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Score

2.00 /10
Danger

MGX Brokers

Seychelles

2-5 years

Suspicious Regulatory License

MT5 Full License

Regional Brokers

High potential risk

https://www.mgxbrokers.com

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Score

Regulatory Index0.00

Business Index5.63

Risk Management Index0.00

Software Index8.44

License Index0.00

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Licenses

No valid regulatory information, please be aware of the risk

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

MGX Brokers

Company Abbreviation

MGX Brokers

Platform registered country and region

Seychelles

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2025-01-11
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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MGX Brokers · Company summary
MGX BrokersReview Summary
Founded2020
Registered Country/RegionSeychelles
RegulationUnregulated
Market InstrumentsForex, Metals, Commodities, Stocks, Indices, Cryptos
Demo Account✅
Islamic Account✅
LeverageUp to 1:1000
SpreadFrom 0 pips
Trading PlatformMT4
Copy Trading✅
Min Deposit$100
Customer SupportTel: +248 4373403 (Land line office)
Email: support@mgxbrokers.com
Address: CT House, Office 8D, Providence, Mahe, Seychelles

MGX Brokers is an unregulated dealer founded in 2020 in Seychelles. It supports MT4 as a trading platform and provides market instruments including Forex, Metals, Commodities, Stocks, Indices, and Cryptos. It supports demo accounts, with a minimum deposit of $100 and leverage up to 1:1000.

MGX Brokers' homepage

Pros and Cons

Pros Cons
Multiple market instrumentsUnregulated
Support demo accountsLimited payment options
Support Islamic accounts
Multiple account types
Flexible leverage ratios
MT4 platform
Copy trading
Free deposit and withdrawal

Is MGX Brokers Legit?

Although MGX Brokers claims to offer Negative Balance Protection, it lacks valid regulations currently. Traders should carefully consider the risks it brings when choosing to trade with it.

No license
Domain information

What Can I Trade on MGX Brokers?

MGX Brokers supports 33 currency pairs in the Forex market, precious metals, oil, 13 cryptocurrency pairs, stock indices (Nasdaq, Dow Jones, Nikkei, etc.), as well as CFD contracts on shares of almost 70 companies, including IBM, JP Morgan Chase, Coca-Cola, Mastercard, Tesla, McDonalds, Microsoft, Twitter, UBER, eBay, Alibaba, Deutsche Bank and many more.

Tradable Instruments Supported
Forex✔
Metals ✔
Commodities✔
Stocks ✔
Indices✔
Cryptos✔
Bonds❌
Options❌
ETFs❌

Account Type

Apart from demo accounts, MGX Brokers also offers three types of live accounts.

The swap free Islamic account is available for all account types.

Account TypePROZEROVIP
Base CurrencyUSD/EURUSD/EURUSD/EUR
Min Deposit$100$500$5 000
Min Lot Size0.01 Lot0.01 Lot0.05 Lot
Stop out204040
EducationBasicAdvancedAdvanced
Account comparison

Leverage

MGX Brokers offers leverageup to 1:1000, which can potentially bring high returns, but it also comes with high risks.

Account TypePROZEROVIP
Max Leverage1:10001:10001:500

MGX Brokers Fees

Account TypeSpreadCommissionCrypto Commission
PROFrom 0.9 pips❌1 pip
ZEROFrom 0.0 pips0.0035%0.06%
VIPFrom 0.0 pips0.0025%0.05%
Product TypePROZEROVIP
Forex Pairs0.9 pips0.0 pips0.0 pips
Metals0.9 pips0.0 pips0.0 pips
Cryptocurrencies1 pip0.06%0.05%
CFD Indices0.9 pips0.0 pips0.0 pips
Stocks0.9 pips0.0 pips0.0 pips
Oil0.9 pips0.0 pips0.0 pips

Trading Platform

MGX Brokers offers the leading MetaTrader 4 (MT4). It has been the most popular platform among traders from all over the world for over 15 years. It provides almost endless opportunities for successful trading and analysis of global financial markets. It lets you conduct transactions both from desktop computers and from mobile phones and tablets.

Trading PlatformSupported Available Devices Suitable for
MT4✔Desktop, mobileBeginners
MT5❌/Experienced traders
Trading Platform

Deposit and Withdrawal

Funding OptionAccepted CurrencyMin Deposit/Withdrawal Deposit/Withdrawal FeeDeposit/Withdrawal Time
Credit/Debit CardsUSD$5 USD❌Instant
Bank TransfersUSD/EUR50 USD/EUR❌1-5 business days
Deposit and Withdrawal

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FX1245234069
more than one year
I have tried the demo account of MGX Brokers for about two weeks and it feels good so far. But I don't know when this demo account will expire. I am going to try it for another two weeks and open a real account if there is no problem.
I have tried the demo account of MGX Brokers for about two weeks and it feels good so far. But I don't know when this demo account will expire. I am going to try it for another two weeks and open a real account if there is no problem.
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2023-02-17 15:59
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