　　Note: MogaFX's official website - https://www.mogaforex.com/ is currently inaccessible normally.

MogaFX Review Summary
Founded	2020
Registered Country/Region	Saint Vincent and the Grenadines
Regulation	ASIC (Suspicious Clone)
Market Instruments	Forex, CFDs, Indices, Commodities
Demo Account	✅
Leverage	Up to 1:500
EUR/USD Spread	From 2.5 pips (Standard account)
Trading Platform	MT4 and MT5
Min Deposit	$1,000
Customer Support	24-hour support
	Tel: +61291890220
	Email: service@mogafxglobal.com
	Physical 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 Cons

Pros	Cons
Diverse trading choices	Unavailable website
Demo accounts	No regulation
Various trading accounts	Wide spreads on the Standard account
Flexible leverage ratios	High minimum deposit ($1,000)
MT4 and MT5 trading platforms	Withdrawal fees charged
Multiple payment options
24-hour support

Is 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 Clone
Regulated by	Australia Securities & Investment Commission (ASIC)
Licensed Institution	SPECTRE FINANCIAL GROUP AUSTRALIA PTY LTD
Licensed Type	Straight Through Processing (STP)
Licensed Number	000501156

　　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 Type	Min Deposit
Standard	$1,000
VIP	$10,000
ECN	$50,000
Raw-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 you

Spread

　　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 Type	Spread
Standard	From 2.5 pips
VIP	From 1.5 pips
ECN	From 0 pips
Raw-spread	From 0 pips

Trading 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 Platform	Supported	Available Devices	Suitable for
MT4	✔	Android, IOS, Windows	Beginners
MT5	✔	Android, IOS, Windows	Experienced traders

Deposit 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.

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