MOGAFX Forex broker specializes in providing foreign exchange trading services, the company's official website https://www.mogaforex.com/RegAcc/RegAccStep1?culture=en-US, the company's legitimate regulatory information AustraliaASICStraight Through Processing (STP),New ZealandFSPRFinancial Service Corporate, to enhance the security of the company's address First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.
MOGAFX Forex Broker
Basic information
Australia
Scam Brokers 5-10 years Suspicious Regulatory License cTrader Suspicious Scope of Business Suspicious Overrun High potential riskCompany profile
Note: MOGAFX's official website: https://www.mogaforex.com/?culture=en-US is currently inaccessible normally.
MOGAFX Review SummaryMOGAFX 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 Cons
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Is 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 Status | Suspicious Clone |
| Regulated by | Straight Through Processing(STP) |
| Licensed Institution | SPECTRE FINANCIAL GROUP AUSTRALIA PTY LTD |
| Licensed Type | Straight Through Processing(STP) |
| Licensed Number | 501156 |
| Regulatory Status | Suspicious Clone |
| Regulated by | The Financial Service Providers Register (FSPR) |
| Licensed Institution | MOGA INTERNATIONAL GROUP LIMITED |
| Licensed Type | Financial Service Corporate |
| Licensed Number | 1002414 |
What Can I Trade on MOGAFX?
MOGAFX offers many trading assets such as Forex Currencies, Indices, and Commodities.
| Tradable Instruments | Supported |
| Forex | ✔ |
| 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 Type | Minimum deposit | Spreads from | Minimum lot size | Leverage |
| Standard | 1,000 USD | 2.5 pips | 0.01 | 1:100, 1:200, 1:400, 1:500 |
| VIP | 10,000 USD | 1.5 pips | 0.01 | 1:100, 1:200, 1:400, 1:500 |
| ECN with low spread | 50,000 USD | 0 pips | 0.01 | 1:100, 1:200, 1:400, 1:500 |
| RAW-SPREAD | 10,000 USD | 0 pips | 0.01 | 1:100, 1:200, 1:400, 1:500 |
| M1 | 10,000 USD | 1.5 pips | 0.01 | 1:100, 1:200, 1:400, 1:500 |
| SWAP-FREE | 5,000 USD | 2.8 pips | 0.01 | 1:100 |
MOGAFX 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 Platform
| Trading Platform | Supported | Available Devices | Suitable for |
| MetaTrader 4 (MT4) | ✔ | PC and Mobile | Investors of all experience levels |
| MetaTrader 5 (MT5) | ✔ | PC and Mobile | Investors of all experience levels |
| cTrader | ✔ | PC and Mobile | Investors of all experience levels |
Deposit and Withdrawal
MOGAFX requires a minimum deposit of 1,000 USD for the Standard account.
Rating Index
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Latest Reviews
Bitter sweet and sour
Hong Kong
All sales have left and funds cannot be withdrawn.
Exposure
2024-06-19
Abel Gert
Netherlands
I am always busy with forex pairs and commodities. The platform's user experience is top-notch, smooth sailing all the way!
Positive
2024-05-08
Venki
United States
MOGAFX is cool in that they give you options for how much leverage you want, which is good because it depends on how much risk you're willing to take. They also have a bunch of different things to trade, like currencies, commodities, and maybe even crypto.
Positive
2024-07-18