MogaFX Forex Broker

Note: MogaFX's official website - https://www.mogaforex.com/ is currently inaccessible normally.MogaFX Review SummaryFounded2020Registered Country/RegionSaint Vincent and the GrenadinesRegulationASIC (Suspicious Clone)Market InstrumentsForex, CFDs, Indices, CommoditiesDemo Account✅LeverageUp to 1:500EUR/USD SpreadFrom 2.5 pips (Standard account)Trading PlatformMT4 and MT5Min Deposit$1,000Customer Support24-hour supportTel: +61291890220Email: service@mogafxglobal.comPhysical address: First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines 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 ConsPros Cons Diverse trading choicesUnavailable websiteDemo accountsNo regulationVarious trading accountsWide spreads on the Standard accountFlexible leverage ratiosHigh minimum deposit ($1,000)MT4 and MT5 trading platformsWithdrawal fees chargedMultiple payment options24-hour supportIs 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.Regulatory Status Suspicious CloneRegulated by Australia Securities & Investment Commission (ASIC)Licensed Institution SPECTRE FINANCIAL GROUP AUSTRALIA PTY LTDLicensed TypeStraight Through Processing (STP)Licensed Number000501156 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.Tradable Instruments Supported Forex ✔CFDs✔Indices✔Commodities✔Stocks❌Cryptocurrencies❌Bonds❌Options❌ETFs❌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.Account TypeMin DepositStandard$1,000VIP$10,000ECN $50,000Raw-spread$10,000 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 youSpread 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.Account TypeSpreadStandardFrom 2.5 pipsVIPFrom 1.5 pipsECN From 0 pipsRaw-spreadTrading 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.Trading PlatformSupported Available Devices Suitable forMT4✔Android, IOS, WindowsBeginnersMT5✔Android, IOS, WindowsExperienced tradersDeposit 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.