Australia|2-5 years| Benchmark AA|https://www.mogaforex.com/?culture=en-US
Website
Benchmark
AA
Average transaction speed (ms)
MT4/5
Full License
MogaIntlGroup-Demo
GermanyInfluence
C
Influence index NO.1
Luxembourg 3.05Speed：AA
Slippage：B
Cost：A
Disconnected：B
Rollover：AA
MT4/5 Identification
Full License
GermanyInfluence
C
Influence index NO.1
Luxembourg 3.05
Single Core
1G
40G
+61 291890220
+61 291379799
More
Moga International Group LLC
MOGAFX
Australia
Pyramid scheme complaint
Expose
WikiFX Data provideNo answer after contacting them.
Does not withdraw for a long time. Cannot find anybody over half a year. Keep saying that the online service is limited and cannot help to process.
Had been trading for mogafx for almost a year now. From the very first day, I need to wait for at least 2 weeks before I gotten my fund. but now it's getting longer and longer (1 month). furthermore totally no response from account manager anymore.
The account manager is trying to persuade me to raise my deposit and ask me to invite my friend everyday. As a result, I can’t withdraw the money at all after I deposoit the money in it. I have played on so many platforms. Only this platform requires the company’s approval to withdraw money. This platform is the only one that they will defraud you in various ways, so the best way is to block them if you encounter an account manager on this platform!
Help me MA report this scammer. Because he stole the money.
Withdrawal on April 22, it has not been processed after 20 days, and the screenshots of the withdrawal record mt4 transaction are all available. Is this going to abscond?
I knew a investing professor in a group and he taught about stock trading. Sometimes he introduced us to deposit some stocks. So I deposited 50000 and 250,000, respectively, in order to make profits. But later I suffered losses and my balance consumed up. The professor disappeared. Please help.
I have submitted withdrawal from March till now, still haven't received my money. I called their number and they say to message the manager. I message them from the member site, they replied that there are so many withdrawals that I am in the queue. But already more than 4 months going on the 5th months, still waiting. I believe they are a scam. I asked someone to visit the Australia and also St Vincent's and Grenadines office, there is no office there. Stay far away from Mogafx everyone.
Mogafx withdraws 800$ but does not arrive at the account, and promises to arrive at the account within 48 hours with the official website.
Unable to withdraw for half a year. They said I couldn’t withdraw for my complaints after I complained. And they said if they were ruined and my funds would be gone. The official web said we can get our 80% refunds in March.
Been struggle to get my invested out from this company and all what i have gotten is disappointment and lies. Couple weeks ago , they promised that my fee will my granted and i waited but got nothing. Having to reach them is a big problem and i have filed a report with the police and wealth watchs and i am hoping to get my investment back
I applied for a withdrawal on June 13, and the amount in my MT4 account was deducted immediately. However, the funds were delayed. I checked the back-end and showed that the process was in progress. The salesperson had left. There was no one to contact, and the funds could not be received. My customer number is 2020881. I just want to withdraw money and get back my basic trading funds, hope the platform will help. I am a well-founded person. If the problem was solved before, I clicked to solve it
Stay Away away away from this company. Usd 100,000 has beed detucted without any reason. Commision of 30000 usd is also deducted. Stay away.
performed my withdrawal on 25 November but till today still couldn't get my funds back. service desk pushing responsibility to account manager but no response from acc manager. no more blue tick in WhatsApp suspected acc manager blocked me.
large fee was requested in order to withdraw. They promise to return all of my money and send mail to cover the withdrawal expenses. I paid the fees, but I never got a penny back. I have all the proof that Mogafx stole at least $54,900 before disconnecting me, and I filed a lawsuit all ready . All appeared to be lost, and I was glad it’s a pyramid scheme scam please don’t do it they lie about making profit.
I'm very surprised to see so many negative feedback on Mogafx. I'm wondering why didn't I encounter the problems you guys are facing. Notice that most of the bad reviews started after Mogafx release no deposit bonus. I'm pretty sure that you guys didn't meet the trading criterial before making a withdrawal. Traders would need to fulfil certain criterial before profit can be withdraw, it's the same across all brokers. Think for yourself, someone wouldn't give you free money without having something back in return right? My withdrawal screenshot below are all processed within a day and bank screenshot also shows that i always received my fund within a day or two. [D83D][DE0D]
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.
| MOGAFX Review Summary in 10 Points | |
| Founded | 2018 |
| Registered Country/Region | Australia |
| Regulation | ASIC/FSPR (General Registration) |
| 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 |
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.
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 and FSPR | • Limited product portfolios |
| • Negative Balance Protection | • Withdrawal issues reported by some users |
| • Segregated client trust accounts | • High minimum deposit requirement |
| • Multiple account types available | |
| • Demo accounts available | |
| • Flexible leverage options | |
| • Both MT4 & MT5 supported | |
| • Multiple payment methods | |
| • 24/7 customer support | |
| • Rich educational resources |
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.
Two entities behind this MOGAFX licensed in the following authorities:
MOGA INTERNATIONAL GROUP PTY LTD registered Common Financial Service License from Australia Securities & Investment Commission (ASIC), License No. 501156.
MOGA INTERNATIONAL GROUP LIMITED registered Financial Service Corporate License from Financial Service Providers Register (FSPR), License No. 1002414.
MOGAFX also offers Negative Balance Protection and all client funds are held in segregated client trust accounts with top tier banks in accordance with Client Money Laws and Regulations. Based on the above, it appears that MOGAFX is a reliable broker to trade with. However, as with any investment, caution should be exercised, and it is important to conduct your research before making any financial decisions.
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.
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.
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 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.
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:
| 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.
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.
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 | 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.
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.
| 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.
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.
Based on the information provided on their website, MOGAFX seems to be a legitimate forex broker with proper licenses. However, it is important to note that some users have reported issues with withdrawals.
It is always recommended to exercise caution and do thorough research before investing with any broker. It is also recommended to check our platform and other reliable sources for information and reviews about the broker before making any decisions. If you encounter any issues with MOGAFX or any other broker, please report it to the relevant authorities and let us know in the Exposure section so that our team of experts can investigate and provide assistance if possible.
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.
| 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. |
In this article, we'll examine MogaFX's key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service.
WikiFXMOGA is launching a series of bonuses to invite all traders to join and have fun.
WikiFXSort by content
User comment
10
CommentsWrite a review
2023-11-30 15:14
2023-11-28 16:25
2023-05-06 08:24
2023-02-21 16:48
2022-12-16 15:04
2022-12-15 09:55
2022-12-14 18:58
2022-11-24 14:23
