WikiFX Reviews MogaFX in Depth

In this article, we'll examine MogaFX's key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX aims to provide you with the information you need to make an informed decision about using this platform.

Background:

MogaFX, founded in 2018, maintains its headquarters in Australia and, Saint Vincent and the Grenadines.

The trading instruments offered by MogaFX include approximately 60 currency pairs, global indices, and commodities. In comparison to its peers, MogaFX's asset classes are relatively limited.

One notable aspect of MogaFX is its commitment to personalized service. Clients are allocated a dedicated personal account manager, ensuring tailored support to meet individual needs and preferences.

Types of Accounts:

MogaFX presents a range of three live trading account options, each featuring a minimum trade size of 0.01 lots and offering a maximum leverage of 1:500.

Below are the key distinctions among the various account types:

1. Standard Account

- Minimum deposit: $1,000

- Spreads start from 2.5 pips

2. VIP Account

- Minimum deposit: $10,000

- Spreads start from 1.5 pips

3. ECN Account

- Minimum deposit: $50,000

- Spreads start from 0 pips

Deposit and Withdrawals:

MogaFX offers a versatile array of deposit methods with minimal to zero fees and rapid processing times. Traders can choose from various payment options, including FasaPay, Korea Online Banking, Vietnam Online Banking, Malaysia Online Banking, Indonesia Online Banking, and Perfect Money, with no deposit fees and offering instant processing. Additionally, Bitcoin deposits via Coinpayments incur a modest 0.5% fee and are processed within approximately 30 minutes. Skrill and Neteller options are also available, with fees varying based on the deposit bank and surcharge list, while Bank Wire Transfers involve no fees and typically require one to three working days for processing.

Regarding withdrawals, MogaFX provides the same payment methods as for deposits. Most withdrawal requests are efficiently processed within a 24-hour timeframe. However, the duration for funds to be credited back to the original payment method may fluctuate. For instance, FasaPay and Perfect Money withdrawals are processed with no fees and usually take three to five working days. On the other hand, Bank Wire Transfers incur a $40 fee and follow a similar processing timeline. Options like Korea Online Banking, Vietnam Online Banking, Malaysia Online Banking, and Indonesia Online Banking are all fee-free for withdrawals and share a three to five working day processing period. Philippines Online Banking withdrawals involve a 2% fee and follow the same processing timeline. Bitcoin withdrawals via Coinpayments are subject to a $10 fee plus cryptocurrency transaction fees and typically take three to five working days to process.

Trading Platforms:

MogaFX provides three prominent trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader.

MT4 and MT5 platforms are favoured by numerous brokers globally and are suitable for day traders. Users can download or access them to their desktops conveniently through a web browser.

cTrader provides high flexibility and is equipped with many trading tools.

In addition, MogaFX also offers its specially curated copytrading mobile application, named MOGA Trade Plus+.

Research & Education:

MogaFX offers a comprehensive educational resource catering to both novice and seasoned traders. Within this resource, all investors gain access to a wide array of materials, including a glossary, economic calendar, account opening guide, blog, basic trading guide, and the MogaFX Education Series. This structured course is thoughtfully designed to facilitate the successful navigation of financial markets for beginners. The course covers various topics, encompassing explanations of currency pairs, quantitative easing, slippage, and leverage. Additionally, it delves into more advanced subjects such as support and resistance levels and the Elliot Wave theory. Each topic is presented through concise online videos, also available on YouTube, each spanning just a few minutes and providing a succinct overview of the subject matter.

MogaFX has a dedicated team of seasoned professionals who deliver daily market analysis reports to all trading clients.

Customer Service:

MogaFX provides 24/5 customer support services from Monday to Friday throughout the standard trading week. Traders can reach out through various communication channels, including telephone and email.

The live chat service, powered by LiveAgent, allows traders to initiate a chat by submitting their name and email address, ensuring accessibility and responsiveness in addressing customer inquiries.

Conclusion:

WikiFX, a global forex broker regulatory platform, has given MogaFX a WikiScore of 7.16 out of 10, indicating that it is a reasonably reliable broker in the forex trading industry.

MogaFX operates under two separate entities, each subject to specific regulatory oversight:

1. Moga International Group Pty Ltd operates under the regulation of the Australian Securities and Investments Commission (ASIC). Its corresponding license number is 501156.

2. Moga International Group Limited operates under the regulation of New Zealand's Financial Service Providers Register. Its corresponding license number is 1002414.

In conclusion, MogaFX is a trustworthy broker.