According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1,000
- WebTrader
- cTrader
- MetaTrader4
- MetaTrader5
- ASIC
- FSA
- 2021
Our Evaluation of MogaFX
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
MogaFX is a broker with higher-than-average risk and the TU Overall Score of 4.89 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by MogaFX clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
This broker provides a large choice of account types. There are more than 60 assets that can be traded with moderate leverage and without any restrictions. An additional advantage is negative balance protection and other mechanisms to reduce trading risks. There are several options for passive income, which are also an absolute plus. This company works transparently and comprehensively to help its clients. Unfortunately, to trade on a live account, a substantial initial deposit is required. The training is highly valued, but it is aimed only at novice and mid-level traders. In general, this broker can be recommended for review.
Brief Look at MogaFX
MogaFX opens access to a wide range of markets, including currency pairs and CFDs on indices, metals, energies, and cryptocurrencies. Traders can use MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader, and WebTrader. There are demo and six live account types, plus corporate and joint MAM accounts. The broker has a proprietary copy trading service. The base currencies are USD, EUR, GBP, and AUD. All major deposit and withdrawal channels, such as bank transfers, bank cards, electronic payment systems, and crypto wallets are available. Trading parameters depend on the selected account type. Raw spreads start at 0 pips and there are no trading fees on most accounts. The withdrawal fee is subject to the channel. For example, withdrawals via Perfect Money are free of charge, while transfers via Skrill will cost an additional 1% of the amount. The broker is regulated and provides quality education, analysis tools, and bonuses.
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- Traders have access to dozens of assets from five different groups and leverage is up to 1:500;
- Absolute transparency of work: all fees are known in advance, and there are no hidden or additional payments;
- The broker's clients work through top-end platforms that are easily customizable. Specialized tools are available;
- Spreads are market average or below average. The absence of trading fees significantly reduces trading costs;
- Three passive income options are joint accounts, copy trading, and partnerships with the broker;
- Negative balance protection;
- Technical support is available 24/5 by phone, email, and tickets.
- High entry threshold as to start working with the broker, a minimum deposit of $1,000 is required;
- The broker offers several educational courses, but there are no materials available for professional traders;
- The IB (Introducing Broker) partnership offers many opportunities, but the conditions are on average worse than those of the broker’s competitors.
TU Expert Advice
Financial expert and analyst at Traders Union
Moga International Group LLC operates officially and is registered in Australia, New Zealand, and Saint Vincent and the Grenadines. It is regulated by FSG, FSP, AFSL, and ASIC. Since its incorporation, there has been no evidence of this broker’s non-fulfillment of its obligations to its clients. This company has been on the market for a long time, it is proven and reliable.
Trading conditions are market average, and in some instances, conditions are even more profitable. This broker offers a free demo account and six live account types, including a swap-free (Islamic) account. Each account can be individual or corporate. The base currencies are USD, EUR, GBP, and AUD. The asset pool includes currency pairs, indices, metals, energies, and cryptocurrencies.
Floating spreads can be standard or raw and start from 0 pips. For accounts with raw spreads, there is an acceptable fee. Withdrawal fees fluctuate with the chosen withdrawal method. For example, withdrawals via Skrill and Neteller cost 1% of the withdrawal amount. Bank transfers, Perfect Money, FasaPay, SticPay, and other methods are also available. Withdrawal methods may vary by region.
This broker works transparently and allows traders to use any strategy and advisors. The educational system is one of the best in the segment, but there are no materials for professionals, only for novice traders and mid-level players. Analytical tools are discrete and complex, and range from the economic calendar to Autochartist. A big plus is that this broker works with several platforms, including МetaТrader 4, MetaTrader 5, cTrader, and WebTrader.
Some traders note that MogaFX's IB partnership is not as profitable as that of other brokers. However, TU sees a high entry threshold as the only critical disadvantage of this broker. To open the Standard account, a minimum of $1,000 is required. Bigger amounts are necessary to open other account types. Such high requirements are not typical for today's market.
MogaFX Trading Conditions
| 💻 Trading platform: | МetaТrader 4, MetaTrader 5, cTrader, and WebTrader |
|---|---|
| 📊 Accounts: | Demo, Standard, VIP, ECN, Raw-Spread, M1, and swap-free |
| 💰 Account currency: | USD, EUR, GBP, and AUD |
| 💵 Deposit / Withdrawal: | Bank cards, bank transfers, electronic payment systems, and crypto wallets |
| 🚀 Minimum deposit: | $1,000 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 0,10 pips |
| 🔧 Instruments: | Currency pairs, CFDs on indices, metals, energies, and cryptocurrencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market |
| ⭐ Trading features: |
Free demo and six live account types; Many assets from different groups; Acceptable spreads; Three additional income options; High-quality training; Many practical tools for technical and fundamental analyses; High transparency of this broker’s activities. |
| 🎁 Contests and bonuses: | Yes |
This broker offers six account types plus a demo. Each of them has its own minimum deposit. For example, to open Standard, a minimum deposit of $1,000 is required, while for VIP it is from $10,000. You can get the ECN account only by depositing at least $50,000. Leverage is flexible on all accounts and ranges from 1:100 to 1:500. However, trading leverage is limited to 1:100 on the swap-free account. Technical support is available 24/5 and can be contacted by phone, email, and tickets on the website.
MogaFX Key Parameters Evaluation
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Trading Account Opening
To start working with this broker, initiate the registration process and get a user account. After that, verify, open a live account, and install a trading platform. TU experts have prepared the below step-by-step guide on registration and the main features of the user account.
Go to this broker's website. Select the interface language at the top and click the “Open Account” button.
Indicate your first and last names, and your country of residence. Enter your email address and phone number. Click the “Next” button. An SMS with an authorization code will be sent to your phone number. Enter it in the appropriate field and click the “Next” button again. An email with a confirmation link will be sent to your email address. Follow it to the website.
Enter extended information about yourself, including your full residential address with zip code. Answer several groups of questions. Click the “Next” button each time until the process is completed.
Go to the verification menu and provide scans/photos of documents confirming your identity. Wait for the check to complete.
Go to the menu with the list of accounts. Open a live account by selecting its parameters.
Go to the menu with financial functions. Make a deposit by selecting the appropriate channel. Note that each account has a minimum deposit requirement.
Download the distribution kit of your preferred trading platform. Install it on your device, run it, enter your registration data, and start trading.
Features of the user account allows you to:
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Track active accounts and get details;
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Open and close live and demo accounts;
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Register in the copy trading service;
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Open a joint MAM account;
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Register as an IB Partner;
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Make deposits and withdrawals plus internal transfers;
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Edit personal data and verification;
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Set security options;
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Download trading platforms;
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Contact technical support.
Regulation and safety
MogaFX has a safety score of 8.4/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Negative balance protection
- Track record of less than 8 years
MogaFX Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 ASIC |
Australian Securities and Investments Commission | Australia | No specific fund but has stringent consumer protection | Tier-1 |
 SVG FSA |
Financial Services Authority of St. Vincent and the Grenadines | St. Vincent and the Grenadines | No specific fund | Tier-3 |
| MISA (Mwali) | Mwali International Services Authority | The Comoros | No specific fund | Tier-3 |
MogaFX Security Factors
| Foundation date | 2021 |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker MogaFX have been analyzed and rated as Medium with a fees score of 6/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Tight EUR/USD market spread
- No inactivity fee
- Above-average Forex trading fees
- Deposit fee applies
- Withdrawal fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of MogaFX with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, MogaFX’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
MogaFX Standard spreads
| MogaFX | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,5 | 0,5 | 0,1 |
| EUR/USD max, pips | 1,2 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,6 | 0,4 | 0,1 |
| GPB/USD max, pips | 1,5 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
MogaFX RAW/ECN spreads
| MogaFX | Pepperstone | OANDA | |
| Commission ($ per lot) | 3,50 | 3 | 3,5 |
| EUR/USD avg spread | 0,10 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,15 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with MogaFX. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
MogaFX Non-Trading Fees
| MogaFX | Pepperstone | OANDA | |
| Deposit fee, % | 0-3,5 | 0 | 0 |
| Withdrawal fee, % | 0-2 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
After completing the registration, it is important to choose the right account type. In total, there are six account types plus the demo. Each is available for individuals or corporate clients. MAM accounts are also available. Accounts differ in minimum deposit, spreads, and fees. To choose the right option, focus on your trading preferences and budget.
Account types:
As a rule, if traders have never worked with a broker before, they first open a demo account. The demo provides for exploring the company and testing their trading strategies without financial risks. Next, clients open live accounts and start trading on the platform they consider to be the most convenient.
Deposit and withdrawal
MogaFX received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
MogaFX offers limited payment options and accessibility, which may impact its competitiveness.
- USDT (Tether) supported
- Supports 5+ base account currencies
- Bank wire transfers available
- Low minimum withdrawal requirement
- No bank card option
- Limited deposit and withdrawal flexibility, leading to higher costs
- Deposit fee applies
What are MogaFX deposit and withdrawal options?
MogaFX offers a limited selection of deposit and withdrawal methods, including Bank Wire, BTC, USDT, Ethereum. This limitation may restrict flexibility for users, making MogaFX less competitive for those seeking diverse payment options.
MogaFX Deposit and Withdrawal Methods vs Competitors
| MogaFX | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | No | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are MogaFX base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. MogaFX supports the following base account currencies:
What are MogaFX's minimum deposit and withdrawal amounts?
The minimum deposit on MogaFX is $1000, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact MogaFX’s support team.
Markets and tradable assets
MogaFX offers a limited selection of trading assets compared to the market average. The platform supports 60 assets in total, including 35 Forex pairs.
- Copy trading platform
- Multiple markets
- Bonds not available
- Limited asset selection
Supported markets vs top competitors
We have compared the range of assets and markets supported by MogaFX with its competitors, making it easier for you to find the perfect fit.
| MogaFX | Plus500 | Pepperstone | |
| Currency pairs | 35 | 60 | 90 |
| Total tradable assets | 60 | 2800 | 1200 |
| Stocks | No | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | No | Yes | Yes |
| Stock indices | No | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products MogaFX offers for beginner traders and investors who prefer not to engage in active trading.
| MogaFX | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | Yes | No | Yes |
| PAMM investing | Yes | No | Yes |
| Managed accounts | No | No | No |
Customer support
Traders sometimes may have questions that they cannot answer on their own. When traders have questions, they may contact technical support. If they quickly receive qualified help, the problem is confined. If support responds slowly and/or is incompetent, traders may get frustrated and leave the platform for a competitor. MogaFX offers a modern, efficient, and high-quality client service. Managers are available 24/5 by phone, email, and live chat.
Advantages
- Non-clients of this broker can contact technical support
- Multiple communication channels are available
- Support managers are available 24/5
Disadvantages
- Support is not available on weekends
Whether you are MogaFX’s client or just intend to become one, do not hesitate to contact technical support if something is not clear to you. Below are the current communication channels:
telephone;
email;
tickets on the website and in the user account.
This broker has its profile on Facebook, Twitter, and Instagram. To stay up to date with its latest news, subscribe to one of the profiles. There you can also get help from managers.
Contacts
| Foundation date | 2021 |
|---|---|
| Registration address |
First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines Level 17, 9 Castlereagh Street, Sydney NSW, 2000, Australia |
| Regulation | ASIC, FSA |
| Official site | https://www.mogaforex.com/ |
| Contacts |
+61 291890220, +61 291379799
|
Education
Experienced market participants are well aware that constant practice is only half the success. To execute successful trades, it is necessary to have sufficient theoretical background. Typically, users study eBooks, communicate with their colleagues on forums, and attend specialized webinars. Some brokers offer their own tutorials because they often have clients who know very little about trading. MogaFX’s educational courses are recognized as one of the best in the segment. They are conveniently divided into several programs in the form of text articles, video guides, and audio podcasts. All information is provided free of charge (to gain access to advanced courses, registration is required). Training covers all aspects of working in financial markets, however, it is aimed only at novice traders and mid-level players. Professionals are unlikely to find anything useful here.
In fact, this applies to all brokers offering educational courses. They aim to teach their clients the basics of trading and provide some advanced information. Further, the user should focus on self-learning and look for additional and third-party sources of information.
Comparison of MogaFX with other Brokers
| MogaFX | Eightcap | XM Group | RoboForex | Exness | TeleTrade | |
| Trading platform |
cTrader, MetaTrader4, MetaTrader5, WebTrader | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 |
| Min deposit | $1000 | $100 | $5 | $10 | $10 | $10 |
| Leverage |
From 1:1 to 1:500 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | 1.00% |
| Spread | From 0 points | From 0 points | From 0.8 points | From 0 points | From 0 points | From 0.2 points |
| Level of margin call / stop out |
No | 80% / 50% | 100% / 50% | 60% / 40% | 60% / No | 70% / 20% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | Yes | Yes |
Detailed review of MogaFX
Since this company has been on the market for a long time, the community has a strong opinion about it. There are clear advantages and some disadvantages. Despite the latter, there is no doubt that this broker provides its services at a high-quality level and is constantly improving. It uses microservice architecture and virtual server technology. It has developed and implemented its own client portal and a proprietary copy trading service. This indicates a powerful development team that is familiar with advanced technology stacks and successfully applies them, providing this broker's clients with comfortable trading conditions. For example, the order execution speed does not exceed 20 ms, which is one of the best indicators in the segment. Another strength of this company is technical support. Even during rush hour, call centers respond quickly. Thus, TU can say that this broker is highly client-oriented, which is important for successful trading.
MogaFX by the numbers:
6 live account types, plus a demo;
Raw spreads start from 0 pips;
5 groups of trading instruments;
Order execution speed is less than 20 ms;
Technical support works 24/5.
MogaFX is a broker with comfortable trading conditions and extensive opportunities for additional income
The interface of the website and the user account is simple and intuitive. Traders can work through one of four platforms that include MT4, MT5, cTrader, and WebTrader. Moreover, MT solutions are deeply customized and easily adjusted to a specific user through plug-ins. MogaFX’s clients also have the opportunity to easily choose the trading conditions for themselves, since in addition to the demo, there are six live account types. Finally, there is a large choice of deposit and withdrawal channels. Recently, this broker added crypto wallets. And, of course, the asset pool is a conceptually important point. MogaFX’s clients have access to currency pairs and CFDs on indices, metals, energies, and cryptocurrencies. Moreover, this broker offers such options for additional income as copy trading, MAM accounts, and a partnership program. In other words, traders have available mechanisms for active and passive income in the global financial markets.
Useful services offered by MogaFX:
Copy trading. Traders can register as signal providers or investors. Signal providers earn on fees charged from investors connected to them. Investors, in their turn, receive 100% passive profit with minimal risks and costs;
Joint accounts. Joint account managers use both their own funds and funds of investors when executing trades and charge them a fee subject to successful trading. Investors, if they did not make a mistake when choosing managers and they are real professionals, get stable passive income;
Autochartist. It is a comprehensive analytical system, which provides traders with a slice of current market trends and forecasts entry points based on given presets. Also, it may be automated and can provide notifications.
Advantages:
This broker offers a high level of individualization of trading conditions. Traders can work in one of four trading platforms with dozens of assets from five groups;
A demo account is free. This broker has comprehensive training, which is conveniently structured and divided into courses. There are articles, video guides, and audio podcasts;
There are no trading restrictions, thus traders can scalp, hedge, trade news, and even use advisors. Leverage limit is 1:500;
This company works transparently; thus, all fees are known in advance. Spreads are market average or more profitable. The same applies to withdrawal fees because for some channels there are none;
This company's technical support is highly appreciated by users and experts. It is available 24/5 via the main communication channels.
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