What Account Types and Fees Does MGX Brokers Offer?
| Account Type |
Target User Group |
Essential Characteristics |
Applicability Notes |
| Retail Account |
Beginners and casual traders |
Low minimum deposit, access to various market instruments |
Suitable for small-capital practice |
| Professional Account |
Experienced traders and institutional clients |
Higher leverage, lower spreads, and advanced trading tools |
Requires trading volume qualifications |
| Corporate Account |
Corporate clients and institutions |
Custom services and enhanced trading conditions |
Requires corporate documentation |
| Islamic Account |
Traders seeking swap-free options |
Compliant with Sharia law, no overnight interest |
Available for all account types |
| Demo Account |
New traders and those testing strategies |
Practice trading without financial risk |
Unlimited duration for practice |
Account Opening Process
To open an account with MGX Brokers, users must follow a straightforward process: First, submit personal information, including name, email, and phone number. Next, provide employment and financial information to assess suitability. Identity verification is required, which includes submitting a government-issued ID and proof of address (such as a utility bill). After the initial setup, traders can enjoy the flexibility to upgrade their accounts, transitioning to a professional account if they meet the necessary criteria.
Trading Fees
| Product |
Spread (pips) |
Commission |
Notes |
| Forex (EUR/USD) |
0.8 |
$0 (ECN: $3.5/lot) |
Tight spreads for major pairs |
| Forex (GBP/USD) |
1.0 |
$0 (ECN: $3.5/lot) |
Competitive pricing for minor pairs |
| CFDs (Stocks) |
1.5 |
$5 per lot |
Access to major stock CFDs |
| CFDs (Indices) |
1.0 |
$3 per lot |
Includes major indices |
| CFDs (Commodities) |
2.0 |
$4 per lot |
Trading in oil and metals |
| Cryptos (BTC/USD) |
1.0% |
0.1% |
Variable depending on market conditions |
Other Fees
In addition to trading fees, MGX Brokers has several other costs that traders should be aware of:
– Deposit and withdrawal fees may apply, depending on the payment method used.
– Inactivity fees are charged if the account remains dormant for an extended period.
– Platform usage fees are not applicable, as there are no charges for using the trading platform.
– Overnight interest (swap rates) may apply depending on the positions held overnight.
– Currency conversion fees might be incurred for deposits and withdrawals in currencies other than the account’s base currency.
