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
- $50
- MetaTrader4
- FSCA
Our Evaluation of Mugan Markets
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
Mugan Markets is a moderate-risk broker with the TU Overall Score of 5.39 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Mugan Markets clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Mugan Markets provides competitive trading conditions with below-average spreads, a diverse asset selection, high leverage, and unrestricted trading. The user-friendly and functional MT4 platform is available. One of the broker’s advantages is support for Bitcoin. Additionally, a multi-level partnership program offers potential for substantial income for active traders. However, drawbacks include limited communication channels with technical support, unclear withdrawal fees, and a lack of analytical tools.
Brief Look at Mugan Markets
Mugan Markets offers trading over 200 assets, including currency pairs and CFDs on cryptocurrencies and precious metals. The broker provides a demo account and three live account types, all accessible through MetaTrader 4. The minimum deposit is $50. Leverage is flexible up to 1:500. Spreads and fees vary depending on the account type with a minimum spread starting from 0 pips and a maximum commission per lot of $8. Micro lot trading is available and there are no trading restrictions. Deposit and withdrawal methods include bank cards, bank transfers, and crypto wallets. Mugan Markets does not offer any passive income options, education, or analytical tools. There is only the FAQs section, tips on working with the broker, and blog, regularly updated with useful articles. Technical support is available only via the ticket system.
We've identified your country as
US
We have thoroughly analyzed all companies legally providing trading services in your country and created a ranking of the best ones. Our analysis highlights companies that offer optimal working conditions, uphold a strong reputation, and consistently receive the highest number of positive reviews from traders on our website.
Explore the 5 top-rated companies in
US :
- Free demo account, micro lot trading, and no restrictions on trading methods and strategies;
- Three live account types with various conditions, low initial threshold, and support of one of the most popular platforms;
- Extensive pool of financial instruments from different groups for risk diversification;
- Flexible leverage for increasing profit potential;
- Up to 8 base currencies;
- Multi-level partnership program;
- Instant deposits and fast withdrawals, including cryptocurrencies.
- No passive income options;
- Lack of transparency for non-registered users;
- No analytical tools on the website.
TU Expert Advice
Financial expert and analyst at Traders Union
Mugan Markets is a brand owned by South Africa-based Jura Investments (Pty) Ltd and is regulated by the Financial Services Conduct Authority (FSCA). Traders Union experts have found no evidence of the broker failing to meet client obligations. The company uses an advanced technological stack, offers competitive trading conditions, and receives mostly positive user reviews.
Mugan Markets clients can open a free demo account or trade micro-lots on one of the three live account types. The minimum deposit is $50. Spreads vary depending on the account type, starting from 0 pips or 0.9 pips. Commissions per lot are also competitive.
The broker also offers leverage up to 1:500, over 200 assets from three groups, and support for MetaTrader 4. However, some users would prefer the ability to work on other platforms like MetaTrader 5, cTrader, NinjaTrader, or RTrader. Other drawbacks include the lack of transparency and the absence of passive income options.
Also, most clients note the absence of a call center as the broker’s disadvantage. Contacting technical support is only possible via tickets on the website, which is slow. The broker also lacks educational materials and analytical tools, although it offers a blog with informative articles and basic FAQs. Traders frequently praise the broker's multi-level partnership program.
Based on these factors, Traders Union recommends Mugan Markets for consideration by both novice and experienced traders.
Mugan Markets Trading Conditions
Your capital is at risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A high percentage of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| 💻 Trading platform: | MetaTrader 4 |
|---|---|
| 📊 Accounts: | Demo, Classic ECN, Trader ECN, and Custom ECN |
| 💰 Account currency: | USD, EUR, ZAR, GBP, BTC, NGN, GHS, and KES |
| 💵 Deposit / Withdrawal: | Bank cards, bank transfers, and crypto wallets |
| 🚀 Minimum deposit: | $50 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 0,2 pips |
| 🔧 Instruments: | Currency pairs and CFDs on cryptocurrencies and metals |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Order execution: | Market |
| ⭐ Trading features: |
Free demo account and three live account types; Low initial threshold; Several base account currencies; Tight spreads and competitive trading fees; Limited deposit and withdrawal methods; Insufficient information on the broker’s website; No passive income options and educational materials. |
| 🎁 Contests and bonuses: | Yes |
Mugan Markets offers three live accounts with different minimum deposits and trading fees. To start trading on Classic ECN and Trader ECN accounts, a minimum deposit of $50 is required, while the Custom ECN account requires $10,000 or more. Flexible leverage is up to 1:500 for all account types. 24/7 technical support can be contacted only via the ticket system. Also, the broker has its official profiles on X (Twitter) and Instagram, where traders can leave their messages.
Mugan Markets Key Parameters Evaluation
Share your experience
- Best
- Last
- Oldest
Trading Account Opening
To start working with Mugan Markets, register on its official website, pass verification, and open a live account. Also, make a deposit and download the trading platform. To eliminate any questions, TU experts prepared a step-by-step guide on the procedure and described the main features of the user account.
Go to the broker’s website and click the “Open Live Account” button.
Provide your first and last names, and email, and create a reliable password. Choose your country and phone code from the drop-down lists, and specify your phone number. Choose the account currency, account type, and leverage. Agree to the terms and conditions by checking the box and clicking the “Submit” button.
Follow a confirmation link sent to your email. Specify the preferred language and enter your login credentials. Click the “Log In” button.
After logging into the user account for the first time, you receive a verification code via email. Enter it in a dedicated field and click the “Sign In” button.
Go to the Profile section by following the link from a notification. Provide the required data, including your registration address with a postal code and click the “Submit” button.
Go to the Verification section by following the link from a notification. Carefully read instructions and upload scans or images of the required documents. Now you gain access to all features of your user account.
Go to the Deposit section and choose a convenient deposit method. Note that available methods may vary by region. Specify the amount and currency, and follow the on-screen instructions. Wait for the money to be credited.
Download the appropriate version of MetaTrader 4, install it to your device, enter your login credentials, and start trading.
Additional features of Mugan Markets’ user account allow traders to:
-
Access the dashboard, which provides aggregated data on active live accounts.
-
Edit their personal information and security settings.
-
Access a special section for uploading scans or images of confirmation documents.
-
Download MetaTrader 4.
-
Register for a partnership program and monitor their referrals and profits.
-
Fund their accounts.
-
Withdraw profits.
-
Open and close their accounts, or make internal transfers.
Regulation and safety
Mugan Markets has a safety score of 5.8/10, which corresponds to a Medium 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.
- Is regulated
- Negative balance protection
- Not tier-1 regulated
- Track record of less than 8 years
Mugan Markets Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
 FSCA SA |
Financial Sector Conduct Authority of South Africa | South Africa | No specific fund | Tier-2 |
Mugan Markets Security Factors
| Foundation date | - |
| Negative balance protection | Yes |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker Mugan Markets 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
- No deposit fee
- Above-average Forex trading fees
- Withdrawal fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of Mugan Markets 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, Mugan Markets’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.
Mugan Markets Standard spreads
| Mugan Markets | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,9 | 0,5 | 0,1 |
| EUR/USD max, pips | 1,3 | 1,5 | 0,5 |
| GPB/USD min, pips | 1,4 | 0,4 | 0,1 |
| GPB/USD max, pips | 1,9 | 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.
Mugan Markets RAW/ECN spreads
| Mugan Markets | Pepperstone | OANDA | |
| Commission ($ per lot) | 4,0 | 3 | 3,5 |
| EUR/USD avg spread | 0,2 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,4 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with Mugan Markets. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
Mugan Markets Non-Trading Fees
| Mugan Markets | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 1,5 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
While Mugan Markets offers multiple account types, selecting the right one from the outset is crucial. The Classic ECN account, with a $50 minimum deposit, is ideal for most beginning traders. It supports 8 base currencies, including BTC. Spreads start from 0.9 pips and there is no commission per lot. The Trader ECN account offers raw spreads from 0 pips, but comes with an $8 commission per lot. This account type is more suitable for experienced market participants who prefer active trading with large volumes. The Custom ECN account is designed for professional traders. Spreads are the lowest here and commissions per lot are charged on individual conditions. However, this account type requires a minimum deposit of $10,000. Also, note that it only supports 4 base currencies.
Account types:
Typically, traders begin by opening a demo account to familiarize themselves with a broker's conditions and test trading strategies. Once satisfied, they transition to a live account that aligns with their trading preferences. Mugan Markets permits clients to open multiple accounts.
Deposit and withdrawal
Mugan Markets received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
Mugan Markets provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Bitcoin (BTC) accepted
- Supports 5+ base account currencies
- BTC available as a base account currency
- Bank wire transfers available
- Withdrawal fee applies
- PayPal not supported
- Wise not supported
What are Mugan Markets deposit and withdrawal options?
Mugan Markets provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire, BTC, USDT, Ethereum.
Mugan Markets Deposit and Withdrawal Methods vs Competitors
| Mugan Markets | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | Yes | No | No |
What are Mugan Markets base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Mugan Markets supports the following base account currencies:
What are Mugan Markets's minimum deposit and withdrawal amounts?
The minimum deposit on Mugan Markets is $50, while the minimum withdrawal amount is $0-50. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Mugan Markets’s support team.
Markets and tradable assets
Mugan Markets offers a limited selection of trading assets compared to the market average. The platform supports 200 assets in total, including 200 Forex pairs.
- 200 supported currency pairs
- Crypto trading
- Bonds not available
- Limited asset selection
Supported markets vs top competitors
We have compared the range of assets and markets supported by Mugan Markets with its competitors, making it easier for you to find the perfect fit.
| Mugan Markets | Plus500 | Pepperstone | |
| Currency pairs | 200 | 60 | 90 |
| Total tradable assets | 200 | 2800 | 1200 |
| Stocks | No | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | No | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products Mugan Markets offers for beginner traders and investors who prefer not to engage in active trading.
| Mugan Markets | Plus500 | Pepperstone | |
| Bonds | No | No | No |
| ETFs | No | Yes | Yes |
| Copy trading | No | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
Traders often encounter questions due to a lack of knowledge or insufficient information on the broker's website. Complex trading situations may also arise that users cannot independently resolve. Mugan Markets provides 24/7 technical support exclusively through the website's ticket system.
Advantages
- 24/7 availability
Disadvantages
- One communication channel
- Low response speed
Mugan Markets’ technical support is available to both clients and non-registered users:
-
Email;
-
Tickets.
The broker has its official profiles on X (Twitter) and Instagram, where it is also possible to contact support managers.
Contacts
| Registration address | Office at 47 Buckingham Estate, 26 Lion St, Sterrewag, Gauteng 0181, South Africa |
|---|---|
| Regulation | FSCA |
| Official site | www.muganmarkets.com |
| Contacts |
Education
Mugan Markets does not offer comprehensive training to its clients. Its website only contains a blog with useful articles and basic FAQs.
Mugan Markets suggests that traders who register with it already know how to earn in financial markets. While the FAQs section provides basic information on the broker’s conditions, articles are useful for users with any experience. If traders need comprehensive training, they have to use third-party resources.
Comparison of Mugan Markets with other Brokers
| Mugan Markets | Eightcap | XM Group | RoboForex | AMarkets | NPBFX | |
| Trading platform |
MetaTrader4 | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MT5, AMarkets App | MT4 |
| Min deposit | $50 | $100 | $5 | $10 | $100 | $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 1:3000 |
From 1:200 to 1:1000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | No | No |
| Spread | From 0 points | From 0 points | From 0.8 points | From 0 points | From 0 points | From 0.4 points |
| Level of margin call / stop out |
No | 80% / 50% | 100% / 50% | 60% / 40% | 50% / 20% | No / 30% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | No | No |
Detailed Review of Mugan Markets
Jura Investments (Pty) Ltd, which owns Mugan Markets, has a long presence in the global market. It uses an advanced stack, in particular microservice architecture and dedicated virtual servers, partners with tier 1 liquidity providers, and implements the ECN technology to execute trades in the interbank. Therefore, it ensures fast order execution and reliability. The broker holds client funds in segregated accounts and uses SSL protocols and the KYC (Know Your Client) procedure. Also, Mugan Markets offers MetaTrader 4, the most popular platform customized with free plugins.
Mugan Markets by the numbers:
-
Minimum deposit is $50;
-
200+ financial instruments;
-
The minimum spread is 0 pips;
-
Commission per lot is $8;
-
Maximum leverage is 1:500.
Mugan Markets is a broker for novice and experienced traders
Mugan Markets caters to traders of all experience levels. It offers a low initial threshold and numerous assets from three groups. The available variety of instruments is sufficient for building a diversified investment portfolio, where a negative trend of one asset is efficiently offset by positive trends of others. Moreover, traders can implement a wide range of trading strategies, including scalping, hedging, trading on news, and using expert advisors. The broker offers several fast deposit and withdrawal methods, including crypto wallets.
Useful services offered by Mugan Markets:
-
Demo Account. It allows traders to explore the broker’s trading conditions in a real market environment and test various strategies without financial risks. Note that a demo account is limited in time.
-
Partnership Program. Mugan Markets offers a multi-level partnership program that can generate significant income. The program has no limits on referrals, and partners’ rewards increase as their referrals trade more actively.
-
Blog. While the broker does not offer education or analytics, the blog on its website regularly provides useful articles for both novice and experienced traders. Traders can sort articles by category and access the latest updates.
Advantages:
Low initial threshold;
Three live account types with support for up to 8 base currencies;
Micro lot trading, flexible leverage, and no restrictions on trading strategies and methods;
Official registration and regulation;
Transparent conditions for registered users;
Crypto wallets can be used for deposits and withdrawals;
Support for user-friendly and customizable MetaTrader 4.
Articles that may help you
Check out our reviews of other companies as well
User Satisfaction i