MOGAFX

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

What is MOGAFX？

MogaFX is a multi-asset broker, offers its clients access to a wide selection of trading assets, including forex, indices, and commodities. MOGAFX offers six account types with different minimum deposit requirements and flexible leverage options up to 1:500. The broker also provides a range of trading platforms (MT4, MT5, cTrader) and tools, as well as education materials for traders of different levels.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance.

Pros & Cons

MOGAFX is a regulated broker offering various account types, trading platforms, and trading tools to its clients. The broker has competitive spreads and flexible leverage options. The availability of multiple deposit and withdrawal methods is also a plus.

However, the limited range of trading assets compared to other brokers may be a drawback for some traders. Additionally, some users have reported issues with withdrawals, which is a concern.

MOGAFX Alternative Brokers

There are many alternative brokers to MOGAFX depending on the specific needs and preferences of the trader. Some popular options include:

• XTB - a reputable forex and CFD broker with a user-friendly platform, advanced research tools, and competitive pricing.

• FBS - a popular forex broker that offers low-cost trading, a wide range of account types, and excellent customer service.

• Forex Club - a well-established forex broker with a strong reputation for transparency, low trading costs, and a user-friendly platform.

Ultimately, the best broker for an individual trader will depend on their specific trading style, preferences, and needs.

Is MOGAFX Safe or Scam？

MOGAFX is operated as a regulated broker, its operating entity, MOGA INTERNATIONAL GROUP PTY LTD, holding an STP license from the Australia Securities & Investment Commission (ASIC), License No. 501156.

Market Instruments

It is true that MOGAFX offers a more limited selection of trading assets compared to some other forex brokers. However, it is important to note that they still offer a range of popular assets such as Forex Currencies, Indices, and Commodities, which may be sufficient for many traders.

Accounts

Demo accounts: The broker provides a demo account with a 30-day risk-free trading period and $100,000 virtual capital, which is a great way for traders to practice their trading strategies and test out the broker's trading conditions before committing to a real account.

Live accounts: MOGAFX also offers a range of six live account types to cater to different types of traders with varying needs and preferences, including Standard, VIP, ECN, Raw-spread, M1, and Swap-free accounts. Each account has different minimum deposit requirements, $1000, $10,000, $50,000, $10,000, $10,000 and $5,000 respectively， which may be suitable for different traders.

Leverage

MOGAFX offers flexible leverage of 1:100, 1:200, 1:400, and 1:500 for Standard, VIP, ECN, Raw-spread, and M1 accounts. However, clients on the Swap-free account can only have a maximum leverage of 1:100.

While leverage can amplify potential profits, it also increases the risk of significant losses. Therefore, it's important for traders to understand the risks involved and use leverage responsibly, especially for beginner traders who should start with lower leverage until they gain more experience.

Spreads & Commissions

Spreads differ from various trading accounts. The spread starts from 2.5 pips on the Standard account, from 1.5 pips on the VIP and M1 accounts, from 0 pips on the ECN and Raw-spread accounts, and from 2.8 pips on the Swap-free account. However, the fact that there is no commission charged on any of the accounts is a positive aspect. It is important to note that trading costs can have a significant impact on profits, and traders should carefully consider these costs before opening an account with any broker.

Below is a comparison table about spreads and commissions charged by different brokers:

Note that the spreads and commissions may vary depending on the account type and trading platform used by each broker. It's always important to check the broker's website for the most up-to-date information.

Trading Platforms

MOGAFX provides traders access to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as the cTrader platform for Desktop and Web. These platforms are available on iOS, Android, and Windows, providing traders with a seamless trading experience across multiple devices. The platforms are user-friendly and equipped with a range of tools and features to help traders analyze the markets, execute trades, and manage their positions effectively.

Overall, MOGAFX's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:

Note that some brokers may offer additional platforms, but the above table includes the primary trading platforms offered by each broker.

Trading Tools

In addition to the tools built into the provided trading platforms, the broker makes available a selection of useful standalone trading tools to enhance the trading experience for its clients. The broker offers Autochartist, a powerful tool that provides technical analysis and trading signals for a variety of instruments, including forex, indices, and commodities. Additionally, MOGAFX also offers TradingView, a popular platform that provides advanced charting capabilities, as well as access to a global community of traders.

Moreover, MOGAFX's own platform, MOGA Trade Plus+, offers advanced charting tools, one-click trading, and access to real-time market news and analysis. Finally, the broker offers a unique loyalty program called MOGA Point Reward Mall, which allows traders to earn points that can be redeemed for various rewards, including trading bonuses, gadgets, and other merchandise. Overall, MOGAFX's trading tools and resources provide traders with a comprehensive suite of options to help them make informed trading decisions.

Deposits & Withdrawals

MOGAFX accepts deposits and withdrawals via Bank Wire Transfer, Perfect Money, Fasapay, Online Banking in Thailand, Malaysia, Indonesia, Vietnam, Korea, and Philippines, CoinPayments of Bitcoin and Tether, GCPAY, B2B in PAY of Bitcoin and Tether, Sticpay, Skrill and Neteller.

MOGAFX minimum deposit vs other brokers

Some deposits and withdrawals are free, while others may charge some fees. Most deposits are instant, and most withdrawals require 3-5 working days. More details can be found in the below screenshot.

Customer Service

MogaFX offers a 24/7 customer support team who are available to respond to clients general technical, and account-related inquiries. Clients can reach the support team via phone, email, and live chat. They also have an FAQ section on their website, which is helpful for answering common questions. The customer service representatives are generally knowledgeable and respond quickly to queries. The broker also offers support in multiple languages, making it easy for traders from different parts of the world to get assistance.

Overall, MOGAFX's customer service is considered reliable and responsive, with various options available for traders to seek assistance.

Note: The information provided in this table is based on online research and user feedback, and may not be exhaustive or representative of all experiences.

Education

MOGAFX offers a variety of educational resources for traders of different skill levels. The broker provides a blog section that covers a wide range of topics related to trading, including market analysis, trading strategies, and industry news. The Account Opening Guide and Trading Guide can help beginners understand the process of opening an account and how to trade different financial instruments.

Additionally, the broker offers an economic calendar that displays important events and data releases that may impact the financial markets. Traders can also access a glossary that provides explanations of common trading terms and concepts. These resources can be useful for both novice and experienced traders who want to improve their knowledge and skills in the financial markets.

Conclusion

As a whole, MOGAFX appears to be a reliable broker with a range of account types and trading platforms to suit different traders' needs. They offer a good range of trading tools and educational resources, and their customer service is available 24/7.

However, it is concerning to see reports of issues with withdrawals from some users, and their product offering is somewhat limited compared to other brokers. Traders should exercise caution and do their own research before deciding to invest with MOGAFX.

Frequently Asked Questions (FAQs)