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MOGAFX Forex Broker provides real users with 5 positive reviews, 2 neutral reviews and 149 exposure review!

MOGAFX Broker Review

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MOGAFX Review 156

Latest All(156) Positive(5) Neutral(2) Exposure(149)
Exposure
Withdrawal not received

I am a member of MOGAFX. My account is 2033219. On June 9th, 2023, I deposited $4000. On September 23rd, 2023, I withdrew $5600, but the platform never paid me. On October 11th, the customer service manager told me to use usdt to withdraw my money. So I withdrew two sums, one of which was $600 and the other $5,000. On October 13th, I received the $600 withdrawal, but the $5,000 has not been received. I contacted the customer service manager several times during the period, and he either excused me or did not reply to my messages. I feel that they just intentionally do not want to give me money.

牛气冲天9015
2023-10-20
Exposure
The mog platform does not allow withdrawals, only 5,000 U.S. dollars are not allowed

I want to complain about this platform not allowing withdrawals. Registered Account: MT4 Account Number:2035590 Account Name:Feng ### On September 27th, I applied for a withdrawal of 2500 USD, and the remaining account with 2500 USD in it is also not allowed to withdraw.

冯易城~Eason
2023-10-12
Exposure
The withdrawal has not been received for half a month and the customer service has not responded to the message.

The platform provides technology. I lost half of my money, so I want to withdraw. Now I can’t even make the withdrawal.

人生主角自己定
2023-10-12
Exposure
Unable to withdraw funds, false supervision

This platform is under false supervision, and I was hacked on this platform and 30,000 US dollars was stolen. Later, a complaint was made to afca, and it was found that the platform falsely advertised that it was regulated by Australia and actually placed all customers in St. Vincent, but St. Vincent did not have foreign exchange supervision qualifications. Later, my friend and I went to the Sydney office address shown on Moga’s official website in person and found that the building had long been deserted. Please remove the platform and label it as a "unknown platform" to prevent more people from being deceived.

夏了夏天
2023-10-10
Neutral
Decent: Unraveling the Complexity of Ethical Investment Strategies

Decent

Linda Parker
2023-10-07
Exposure

Mogafx does not allow withdrawals, cannot withdraw funds, and deducts commissions. Unscrupulous platform

moga不让出金
2023-09-20
Exposure
The MOGAFX withdrawal has not arrived in the account for 10 days, and now it is asking U currency to withdraw

Since I applied for withdrawal on August 28, it has deducted from MT4. But I have not received any withdrawal information until today. It will take 3-5 working days for the UnionPay transaction specified in the platform withdrawal project to arrive. I contacted the platform’s customer service several times to chat online, and the response was pretty good on the first day. I was asked to send an internal letter to the platform to urge their department to speed up the approval process, but 2 days passed without any news. Then I contacted customer service again. After receiving my information, the customer service chose to go offline and submitted relevant questions by email. I contacted the agent many times and he said that the payment information had been sent to the payment provider and was waiting for transferring money. Now it is again asked if there is U currency, I just want UnionPay to transfer the money, it has been delayed again and again.

白桦林024
2023-09-07
Exposure
Moga does not allow withdrawals

I originally copied orders on the Moga platform (you have to be on the same platform to follow orders, otherwise I wouldn’t be able to open their Moga account). Then I thought that there was a trader who swiped the order and wanted to change the strategy to copy the order. I thought about withdrawing the profits, but the first withdrawal has not been received for five or six days. I just want to withdraw all my money. The funds in my trading account are 3147 US dollars not counting the bonus. I initially withdrew $3,129, but the result showed that my mt4 balance was insufficient. I withdraw $3080, but the balance is still insufficient. After withdrawing another 3,000, it still shows that the balance is insufficient. But there are funds in my account. I contacted the account manager of the platform, and he said that I had to reserve the trader's profits before withdrawing money. He also said that the commission generated by my account transaction would be temporarily withheld, and I could only withdraw the principal first. As a result, the principal has been stuck until now. Not to mention commissions and profits. The account manager of your platform has an extremely bad attitude.

moga不让出金
2023-09-06

  

MogaFX 2025 Review: Everything You Need to Know

  MogaFX has garnered mixed reviews in the forex trading community, with some users highlighting its robust trading platforms and diverse asset offerings, while others raise concerns about withdrawal issues and high minimum deposit requirements. This review aims to provide a detailed analysis of MogaFX, including its strengths and weaknesses based on user experiences and expert opinions.

  Note: It is essential to consider that MogaFX operates through various entities across different regions, which may impact the regulatory protections available to traders. This review incorporates a balanced approach to ensure fairness and accuracy.

  

Ratings Overview

Category Rating (out of 10)
Account Conditions 4.5
Tools and Resources 6.0
Customer Service and Support 5.0
Trading Experience 5.5
Trustworthiness 4.0
User Experience 4.5
Overall Score 5.0

  How We Rate Brokers: Our ratings are based on a combination of user feedback, expert analysis, and factual data regarding trading conditions, support services, and regulatory compliance.

  

Broker Overview

  Founded in 2018, MogaFX is an international forex and CFD broker that provides access to various financial markets through popular trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The broker offers a range of trading instruments, including forex pairs, commodities, and indices. MogaFX claims to be regulated by the Australian Securities and Investments Commission (ASIC) and operates internationally with additional registration in Saint Vincent and the Grenadines.

  

Detailed Analysis

  

Regulatory Regions

  MogaFX operates under multiple jurisdictions, including Australia and Saint Vincent and the Grenadines. While it holds a license from ASIC, the regulatory status of its offshore entity raises concerns. Many users have reported issues related to fund withdrawals, which is a significant red flag for potential traders. According to Forex Peace Army, the broker has been flagged for suspicious activities, including claims of being regulated by the SVG FSA, which does not issue licenses to forex brokers.

  

Deposit/Withdrawal Currency/Cryptocurrency

  MogaFX supports various deposit and withdrawal methods, including bank transfers, credit/debit cards, and cryptocurrencies like Bitcoin. However, the minimum deposit requirement is relatively high at $1,000, which is significantly above the industry average of around $100. This high entry threshold may deter novice traders from engaging with the platform.

  

Bonuses/Promotions

  MogaFX offers various bonuses, including a cashback program. However, the terms for withdrawing bonuses can be stringent, requiring traders to execute a significant trading volume to access their funds. For example, a $100 bonus requires trading 20 lots, equating to a turnover of $2 million, which many users find unreasonable.

  

Tradable Asset Classes

  MogaFX provides access to over 60 trading instruments, including major and minor forex pairs, commodities, and indices. However, the selection may not be as extensive as some competitors, which could limit diversification opportunities for traders.

  

Costs (Spreads, Fees, Commissions)

  The spreads offered by MogaFX are generally considered average, starting from 2.5 pips for standard accounts. While there are no commissions on most accounts, the withdrawal fees can vary, with bank transfers costing around $25. Additionally, users have reported delays in the withdrawal processing times, which can extend beyond the stated 48 hours, leading to frustration among traders.

  

Leverage

  MogaFX offers leverage up to 1:500, which is considerably higher than many regulated brokers. This high leverage can amplify gains but also significantly increases the risk of losses, especially for inexperienced traders. Regulatory bodies in other jurisdictions have started limiting leverage to protect retail traders, making MogaFX's offering seem risky.

  

Allowed Trading Platforms

  MogaFX supports popular trading platforms, including MT4 and MT5, which are favored by many traders for their advanced features and user-friendly interfaces. However, some users have reported technical issues, such as login problems, which could hinder trading performance.

  

Restricted Areas

  While MogaFX operates in various regions, it is essential to note that it may not be available in certain countries, particularly those with strict regulatory environments. This restriction can limit access for potential traders in those regions.

  

Available Customer Service Languages

  MogaFX provides customer support in multiple languages, including English and several Asian languages. However, users have reported mixed experiences with customer service, citing slow response times and unhelpful interactions.

  

Final Ratings Overview

Category Rating (out of 10)
Account Conditions 4.5
Tools and Resources 6.0
Customer Service and Support 5.0
Trading Experience 5.5
Trustworthiness 4.0
User Experience 4.5
Overall Score 5.0

  

Detailed Breakdown

  •   Account Conditions: The high minimum deposit requirement of $1,000 is a significant barrier for many traders, especially beginners. The account types offered are somewhat limited compared to competitors.

  •   Tools and Resources: MogaFX provides useful trading tools, but the educational resources are primarily geared towards beginners, leaving experienced traders wanting.

  •   Customer Service and Support: While customer support is available, the quality of service has been inconsistent, with reports of slow response times.

  •   Trading Experience: The trading platforms are robust, but technical issues reported by users could impact overall trading performance.

  •   Trustworthiness: Despite being regulated by ASIC, the offshore operations and negative user experiences raise concerns about the broker's reliability.

  •   User Experience: Overall user experiences are mixed, with some praising the platform's functionality while others express frustration with withdrawal issues.

  •   In conclusion, while MogaFX offers a range of trading options and platforms, potential traders should exercise caution due to the high minimum deposit, mixed reviews regarding customer service, and withdrawal concerns. It may be advisable to consider other brokers with stronger regulatory oversight and better user feedback.