MGX Brokers foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://account.mgxbrokers.com/account/register, about the company's legal and temporary regulatory information, the company's address CT House, Office 8D, Providence, Mahe, Seychelles.
MGX Brokers Forex Broker
Basic information
Seychelles
2-5 years Suspicious Regulatory License MT5 Full License Regional Brokers High potential riskCompany profile
MGX Brokers is an unregulated dealer founded in 2020 in Seychelles. It supports MT4 as a trading platform and provides market instruments including Forex, Metals, Commodities, Stocks, Indices, and Cryptos. It supports demo accounts, with a minimum deposit of $100 and leverage up to 1:1000.
Pros and Cons
| Pros | Cons |
| Multiple market instruments | Unregulated |
| Support demo accounts | Limited payment options |
| Support Islamic accounts | |
| Multiple account types | |
| Flexible leverage ratios | |
| MT4 platform | |
| Copy trading | |
| Free deposit and withdrawal |
Is MGX Brokers Legit?
Although MGX Brokers claims to offer Negative Balance Protection, it lacks valid regulations currently. Traders should carefully consider the risks it brings when choosing to trade with it.
What Can I Trade on MGX Brokers?
MGX Brokers supports 33 currency pairs in the Forex market, precious metals, oil, 13 cryptocurrency pairs, stock indices (Nasdaq, Dow Jones, Nikkei, etc.), as well as CFD contracts on shares of almost 70 companies, including IBM, JP Morgan Chase, Coca-Cola, Mastercard, Tesla, McDonalds, Microsoft, Twitter, UBER, eBay, Alibaba, Deutsche Bank and many more.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Metals | ✔ |
| Commodities | ✔ |
| Stocks | ✔ |
| Indices | ✔ |
| Cryptos | ✔ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type
Apart from demo accounts, MGX Brokers also offers three types of live accounts.
The swap free Islamic account is available for all account types.
| Account Type | PRO | ZERO | VIP |
| Base Currency | USD/EUR | USD/EUR | USD/EUR |
| Min Deposit | $100 | $500 | $5 000 |
| Min Lot Size | 0.01 Lot | 0.01 Lot | 0.05 Lot |
| Stop out | 20 | 40 | 40 |
| Education | Basic | Advanced | Advanced |
Leverage
MGX Brokers offers leverageup to 1:1000, which can potentially bring high returns, but it also comes with high risks.
| Account Type | PRO | ZERO | VIP |
| Max Leverage | 1:1000 | 1:1000 | 1:500 |
MGX Brokers Fees
| Account Type | Spread | Commission | Crypto Commission |
|---|---|---|---|
| PRO | From 0.9 pips | ❌ | 1 pip |
| ZERO | From 0.0 pips | 0.0035% | 0.06% |
| VIP | From 0.0 pips | 0.0025% | 0.05% |
| Product Type | PRO | ZERO | VIP |
|---|---|---|---|
| Forex Pairs | 0.9 pips | 0.0 pips | 0.0 pips |
| Metals | 0.9 pips | 0.0 pips | 0.0 pips |
| Cryptocurrencies | 1 pip | 0.06% | 0.05% |
| CFD Indices | 0.9 pips | 0.0 pips | 0.0 pips |
| Stocks | 0.9 pips | 0.0 pips | 0.0 pips |
| Oil | 0.9 pips | 0.0 pips | 0.0 pips |
Trading Platform
MGX Brokers offers the leading MetaTrader 4 (MT4). It has been the most popular platform among traders from all over the world for over 15 years. It provides almost endless opportunities for successful trading and analysis of global financial markets. It lets you conduct transactions both from desktop computers and from mobile phones and tablets.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Desktop, mobile | Beginners |
| MT5 | ❌ | / | Experienced traders |
Deposit and Withdrawal
| Funding Option | Accepted Currency | Min Deposit/Withdrawal | Deposit/Withdrawal Fee | Deposit/Withdrawal Time |
|---|---|---|---|---|
| Credit/Debit Cards | USD | $5 USD | ❌ | Instant |
| Bank Transfers | USD/EUR | 50 USD/EUR | ❌ | 1-5 business days |
FX1245234069
United States
I have tried the demo account of MGX Brokers for about two weeks and it feels good so far. But I don't know when this demo account will expire. I am going to try it for another two weeks and open a real account if there is no problem.
Neutral
2023-02-17