Introduction of MogaFX Review:
For those wanting to earn a passive form of income, trading in the financial market is a great way. However, there is a slight problem that you need to look out for while trading. After taking into consideration the profits earned by traders in the industry, many scammers entered the market in an attempt to scam the innocent traders and take all their money. To protect oneself from the brutal grasps of the scammers, read our detailed review about MogaFX. in Scam Broker Reviews 2021 section.
On their website, MogaFX claims to be an Australian broker that has its headquarters in Australia. The company takes it a step forward and also claims to be regulated by the Australian Securities and Investment Commission or the ASIC. Upon investigating a little about MogaFX, we found out that the company is actually registered and based out of Saint. Vincent and the Grenadines. This is the first red flag against the MogaFX scam in this review as the brokerage firm is clearly lying about its location on its website.
About the Company:
MogaFX claims to be a multi-asset broker tending to clients from around the world. With the latest technology and the best minds at work, MogaFX guarantees huge profits. Despite claiming a lot, the company almost has done zero efforts to improve the look and feel of its website. Read on to find out more shocking truths about MogaFX.
Breaking down the claims:
Does MogaFX have a license from any regulation?
MogaFX claims on their website that it is regulated by the Australian Regulation that is the Australian Services and Investment Commission which is commonly known as the ASIC. Upon checking with the regulation, we found out that this claim is actually true. However, a disturbing fact is that MogaFX is based out of Saint Vincent and the Grenadines. Upon checking, the company also claims to be registered by the regulation of Saint Vincent and the Grenadines which is useless and regulations of offshore zones are not accountable. Therefore, your money might be at risk with this potential scam broker.
What is the minimum deposit demanded by MogaFX?
MogaFX demands a minimum deposit of $1000 which is almost ten times more than the average minimum deposit demanded by the legitimate brokers of the industry. It is clear from this that MogaFX is up to something and clearly trying to steal the money from its customers by asking for such a huge amount as the minimum deposit.
What is the leverage offered by MogaFX?
MogaFX offers leverage up to 1:500 to their customers. This is yet again almost ten times what is offered in the industry as an average. This raises yet another red flag against the MogaFX scam in this MogaFX review.
Conclusion: Is MogaFX scam real?
To sum up, all that has been stated above, we let the readers decide whether MogaFX is a scam or not. If you have been scammed by MogaFX, be sure to fill in the complaint form on our website and our team will get back to you in no time.
To read our latest review on other scam brokers, click on Scam Broker Reviews 2021
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