MOGAFX

MOGAFX is a multi-asset broker that began operations on 5 August 2020. The company is registered in Australia and lists two regulators on file: the Australian Securities and Investments Commission (ASIC) and the Financial Service Providers Register (FSPR) in New Zealand. However, the status of these licences is not confirmed, and the broker’s registered address is in St. Vincent and the Grenadines, a jurisdiction known for offshore financial services.

According to aggregated industry data, MOGAFX offers access to forex, indices, and commodities. The broker promotes six distinct account types, each with tiered minimum deposit requirements and flexible leverage up to 1:500. Trading is available through MetaTrader 4, MetaTrader 5, and cTrader platforms.

MOGAFX claims to be regulated by ASIC in Australia and the FSPR in New Zealand. However, the specific licence numbers and current status are not provided in the known facts. The registered address in St. Vincent and the Grenadines raises questions about the actual regulatory oversight, as ASIC-regulated entities typically must have a physical presence in Australia.

Given the lack of verifiable licence details and the offshore address, traders should exercise extreme caution. The FXCanary Scam Risk Score for MOGAFX is 85 out of 100, indicating severe risk. We strongly recommend verifying any regulatory claims directly with the respective authorities before considering this broker.

MOGAFX offers five account tiers: M1, RAW SPREAD, STANDARD, VIP, and ECN. The STANDARD account has the lowest minimum deposit at 1,000 USD, while the ECN account requires 50,000 USD. All other accounts (M1, RAW SPREAD, VIP) have a 10,000 USD minimum deposit. This high barrier to entry suggests the broker targets well-funded traders rather than retail beginners.

Maximum leverage across all accounts is capped at 1:500, which is common among offshore brokers but far exceeds the limits imposed by many top-tier regulators (e.g., ESMA caps at 1:30). Combined with the high minimum deposits, the account structure appears designed to attract experienced, risk-tolerant traders.

The broker states that it supports the three most popular third-party platforms: MetaTrader 4, MetaTrader 5, and cTrader. These platforms are widely used in the retail forex industry and offer advanced charting, algorithmic trading, and custom indicators. No proprietary platform is mentioned.

In terms of instruments, MOGAFX reportedly covers forex currency pairs, indices, and commodities. The known facts do not specify the number of instruments or whether shares, ETFs, or cryptocurrencies are available. The limited disclosure on tradable assets is a further information gap that potential clients should investigate.

No specific payment methods or withdrawal policies are disclosed in the known facts. Given the high minimum deposits, traders should expect a range of wire transfer and possibly e-wallet options, but without official site data, this remains unclear.

We advise traders to thoroughly test the withdrawal process with a small amount before committing larger funds, as unregulated or loosely regulated brokers often impose delays or hidden fees. The absence of clear funding information in public records is itself a red flag.

MOGAFX appears to target high-net-worth individuals and experienced traders who can meet the substantial minimum deposit requirements. The high leverage (1:500) may appeal to aggressive traders, but it also amplifies risk. The broker is not suitable for beginners, small-scale retail investors, or those seeking strong regulatory protection.

The combination of an offshore address, high deposit thresholds, and a severe scam risk score suggests that only traders who fully understand the risks and have conducted their own due diligence should proceed. For most retail traders, safer alternatives with transparent regulation and lower entry barriers are recommended.

MOGAFX presents a highly risky proposition. While it claims regulation by ASIC and FSPR, the lack of verifiable licence details and the St. Vincent address point to potential gaps in oversight. The high minimum deposits and generous leverage further concentrate risk.

Prospective clients should treat this broker with extreme caution. We recommend independent verification of all regulatory claims, a thorough review of the terms and conditions, and starting with only risk capital if proceeding. The FXCanary Scam Risk Score of 85/100 reflects the severe concerns identified in this profile.