MGFX

General Information & Regulation

MGFX is forex broker registered in United States, mainly target the Chinese Market. WinMarket is operating without any license whatsoever, so investing with this broker can be risky.

Markets Instruments

MGFX advertises that it can offers a wide range of trading products, including forex currency pairs, commodities, indices, stocks, cryptocurrencies.

Minimum Deposit

The minimum initial deposit is $200. Although this amount is reasonable for most brokers, given the fact that MGFX is not subject to any regulation, traders are not advised to register real trading accounts here.

Leverage

MGFX says to provide leverage of up to 1:500. Trading with an unregulated broker offering generous broker is not a good option. High leverage levels provide huge profit potential, but they also involve great risks because any losses incurred will be multiplied.

Spreads & Commissions

MGFX advertises that its spreads as low as 0 pips, but through a demo account we saw that theyre actually not attractive at all – floating around 2.5 pips on the EUR/USD pair.

Trading Platform Available

MGFX offers the MetaTrader4 (MT4), which is still considered one of the best forex terminals. The MT4 offers top-notch charting with many indicators, multiple types of orders, as well as wide range of Expert Advisors for automated trading. And those who have some knowledge of coding can create EAs and Indicators of their own.

Deposit& Withdrawal

MGFX accepts card payments, wire transfers. It should note that out of these three only credit cards can grant you the ability to file a chargeback, and in quite the long period of time – 540 days from the date of the transaction.