MogaFX Review 2024

2.5 / 5
MogaFX is #108 in our CFD broker rankings.

After spending some time exploring the accounts, I think MogaFX is best for experienced or professional traders who can afford the hefty minimum deposits and are not interested in diversifying outside of the broker’s 50+ assets. In fact, I found that the most competitive zero-pip spreads are only accessible to those who can deposit $10000 for the Raw Spread account.

- Daytrading Review Team

MogaFX is a multi-asset broker regulated in Australia and St Vincent and the Grenadines. The broker offers leverage up to 1:500 on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The 6 account types are mainly aimed at experienced traders, with minimum deposits starting from $1000.

MT4, MT5, TradingView, AutoChartist
CFDs, Forex, Indices, Commodities, Cryptos
MOGA Point Rewards
FasaPay, Perfect Money, Bitcoin Payments, Skrill, Neteller, Wire Transfer

Forex Trading

I found the broker’s 35+ currency pairs a little underwhelming, though not the smallest range I have seen. Raw spreads from 0.0 pips are accessible, but only with a minimum deposit of $10000. Otherwise, a minimum deposit of $1000 will only get you disappointingly wide spreads from 2.5 pips. That said, experienced traders will appreciate the high leverage up to 1:500.

Stock Trading

I was disappointed to find only a small range of stock indices available to trade at MogaFX, so traders won’t find many opportunities to diversify their portfolios. That said, it’s reassuring to see the MT4 and MT5 platforms available, allowing traders to explore various strategies and tools.

CFD Trading

MogaFX offers a very narrow line-up of assets, covering only 50+ CFDs. However, it is good to see a strong range of trading tools alongside the MetaTrader terminals, including Autochartist analysis, an economic calendar and a forex heatmap powered by TradingView.

Crypto Trading

MogaFX only offers a handful of crypto assets but it’s good to see that Bitcoin deposits and withdrawals are permitted with fast processing times. On the negative side, anyone looking to practise their crypto strategies in the demo will only be able to do so for 30 days.

Copy Trading

During testing, I was pleased to find a proprietary copy trading solution, MOGA Trade Plus+, which allows users to copy traders based on their investment returns, number of trading days and risk level. You can either start as a ‘copier’ for $500, or as a ‘copied trader’ for $1000.

✓ Pros

  • I was impressed by the range of additional tools available, including Autochartist, TradingView tools and the proprietary copy trading feature, MOGA Trade Plus+
  • I appreciated the wide range of pro-level account types with varying trading conditions and base currencies to suit different requirements
  • It’s reassuring to see that the Australian branch is regulated by the ASIC, a top-tier financial regulator with strict brokerage rules
  • There’s a good range of fee-free deposit methods available, plus Bitcoin and local bank payments in Asia

✗ Cons

  • I’m a little hesitant that most traders will be registering under the offshore entity, which means they won’t receive the same fund protection measures as those registering with the ASIC-regulated entity
  • I found spreads at MogaFX are highly uncompetitive unless you can deposit at least $10000 for the raw spread account. Otherwise, I think you’re better off considering other brokers
  • I think it’s disappointing that the demo account is only available for 30 days which trails behind the industry-average time limit of 60 days
  • Unfortunately, beginners may need to look elsewhere since the minimum deposit for the standard account is $1000

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

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:

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.

MogaFX MT4 Review
MetaTrader 4

MetaTrader 4

MetaTrader 5

How To Place A Trade

  1. Open the MT4 or MT5 platform
  2. Under ‘Tools’ in the main menu select ‘New Order’. The order window should pop-out
  3. Choose the asset you want to trade by clicking on the corresponding symbol in the drop-down list
  4. Depending on when you want to enter the market, select ‘Pending Order’ or ‘Instant Execution’
  5. Enter the volume you want to trade in lots
  6. Add any risk management parameters such as a stop loss or take profit
  7. 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:

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:


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:

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:

How To Open A MogaFX Account

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

  1. Provide personal contact information
  2. Initiate user information set-up
  3. Submit personal tax information and country of residency
  4. 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.

How to register with MogaFX

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:

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:

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.

MOGA Trade Plus+

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.

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.


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.

Top 3 Alternatives to MogaFX

Compare MogaFX with the top 3 similar brokers that accept traders from your location.

  1. Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
    Go to Pepperstone
  2. FP Markets – Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to day traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.
    Go to FP Markets
  3. IC Markets – IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
    Go to IC Markets

MogaFX Comparison Table

Compare MogaFX With Similar Brokers
MogaFX Pepperstone FP Markets IC Markets
Rating 2.5 4.8 4 4.8
Markets CFDs, Forex, Indices, Commodities, Cryptos CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
Demo Account Yes Yes Yes Yes
Minimum Deposit $1000 $0 $40 $200
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Bonus MOGA Point Rewards
Education No Yes Yes Yes
Platforms MT4, MT5, TradingView, AutoChartist MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade Iress, MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Leverage 1:500 1:30 (Retail), 1:500 (Pro) 1:30 (UK), 1:500 (Global) 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Payment Methods 6 11 15 14
Visit Visit Visit Visit Visit
Review Pepperstone
FP Markets
IC Markets

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
MogaFX Pepperstone FP Markets IC Markets
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No Yes Yes No
Silver Yes Yes Yes Yes
Corn No Yes Yes Yes
Crypto Yes Yes Yes Yes
Futures No No No Yes
Options No No No No
ETFs No Yes Yes Yes
Bonds No No Yes Yes
Warrants No No No No
Spreadbetting No Yes No No
Volatility Index No Yes Yes Yes

MogaFX vs Other Brokers

Compare MogaFX with any other broker by selecting the other broker below.


Customer Reviews

There are no customer reviews of MogaFX yet, will you be the first to help fellow traders decide if they should trade with MogaFX or not?

Submit Your Own Review of MogaFX

If you have experience trading with MogaFX please share your personal review of the broker and what you think are strong and weak points. Thank you.

MogaFX is a multi-asset broker regulated in Australia and St Vincent and the Grenadines. The broker offers leverage up to 1:500 on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The 6 account types are mainly aimed at experienced traders, with minimum deposits starting from $1000.