MuganFx is a forex broker that is supposedly located in the Saint Vincent and the Grenadines. Mfxbroker.net is one filled with factual inconsistencies. In the review below, we take an in-depth look at the features mfxbroker.net allegedly offers. This review basically answer the questions: is MuganFx legit? Is Mugan FX good? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about Mugan Forex Broker.
Table of Contents
MuganFx Trading Platform
The first thing we notice about visiting mfxbroker.net is that the website is not encrypted and hence, it lacks a secure connection. And a secure connection is a must for a broker to be trusted.
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Another thing we noticed was the countless grammatical errors and inconsistencies of facts that plagued the website.
They claim to offer assets such as Forex (with leverages up to 1:500) CFDs, Indices, and Stocks. They do this while supporting the MT4 trading platform.
Mugan Forex Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea of how a broker might work.
After thoroughly checking we discovered that this broker has three account types.
Mugan FX Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The methods for depositing and withdrawal are clouded with inconsistencies, and we can’t complete this part of the review. And such we won’t advise you to do any transaction with this broker.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is Mugan FX Licensed?
Licensing is one important part of our reviews. This is because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates them.
This broker claims it is located in Saint Vincent and the Grenadines. Aside from the fact that Mugan FX doesn’t give any other licensing information, we cannot ignore the fact that this Broker resides in the SVG.
SVG is a place that attracts shady brokers because of their lack of proper licensing laws and a regulatory body.
To Know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others.
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Accounts
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
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Conclusion
We wouldn’t recommend using this forex brokerage, they do not impress us with the vague information they have provided.
In fact-checking this broker, we found that many of its claims were false or unverifiable. We can’t confirm their location, and also, there is a lack of transparency in depositing funds and even a foggier and non-explained process of withdrawing. We don’t advise you to invest with this broker, any attempts to do so we lead to loss of your funds.