Note: For some unknown reason, we cannot open MFX Globals official site (https://mingalarfxglobal.com/) while writing this introduction. Traders need to be careful about this issue.
General Information & Regulation
MFX Global, a trading name of Mingalar FX Global, is allegedly an unregulated and blacklisted forex broker registered in China that claims to provide its clients with some tradable assets with leverage up to 1:100 and variable spreads from 0 pips on the industry-standard MetaTrader4 trading platform, as well as a choice of four different live account types.
Market Instruments
MFX Global advertises that it mainly offers three different asset classes in financial markets, including forex, indices and commodities.
Account Types
Apart from demo accounts, there are four live trading account types offered by MFX Global, namely Practice Cent, Classic Account, MFX ECN 1 and MFX ECN 2. Opening a Practice Cent account requires a minimum initial deposit amount of $50, while the other three account types have a much higher minimum initial capital requirement of $100.
Leverage
A leverage ratio of up to 1:100 is offered by MFX Global, which is much higher than that provided by most brokers. Remember that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
MFX Global claims that different account types can enjoy quite different spreads and commissions. Specifically, the spread on the Practice Cent or Classic Account starts from 1.7 pips, while the MFX ECN 1 account from 0 pips and the MFX ECN 2 account from 0.5 pips. As for commissions, for the MFX ECN 1 account, the commission is $10 per lot on forex major pairs, $12 per lot on forex minor/crosses and exotic pairs and $15 per lot on commodities. While for the MFX ECN 2 account, the commission is $6 per lot on all forex pairs and commodities.
Trading Platform Available
The platform available for trading at MFX Global is the worlds most trusted and popular MetaTrader4. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.
Deposit & Withdrawal
The minimum initial deposit requirement at MFX Global is said to be $50. However, the broker says nothing about the acceptable deposit and withdrawal methods.
Customer Support
MFX Globals customer support can be reached by telephone: +959967175347, email: enquiries@mingalarfxglobal.com, support@@mingalarfxglobal.com. Company address: No. 20B, Myint Zu Lane (1) Road, Parimi, Yankin Township, Yangon Region, Myanmar.
Risk Warning
Online trading involves a significant level of 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.
2023-03-29 09:48
2023-03-07 18:31
