MetaTrader 4
MetaTrader 4 (MT4) is a popular trading platform for Forex and CFDs, offering advanced charting, automated trading via Expert Advisors, and fast, reliable execution.
Runs on
- Windows
- Mac
- Android
- iOS
Details
Is MGL FOREX a scam?
Wikilix independent safety report
45%Scam risk
High risk (unverified)Confidence: MEDIUM
3.0/5Safety rating 3 out of 5
MGL Forex is a genuine, long-running Mongolian forex broker, not an obvious scam, but it operates with no financial regulation at all, so we rate it high risk and cannot confirm that client money is…
Risk scorecard · each area scored 0 (clean) to 10 (worst)
Regulation8/10 · CriticalIdentity & transparency3/10 · LowWithdrawals & conduct3/10 · LowReputation5/10 · ModerateWebsite claims4/10 · ModerateOperational history6/10 · High
Editorial review
Broker Summary
What Wikilix has recorded about MGL FOREX: its history, the licences it holds, its trading conditions and its fees.
We have reviewed MGL Forex Broker to summarize the major components of their service and the conditions of their regulation and the trading conditions available to clients of MGL Forex Broker.
MGL Forex offers the ability to trade in a variety of global Financial Markets and is very new, therefore, due to the lack of transparency regarding the broker and the lack of evidence of history, we will list what we know about MGL Forex Broker, including their features, their regulatory status or potential status, their trading conditions including fees, and their users' experiences with MGL Forex Broker. Please reach out to MGL Forex Broker directly prior to opening an account for further verification of their service, etc.
Background:
There is very little information available regarding the history or establishment of MGL Forex. Therefore, the lack of transparency regarding the background of this broker suggests that perhaps they are a relatively new broker and/or that they operate with a fairly low public profile. Again, traders should reach out to the broker to obtain additional clarification before opening an account.
Key Features and Offerings:
MGL Forex appears to offer access to markets that include Foreign Currency (Forex), Commodities, Indices, and most likely Cryptocurrencies. Per the trade type of the trader, MGL Forex Broker most likely offers multiple account types to accommodate the various trading styles utilized by each trader. However, detailed specifications related to these items have not been made publicly available.
MGL Forex Broker also likely provides support for the most commonly used Trading Platforms which in all likelihood include, but may not be limited to, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Traders will also have access to these trading platforms through mobile and desktop devices.
Regulatory Compliance:
Regulatory compliance is an extremely important consideration for traders when they're selecting a new broker. Currently, there is no evidence available that indicates MGL Forex is a licensed or regulated financial broker by any nationally recognised financial authority. Traders should independently verify any claims made by MGL Forex regarding regulatory compliance and licensing prior to making deposits with them.
Recent Updates:
Currently, there are no major public announcements or developments regarding MGL Forex Broker. Traders should continue to monitor for future updates through MGL Forex' official channels to evaluate the regulation, fees, and Trading Conditions that MGL Forex offers.
Conclusion:
MGL Forex represents itself as a Global Trading Broker that offers clients with access to trading in a variety of global Financial Markets and several common trading platforms, however, there is a lack of transparency in the areas of Regulatory Verification, Trading Conditions/Fee Structures that create uncertainty for traders considering opening an account with MGL Forex.
To ensure trader safety and long-term success, a trader should only consider opening an account with a broker that they have verified as regulated and are transparent about the fees that are associated with the opening of accounts and the trading conditions that will apply to all accounts.
Regulation check
Regulatory Licenses
We have not confirmed any regulation for MGL FOREX. Money deposited with an unregulated broker is protected only by the company itself.
No regulation
Trading with an unregulated broker puts your deposit at risk.
No regulation
We have not confirmed any regulation for MGL FOREX. An unregulated broker is not supervised by a financial authority, and money you deposit is protected only by the company itself.
What this means for you
- No compensation scheme covers your funds.
- No regulator to escalate a complaint to.
- No audit of how client money is held.
Trading accounts
Account Types
One account type on record. Minimum deposit from USD 50. Leverage up to 1:500.
1 account type
| Account | Min Deposit | Max Leverage | Commission |
|---|---|---|---|
| Standard | USD 50 | 1:500 | Not specified |
Deposits & withdrawals
Funding Methods
One way to fund an account. One with no deposit fee.
1 method
| Method | Deposit fee | Withdrawal fee | Min deposit | Withdrawal min / max | Processing |
|---|---|---|---|---|---|
Bank TransferBank TransferDeposits must be made through the platform's official deposit channel and only from payment methods in the client's name. Broker reserves right to adjust limits and fees. Primarily operates in Mongolia; clients from other regions should verify availability and processing times with local banks. | Free | Free | USD 50 | Not recordedNot recorded | Up to 1 hour |
Trading software
Trading Platforms
One trading platform on record: MetaTrader 4.
1 platform
Company registry check
Company Registration
MGL FOREX names MGL Forex Financial Services LLC as the operating company. We could not confirm that registration on the registry.
Not confirmed on registry
- Legal entity
- MGL Forex Financial Services LLC
- Jurisdiction
- Mongolia
- Registry
- General Authority for State Registration of Mongolia
- Registered address
- Express Tower, 12th floor, Room 1201, Khoroo 1, Chingeltei District, Ulaanbaatar, Mongolia
Peer comparison
Brokers worth comparing
3 other brokers on the record share what MGL FOREX offers — its country, regulator, account types or platforms — set beside it on the same measures.
3 peers
MGL FOREX
This recordMongolia · since 2016Wikilix score 40.0RegulationNo RegulationMax leverage1:500Platforms1LicencesNot recordedNAGA
Mongolia · since 1996· NAGA Group AGWikilix score 50.0RegulationRegulatedCNMVMax leverage1:200Platforms1Licences2LDN Global Markets
Saint Vincent and the Grenadines · since 2015Wikilix score 40.0RegulationOffshoreMISAMax leverage1:500Platforms1Licences1VakıfFX
Turkey · since 2012Wikilix score 40.0RegulationRegulatedCMAMax leverage1:10Platforms1Licences1
Frequently Asked Questions
Frequently Asked Questions
Common questions about MGL FOREX
Most Popular Questions
MGL FOREX offers a maximum leverage of up to 500:1. This high leverage level allows traders to control larger positions with a smaller amount of capital.
The minimum deposit amount to open an account with MGL FOREX is 50 USD. Deposits must be made through the official deposit channels and from payment methods registered in the client's name.
Deposits and withdrawals at MGL FOREX are processed exclusively via bank transfer. Deposits typically take 30 to 60 minutes locally and up to 2-3 hours internationally, with no broker fees, but clients may incur bank charges.
MGL FOREX offers the MetaTrader 4 platform, which is available on iOS, macOS, Android, and Windows. MetaTrader 4 is a widely used platform for Forex and CFDs, known for advanced charting and automated trading features.
According to WIKILIX data, MGL FOREX is not regulated by any financial authority. It operates primarily in Mongolia without official regulatory licenses, which may affect the level of investor protection available.
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