainly.
- The licence passes the identity test completely. The regulator's own record carries this broker's email domain and its phone number, and names a real, accountable person as director and principal officer. Many brokers we review cannot manage that.
- The physical office address the broker publishes on its contact page matches the address the Labuan FSA holds on file.
- No regulator anywhere has issued a warning. IOSCO's aggregator covers 47,369 alerts submitted by member regulators and returns nothing for this brand or its website, and Malaysia's own securities regulator has not listed it. There is no enforcement action and no fraud-related court record naming this company.
- Seven years on one domain under one brand, with archived copies running from December 2019 to February 2026, is not the profile of a disposable scam site. Those operations usually rebrand inside two years.
- A MetaTrader 5 server is provisioned for the company under MetaQuotes' own distribution system, which means real accounts on a real platform rather than a fabricated terminal.
- Deposits are not crypto only. Bank wire and Neteller are offered alongside crypto, and Neteller's operator applies its own checks to merchants it accepts.
- An on-site check in October 2025 found no company listing and no signage, but it visited the address printed in the website footer, which the broker itself labels as its registered address rather than its office. A registered address is typically a corporate services provider's premises, so that finding is weaker than it first appears.
- The Financial Conduct Authority sentence may be careless template text rather than a deliberate attempt to pass as a UK firm, because it quotes the company's own Labuan number and no FCA firm reference number. It remains a false statement of tier-1 regulation, and it remains on the live site.
What would change this
What we would need to see to revise the verdict.
Concrete, checkable things that would move this assessment in either direction.
- Towards lower risk: removing the Financial Conduct Authority sentence from the Financial security page, or publishing an FCA firm reference number that resolves on the FCA register.
- Publishing a working Terms of Service that names the contracting entity, the governing law and the client-money arrangements, so a client can read the contract before paying.
- Evidence for the advertised history before 2019, such as a named predecessor company or domain with records behind it, or dropping the 2012 claim.
- An independent review footprint showing paid withdrawals: a Trustpilot profile, or first-person accounts of completed payouts with amounts and dates on at least two platforms.
- Clarifying the role of the struck-off Singapore company of the same name, and stating which entity holds client money and at which bank.
- Towards higher risk: any regulator alert naming ngelpartners.com, removal of the firm from the Labuan FSA directory, or credible reports of withdrawals being refused, accounts frozen with a balance, or an extra payment demanded before funds are released.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Labuan FSA list of licensed money brokers
The link the broker itself publishes. It opens the regulator's directory, where Ngel Partners Pte. Ltd. is listed under money brokers.
Labuan FSA financial institutions directory entry
The money brokers category. Opening the firm's name shows its office address, phone, email and principal officer.
UK FCA register search for Ngel Partners
Returns no firm of this name, which is how you can check the Financial Conduct Authority claim on the broker's funds page.
Securities Commission Malaysia Investor Alert List
Malaysia's own list of unauthorised operators and websites. This brand and domain do not appear on it.
IOSCO I-SCAN global regulator alert search
Aggregates alerts from member regulators worldwide. No entry names this broker or its website.
Singapore company record, NGEL PARTNERS PTE. LTD.
The identically named Singapore company, incorporated March 2019 and recorded as struck off.
Frequently asked questions
Quick answers about this broker’s safety.
Is Ngel Partners a scam?
We cannot call it a scam on the evidence, and we do not. The licence it advertises is genuine and we confirmed the company on the Labuan FSA's own register, no regulator has warned about it, and we found no pattern of clients losing deposits. We do rate it high risk, at 56 percent, because its website claims UK FCA regulation it does not hold, publishes no working terms of service, and advertises a scale and a history that nothing supports.
Is Ngel Partners a fraud?
No regulator or court has found that. We checked the Securities Commission Malaysia Investor Alert List, the UK FCA register and IOSCO's aggregator of 47,369 regulator alerts, and found no warning, no enforcement action and no fraud-related court record naming this company. What we did find is a false claim of FCA regulation on the page about client-fund safety, which is a misstatement a client can verify in a minute, not a proven crime.
Is Ngel Partners regulated?
Yes, but narrowly. Ngel Partners Pte. Ltd. holds money-broking licence MB/20/0048 from the Labuan Financial Services Authority in Malaysia, and it appears in the regulator's own financial institutions directory under money brokers. A money-broking licence permits arranging and transmitting currency transactions as an intermediary. It is not a dealing licence and it carries no investor compensation scheme.
Is Ngel Partners regulated by the FCA in the UK?
No. Its Financial security page states that the company is governed, approved and regulated by the Financial Conduct Authority, and quotes its Labuan company number LL16146 next to that claim. A search of the FCA register for Ngel Partners returns no firm. No UK authorisation and no UK compensation scheme applies to this broker.
Can I withdraw my money from Ngel Partners?
We found no reports of refused or frozen withdrawals, and the one detailed user account we located, from May 2021, describes a withdrawal that was paid. We also found no independent evidence of payouts at scale, so this is unproven in both directions. Withdrawals carry a 1 percent fee with a 20 dollar minimum, and money deposited in cryptocurrency can only be taken out in cryptocurrency.
Is my money safe with Ngel Partners?
There is no compensation scheme or deposit guarantee behind a Labuan money-broking licence, so if the firm failed, you would be an ordinary creditor. The site says client funds sit in separate accounts, but it attributes that arrangement to the Financial Conduct Authority, which does not regulate it, and it publishes no working terms of service naming the bank or the entity. Treat any balance there as at risk.
Who owns Ngel Partners?
The Labuan FSA directory records Mr. Seokyun Hwang as director and principal officer of Ngel Partners Pte. Ltd. Beyond that, ownership is not disclosed. An identically named Singapore company, 201908964W, is recorded as struck off, and third-party records also show a Saint Vincent and the Grenadines business company number for this broker. The site does not explain either.
How old is Ngel Partners?
About seven years. The domain ngelpartners.com was registered on 5 March 2019, archived copies of the site run from December 2019, and the Labuan company number appears on its own pages by December 2019. The About page advertises services to institutions since 2012, which we could not evidence anywhere.
What is a Labuan money-broking licence actually worth?
It is a genuine licence from a Malaysian federal authority, which puts it above a pure offshore registration, but it sits in the low tier. It authorises intermediating currency transactions rather than dealing as principal, it brings no client compensation fund, and it is not comparable to authorisation from the FCA, ASIC or CySEC. Licence records classify this particular type as a transmission authorisation.
Is Ngel Partners a clone of another broker?
No. We ran the clone test and it passed. The entity name on the Labuan FSA register matches the company on the site exactly, and the register's contact email, master@ngelpartners.com, sits on the broker's own domain, with the phone number and office address matching too. The licence belongs to this operation and not to someone else.
Why are there almost no reviews of Ngel Partners?
That is one of our concerns. Trustpilot has no profile for ngelpartners.com, ForexPeaceArmy has no thread, and Reddit has no discussion. Across third-party broker records the entire user-feedback set is four comments between 2021 and 2023. A firm advertising more than 200,000 clients in 60 countries should leave far more trace than that.
Does Ngel Partners accept clients in the UK, EU or Malaysia?
Its notice excludes only residents of the USA, Cuba, Sudan, Syria and North Korea, so it does not say no to UK, EU or Malaysian clients. That matters twice over: a Labuan money broker is not a UK-authorised firm despite the claim on its funds page, and Labuan licensees are restricted in dealing with Malaysian residents.
What should I check before depositing with Ngel Partners?
Open the Labuan FSA money brokers directory and confirm the firm is still listed. Ask in writing which legal entity your contract is with and which bank holds client money, and request the Terms of Service, since the copy linked from the site is missing. Then deposit the smallest amount you can, test a withdrawal, and keep the records.
What do I do if Ngel Partners will not pay me?
Stop depositing immediately, and never pay a tax, fee or unlock charge to release funds, because that demand is itself a scam mechanic. Save every message, ticket number and transaction record. Complain in writing to the Labuan Financial Services Authority quoting licence MB/20/0048, and if you paid by card or bank transfer, ask your provider about a chargeback or recall straight away.
What we recommend
The practical takeaway from everything above.
If you are considering this broker, or already have money with it, these steps are worth taking.
- Treat the Financial security page as unreliable. The Financial Conduct Authority does not regulate this company, and no UK protection applies to your money.
- Check the licence yourself in the Labuan FSA money brokers directory, and understand what it is: permission to act as an intermediary in currency transactions, not a guarantee of your deposit.
- Before depositing, ask in writing which legal entity your contract is with, which bank holds client money, and request a copy of the Terms of Service, because none is published on the site.
- Keep balances small and withdraw regularly rather than letting funds accumulate. Test a withdrawal early and keep records of amounts, dates and ticket numbers.
- Budget for the costs: withdrawals carry a 1 percent fee with a 20 dollar minimum, and funds deposited in cryptocurrency can only be withdrawn in cryptocurrency, which leaves the exchange-rate risk with you.
- If a withdrawal is refused, or an extra payment is demanded before funds are released, stop depositing, keep every message, and complain to the Labuan FSA quoting licence MB/20/0048.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 13, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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