Recently, some investors broke the news intensively, claiming that the funds withdrawn from MOGAFX did not arrive in the account, and the funds were withdrawn with malicious cards on the platform. In fact, for more than a year, the gold withdrawal turmoil on the MOGAFX platform has never subsided.
Reviewing MogaFX
On the website of the Forex broker, you can find that the company claims that it is operated under the guidance of two agencies. The broker notes that it is regulated by the Australian Securities and Investments Commission, ASIC. While there are many trustworthy Forex brokers that are authorized by ASIC, the fact is that there are many people who have noted that they have lost some of their funds while trading with ASIC regulated FX brokers.
Truth be told, although ASIC is one of the best-known regulatory agencies, sometimes, it tends to overlook the wrongdoings of some companies. However, being regulated by ASIC is not a red flag at all. What draws our attention more is that the broker claims that it is regulated by St Vincent & The Grenadines Financial Services Authority, also known as SVGFSA, which is total nonsense for a number of reasons.
The claims from the broker that it is regulated by SVGFSA is, simply put, a lie. SVGFSA is not, in any way, a Forex regulator. First of all, the company does not even issue licenses to brokers. In fact, it is not even a controller. What it does is that it simply gives brokers a certificate of registration, but it does not control nor regulate the activity of the broker.
We believe that the fact that MogaFX claims to be ‘authorized’ by SVGFSA is to simply attract as many traders as they can by saying that there are two financial regulators that supervise them. This raises a lot of questions.
Many newcomers, who do not know much about the Forex trading market or regulatory bodies might get very confused, thinking that this offshore company can be a safe provider. However, we believe that this is not true at all. While working on this review of MogaFX, we have come across even more problems. Continue reading to learn more about why you should not trade with MogaFX.
The safety of funds – MogaFX review
When it comes to Forex trading, one of the most important things is to keep your funds safe and secure. You can do so by trusting regulated Forex brokers, but, sometimes, as we have seen with MogaFX, it might not be enough.
Another way to make sure that you are trusting the right company is to only trust reputable brokers. For MogaFX, sadly, we were not able to find positive feedback from traders. Most of them were writing about how disappointed they were after trading with this broker.
Most of them said that the offerings that the broker lists on their website are not really accurate and while trading, many things fail to meet the expectations.
The thing is, we are not saying that MogaFX is a clone and scam broker aimed at stealing your money. However, it simply is not good enough. A very shady factor of this broker is its location, while the broker might not start stealing your money, it simply can’t guarantee the safety of it either.
in conclusion
After reviewing MogaFX Forex broker, we were able to see that it is not a well-established company. Sadly, we were able to identify a lot of problems that this broker faces. Because of this, we do not recommend trading with this company. We believe that there are many other Forex brokers that offer much better services and using them would be a better choice.