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[Investor Alert] MogaFX Review: Risks abound, invest with caution
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IntroductionIn the FTI app, you can refer to the top 100 forex brokers for your trading needs. If the broker is ...
In the FTI app,Dunbo Foreign Exchange you can refer to the top 100 forex brokers for your trading needs. If the broker is not in the top 100, pay close attention to its regulatory licences, white label relationships and risk warnings.
Choosing a reliable broker is the key to success in the wide world of forex forextrustindex. Today, we focus on MogaFX, a short-lived forex broker with a medium global ranking, and provide investors with an objective review through an in-depth analysis that reveals its potential risk points.
Founded :
MogaFX was founded in 2020, just four years ago. Although it is ranked 1168th among global forex brokers, young companies often lack sufficient market immersion and experience in dealing with risk. Investors need to be wary of start-up brokers when choosing one, especially in times of market volatility and economic pressures, when new companies may face greater operational risks.
Regulatory Licence:
Regulatory licences are an important measure of a broker's reliability; MogaFX had claimed to have four financial regulatory licences, but after our investigation, there is no valid information on the financial services licence regulated by the FSA in St. Vincent, the licence regulated by MISA in Mwali has been suspended due to non-payment of the annual fee, and the financial regulation by the FSP in New Zealand has already expired on the 29th of August 2023 without being renewed. Currently, MogaFX only has the MM Market Maker licence from ASIC in Australia left, which undoubtedly casts a shadow over the safety of investors' funds.
Specific information is as follows:
Name: MOGA INTERNATIONAL GROUP PTY LTD
Licence Number: 501156
Status: Current
Exception: 69 620 723 757
Started: 23 October 2018
Server:
The distribution of MT4/MT5 servers is also a factor that investors need to consider.MogaFX has 14 servers located in China, Japan, Germany and the UK, which may seem to provide convenience for global clients, but whether the distribution of the servers matches the geography of the regulator is also key to the security of trading.
Master White Label Relationship:
Even more worrying are MogaFX's master white label relationships. Of the 21 brokers associated with it, four have issues such as cessation of operations and operational anomalies. Problems with these associated brokers could negatively impact MogaFX's credibility and stability.
Customer disputes:
Most seriously, MogaFX has had problems with customer complaints. Currently, there are 4 customer complaints on record, which are mainly related to the platform running away, full withdrawal of sales, and failure to give out funds. These issues not only harm the interests of investors, but also expose the platform's deficiencies in risk control and customer service.
Summary:
Although MogaFX has a place in the global forex brokers, its lack of regulatory licences, customer complaint issues and various problems with affiliated brokers are all factors that investors need to consider carefully when choosing a broker. We recommend that when choosing a broker, investors should not only look at its surface glamour, but should also examine its regulatory compliance, market reputation and customer feedback. In the foreign exchange this full of variables in the sea, careful choice, in order to be able to sail steadily.
[Note: This article is a simulated review to remind investors of the risks and does not represent an actual evaluation of MogaFX].
Before trading, please check the broker in the FTI app; if you encounter any problems, you can file a complaint for help.
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!Tags:
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