MogaFX is a forex broker established in Australia on July 27, 2017. The company primarily offers financial trading services, including forex, commodities, and indices. The company is headquartered in Sydney, Australia. The official website of this broker is https://www.mogaforex.com/, and the website supports multiple languages, including English, Traditional Chinese, Simplified Chinese, Portuguese, Vietnamese, Thai, Persian, Turkish, Japanese, Arabic, and Kurdish. MogaFX provides services exclusively to users within Australia.
Corporate Background and Regulatory Status:
The entity registered in Australia for MogaFX is Moga International Group Pty Ltd, with the registered address in SYDNEY NSW 2000 and ABN number 69 620 723 757. This entity is authorized and regulated by the Australian Securities and Investment Commission (ASIC) with license number 501156. However, this entity only serves wholesale clients within Australia.
MogaFX's entity registered in Saint Vincent and the Grenadines is Moga International Group LLC, with registration date on August 7, 2020, and the registered address at First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines. It is registered with the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) under registration number 532. This entity provides services to clients outside Australia.
Traderknows reminds investors that SVGFSA only regulates activities related to banking, insurance, or mutual funds and does not regulate foreign exchange margin trading activities, nor does it issue forex licenses. Therefore, the foreign exchange trading and brokerage activities conducted by Moga International Group LLC lack effective regulation.
Account Types:
MogaFX offers six different types of trading accounts: STANDARD, VIP, ECN, RAW-SPREAD, M1, and SWAP-FREE. The minimum trade size for all six account types is 0.01 lots, with a standard lot size of 100,000, and there is no maximum account balance specified. However, all account types do not disclose trading commission fees.
Differences between account types include:
- STANDARD account: Minimum deposit of $1,000 USD, starting spreads from 2.5 pips, and leverage options of 1:100, 1:200, 1:400, and 1:500.
- VIP account: Minimum deposit of $10,000 USD, starting spreads from 1.5 pips, and leverage options of 1:100, 1:200, 1:400, and 1:500.
- ECN account: Minimum deposit of $50,000 USD, starting spreads from 0 pips, and leverage options of 1:100, 1:200, 1:400, and 1:500.
- RAW-SPREAD account: Minimum deposit of $10,000 USD, starting spreads from 0 pips, and leverage of 1:100.
- M1 account: Minimum deposit of $10,000 USD, starting spreads from 1.5 pips, and leverage options of 1:100, 1:200, 1:400, and 1:500.
- SWAP-FREE account: Minimum deposit of $5,000 USD, starting spreads from 2.8 pips, and leverage of 1:100.
Trading Platforms:
MogaFX offers trading platforms such as MT4, MT5, and CTrader. The entity providing services on the MT4 and MT5 platforms is Moga International Group Pty Ltd, which serves wholesale clients within Australia. As of October 19, 2023, the CTrader platform is no longer in use.
Deposits and Withdrawals:
MogaFX supports multiple deposit and withdrawal methods, including bank wire transfers, online banking, blockchain, e-wallets, and more.
Customer Support:
Users can contact MogaFX via phone at +61 291890220 / +61 291379799 or email at service@mogafxglobal.com / service@mogafx.com.
In Summary:
Traderknows advises investors that MogaFX currently only serves wholesale clients in Australia. Currently, this broker is marked as "operating normally" on Traderknows.
