MOGAFX Forex Broker

Note: MOGAFX's official website: https://www.mogaforex.com/?culture=en-US is currently inaccessible normally.MOGAFX Review SummaryFounded2020Registered Country/RegionAustraliaRegulationSuspicious CloneMarket InstrumentsForex, commodities, indicesDemo AccountYesLeverageUp to 1:500SpreadFrom 0 pipsTrading PlatformMT4, MT5, cTraderMin Deposit$1,000Customer Support+61 291890220service@mogafxglobal.com, service@mogafx.comMOGAFX 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 ConsProsConsSupports MT4, MT5, and cTraderSuspicious CloneOffers six account typesA high minimum deposit of 1,000 USDHigh leverage up to 1:500Is 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 StatusSuspicious CloneRegulated byStraight Through Processing(STP)Licensed InstitutionSPECTRE FINANCIAL GROUP AUSTRALIA PTY LTDLicensed TypeStraight Through Processing(STP)Licensed Number501156Regulatory StatusSuspicious CloneRegulated byThe Financial Service Providers Register (FSPR)Licensed InstitutionMOGA INTERNATIONAL GROUP LIMITEDLicensed TypeFinancial Service CorporateLicensed Number1002414What Can I Trade on MOGAFX? MOGAFX offers many trading assets such as Forex Currencies, Indices, and Commodities.Tradable InstrumentsSupportedForex✔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 TypeMinimum depositSpreads fromMinimum lot sizeLeverageStandard1,000 USD2.5 pips0.011:100, 1:200, 1:400, 1:500VIP10,000 USD1.5 pips0.011:100, 1:200, 1:400, 1:500ECN with low spread50,000 USD0 pips0.011:100, 1:200, 1:400, 1:500RAW-SPREAD10,000 USD0 pips0.011:100, 1:200, 1:400, 1:500M110,000 USD1.5 pips0.011:100, 1:200, 1:400, 1:500SWAP-FREE5,000 USD2.8 pips0.011:100MOGAFX 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 PlatformTrading PlatformSupportedAvailable DevicesSuitable forMetaTrader 4 (MT4)✔PC and MobileInvestors of all experience levelsMetaTrader 5 (MT5)✔PC and MobileInvestors of all experience levelscTrader✔PC and MobileInvestors of all experience levelsDeposit and Withdrawal MOGAFX requires a minimum deposit of 1,000 USD for the Standard account.