MogaFX Review 2023 | Is MogaFX Legit Or A Scam?

Key TakeawaysCompany History & OverviewTrading PlatformsMetaTrader 4MetaTrader 5How To Place A TradeAssets & MarketsSpreads & FeesLeverageMobile AppPayment MethodsDepositsWithdrawalsAccount TypesHow To Open A MogaFX AccountDemo AccountDeals & PromotionsRegulation & LicensingAdditional FeaturesEducationAutochartistTradingViewMOGA Trade Plus+Trading HoursCustomer ServiceSecurity & SafetyMogaFX VerdictAccepted CountriesCompare MogaFXMogaFX Comparison TableCompare Trading InstrumentsMogaFX vs Other BrokersFAQIs MogaFX Legit?Does MogaFX Offer A Mobile App?Is The Minimum Deposit At MogaFX Low?Does MogaFX Offer Reliable Customer Support?Is MogaFX Regulated?

MogaFX is a regulated forex and CFD broker. The brand offers 50+ instruments on the MetaTrader 4 and MetaTrader 5 platforms, alongside access to third-party tools including TradingView and Autochartist. This review will cover MogaFX’s fee structure, how to register for a live account, sign-up bonuses, deposit and withdrawal methods, and more. Find out what our experts made of MogaFX.

Key Takeaways

MogaFX offers an excellent suite of tools including copy trading
The Australian trading entity is regulated by the ASIC
A narrow range of instruments is available with no stocks
The $10,000 minimum deposit is high which may deter beginners

Company History & Overview

MogaFX was established in 2018, with head offices in Sydney, Australia, and Saint Vincent and the Grenadines. The broker offers multi-asset trading across forex, CFDs, and commodities, with competitive trading conditions and 24/5 customer support. The vision of the brand is to meet all client needs through operational transparency, reliance, and top-quality service.

MogaFX operates globally via three entities:

Moga International Group LLC – Regulated by Saint Vincent and the Grenadines Financial Services Authority (SVGFSA)
Moga International Group Limited – Regulated by the Australian Securities & Investments Commission (ASIC)
Moga International Group Pty Ltd – Registered in New Zealand

Trading Platforms

MogaFX offers two industry-leading platforms; MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both terminals are suitable for day traders and are offered by hundreds of brokers across the world. They are available to download to desktop devices or can be used through a web browser.

MT4 and MT5 support multi-asset trading, with powerful yet easy-to-use features. Having said that, MT5 is more suited to experienced traders given its advanced capabilities and in-depth analysis features. These include additional charting timeframes, order types, and more advanced strategy backtesting.

MetaTrader 4

MetaTrader 4

9 timeframes
30+ in-built technical indicators
Fast execution via one-click trading
Extensive historical data and real-time pricing
24 analytical objects including shapes, arrows, and Fibonacci tools
Automated trading through APIs and advanced stop-out levels

MetaTrader 5

21-time frames
38+ in-built technical indicators
Detailed trading history statements
News alerts and economic headlines
Real-time price updates and market information
44 analytical objects including geometric shapes, arrows, and Elliott Wave tools

How To Place A Trade

Open the MT4 or MT5 platform
Under ‘Tools’ in the main menu select ‘New Order’. The order window should pop-out
Choose the asset you want to trade by clicking on the corresponding symbol in the drop-down list
Depending on when you want to enter the market, select ‘Pending Order’ or ‘Instant Execution’
Enter the volume you want to trade in lots
Add any risk management parameters such as a stop loss or take profit
Confirm the trade using the ‘Buy’ or ‘Sell’ buttons

Assets & Markets

MogaFX offers 50+ instruments across three asset classes. This is significantly fewer than most brokers and means limited opportunities to build a diverse portfolio. Direct stock trading also isn’t available.

Supported assets:

Two commodities; gold and silver (spot)
38 forex pairs including majors and minors such as GBP/USD, EUR/USD, and GBP/JPY
17 CFDs on stocks, indices, and cryptocurrencies including the S&P 500 index, Bitcoin, and WTI Crude Oil

Spreads & Fees

MogaFX is a low-fee broker with zero charges for signing up, depositing or withdrawing.

Trading fees vary depending on the registered account. The ECN and Raw-Spread accounts offer the tightest spreads from 0 pips, though an $8 commission applies, which is higher than many alternatives. Additionally, traders should be aware of the high minimum deposit requirements of these accounts at $50,000 and $10,000, respectively. The Standard account offers spreads from 2.5 pips whereas the VIP and M1 accounts offer spreads from 1.5 pips.

When we used MogaFX’s ECN account, we traded with average spreads of 0.3 pips +$8 commission on the GBP/USD. This asset was also available with a 1.8 pip spread on the VIP account and 2.8 pips on the Standard account.

Importantly, the Standard account trading conditions are not particularly competitive, and with all other profiles requiring a minimum deposit of at least $10,000, many beginners will be better off with an alternative broker.


MogaFX offers leverage up to 1:500, which is in line with most offshore brokers. With that said, retail investors trading under the ASIC entity will only be able to trade with leverage up to 1:30.

Make sure you have a risk management strategy when trading with high leverage.

Mobile App

MogaFX does not offer a proprietary trading app. However, the broker does provide clients with access to MT4 and MT5, which can be downloaded to Android devices.

The MetaTrader apps offer the same trading experience as their desktop counterparts with customizable charts, a suite of indicators and drawing tools, plus one-click trading. Clients can also set up mobile price alerts so they don’t miss out on market opportunities.

Payment Methods


MogaFX offers a good range of payment methods with low to zero fees and fast processing:

FasaPay – No fee, instant processing
Korea Online Banking – No fee, instant processing
Vietnam Online Banking – No fee, instant processing
Malaysia Online Banking – No fee, instant processing
Indonesia Online Banking – No fee, instant processing
Philippines Online Banking – 3.5% fee, instant processing
Perfect Money – No fee, up to one working day processing time
Bitcoin (via Coinpayments) – 0.5% fee, up to 30-minute processing
Skrill – Fees vary on deposit bank and surcharge list, instant processing
Neteller – Fees vary on deposit bank and surcharge list, instant processing
Bank Wire Transfer – No fee, average of one to three working days processing


MogaFX offers the same payment methods for withdrawals. The majority of withdrawal requests are processed within 24 hours, however, the time for the funds to be processed back to the original payment method does vary:

FasaPay – No fee, three to five working days processing time
Perfect Money – No fee, three to five working day processing time
Bank Wire Transfer – $40 fee, three to five working days processing time
Korea Online Banking – No fee, three to five working days processing time
Vietnam Online Banking – No fee, three to five working days processing time
Malaysia Online Banking – No fee, three to five working days processing time
Indonesia Online Banking – No fee, three to five working days processing time
Philippines Online Banking – 2% fee, three to five working days processing time
Bitcoin (via Coinpayments) – $10 fee + and cryptocurrency transaction fee, three to five working days processing time

Account Types

The broker offers five live accounts. All profiles come with a minimum trade size of 0.01 lots and a maximum leverage of 1:500. The broker accepts four base currencies; USD, AUD, EUR, and GBP.

The key differences between the account types:

Standard – Minimum deposit of $1,000 and spreads from 2.5 pips
VIP – Minimum deposit of $10,000 and spreads from 1.5 pips
ECN – Minimum deposit of $50,000 and spreads from 0 pips
Raw Spread – Minimum deposit of $10,000 and spreads from 0 pips
M1 – Minimum deposit of $10,000 and spreads from 1.5 pips

How To Open A MogaFX Account

New clients must complete a four-stage sign-up process:

Provide personal contact information
Initiate user information set-up
Submit personal tax information and country of residency
Supply financial information

Once you have completed the final step of the MogaFX sign-up process, you can log in and start trading.

MogaFX also offers a comprehensive account opening guide in the education section of its website.

Demo Account

The broker offers an MT4 and MT5 demo account so prospective clients can practice their strategy risk-free and test the services MogaFX offers. The demo account comes with $100,000 in virtual funds and is available for 30 days.

To access the practice profile, you will need to provide some basic personal information, including your name, email, nationality, and mobile number.

Deals & Promotions

The brokerage offers the MOGA Point Reward Mall bonus scheme. The program allows retail investors to earn “Moga Points” (MP) which can be redeemed for USD.

There are several different ways to earn Moga Points:

Every $1000 deposit earns 10 MP
Every $10,000 deposit earns 150 MP (100 MP + 50 MP bonus)
Making a post or a comment on blogs, forums, or Moga social media accounts earns 2 MP
Sharing any Moga official content on your personal social media platforms such as Instagram, Twitter, and Facebook earns 1 MP

MPs can be exchanged for USD equivalent bonus amounts or physical prizes such as electronics and luxury fashion items.

In addition to the MOGA Point Reward Mall, the broker offers special promotions and ways to earn bonuses throughout the year. The types of deals that the broker has previously offered include no-deposit bonuses and cashback schemes.

Check the broker’s website to see which seasonal offers are available and review the terms and conditions of promotions before signing up.

Regulation & Licensing

MogaFX operates through several entities:

Moga International Group LLC – Licensed by St Vincent & The Grenadines Financial Services Authority (SVGFSA), license number 532LLC2020
Moga International Group Pty Ltd – Licensed and regulated by the Australian Securities and Investments Commission (ASIC), license number 501156
Moga International Group Limited – A registered company of New Zealand, license number 1002414

Traders registering with the entity based in Australia can expect a higher level of financial protection than those registered with Moga SV, which is based in St Vincent and the Grenadines. This includes access to compensation schemes and negative balance protection.

Additional Features


While using MogaFX, our experts were impressed with the educational content available. The broker offers the ‘MogaFx Education Series’ consisting of 10 integrated YouTube videos established across three skill levels; elementary, intermediate, and advanced. Topics range from understanding the basics of forex trading and market opening hours to trading psychology and using the Elliot Wave theory.

Additionally, MogaFX hosts a comprehensive blog, economic calendar, glossary, and free guides for setting up an account and basic trading advice.


MogaFX provides complimentary access to Autochartist for traders depositing over $5,000. The tool provides reports that highlight trading opportunities, chart pattern recognition technology, and an integrated market scanner to assist decision-making, among other features.

Autochartist can be integrated directly into the MT4 and MT5 terminals for comprehensive market analysis.


MogaFX hosts integrated TradingView charts which can be viewed at the instrument level. The solution offers market sentiment data and provides real-time analysis views. There is also a forex heatmap which provides a graphical representation of the strengths of popular currencies.

The third-party program is available to all customers with no sign-up requirements.

MOGA Trade Plus+

MogaFX also offers copy trading via the MOGA Trade Plus+ tool. Users can review the portfolio performance of master traders, including the number of active trading days, investment return history, and risk level.

Copy trading is popular among beginners with limited market knowledge or those looking for a convenient way to increase revenue prospects without having to spend hours reviewing market movements.

Retail investors can get started with a minimum deposit of $500. On the downside, this is a higher entry point than many alternatives.

Trading Hours

MogaFX’s opening hours vary depending on the financial instrument that you are trading. Generally, all forex, commodities, and CFDs can be traded from 22:00 (GMT) on Sunday until 22:00 (GMT) on Friday.

CFD positions that are open after 22:00 are adjusted for interest changes daily.

Customer Service

MogaFX customer support is available 24/5. This includes via telephone, email, and live chat.

Telephone – +61291890220
Contact Email –
Address – First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines

The broker’s live chat service is run by LiveAgent and requires traders to submit their name and email address to get started. When we tested the service, a human customer service agent responded to queries relatively quickly.

Security & Safety

Despite some regulatory oversight and negative balance protection, the level of security compared to other brands is relatively low, which may raise scam concerns. Our traders were not offered the option to add two-factor authentication (2FA) at login or one-time passwords (OTP) for withdrawal requests.

Fortunately, security on the MetaTrader platforms is reliable with all trading data encrypted.

MogaFX Verdict

MogaFX offers a good selection of trading tools, from MT4 and MT5 to Autocharist, TradingView and a beginner-friendly copy trading tool. There is also a decent range of fast and fee-free deposit methods.

On the downside, traders will need to make a large deposit to access competitive spreads and trading fees. Also, users will receive limited recourse options if they register with the global entity, based in Saint Vincent and the Grenadines.

Accepted Countries

MogaFX accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Compare MogaFX

Compare MogaFX with similar brokers that accept traders from your location. Among available brokers these are the most similar to MogaFX:

TMGM – TMGM is a competitive forex and CFD broker with a wide range of instruments, features and tools provided at low-cost.

BlackBull Markets – BlackBull Markets is an award-winning forex and CFD broker with beginner-friendly trading tools and 24/7 customer support.

Ingot Brokers – Ingot Brokers is a regulated brokerage with 1000+ instruments, copy trading, and multiple account options.

FXOpen – FXOpen is a highly regulated FX and CFD broker offering multiple trading platforms and spreads from 0.0 pips.

MogaFX Comparison Table

Compare MogaFX With Similar Brokers

BlackBull Markets
Ingot Brokers



Demo Account

Minimum Deposit

Minimum Trade






Payment Methods



2.5 3.4 3.7 3.8 3.7
CFDs, Forex, Indices, Commodities, Cryptos CFDs, Stocks, Energies, Indices, Metals, Cryptos, Forex Forex, CFDs, stocks, indices, energies, metals, commodities, cryptos CFDs, Commodities, Stocks, Indices, ETFs, Forex, Cryptocurrencies Forex, CFDs, Indices, Commodities, Cryptocurrencies, ETFs, Shares
Yes Yes Yes Yes Yes
$1000 $100 $0 $10 $1 Global, £300 UK
0.01 Lots 0.01 lots 0.01 Lots 0.01 Lots 0.01 Lot
MOGA Point Rewards Point-based loyalty system
No Yes Yes No No
MT4, MT5 MT4, MT5 MT4, MT5 MT4, MT5 MT4, MT5
1:500 1:500 1:500 1:500 1:30 – 1:500 (varies by trading entity)
6 10 10 11 14
BlackBull Markets
Ingot Brokers

Compare Trading Instruments

Compare the markets and instruments offered by MogaFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare MogaFX Trading Instruments

BlackBull Markets
Ingot Brokers

















Volatility Index

Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
Yes Yes Yes Yes Yes
No No No No No
Yes Yes Yes Yes Yes
No No Yes Yes No
Yes Yes Yes Yes Yes
No No Yes Yes No
No No No No No
No No No Yes Yes
No No No No No
No No No No No
No No No No No
No No No Yes No

MogaFX vs Other Brokers

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Is MogaFX Legit?

Yes, MogaFX is a legitimate broker-dealer offering 50+ instruments on the MT4 and MT5 platforms. The company is regulated by the ASIC and is registered in New Zealand. The broker also follows anti-money laundering protocols and offers negative balance protection. On the downside, there are some negative user reviews and the global entity operates with limited regulatory oversight.

Does MogaFX Offer A Mobile App?

MogaFX does not offer its own trading app. Despite this, MetaTrader 4 and MetaTrader 5 are available to download on Android devices. They offer the full suite of trading features and functions, meaning clients can execute and manage positions while on the go.

Is The Minimum Deposit At MogaFX Low?

No, the MogaFX Standard account offers the lowest minimum deposit of $1,000. All other live profiles have a minimum requirement of $10,000. As a result, the broker is not the best fit for novice traders.

Does MogaFX Offer Reliable Customer Support?

Customer support at MogaFX is adequate. It includes a live chat service alongside a telephone helpline and email support. The customer service team is available 24/5. Our traders received responses to queries within a couple of minutes upon testing.

Is MogaFX Regulated?

MogaFX is regulated by Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) and the Australian Securities and Investments Commission (ASIC), alongside registration in New Zealand. However, the majority of international retail traders will be registered under the global entity based in St Vincent and the Grenadines where customer safeguarding measures are limited.

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