MGL Forex Review Summary Registered Country/Region Mongolia Regulation No Regulation Market Instruments Forex, CFD Indices, Metal, Energy, CFD stocks, CryptoCurrency Demo Account Available Leverage 1:500 Spread From 1.5 pips (STANDARD Account), From 0.6 pips (ECN Account), From 0.1 pips (PRO Account), From 1.5 pips (ISLAMIC Account) Trading Platforms MetaTrader4, Android application, lOS application Minimum Deposit $100 (STANDARD Account), $2000 (ECN Account), $5000 (PRO Account), $100 (ISLAMIC Account) Customer Support Phone Number:+976 70177170; Email: account@mglforex.mn; Address:Экспресс Таур 12 давхарт 1201 тоот Social media: Facebook, Twitter, YouTube What is MGL Forex？ MGL Forex is a trading platform based in Mongolia which offers its clients access to a comprehensive suite of financial instruments across various asset classes, such as Forex, CFD Indices, Metal, Energy, CFD stocks, and CryptoCurrency. The platform also provides multiple trading platforms and accepts a multitude of forms of customer support channels for added convenience. Pros & Cons Pros Cons High Leverage No regulation Multiple Market Instruments Multiple Customer Support Channels Pros: High Leverage: MGL Forex offers a high maximum leverage of 1:500 that allows traders to control large positions with a relatively small amount of capital, providing the potential for higher returns on investment. Multiple Market Instruments: The platform offers diverse Market Instruments, including Forex, CFD Indices, Metal, Energy, CFD stocks, and CryptoCurrency, catering to various trading needs and experience levels. Multiple Customer Support Channels: MGL Forex provides various customer support channels including phone, email, and social media, enhancing accessibility and assistance for clients. Cons: No regulation: The lack of valid regulation raises significant safety and trust concerns, as regulatory oversight is crucial for ensuring customer protection and platform transparency. There are also reports of being unable to withdraw and scams, adding to the cons of the platform. Is MGL Forex Safe or Scam？ MGL Forex currently lacks valid regulation, which raises significant concerns about its safety and legitimacy. Regulatory oversight is crucial for ensuring that a financial services provider operates within established standards and adheres to specific rules and requirements designed to protect investors and clients. Without proper regulation, there is an increased risk of fraudulent activities, scams, and inadequate consumer protection. Market Instruments MGL FOREX offers an extensive range of trading instruments that span diverse asset classes, providing clients with the opportunity to trade Forex, CFD Indices, Metals, Energy, CFD Stocks, and Cryptocurrencies. This broad selection of instruments enables traders to diversify their portfolios and make informed investment decisions across various financial markets. How to Open an Account？ Steps: Click the button ''live account'' on the homepage. Fill in the basic information. Tick the box to agree to the Terms & Conditions, General Risk Disclosure, Data Privacy Policy, AML and KYC Policies. Click the red “CONFIRM” button. Leverage MGL Forex provides a maximum leverage ratio of 1:500. This ratio signifies that for every dollar deposited, traders can potentially control $500 worth of trades. By providing high leverage, investors can potentially earn substantial profits even with minor market fluctuations. This advantageous feature enables investors to increase their purchasing power and make larger trades without having to put up a significant amount of capital upfront. Trading Platforms MGL FOREX provides a diverse range of trading platforms to cater to the needs of its clients, including the industry-standard MetaTrader 4, as well as dedicated applications for both Android and iOS devices. This selection of platforms ensures that clients have access to a variety of tools and interfaces, enabling them to engage in trading activities with flexibility and convenience across different devices and operating systems. Customer Service MGL Forex provides a comprehensive and accessible customer support network. Their support team can be reached through different channels for ultimate convenience. Phone Number: +976 70177170; Email: account@mglforex.mn; Address: Экспресс Таур 12 давхарт 1201 тоот Social media: Facebook, Twitter, YouTube Conclusion In conclusion, MGL Forex offers an extensive range of trading instruments, a high maximum leverage, multiple trading platforms, and a wide option of customer support channels, making it an advantageous platform for various investors with varying investment styles and goals. However, the lack of valid regulation raises significant concerns about the safety and trustworthiness of the platform. Frequently Asked Questions (FAQs) Q 1: Is MGL Forex regulated？ A 1: No. It has been verified that this broker currently has no valid regulation. Q 2: Does MGL Forex offer demo accounts？ A 2: Yes. Q 3: Does MGL Forex offer the industry leading MT4 & MT5？ A 3: Yes. It offers MT4. Q 4: What is the maximum leverage available at MGL Forex？ A 4: 1:500. Risk Warning Online trading involves significant 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 provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.