MGL Forex-Overview of Minimum Deposit, Spreads & Leverage

GENERAL INFORMATION AND REGULATION

MGL Forex is a Mongolian forex and CFD broker, offering three different account types on the MetaTrader4 platform with a diverse choice of trading instruments, including crypto currencies and futures.

MGL Forex is based and registered in Mongolia. Оn its website тhe broker does not mention if it is regulated in any way and that is clearly a set back. We have tried to check the company in the register but the results shows that it is unregulated forex broker

Nevertheless, MGL Forex offers a diverse choice of trading instruments and competitive spreads, the company has done well for themselves since their launch back in 2016 and is currently headquartered in khoroo, in the chingeltei district. And In 2018 MGL Forex started a crowdfunding project to build an all-in-one platform and started trading in cryptocurrencies, later that year MGL Forex officially started to trade in the global markets.

MARKET INSTRUMENT

The majority of brokers will provide various kinds of market instruments for trading. A new trend that is picking up momentum is trading in cryptocurrencies.MGL Forex offers a diverse range of trading instruments, you can trade with 54 forex currency pairs, CFDs on spot metals, Stocks, Oil, Cryptocurrencies, Indices, and Coppe

ACCOUNT AND LEVERAGE

MGL Forex offers three different account types based on your skill level:

• Standard Account – This account type is aimed at beginner traders; it has a minimum deposit requirement of 50 USD, varied spreads from 0.7pips to 0.3pips and maximum leverage of up to 1:200

• STP (straight-through process) Pro Account – This account type is aimed at seasoned traders; it has a minimum deposit requirement of 5000 USD and maximum leverage of up to 1:200

• Institutional Account – This account type is not a personal account, it is used by groups or companies who have large capital sums like banks, mutual funds, or insurance companies.

Therefore With MGL Forex you can open a Standard account with just 50 USD, which is in line with the best practice on the market. To open a Pro Account however, you will have to invest at least 5000 USD.

SPREADS AND COMMISSIONS

Each broker charges its own costs which entail commissions, spreads, and margins. Traders should be aware of exactly what their brokers fees will involve before deciding to trade with them.

The following describes what exactly a spread, margin, and commissions are: The spread of a currency pair is the variance between the bid and the asking rate.

A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

A margin means that it is the amount of money essential in your account to open a place. Margin is planned based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

The commissions are the costs levied by the broker on a client for making trades on the clients behalf. The level of commissions will differ between various brokers and it will also depend on the different kinds of services, accounts, and trades done by the brokers.

There are, however, execution-only brokers, they do not get involved with any direct personal investment guidance. These brokers charge much fewer commissions but the traders have to take complete control over how they trade the markets.

Although contract for differences (CFDs) trading is a method of offshoot trading that allows traders to gamble on the rising or falling prices of fast-moving global financial markets.

This type of trading of shares does incur commission. CFD trades on different markets have no commission but do wrap a spread around the market price of a certain instrument.

With MGL you will be charged a 7 USD commission fee per lot for forex and metal trades and a 3 USD commission fee for all other CFDs including oil.

Spreads are as follows:

• A commission of 7 USD per standard lot equals 0,7 pips

• A commission of 3 USD per standard lot equals 0.3pips

MGL Forex offers maximum leverage of 1:200 on all account types.

TRADING PLATFORM AVAILABLE

The Broker offer The world's most powerful, most popular, and customer-recognized MetaTrader 4 / MT4 / platform that has an easy-to-use, attractive design interface. The program is used by more than 12 million traders through more than 1,500 brokers around the world. They offer MT4 desktop and MT4 mobile trading platform.

DEPOSIT AND WITHDRAWAL

MGL Forex offers the following deposit and withdrawal methods:

• Bank Transfer

The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with MGL Forex and no withdrawal fees charged by MGL Forex

If you are withdrawing from your MNT Bank account type TDB (Trade and Development Bank) rate (not cash convert) this will then be applied and your transaction will be completed in 30-60 minutes to any bank.

If you are withdrawing to your USD bank account, then the bank itself usually takes around 2-3 hours, if this is done before 16:00 the transaction will be complete within twenty-four hours.

CUSTOMER SERVICE

Prospective traders have to be assured that whoever they choose to invest with will give them the required support and assistance whenever and wherever they might need it.

Here at AGL, users can chat with Their customer support team via their live chat options available on their website or by contacting them through email or phone number provided below:

Phone: +97670177170

Email: account@mglforex.mn

Address: 1201 on the 12th floor of Express Tower