MOGAFX-Overview of Minimum Deposit, Spreads & Leverage

WikiFX | 2024-12-10 18:15

Abstract：MogaFX is a multi-asset broker, offering its clients access to many trading assets, including forex, indices, and commodities. MOGAFX offers six account types with different minimum deposit requirements and flexible leverage options up to 1:500 through MT4, MT5, and cTrader. However, it requires a high minimum deposit of 1,000 USD.

Note: MOGAFX's official website: https://www.mogaforex.com/?culture=en-US is currently inaccessible normally.

MOGAFX Review Summary
Founded	2020
Registered Country/Region	Australia
Regulation	Suspicious Clone
Market Instruments	Forex, commodities, indices
Demo Account	Yes
Leverage	Up to 1:500
Spread	From 0 pips
Trading Platform	MT4, MT5, cTrader
Min Deposit	$1,000
Customer Support	+61 291890220
Customer Support	service@mogafxglobal.com, service@mogafx.com

MOGAFX Information

MogaFX is a multi-asset broker, offering its clients access to many trading assets, including forex, indices, and commodities. MOGAFX offers six account types with different minimum deposit requirements and flexible leverage options up to 1:500 through MT4, MT5, and cTrader. However, it requires a high minimum deposit of 1,000 USD.

Pros and Cons

Pros	Cons
Supports MT4, MT5, and cTrader	Suspicious Clone
Offers six account types	A high minimum deposit of 1,000 USD
High leverage up to 1:500

Is MOGAFX Legit?

MOGAFX has a Straight Through Processing(STP) regulated by the Australian Securities and Investments Commission (ASIC) in Australia with a license number of 501156, and it is a Financial Service Corporate regulated by the Financial Service Providers Register (FSPR) in New Zealand with a license number of 1002414. However, both licenses are Suspicious Clone.

Regulatory Status	Suspicious Clone
Regulated by	Straight Through Processing(STP)
Licensed Institution	SPECTRE FINANCIAL GROUP AUSTRALIA PTY LTD
Licensed Type	Straight Through Processing(STP)
Licensed Number	501156

Regulatory Status	Suspicious Clone
Regulated by	The Financial Service Providers Register (FSPR)
Licensed Institution	MOGA INTERNATIONAL GROUP LIMITED
Licensed Type	Financial Service Corporate
Licensed Number	1002414

What Can I Trade on MOGAFX?

MOGAFX offers many trading assets such as Forex Currencies, Indices, and Commodities.

Tradable Instruments	Supported
Forex	✔
Commodities	✔
Indices	✔
Cryptocurrency	❌
Shares	❌
Metals	❌

Account Type

MOGAFX provides a demo account with a 30-day risk-free trading period and $100,000 virtual capital. MOGAFX also offers six live account types including Standard, VIP, ECN, Raw-spread, M1, and Swap-free accounts. Each account has different minimum deposit requirements, $1000, $10,000, $50,000, $10,000, $10,000, and $5,000 respectively. You can refer to the table for details.

Account Type	Minimum deposit	Spreads from	Minimum lot size	Leverage
Standard	1,000 USD	2.5 pips	0.01	1:100, 1:200, 1:400, 1:500
VIP	10,000 USD	1.5 pips	0.01	1:100, 1:200, 1:400, 1:500
ECN with low spread	50,000 USD	0 pips	0.01	1:100, 1:200, 1:400, 1:500
RAW-SPREAD	10,000 USD	0 pips	0.01	1:100, 1:200, 1:400, 1:500
M1	10,000 USD	1.5 pips	0.01	1:100, 1:200, 1:400, 1:500
SWAP-FREE	5,000 USD	2.8 pips	0.01	1:100

MOGAFX Fees

Spreads differ from various trading accounts. The spread starts from 2.5 pips on the Standard account, from 1.5 pips on the VIP and M1 accounts, from 0 pips on the ECN and Raw-spread accounts, and from 2.8 pips on the Swap-free account. There is no commission charged on any of the accounts.

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for
MetaTrader 4 (MT4)	✔	PC and Mobile	Investors of all experience levels
MetaTrader 5 (MT5)	✔	PC and Mobile	Investors of all experience levels
cTrader	✔	PC and Mobile	Investors of all experience levels