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MGX100Asia Review - is it scam or safe?

MGX100Asia Review - is scam or good forex broker?

MGX100Asia is an offshore broker. Your money is not safe.


Trading Accounts and Conditions


Trading account Min. deposit Max. leverage Spread
Standard  N/A 1:500 0.5 pips, fixed


MGX100Asia is a forex broker is allegedly based in Hong Kong. It claims to use the MetaTrader 4 platform and seems to have a single account type which we called Standard for convenience. Unfortunately, a number of things are not right with this broker, so read the full review prior to investing any money with them.



MGX100Asia Advantages


Generous leverage, low demo spreads

MGX100Asia has not specified any trading conditions on its website, but as we were able to open a demo account with it, we saw that the spread on EUR/USD is fixed at 0.5 pips, which is a very good pricing.


Besides, the broker offers high leverage levels, reaching 1:500. While this may actually be a negative for newbies, some professional ones like having the ability to use high leverage ratios like this. 


Trading on the MT4

Similar to the majority forex brokers, MGX100Asia provides its trading services using the MetaTrader 4 platform. There are numerous reasons for the popularity of this piece of trading software among traders. First, the MT4 is very intuitive and its programming language is fairly easy to learn. Second, it has proved its reliability over the years. Third, this platform has a lot of professional tools and features – top-notch charting, support for automated trading via Expert Advisors, good back-testing environment, customization options and more.



>> Find a better MT4 broker <<



MGX100Asia Disadvantages


Incomplete company info, not licensed

MGX100Asia presents itself as a “dynamic and forward-looking company focused on currency investment and management”. It claims to have its headquarters in the United States, but its website features an address in Hong Kong and is only available in Chinese. What is worse, the website mentions nothing about license or regulation.


This is a sign or trouble, because, as we keep reiterating in our reviews, regulation is the single most important factor when choosing a broker to trade the forex market. If you take the risk to invest with a broker that does not hold a legit license, you have no assurance for the security of your funds, nor that the company will fulfill its part of the contract. Unregulated brokers are not accountable to any governmental agency and can basically do whatever they like with clients’ money.


Blacklisted by Hong Kong’s SFC

We also discovered that MGX100Asia is present in the Alert List of Hong Kong’s Securities and Futures Commission (SFC).


SFC’s Alert List is a list of entities which have come to the attention of the Hong Kong financial watchdog because they are believed to be, or to have been, targeting local investors or claim to have an association with Hong Kong, without being licensed in the country. 


Zero clarity on trading conditions

MGX100Asia’s website does not contain any relevant information on essential trading conditions, such as leverage levels, minimum initial deposit, nor any reference spreads. All decent forex brokers specify these important trading details as a part of their transparent pricing policy.


Unusual clauses in the Terms and Conditions

As a condition for the use of the MGX100ASIA website and platform, traders have to agree not to file a claim against the broker, nor third party content providers for any losses, liabilities, costs, expenses incurred as a result of trading with MGX100ASIA. This is definitely not fair, nor a common practice among decent forex brokerages.



Click on the image to view larger.


Demo spreads too good to be true

When we tested the broker’s MT4 in demo mode, we found the benchmark EUR/USD spread fixed at 0.5 pips, and no commission whatsoever applied.



Click on the image to zoom in.


Actually, spreads that low are just too good to be true. We suppose that the spreads on live accounts are higher, or commission applies. Yet another possible explanation is that this broker is simply a scam and manipulates the platform, so check out the link below.

>> Compare the spreads of some top brokers in real time <<





Overall, Hong-Kong based MGX100Asia has all the trappings of a typical forex brokerage scam: they have not shared much information about the company operating the brand, nor anything about their trading conditions; more importantly, the broker is not regulated and is blacklisted by the SFC.


That is why we suggest that you select a broker regulated by a more reputable financial agency, such astThe Australian Securities and Exchange Commission (ASIC), for example. The latter requires licensed financial services providers to meet certain capital requirements (at least $ 1 million) and to comply with various internal procedures for risk management, accounting and audits. Besides, forex brokers regulated in Australia are required to keep clients’ money in segregated accounts and report to ASIC on a regular basis.


 >> Trade with a broker regulated in Australia <<



To sum up the above in a few words:


Pros Cons
Generous leverage, good demo spreads Limited company info, no financial regulation
MT4 available Blacklisted by Hong Kong’s SFC
  Zero clarity on trading conditions
  Unfavorable clauses in the T&C
  Demo spreads too good to be true


Latest news about MGX100Asia
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