MogaFX

Note: MogaFX's official website - https://www.mogaforex.com/ is currently inaccessible normally.

MogaFX is a financial broker registered in Saint Vincent and the Grenadines. It claims to provide a variety of tradable financial instruments with leverage up to 1:500 on the MetaTrader4 and MetaTrader5 trading platforms. In addition, the broker offers a choice of four different types of live accounts and a 24-hour customer support service. However, its regulatory status is suspicious clone.

Pros and Cons

Is MogaFX Legit?

No, MogaFX is not a legitimate broker. It claims to holds a license issued by the Australian Securities and Investments Commission (ASIC). However, this license actually belongs to another company, SPECTRE FINANCIAL GROUP AUSTRALIA PTY LTD.

Even worse, MogaFX's parent company is registered in Saint Vincent and the Grenadines, where the Financial Services Authority does not authorize or supervise brokers operating there in any way. This is undoubtedly a notable red flag.

What Can I Trade on MogaFX?

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

Account Type

Apart from demo accounts, MogaFX claims to offer four types of live trading accounts: Standard, VIP, ECN, and Raw Spread.

The minimum initial deposit amounts stated are as follows: $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 typically allow setting up a starter account with a minimum deposit of $100 or even less.

Leverage

MogaFX offers flexible leverage for all account types, allowing you to choose from 1:100, 1:200, 1:400, or 1:500. However, it is important to remember that the higher the leverage, the greater the risk of losing your deposited capital. Leverage can work in your favor, but it can also work against you

Spread

MogaFX claims to offer different spreads for 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

The platforms available for trading at MogaFX are the world's leading MetaTrader4 and MetaTrader5. Both are accessible via Web Trader and mobile apps (iOS and Android). However, we do not believe that this unregulated broker will truly provide reliable platforms.

Deposit and Withdrawal

MogaFX claims to offer numerous deposit and withdrawal methods, including Bank Wire Transfer, Perfect Money, Fasapay, Online Banking, CoinPayments, GCPAY, B2B PAY, Sticpay, Skrill, and Neteller.

The minimum initial deposit requirement is as high as $1,000. However, there is no mention of the minimum withdrawal amount.

Regarding withdrawal fees, they seem illogical, with different fees charged based on the withdrawal method, such as a $25 fee for wire transfers.