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https://www.motforex.com
Website
MT4/5 Identification
Full License
Single Core
1G
40G
+976 72222200
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MOT FOREX LLC
MOTFX
Mongolia Mongolia
Pyramid scheme complaint
Expose
MOTFX Review Summary | |
Registered Country/Region | Mongolia Mongolia |
Regulation | No Regulation |
Market Instruments | Over 2,000 options, including Forex, CFDs, Metals, Energies, Indices, Cryptocurrencies, and Shares |
Demo Account | Available |
Leverage | Up to 1:1000 |
Spread | From 0.8 pips (Standard Account) |
Trading Platforms | MetaTrader 5, cTrader |
Minimum Deposit | $25 |
Payment Methods | Cryptocurrency, Credit and Debit Card |
Customer Support | Phone: +976-7222 2200 |
Email: info@motforex.com | |
Contact From | |
Facebook, Instagram, Telegram, and YouTube |
MOTFX is a forex trading platform registered in Mongolia. It offers access to various financial markets and instruments and operates globally, allowing traders from different regions to participate in the financial markets. It offers two main trading platforms, MetaTrader 5 and cTrader, known for their advanced charting tools and technical analysis capabilities. Additionally, MOTFX provides traders with high-leverage options, up to 1:1000, which can amplify potential profits but also increase risks.
However, MOTFX lacks regulation by any financial authority. While this lack of oversight provides flexibility at some level, there are also potential implications regarding investor protection and transparency.
Pros | Cons |
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Extensive Market Access: MOTFX boasts over 2,000 tradable instruments, including popular forex pairs, commodities (metals, energies), indices, CFDs, cryptocurrencies, and even shares. This variety allows you to diversify your portfolio across various asset classes.
Low Minimum Deposit: With a minimum deposit of just $25, MOTFX is accessible to those starting with a smaller investment.
Renowned Trading Platforms: They offer both MetaTrader 5 and cTrader, which are widely recognized and user-friendly platforms for forex trading. These platforms provide advanced charting tools, order management functionalities, and automation capabilities.
Various Payment Methods: MOTFX supports various payment methods, including cryptocurrency, credit cards, and debit cards, providing convenience to traders.
Lack of Regulatory Oversight: The most critical concern is the lack of regulation by any reputable financial authority, indicating questions about the security of your deposited funds and the fairness of their trading practices.
Excessive Leverage: MOTFX offers leverage of up to 1:1000. Leverage allows you to control a larger position size with a smaller deposit, potentially magnifying profits. However, it also amplifies losses significantly. With such high leverage, even a minor market movement against your position could result in substantial losses exceeding your initial investment.
The legitimacy of MOTFX is a major concern due to a critical factor: lack of regulation. Forex brokers handle significant amounts of client money. To ensure the security of those funds and fair practices, regulation by a reputable financial authority is essential. Without this oversight, there's no guarantee MOTFX adheres to industry best practices or has adequate safeguards in place. If you encounter an issue or dispute, recovering your funds might be difficult.
MOTFX provides traders with a comprehensive selection of market instruments, spanning across Forex, Metals, Energies, Indices, CFDs, Cryptocurrencies, and Shares.
Forex: MOTFX enables trading in a wide range of currency pairs, allowing traders to speculate on the exchange rate fluctuations between different currencies. Forex trading involves major currency pairs (like EUR/USD, USD/JPY), minor currency pairs (like AUD/NZD, EUR/CHF), and potentially even exotic currency pairs (like USD/THB, TRY/JPY).
Metals: You can access the precious metals market, including gold, silver, platinum, and palladium, providing opportunities for diversification and hedging against currency risks.
Energies: This lets you trade on energy commodities like crude oil and natural gas (potentially others as well). Similar to metals, you can speculate on the price movements of energies.
Indices: These instruments track the performance of major stock market indexes (e.g., S&P 500 in the US). You can speculate on whether the overall stock market represented by the index will go up or down.
Cryptocurrencies: You can trade popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Ripple, taking advantage of the volatility and potential profit opportunities in the cryptocurrency market.
Shares: MOTFX enables trading in shares of publicly listed companies from around the world, allowing traders to invest in individual stocks and benefit from company performance.
CFDs: Contract for Difference (CFD) trading allows you to speculate on the price movements of various financial instruments without owning the underlying asset.
MOTFX offers three account types: Standard, Pro, and Swing. They cater to different trading styles (beginner, experienced, swing trading).
Standard Account: The Standard Account is designed to accommodate traders of all levels, providing access to a diverse range of trading instruments and features. It is well-suited for both beginners and experienced professionals seeking a straightforward trading experience. With a minimum deposit of $25, traders can access a wide selection of trading options.
Pro Account: The Pro Account, also requiring a minimum deposit of $25, is tailored for experienced traders who require advanced trading features and tighter spreads.
Swing Account: Designed for swing traders (holding positions for days or weeks), this account is limited to the MT5 platform. It has a higher minimum deposit of $100 compared to the other two accounts.
Account Type | Standard Account | Pro Account | Swing Account |
Platform | MT5, cTrader | MT5, cTrader | MT5 |
Commission (1 lot) | $0.00 | $3.50 per side | $0.00 |
Spread | Form 0.3 pips (Main pairs) | From 0.0 pips | From 0.5 pips (Main pairs) |
Swap | Yes | Yes | No |
Min. Deposit | $25 | $25 | $100 |
Leverage | 1:50 - 1:1000 | 1:50 - 1:1000 | 1:50 - 1:1000 |
MOTFX offers a flexible leverage range across all account types, enabling traders to adjust their position sizes according to their risk tolerance and trading strategies. The leverage options provided by MOTFX typically range from 1:50 to 1:1000.
Leverage amplifies both profits and losses. While it can magnify gains, a small move against your position can lead to significant losses exceeding your account balance. With 1:1000 leverage, a small price movement against your trade could wipe out your entire account and potentially leave you owing more to the broker. Leverage is a complex tool that requires a strong understanding of risk management. Beginners are more likely to misunderstand leverage and end up with substantial losses.
MOTFX offers differing spread and commission structures across its range of account types. Understanding the spreads and commissions offered by MOTFX is essential for you to assess your overall trading costs accurately.
The spreads at MOTFX vary depending on the account type and the trading instrument. Spreads represent the difference between the bid and ask prices of a currency pair or other financial instrument.
For example, the Standard Account features spreads starting from 0.3 pips on major currency pairs, while the Pro Account offers spreads starting from 0.0 pips. Additionally, the spread of Swing Account starts from 0.5 pips.
Competitive spreads are advantageous for traders as they directly impact the cost of trading. Lower spreads can result in reduced trading costs, especially for high-frequency traders or those executing large volumes of trades.
Some account types at MOTFX incur trading commissions, typically charged on a per-lot basis. Commissions are separate from spreads and represent a fixed cost per trade.
The Pro Account has a commission of $3.50 per side per lot traded. This means traders pay a set fee for each standard lot (100,000 units of the base currency) traded, regardless of the trade's size or duration.
While commissions add to the overall cost of trading, they are often offset by tighter spreads, benefiting high-volume traders.
MOTFX offers two main trading platforms for users to choose from: MetaTrader 5 (MT5) and cTrader, each designed to cater to the diverse needs and preferences of traders. Both platforms are available in web-based and mobile versions, ensuring traders can access the markets anytime, anywhere.
MetaTrader 5 (MT5): MT5 is a well-established platform used by many forex brokers. It boasts a user-friendly interface that caters to beginners and a good range of charting tools and technical indicators for market analysis. It allows customization by letting you add custom indicators and develop automated trading strategies (Expert Advisors or EAs). All MOTFX accounts (Standard, Pro, and Swing) allow you to use MT5.
cTrader: cTrader offers a sleek and modern interface, appealing to beginners who find MT5's layout less intuitive. cTrader is geared more towards algorithmic trading. It has a built-in application programming interface (API) that allows you to create custom trading robots. This can be attractive for experienced, tech-savvy traders who want to automate their strategies. Only Standard and Pro accounts on MOTFX offer access to cTrader. The Swing Account is limited to the MT5 platform.
Deposits and withdrawals at MOTFX are facilitated through a variety of third-party methods, including cryptocurrency, credit card, and debit card options. These options are designed to offer flexibility and convenience to traders, allowing them to choose the method that aligns with their preferences. Deposits are processed swiftly, ensuring that funds are available for trading promptly. Similarly, withdrawals are executed efficiently, enabling you to access their profits without unnecessary delays. Moreover, MOTFX does not impose any commission fees on deposits or withdrawals, promoting transparency and fairness in its services.
MOTFX provides comprehensive customer support to assist traders with their inquiries and concerns. You can reach their support team via phone at +976-7222 2200 or through email at info@motforex.com. Additionally, they also offer a contact form on their website for convenient communication. For those who prefer social media channels, you can connect with them on Facebook, Instagram, Telegram, and YouTube, where their team is available to address your questions and provide assistance as needed.
MOTFX offers a tempting combination of features: a wide range of tradable instruments, a low minimum deposit, and popular trading platforms. However, this allure is overshadowed by a critical concern, the lack of regulation. Without regulatory oversight, there's no guarantee of the safety of your deposited funds or the fairness of MOTFX's trading practices.
When it comes to your hard-earned money, we advise you to prioritize safety and choose a reputable and well-regulated broker. Don't be swayed by the potential convenience of MOTFX's offerings at the expense of risking your hard-earned money.
Question: Is MOTFX safe?
Answer: Due to the lack of regulation, MOTFX cannot be considered safe.
Question: What trading platforms does MOTFX offer?
Answer: MOTFX offers MetaTrader 5 (MT5) and cTrader as its main trading platforms.
Question: What is the minimum deposit required to open an account with MOTFX?
Answer: The minimum deposit required is $25 for all account types.
Question: Does MOTFX offer a demo account?
Answer: Yes, MOTFX provides a demo account for traders to practice trading without risking real money.
Question: Are there any commission fees for deposits and withdrawals?
Answer: No, MOTFX does not impose any commission fees on deposits or withdrawals.
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 provided in this review may be subject to change due to the constant updating of the company's services and policies.
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