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The WikiFX Score of this broker is reduced because of too many complaints!

MOGAFX

Australia|2-5 years|
Regulated in Australia|Straight Through Processing(STP)|MT4/5 full license|Global Business|New Zealand Financial Service Corporate Revoked|Suspicious Overrun|High potential risk|

https://www.mogaforex.com/?culture=en-US

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

MogaIntlGroup-Demo

Germany
MT4
47

Influence

C

Influence index NO.1

Luxembourg 3.05
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

Full License

47
Server Name
MogaIntlGroup-Demo MT4
Server Location Germany

Influence

Influence

C

Influence index NO.1

Luxembourg 3.05

Surpassed 32.60% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+61 291890220
service@mogafxglobal.com
https://www.mogaforex.com/?culture=en-US
First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

+61 291890220

English

+61 291379799

Broker Information

More

Company Name

Moga International Group LLC

Company Abbreviation

MOGAFX

Platform registered country and region

Australia

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

WikiFX Risk Alerts 3
Previous Detection : 2024-03-29
  • The number of the complaints received by WikiFX have reached 66 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • New ZealandFSPR (license number: 1002414) The regulatory status is abnormal, the official regulatory status is Revoked. Please be aware of the risk!

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    MOGAFX · Company Summary

    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

    MOGAFX Review Summary in 10 Points
    Founded 2018
    Registered Country/Region Australia
    Regulation ASIC
    Market Instruments Forex, commodities, indices
    Demo Account Available
    Leverage 1:500
    EUR/USD Spread From 2.5 pips (Standard)
    Trading Platforms MT4, MT5, cTrader
    Minimum deposit $1,000
    Customer Support 24/7 live chat, phone, email

    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.

    MOGAFX's home page

    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.

    Pros Cons
    • Licensed by ASIC • Limited product portfolios
    • Negative Balance Protection
    • Segregated client trust accounts
    • Multiple account types available
    • Demo accounts available
    • Flexible leverage options
    • Both MT4 & MT5 supported
    • Multiple payment methods
    • 24/7 customer support
    • Rich educational resources

    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.

      regulation

    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.

    Market Instruments

    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.

    Account Types
    Account Types

    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:

    Broker EUR/USD Spread Commission
    MOGAFX 2.5 pips No
    XTB 0.1 pips $3.5 per lot (round trip)
    FBS 0.5 pips No
    Forex Club 0.6 pips No

    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.

    MT4
    MT5

    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:

    Broker Trading Platforms
    MOGAFX MetaTrader 4, MetaTrader 5, cTrader
    XTB xStation 5, MetaTrader 4
    FBS MetaTrader 4, MetaTrader 5
    Forex Club StartFX, Rumus, Libertex

    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

    MOGAFX Most other
    Minimum Deposit $1,000 $100

    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.

    Deposits 1
    Deposits 2
    Deposits 3
    Withdrawals 1

    Withdrawals 2

    Withdrawals 3

    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.

    Customer Service
    FAQ

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

    Pros Cons
    • 24/7 live chat support available • No social media support for customer service
    • Multiple languages supported for customer service • Reports of slow response time and difficulty withdrawing
    • Quick response time for customer inquiries
    • FAQ section available for self-help
    • Personalized support provided for each client

    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.

    Education

    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)

    Q 1: Is MOGAFX regulated?
    A 1: MOGAFX holds general registered licenses of Australia Securities & Investment Commission (ASIC) and Financial Service Providers Register (FSPR).
    Q 2: Does MOGAFX offer demo accounts?
    A 2: Yes.
    Q 3: Does MOGAFX offer the industry-standard MT4 & MT5?
    A 3: Yes. It supports MT4, MT5 and cTrader.
    Q 4: What is the minimum deposit for MOGAFX?
    A 4: The minimum initial deposit to open an account is $1,000.
    Q 5: Is MOGAFX a good broker for beginners?
    A 5: No. It is not a good choice for beginners. Thought it advertises very well, there are too many negative reviews complaining the withdrawal issue.

    News

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    In this article, we'll examine MogaFX's key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service.

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    User Reviews

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    ゛╭ァonly me℡on
    more than one year
    It all began when I noticed an interesting movement in the oil market. With the news of a potential oil production cut by major oil countries, I decided to go long on Brent Crude through MOGAFX. Once again, the user-friendly MOGAFX platform provided me with a seamless trading experience. I could monitor the price fluctuations in real-time, and all the necessary tools were readily available, making my trading process exceptionally smooth. As expected, the oil prices surged after the production cut news was confirmed. Excitedly, I decided to close my position. MOGAFX, true to its reputation, processed my trade promptly and efficiently. I was more than satisfied when I saw the profits earned were already reflecting in my account - a testament to their swift and flawless withdrawal process.
    2023-11-30 15:14
    Reply
    0
    0
    Carlzig6010
    more than one year
    The trading signals are spot on, and there's hardly any delay. Way better experience compared to many other brokers I've dealt with before. Their customer service is on point too, always quick to respond and help out with any questions. Overall, I'd easily rate them 5 out of 5.
    2023-11-28 16:25
    Reply
    0
    0
    Linda Parker
    3-6months
    Decent
    2023-10-07 06:03
    Reply
    0
    0
    wealth-watchsc0m
    6-12months
    They don't grant withdrawals. Stay careful and watchful out there guys . Its very easy for this people to wipe you out promising life time investment and profits. If you haven't been able to withdraw your money , trust me you are not the only one. A lot of people are in the same mess. I was only lucky to get out and out of the mess they created. ( Check my display name )
    2023-05-06 08:24
    Reply
    0
    0
    FX1237026484
    more than one year
    I have had a very good experience with MOGAFX Broker. They're really good, efficient operations. So I can’t understand why so many traders give negative reviews here.
    2023-02-21 16:48
    Reply
    0
    0
    大卫 _网商
    more than one year
    I was allured by the excellent options offered. But their service is so poor so had to request a withdrawal but they did not want me to have my money. Stay away!!
    2022-12-16 15:04
    Reply
    0
    1
    品味
    more than one year
    Using the demo account is fine, but the experience of real trading is simply terrible! They maliciously widened the point difference, causing me to lose a lot in a short period of time, and my account manager all blamed me, saying that I don't understand foreign exchange trading, it's simply! Will never trade with such a platform again.
    2022-12-15 09:55
    Reply
    0
    0
    HaiB
    more than one year
    The mogafx company deliberately adjusted the profit, and more than 900 US dollars were adjusted. This is a black platform.
    2022-12-14 18:58
    Reply
    0
    0
    幸运&
    more than one year
    I hope more people can see my review and stay away from this scammer. mogafx does not have any reliable monitoring, and everything it says on its website is a lie. I opened a standard account on your website and invested 1000 US dollars, and now I can't take out the principal and interest.
    2022-11-24 14:23
    Reply
    0
    0
    hlwmymnyt
    more than one year
    #Unexperienced
    2022-10-13 03:35
    Reply
    0
    1
    99+
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