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Headquarters: One Battery Park Plaza, 2nd Floor New York, NY 10004 USA
Country: United States
Regulated by: CFTC, NFA
3
3.0
MG Forex has ceased its retail forex operation on September 10, 2010
Fixed spreads EUR/USD -3 | GBP/USD - 5 | USD/CHF - 5 | USD/JPY - 4
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Spreads do not widen even during news releases
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Wide spreads
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No slippage during normal market conditions
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Slippage during news releases
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No requotes under normal market conditions
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Frequent requotes during news releases
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No price manipulation and stop-hunting
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No
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Plaform is very intuitive and easy to handle Reliable servers Decent chats One click dealing |
No Autotrading
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Deposit |
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Bank Wire Check Credit card PayPal |
Bank Wire Check
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Decent Customer sevice Phone Live Chat |
No
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Pros |
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Fixed spreads User friendly platform Regulated |
Wide spreads Some reqoutes
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Add reviewAfter the Refco fiasco out of which I escaped just in time ! I opened a new account with MG Forex and for starters got terrific service from a russian guy who used to be on their staff, but he suddenly "mysteriously" disappeared and NOBODY at MG Forex would give me even a smidgen of information as to WHERE he went !!!!! This guy took "Customer Service" seriously and was first class. I continued trading with MG Forex, had far more losses then gains for some reason ? and as one other poster wrote: the software is so outdated, a "Lame duck" and IMO too complicated and slow to use. Things steadily went downhill with MG Forex from there and each time I emailed them for something, another person's name was on the signature part of the email, iow, turnover, turnover, turnover !
I let the account sit (with a very very small balance) for over a year and finally recently closed it while back in early 2006, I went yet with another broker with more updated software and am now just getting back to trading.
MG Forex has recently in August 2008 updated their trade platform with a new version called DealStationFX. This new version has many new features:
1. The platform is even more customizable, with more room for adding tabs and workspaces to add more charts to be viewable at your fingertips.
2. Trailing stops are now available.
3. Trades can be made directly from the charts by right clicking, and one click trading is also featured.
4. New technical indicators have been added to the mix
5. Economic events can be “plotted” on the charts to make sure that traders are aware of when important news data is coming out.
6. A more comprehensive account management area where withdrawal forms and account reports are available.
In many ways this new trade platform can compete with many of the best platforms available.
They seem to be owned by the same forex rogues as GFT Forex. They will always trade against your orders. Beware, they are fraud.
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