Score
Seychelles
|
2-5 years
| https://www.mgxbrokers.com/
Website
Rating Index
MT4/5
White Label
MGXBrokers-Real
Influence
D
Influence index NO.1
Poland 2.34
MT4/5 Identification
White Label
FranceInfluence
D
Influence index NO.1
Poland 2.34
LicensesLicensed Entity：Maximus Global Limited
License No. SD065
Single Core
1G
40G
1M*ADSL
Seychelles
Formal full license MT4/5 traders will have sound system services and follow-up technical support. Generally, their business and technology are relatively mature and their risk control capabilities are strong
mgxbrokers.com United States
VIP is not activated.
| MGX BrokersReview Summary | |
| Founded | 2020 |
| Registered Country/Region | Seychelles |
| Regulation | Unregulated |
| Market Instruments | Forex, Metals, Commodities, Stocks, Indices, Cryptos |
| Demo Account | ✅ |
| Islamic Account | ✅ |
| Leverage | Up to 1:1000 |
| Spread | From 0 pips |
| Trading Platform | MT4 |
| Copy Trading | ✅ |
| Min Deposit | $100 |
| Customer Support | Tel: +248 4373403 (Land line office) |
| Email: support@mgxbrokers.com | |
| Address: CT House, Office 8D, Providence, Mahe, Seychelles | |
MGX Brokers is an unregulated dealer founded in 2020 in Seychelles. It supports MT4 as a trading platform and provides market instruments including Forex, Metals, Commodities, Stocks, Indices, and Cryptos. It supports demo accounts, with a minimum deposit of $100 and leverage up to 1:1000.
| Pros | Cons |
| Multiple market instruments | Unregulated |
| Support demo accounts | Limited payment options |
| Support Islamic accounts | |
| Multiple account types | |
| Flexible leverage ratios | |
| MT4 platform | |
| Copy trading | |
| Free deposit and withdrawal |
Although MGX Brokers claims to offer Negative Balance Protection, it lacks valid regulations currently. Traders should carefully consider the risks it brings when choosing to trade with it.
MGX Brokers supports 33 currency pairs in the Forex market, precious metals, oil, 13 cryptocurrency pairs, stock indices (Nasdaq, Dow Jones, Nikkei, etc.), as well as CFD contracts on shares of almost 70 companies, including IBM, JP Morgan Chase, Coca-Cola, Mastercard, Tesla, McDonalds, Microsoft, Twitter, UBER, eBay, Alibaba, Deutsche Bank and many more.
| Tradable Instruments | Supported |
| Forex | ✔ |
| Metals | ✔ |
| Commodities | ✔ |
| Stocks | ✔ |
| Indices | ✔ |
| Cryptos | ✔ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Apart from demo accounts, MGX Brokers also offers three types of live accounts.
The swap free Islamic account is available for all account types.
| Account Type | PRO | ZERO | VIP |
| Base Currency | USD/EUR | USD/EUR | USD/EUR |
| Min Deposit | $100 | $500 | $5 000 |
| Min Lot Size | 0.01 Lot | 0.01 Lot | 0.05 Lot |
| Stop out | 20 | 40 | 40 |
| Education | Basic | Advanced | Advanced |
MGX Brokers offers leverageup to 1:1000, which can potentially bring high returns, but it also comes with high risks.
| Account Type | PRO | ZERO | VIP |
| Max Leverage | 1:1000 | 1:1000 | 1:500 |
| Account Type | Spread | Commission | Crypto Commission |
|---|---|---|---|
| PRO | From 0.9 pips | ❌ | 1 pip |
| ZERO | From 0.0 pips | 0.0035% | 0.06% |
| VIP | From 0.0 pips | 0.0025% | 0.05% |
| Product Type | PRO | ZERO | VIP |
|---|---|---|---|
| Forex Pairs | 0.9 pips | 0.0 pips | 0.0 pips |
| Metals | 0.9 pips | 0.0 pips | 0.0 pips |
| Cryptocurrencies | 1 pip | 0.06% | 0.05% |
| CFD Indices | 0.9 pips | 0.0 pips | 0.0 pips |
| Stocks | 0.9 pips | 0.0 pips | 0.0 pips |
| Oil | 0.9 pips | 0.0 pips | 0.0 pips |
MGX Brokers offers the leading MetaTrader 4 (MT4). It has been the most popular platform among traders from all over the world for over 15 years. It provides almost endless opportunities for successful trading and analysis of global financial markets. It lets you conduct transactions both from desktop computers and from mobile phones and tablets.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | Desktop, mobile | Beginners |
| MT5 | ❌ | / | Experienced traders |
| Funding Option | Accepted Currency | Min Deposit/Withdrawal | Deposit/Withdrawal Fee | Deposit/Withdrawal Time |
|---|---|---|---|---|
| Credit/Debit Cards | USD | $5 USD | ❌ | Instant |
| Bank Transfers | USD/EUR | 50 USD/EUR | ❌ | 1-5 business days |
Yes, MGX Brokers offers demo accounts for traders who want to practice without risking real money. I think demo accounts are a great way to test the platform, practice strategies, and get comfortable before committing to live trading.
One of the benefits of MGX Brokers being regulated by the FSA is that it offers a layer of credibility compared to completely unregulated brokers. Additionally, MGX offers a wide range of market instruments, flexible leverage up to 1:1000, and a variety of account types, including Islamic accounts. I also like that demo accounts are available for practicing before diving into live trading.
MGX Brokers supports credit/debit card withdrawals and bank transfers. Personally, I find the ability to withdraw via credit/debit cards appealing, as it allows me to access my funds quickly. Bank transfers are an option as well, though they take longer (up to 5 business days).
Yes, MGX Brokers does charge commissions on certain accounts. The PRO account does not charge commission, but the ZERO account charges 0.0035% and the VIP account charges 0.0025%. For crypto, the PRO account has a 1 pip commission, while the ZERO and VIP accounts have 0.06% and 0.05%, respectively.
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