Global Broker Regulation Inquiry App

WikiFX

No Regulation

MGL Forex

5-10 years

Suspicious Regulatory License White label MT4 Regional Brokers High potential risk

Score

0 1 2 3 4 5 6 7 8 9

/10

MT4/5 Identification

White Label

Open Account Website

Licenses

No valid regulatory information, please be aware of the risk!

Warning: Low score, please stay away!

Previous Detection 2025-12-13

Risk Manage 1

Basic Information

Registered Region

Mongolia

Operating Period

5-10 years

Company Name

Mongolian Forex Broker

Customer Service Email Address

account@mglforex.mn

Contact Number

+97670177170

Company Website

https://www.mglforex.mn/

Related Software

Biz Area

Website

Company Summary

News

Wiki Q&A

Comment

MT4/5

White Label MT4

MT4 Servers

MT5 Servers

266.83

Average execution speed/ms

Formal full license MT4/5 traders will have sound system services and follow-up technical support. Generally, their business and technology are relatively mature and their risk control capabilities are strong

Meta Trader 4

Perfect

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Details

Official website

Website

mglforex.mn

Server IP

198.54.115.179

Server Location

United States
ICP registration

--
Most visited countries/areas

--
Domain Effective Date

--
Website

--
Company

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Company Summary

MGL Forex Review Summary
Founded	2016
Registered Country/Region	Mongolia
Regulation	No regulation
Market Instruments	Forex, CFDs indices, oil, Uneth metals, cryptos, CFDs
Demo Account	✅
Leverage	Up to 1:500
Spread	From 0.1 pips
Trading Platform	MT4, MGL Forex mobile app
Minimum Deposit	$50
Customer Support	24/5 support, contact form
	Tel: +976 70177170
	Email: account@mglforex.mn
	Address: Express Taur 12 Davhart 1201 Toot
	Facebook, Twitter, YouTube

MGL Forex Information

MGL Forex is an unregulated broker, offering trading on forex, CFDs indices, oil, Uneth metals, cryptos, and CFDs with leverage up to 1:500 and spread from 0.1 pips on the MT4 and MGL Forex mobile app. The minimum deposit requirement is $50.

Pros and Cons

Pros	Cons
Various trading products	No regulation
Demo accounts	Unclear fee structure
MT4 platform	Limited payment methods
Low minimum deposit

Is MGL Forex Legit?

No. MGL Forex currently has no valid regulations. Please be aware of the risk!

What Can I Trade on MGL Forex?

MGL Forex offers trading on forex, CFDs indices, oil, Uneth metals, cryptos, and CFDs.

Tradable Instruments	Supported
Forex	✔
CFDs indices	✔
Oil	✔
Uneth Metals	✔
Cryptos	✔
CFDs	✔
Bonds	❌
Options	❌
ETFs	❌

Leverage

MGL Forex offers maximum leverage at 1:500. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital.

Trading Platform

Trading Platform	Supported	Available Devices	Suitable for
MGL Forex mobile app	✔	Mobile	/
MT4	✔	Desktop, mobile, web	Beginners
MT5	❌	/	Experienced traders

Deposit and Withdrawal

MGL Forex accepts payments via cash, bank transfer and cryptocurrencies. However, specific info like deposit and withdrawal processing time and associated fees is not revealed.

Keywords

5-10 years
Suspicious Regulatory License
White label MT4
Regional Brokers
High potential risk

News

News Energy prices rise, EU implements emergency measures

On Tuesday, the US stock market edged higher. The Dow Jones index rose 15.73 points to a record high of 35,756 points; the S&P 500 index rose 8.31 points (+0.18%) to 4,574 points, which is also a record high; the Nasdaq index rose 45.3 points (+0.29%) to 15,559 point.

2022-03-08 14:16

Wiki Q&A

sweetosh

1-2 years

How to open an account with MGL Forex?

WikiFX Reply

To open an account with MGL Forex, click the "live account" button on the homepage, fill in the required information, agree to the Terms & Conditions, and confirm the submission to create your account.

What withdrawal methods does MGL Forex support?

WikiFX Reply

The specific withdrawal methods are not provided in the available information. Given the lack of regulation, it’s advisable to exercise caution when withdrawing funds.

What is the spread on MGL Forex?

WikiFX Reply

The spread on MGL Forex varies depending on the account type. For the STANDARD Account, the spread starts from 1.5 pips, for the ECN Account from 0.6 pips, and for the PRO Account from 0.1 pips. The ISLAMIC Account also has a spread from 1.5 pips.

What trading platforms does MGL Forex provide?

WikiFX Reply

MGL Forex provides MetaTrader 4 (MT4) as its main platform, along with dedicated applications for both Android and iOS, ensuring flexibility and convenience for traders across different devices and operating systems.

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