MogaFX ReviewCategory: Reviews | Author: Trading Brokers | Date: January 16, 2024
So you’re looking for a new forex broker and came across MogaFX. We decided to check them out and see if they’re legit. MogaFX says they’re regulated and offer popular platforms like MT4 for trading different markets. They also claim to have account options for all trader levels.
In this review, we’ll break down the key factors to consider when choosing MogaFX as your broker. We’ll look at their regulation status, trading platforms and tools, educational resources, account types, funding options, and more. By the end, you’ll have a good idea if MogaFX checks all the right boxes for your needs or if you should keep searching for a better fit.
Pros & Cons
- Provides multiple account types to suit different trading styles and budgets
- Offers a variety of funding methods including traditional banking, e-wallets, and crypto
- Regulated in St. Vincent and the Grenadines and Australia, providing some level of trader protection
- Offers a variety of trading platforms including MT4, MT5, and cTrader
- Provides a range of educational resources for both new and experienced traders
- Offers a variety of markets to trade including forex, commodities, and indices
- The minimum deposit requirements for some account types may be high for some traders
- While MogaFX offers a demo account, it is only available for 30 days, limiting the time for practice
- The broker only offers a handful of crypto assets, which may be limiting for some traders
MogaFX is a forex broker that’s part of the Moga International Group. They’re regulated in St. Vincent and the Grenadines and Australia, which gives traders some level of protection.
When it comes to trading platforms, they’ve got MT4, MT5, and cTrader, both desktop and web versions. They also offer a range of trading tools like Autochartist, TradingView, MOGA Trade Plus+, and MOGA Point Reward Mall.
For education, they’ve got a series of video tutorials, a blog, guides for account opening and trading, an economic calendar, and a glossary. So, whether you’re a newbie or a seasoned trader, there’s something to help you level up your trading skills.
In terms of markets, you can trade forex, commodities, and indices. They offer a variety of account types including Standard, VIP, ECN, Raw-spread, M1, and Swap-free accounts. Each account has different minimum deposit requirements and offers flexible leverage options.
Funding your account is easy with a range of options including Bank Wire Transfer, Perfect Money, Fasapay, Online Banking in certain countries, CoinPayments, GCPAY, B2B in PAY, Sticpay, Skrill, and Neteller.
In a nutshell, MogaFX offers a comprehensive trading experience with a variety of platforms, educational resources, and account types. However, it’s always a good idea to check out other brokers with longer track records for comparison. For more options, feel free to explore our other trading broker reviews.
MogaFX is regulated by multiple entities. The group holds dual licenses and operates across global financial markets. Two of its entities meet all their individually related legal frameworks set out by the St Vincent & The Grenadines Financial Services Authority (FSA) and the Australian Securities and Investments Commission, respectively.
Moga International Group Pty Ltd (MOGA AU) is licensed and regulated under the Australian Securities and Investments Commission and holds an AFS license (license number 501156). MOGA AU is located in Sydney, Australia, and only accepts Australian Wholesale clients.
Moga International Group LLC (MOGA SV) is located and registered in Saint Vincent and the Grenadines (FSA) under Company Number 532 LLC 2020 (FSA: 532LLC2020). Additionally, Moga International Group LLC (MOGA LDL) is regulated by the Mwali International Services Authority (MISA) with the license number T2023187. MogaFX follows strict compliance procedures and reporting guidelines, taking all required measures to ensure clients’ funds are kept safe
If you’re not sure about MogaFX or just want to explore other options, check out this list of regulated brokers. It’s always good to have choices, right?
Platforms & Tools
MogaFX offers quite a few options for platforms:
- MT4: This is a super popular trading platform used by brokers all over. It’s got great charting, analytics, backtesting – all the bells and whistles. If you’ve used MT4 before with another broker, it’ll be the same setup with MogaFX.
- MT5: The newer MetaTrader platform with some added features like more timeframes and indicators. Still really customizable like MT4 though.
- cTrader Desktop & Web: A fast alternative platform to MT4/MT5 with cool features like one-click trading from charts. The web version gives you flexibility to trade from anywhere.
As for tools, MogaFX offers:
- Autochartist: Automatically scans charts to identify potential trade setups for you. Kinda like your own trading analyst!
- TradingView: This charting and analysis tool is integrated into cTrader but can also be used on its own. Tons of customization options here.
- MOGA Trade Plus+: Their own custom tool that gives trading ideas, market updates, and risk management features.
- MOGA Point Reward Mall: Lets you earn points for your trading activity and redeem them in their rewards store. A nice perk!
Having multiple platforms and helpful trading tools is great for flexibility. You can test them out and see which setup works best for your strategy.
Now let’s go over the educational resources MogaFX offers. Gotta make sure new traders have plenty of ways to skill up! They’ve got a whole section dedicated to education including:
- MogaFx Education Series: This is a bunch of video tutorials covering all things trading – from basics to advanced strategies. Good if you’re visual learner!
- Blog: Their blog posts regularly tackle current market trends, trade ideas, platform guides, and more trader-focused topics.
- Account Opening Guide: Step-by-step instructions showing how to open a live or demo account with MogaFX. Making sure new users don’t get lost.
- Trading Guide: Covers all the fundamentals like managing risk, analysis methods, psychology, even tips on setting up your workspace ergonomically!
- Economic Calendar: See upcoming financial events, data releases, holidays that may impact markets. So you can plan trades accordingly.
- Glossary: Breaks down all the trading lingo from A to Z. Helpful when you’re getting started!
Having these education options available means new MogaFX traders can really hit the ground running. And experienced folks can sharpen their skills too.
Alright, let’s dive into the markets you can trade with MogaFX.
- Forex: This is the big one. MogaFX offers a bunch of currency pairs for trading. Whether you’re into major pairs like EUR/USD, or you’re more of an exotic pair trader, they’ve got you covered.
- Commodities: If you’re into trading stuff like gold, oil, or even agricultural products, MogaFX has a selection of commodities you can trade. It’s a different ball game from forex, but some traders love the volatility.
- Indices: Fancy trading on the overall performance of a country’s stock market? That’s where indices come in. MogaFX offers several major global indices for trading.
Remember, each market has its quirks and characteristics, so make sure you do your homework before diving in!
Alright, let’s talk about the different account types MogaFX offers. They’ve got a pretty good variety, so you can pick what suits your trading style and budget.
- Standard Account: This one has a minimum deposit requirement of $1,000. It offers flexible leverage up to 1:500 and spreads starting from 2.5 pips. A good starting point for new traders.
- VIP Account: For the high rollers, this account requires a minimum deposit of $10,000. It offers the same flexible leverage up to 1:500 and slightly better spreads starting from 1.5 pips.
- ECN Account: This one’s for the pros. With a minimum deposit of $50,000, you get access to raw spreads starting from 0 pips and leverage up to 1:500.
- Raw-Spread Account: Similar to the ECN account, this one also offers raw spreads starting from 0 pips. The minimum deposit is lower though, at $10,000, and you get the same leverage options up to 1:500.
- M1 Account: This account requires a $10,000 deposit, offers spreads from 1.5 pips, and leverage up to 1:500.
- Swap-Free Account: Designed for traders who can’t receive or pay swaps due to religious beliefs. The minimum deposit is $5,000, leverage is capped at 1:100, and spreads start from 2.8 pips.
The cool thing is, there’s no commission charged on any of the accounts. So, you just have to worry about the spreads. Remember, higher leverage can mean bigger profits, but also bigger losses. So, choose your account type wisely!
When it comes to moving your money in and out of MogaFX, they’ve got a bunch of options to make life easier.
- Bank Wire Transfer: The old-school method. It’s reliable and good for larger amounts, though it might take a couple of days to process.
- Perfect Money, Fasapay: These are online payment systems that offer quick and easy transactions.
- Online Banking: If you’re in Thailand, Malaysia, Indonesia, Vietnam, Korea, or the Philippines, you can use your local online banking to fund your account. Super convenient!
- CoinPayments: For the crypto crowd, you can use Bitcoin and Tether through CoinPayments.
- GCPAY, B2B in PAY: Another option for Bitcoin and Tether users. It’s all about giving you choices.
- Sticpay: A wallet solution that’s gaining popularity for its ease of use.
- Skrill and Neteller: These e-wallets are well-known in the trading world. They’re fast and secure, which is always a plus.
So, whether you’re into traditional banking, e-wallets, or crypto, MogaFX has got you covered. Just pick the method that works best for you and get trading!
In wrapping up this MogaFX review, it’s clear that they offer a variety of platforms, account types, and educational resources that cater to a wide range of traders. With options for trading forex, commodities, and indices, as well as a selection of funding methods, MogaFX seems to be making an effort to provide a comprehensive trading experience. However, it’s worth noting that while MogaFX offers strong features, there are other forex brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker reviews. Always remember to do your due diligence and consider your own trading needs and goals when choosing a broker.