MOKFX Forex Broker

MOKFX Forex Broker - Complete Information Guide

1. Broker Overview

MOKFX, officially known as MOK FX Global Limited, was established in 2021. The broker claims to operate from the United States, although there is no verifiable information to substantiate this claim. MOKFX is a private entity and primarily serves retail clients interested in trading commodities and forex markets.

Over the years, MOKFX has aimed to provide a platform for trading various financial instruments, including indices, crude oil, gold, silver, and other commodities. However, the broker has faced numerous challenges, including a lack of regulatory oversight and significant complaints from users regarding withdrawal issues.

MOKFX operates under a business model that focuses on online futures trading. The company has made claims of being supervised by the National Futures Association (NFA), but it is important to note that it is not a registered member, raising concerns about its legitimacy.

The broker's development has been marked by a growing presence in the online trading community, although recent reports indicate that the website is down, and the company may be out of business. Thus, potential clients should exercise caution when considering this broker for their trading activities.

2. Regulatory and Compliance Information

MOKFX claims to be regulated by the National Futures Association (NFA), with a purported supervision number of 0543998. However, it is crucial to highlight that this broker is not listed as a member of the NFA, which means it is not subject to NFA oversight.

The absence of a valid regulatory license poses significant risks to traders. MOKFX does not appear to have any licenses from reputable regulatory authorities such as CySEC, ASIC, or FCA.

• Client Funds Protection: There is no clear information regarding the segregation of client funds, which is a critical aspect of ensuring the safety of investors' capital.
• Investor Compensation Fund: MOKFX does not participate in any investor compensation schemes, meaning that in the event of insolvency, clients may not have a safety net.
• KYC and AML Compliance: There is little information available on the broker's compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which are essential for preventing fraud and protecting clients.

Given these factors, the regulatory status of MOKFX raises serious concerns for potential traders.

3. Trading Products and Services

MOKFX offers a variety of trading products, focusing primarily on forex currency pairs and CFD products.

• Forex Pairs: The broker provides access to a range of currency pairs, including major, minor, and exotic pairs. However, specific details about the total number of pairs available are not disclosed.
• CFD Products: MOKFX allows trading in commodities such as indices, crude oil, gold, silver, and potentially other assets. Unfortunately, there is no detailed information about unique or proprietary trading products offered by the broker.
• Retail Trading Services: MOKFX caters mainly to retail clients, offering them access to various markets and trading instruments. However, the absence of information regarding institutional services or white-label solutions indicates a focus on retail trading.
• Product Updates: There is no available information on how frequently MOKFX updates its product offerings or adds new trading instruments.

Overall, while MOKFX provides a selection of trading products, the lack of comprehensive details may deter potential clients seeking a robust trading environment.

4. Trading Platforms and Technology

MOKFX supports the MetaTrader 4 (MT4) trading platform, which is widely recognized in the trading community for its user-friendly interface and comprehensive features.

• Platform Features: MT4 offers advanced charting tools, technical analysis indicators, and the capability for automated trading through Expert Advisors (EAs). This platform is popular among traders of varying experience levels due to its flexibility and customization options.
• Web-Based Trading: There is no specific mention of a proprietary web-based trading platform, which may limit accessibility for some traders.
• Mobile Application: Information regarding mobile application support for iOS and Android is not provided, which may be a drawback for traders who prefer mobile trading.
• Execution Model: The broker's execution model is unclear, with no definitive information on whether it operates on an ECN, STP, or market-making basis.
• Technical Infrastructure: Details about the server locations and overall technical infrastructure supporting the trading platform are also lacking.
• API Access: There is no mention of API access or support for automated trading beyond what is available through MT4.

The reliance on MT4 as the sole trading platform may limit the broker's appeal to traders looking for a more diverse technological offering.

5. Account Types and Trading Conditions

MOKFX does not provide detailed information regarding the specific account types available to traders. However, the following general conditions can be inferred:

• Standard Account Conditions: The minimum deposit requirement is reportedly $100, but the specifics regarding spreads, commissions, and other trading conditions are not disclosed.
• Advanced Account Types: There is no mention of advanced or premium account types such as VIP or professional accounts, which could provide enhanced trading conditions.
• Special Accounts: The availability of specialized accounts, such as Islamic accounts, is not indicated.
• Demo Account Policy: Information regarding the availability of demo accounts for practice trading is also absent.
• Leverage Ratios: MOKFX offers a maximum leverage of 1:200, which can amplify both potential profits and losses for traders.
• Minimum Trade Size: Specific details about the minimum trade size are not provided.
• Overnight Fees: There is no information regarding overnight fees or swap rates applicable to trades.

Without clear information on account types and trading conditions, potential clients may find it challenging to assess the suitability of MOKFX for their trading needs.

6. Fund Management

MOKFX supports various deposit methods, although specific options are not listed. However, the following general points can be highlighted:

• Deposit Methods: Common methods such as bank transfers, credit cards, and e-wallets are typically expected, but details are not provided.
• Minimum Deposit Requirements: The minimum deposit for standard accounts is reported to be $100.
• Deposit Processing Time: There is no information available regarding how long deposits take to process.
• Deposit Fees: Information about any fees associated with deposits is not disclosed.
• Withdrawal Methods and Limitations: Specific withdrawal methods and any associated limits are not detailed.
• Withdrawal Processing Time: There is no available information on how long withdrawals take to process.
• Withdrawal Fee Structure: The fee structure for withdrawals remains undisclosed.

The lack of transparency regarding fund management practices may raise concerns for potential clients regarding the safety and accessibility of their capital.

7. Customer Support and Educational Resources

MOKFX offers limited customer support options, which may affect the trading experience for users:

• Support Channels: The broker appears to provide support via phone and email, but there is no mention of live chat or social media support.
• Service Hours and Time Zone Coverage: Specific service hours and time zone coverage are not provided, which could impact response times for international clients.
• Multilingual Support: There is no information on the availability of multilingual support, which may limit accessibility for non-English speaking clients.
• Educational Resources: The broker does not appear to offer a comprehensive range of educational resources, such as webinars, tutorials, or eBooks.
• Market Analysis Services: Details regarding daily analysis, news updates, or research reports are not available.
• Trading Tools: There is no mention of any trading tools, such as calculators or signal services, which could assist traders in their decision-making processes.

The limited customer support and educational offerings may deter potential clients looking for a more supportive trading environment.

8. Regional Coverage and Restrictions

MOKFX primarily targets clients in the United States, but there is little information available regarding its regional coverage:

• Main Service Markets: The broker claims to serve clients in the United States, with potential outreach to other regions.
• Regional Office Distribution: There is no information about the presence of regional offices or support teams in other locations.
• Countries/Regions Not Accepted: Specific countries or regions from which clients are not accepted are not disclosed.
• Special Restrictions: There are no details regarding any special restrictions that may apply to certain clients or regions.

The lack of clear regional coverage information may raise concerns for potential clients regarding the broker's operational transparency.

In conclusion, while MOKFX presents itself as a broker offering various trading services, the significant lack of regulatory oversight, transparency, and detailed information may pose risks for potential traders. Therefore, it is advised that individuals conduct thorough research and consider regulated alternatives for a safer trading experience.