MGForex Review

 

MG Financial who owns and operates MGForex was established in 1992, in the early days of forex trading. Headquartered in New York, the firm is regulated by the NFA and the CFTC and has been an active and innovative member of the retail forex industry for almost decades.

Advantages of an MGForex Account

MG Financial is a reliable firm. The company released its first online trading platform in 1997, when many of today’s brokers were not even in existence. Thus, the greatest advantage of trading with MGForex is safety. You know who you work with, you know their track record and there’s little reason for worry.
In addition, in 1998 MGForex obtained a fidelity bond insurance from a reliable NYSE company, ensuring that the assets of customers are protected against fraud by its employees. In order to ensure that client funds are safe, the firm implements the latest standards in data encryption and never shares private information with any affiliates or third parties.
Apart from the safety of this renowned and respected international firm, MG Forex is one of the most innovative brokers in the industry, pioneering many of the innovations that are now commonplace. The AlertFX feature which sends trade alerts to client’s mobile phones, the flexiTrading system that facilitates the trading of full and fractional units of currency pairs, and the ability to trade via PDA or mobile phones are but a few of the powerful advantages enjoyed by an MGForex client.

Choice of Accounts

Apart from various account packages for individual and corporate clients, MGForex offers many special packages for retail traders and professional money managers. On the other hand, MGForex does not offer a mini-account and the minimum deposit size is $500, with a recommended initial deposit of $1000 for the purpose of withstanding market fluctuations and margin requirements.
MG Forex offers low spreads at 3 pips for EUR/USD and 4 pips at USD/JPY.  They're leverage is regulated by the NFA and capped at 100:1

Deposits and Withdrawals

Wire Transfers, checks, credit card deposits and Paypal are available options for fund deposits. MGForex offers seven base currencies for the clients including the Japanese Yen, British Pound, the Euro, the Swiss Franc, and Australian and Canadian Dollars.
This flexible approach to client deposits ensures cheaper withdrawals, as conversion costs and fees are avoided and faster transfers are facilitated.

Trading Platform

The DealStationFX has been used by traders for a longer time period than the entire lifetime of many retail forex brokers. The platform is being constantly improved and refined with new versions being released frequently by the dedicated and creative technical team of the company.
Apart from the usual features that have been pioneered by MG Financial in the past decade which now constitute the industry standard, the DealStationFX forex trading program facilitates the placing of orders directly from the charts and integrates various fundamental analysis tools to the technical toolbox that is a common feature among many other platforms. ForexNews, the financial news partner of MG Financial, provides up-to-date and incisive news and analysis of the market to the firm’s clients.
Trailing stops, modification of open orders in real time and a patient and versatile interface that explains the various features of the software with a step-by-step approach are some of the interesting aspects of DealStationFX. The software is compatible with MacOS, Linux, Windows and is highly stable due to its long history of development.

Customer Support

MGForex offers 24 hour customer support by phone during market days. The firm employs talented individuals to provide best support service to clients in more than 100 nations worldwide. The satisfaction of the customer is paramount to MG Forex and great care and attention are given to ensure that the expectations of each client is satisfied in the most efficient manner, without consideration of experience, account size or trading record.

Conclusion

With its long history, stable platform, patient and friendly support staff, MG Financial is a reliable broker that will satisfy all the needs of a relatively experienced trader who seeks the confidence and ease of trading with an established firm. Besides, instead of its long history, MGForex is committed to innovation and creativity and the many unique features of the company demonstrate this commitment in a clear manner.
While the lack of a mini-account may be discouraging for new traders, it is also possible to interpret this fact in a way that contradicts our immediate dissatisfaction. As a beginning trader who opens a new account at MGForex with 500-1000 dollars, you may well have to force yourself to adopt disciplined, rational practices and an unemotional attitude to trading right from the beginning. It is easy to become immersed in many faulty practices when trading $10 over a short time and then to become habituated to them as you increase the size and leverage of your account. By opening your first account with MG Forex, you will have to adopt sensible practices right from the beginning due to the large initial deposit requirement and the related risks in case you are careless with your money.