MGX Brokers is a forex broker registered in the Seychelles, primarily offering investors trading services in financial products such as forex, commodities, stocks, indices, and cryptocurrencies. The company provides three types of trading accounts (PRO, ZERO, and VIP accounts), with leverage ratios up to 1:1000, among which the VIP account requires a minimum deposit of $5000.
Company Background:
MGX Brokers is a financial service provider registered in the Seychelles, with its corporate entity being Maximus Global Limited. The company's headquarters are located in Providence, Seychelles. The broker's registered address is CT House, Office No. 9A, Providence, Mahe, Seychelles, and its office address is CT House, Office No. 8D, Providence, Mahe, Seychelles. Since the establishment of its official website on September 21, 2020, MGX Brokers has been committed to providing clients with financial services including forex trading, Contracts for Difference (CFDs), trading in precious metals, and stock trading.
Regulatory Status:
Maximus Global Limited is a securities broker regulated by the Financial Services Authority of Seychelles (FSA), holding a securities broker license with the number SD065.
The Financial Services Authority (FSA) of Seychelles is an offshore regulatory body, known for its relatively lenient regulatory environment. This means that the regulatory requirements set by this authority are relatively low, and the cost of regulation is also relatively low, enabling the company to purchase a regulatory license at a lower cost. Hence, the FSA has been a favored regulatory body among some forex scheme operators. Consequently, this broker is not subject to strict and effective regulation, and the forex and related services it provides might carry a very high risk.
Trading Products:
MGX Brokers offers a diverse range of trading products, covering areas such as forex, commodities, cryptocurrencies, and stock indices. In terms of forex trading, clients can choose to trade major currency pairs such as EUR/USD, USD/JPY, GBP/USD, etc. Additionally, the company also offers trading products in commodities such as gold, silver, and crude oil, as well as popular cryptocurrencies like Bitcoin, Ethereum, etc. Furthermore, clients can choose to trade stock indices, such as the Dow Jones Industrial Average, S&P 500 index, as well as well-known company stocks like Apple, Netflix, Tesla, etc. Maximus Global Limited is committed to providing clients with diverse investment options to meet the needs and preferences of different clients.
Trading Platform:
MGX Brokers offers MetaTrader 4 as its primary trading platform. MetaTrader 4 is a globally recognized forex trading platform, known for its powerful capabilities and wide user base.
Features:
- Multi-functionality: The MetaTrader 4 platform supports a variety of trading tools, including currency pairs, cryptocurrencies, stocks and indices, crude oil, and precious metals, meeting the trading needs of different investors.
- Stable and Reliable: The MetaTrader 4 platform is renowned for its stability and reliability, providing traders with a fast and secure trading environment.
- Free Download: Clients can download the MetaTrader 4 client for free, compatible with Windows operating system, making trading convenient and quick.
- Mobile Trading: Additionally, MetaTrader 4 also offers a mobile version, supporting iOS and Android systems, allowing clients to trade anytime and anywhere via phones or tablets.
Download Link:
Currently, the official website of Maximus Global Limited offers a free download service for MetaTrader 4, but it should be noted that the download link may be wrong, and it might be necessary to directly contact customer service or gain access through other means to get the correct download link.
Account Types:
MGX Brokers offers three types of trading accounts, namely PRO, ZERO, and VIP accounts. Each account type is tailored for different types of traders, with specific features and advantages.
PRO Account:
The PRO account is one of MGX Brokers' standard trading accounts. This account type has a minimum deposit of $100, offers spreads starting from 0.9 pips, no commission fees, and a maximum leverage of up to 1000 times. The PRO account is suitable for beginners and experienced traders, offering a variety of trading products including forex currency pairs, precious metals, cryptocurrencies, CFD indices and stocks, crude oil, and more.
ZERO Account:
The ZERO account is MGX Brokers' zero spread trading account, suitable for high-frequency traders and those who focus on spreads. This account type has a minimum deposit of $500, offers spreads starting from 0.0 pips, and a commission fee of 0.0035%. The ZERO account also supports a variety of trading products including forex currency pairs, precious metals, cryptocurrencies, CFD indices and stocks, crude oil, and more.
VIP Account:
The VIP account is MGX Brokers' premium trading account, suitable for professional traders with higher capital. This account type has a minimum deposit of $5000, offers spreads starting from 0.0 pips, and a commission fee of 0.0025%. The VIP account's maximum leverage is 500 times, with a minimum trading volume of 0.05 lots, also supporting a variety of trading products including forex currency pairs, precious metals, cryptocurrencies, CFD indices and stocks, crude oil, and more.
Spreads and Leverage:
MGX Brokers provides clients with different types of trading accounts, each with specific spreads and leverage settings. The PRO account offers spreads starting from 0.9 pips, with maximum leverage up to 1000 times; the ZERO account's spreads start from 0.0 pips, with maximum leverage also at 1000 times; while the VIP account's spreads are the same as the ZERO account's, but its maximum leverage is 500 times.
Although high leverage can bring greater potential profits, it also comes with higher risks. Trading with high leverage might result in traders incurring massive losses during market fluctuations, even exceeding their initial investment. Furthermore, high-leverage trading can lead to overtrading and over-leverage, making it difficult for traders to control their emotions during market instability, leading to wrong trading decisions.
Minimum Deposit:
The minimum deposit for a PRO account is $100, suitable for beginners and experienced traders; the minimum deposit for a ZERO account is $500, suitable for high-frequency traders and those who focus on spreads; the minimum deposit for a VIP account is $5000, suitable for professional traders with higher capital. However, high minimum deposits may limit investor participation, exclude small investors, affect market liquidity, increase investor risk, and are not conducive to beginners learning.
Summary:
MGX Brokers is a forex broker registered in the Seychelles, with its headquarters located in Providence, Seychelles, offering trading services in financial products including forex, commodities, stocks, indices, and cryptocurrencies. This broker is not subject to strict and effective regulation, and the forex and related services it provides might carry a very high risk. Although the company offers flexible account options and a powerful trading platform MT4, its higher minimum deposit standards and leverage ratios may limit the participation of some investors, bringing certain risks.
Currently, MGX Brokers is marked as "Suspected Fraud" on TraderKnows.
