MogaFX

Risk Warning

The Australia ASIC regulatory (license number: 501156) claimed by this broker is a suspicious clone, please be aware of the risk!

Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information & Regulation

MogaFX, a trading name of Moga International Group LLC., presents itself as a modern multi-asset broker registered in Saint Vincent and the Grenadines that claims to provide its clients with various tradable financial instruments with leverage up to 1:500 and floating spreads from 0 pips on the state-of-the-art MetaTrader4 and MetaTrader5 trading platforms, as well as a choice of four different live account types and 24-hour customer support service. Here is the home page of this brokers official site:

As for regulation, it has been verified that MogaFX has a suspicious clone Australia Securities & Investment Commission (ASIC) license. That is why its regulatory status on WikiFX is listed as “Suspected Fake Clone” and it receives a relatively low score of 1.15/10. Please be aware of the risk.

Market Instruments

MogaFX advertises that it mainly offers four different asset classes, covering Forex Currencies, CFDs, Indices and Commodities.

Account Types

Apart from demo accounts, MogaFX claims to offer four types of live trading accounts, namely Standard, VIP, ECN and Raw-spread. The minimum initial deposit amount is extremely high-$1,000 for the Standard account, $10,000 for the VIP and Raw-spread account, and $50,000 for the ECN account. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Leverage

MogaFX claims to offer flexible leverage for all account types, and the clients can choose the leverage ratio of 1:100, 1:200, 1:400 or 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

MogaFX claims to offer four different account types. Specifically, the spread starts from 2.5 pips on the Standard account and 1.5 pips on the VIP account, while the ECN and Raw-spread account holders can enjoy spreads from 0 pips.

Trading Platform Available

Platforms available for trading at MogaFX are the worlds leading MetaTrader4 and MetaTrader5. Both are available to run via Web Trader and mobile apps (iOS and Android). In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

Deposit & Withdrawal

MogaFX says to work with numerous means of deposit and withdrawal choices, consisting of Bank Wire Transfer, Perfect Money, Fasapay, Online Banking, CoinPayments, GCPAY, B2B in PAY, Sticpay, Skrill and Neteller. The minimum initial deposit requirement is as high as $1,000, while there is no mention of what the minimum withdrawal amount is. Deposit and withdrawal fees, as well as their processing time, differ on payment methods, and you can find more details by yourself in the below screenshots.

Customer Support

MogaFXs customer support can be reached by telephone: +61291890220, email: service@mogafxglobal.com or live chat. Company address: First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.