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MGK Global Fees and Spreads

MGK Fees and Spreads

 

Overall Rating

4.7/5

Rated #255 of
Recommended FX Brokers

💰Minimum Deposit

USD 30

🌐 Regulators
CSIs
📱 Trading Desk

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

MGK Global spreads start from 1.0 pips, and do charge commission on CFD instruments. MGK charges both deposit fees and withdrawal fees. MGK Global deposit fees and withdrawal fees vary according to the payment method.

MGK Global also charges an inactive fee.

Finding a reputable list about MGK Global Fees and Spreads local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth Fees and Spreads review regarding this regulated Forex Company, which will assist traders and allow traders to invest in their currency.

 

Fees and Spreads

 

Spreads on the MGK  Normal account seem to start from around 1 pip, and on the Speed account, they can be as low as 0.01 pips.

The spread list and fee schedule which is offered by MGK GLOBAL is competitive. Fees, spreads, and commissions that traders can expect when trading with MGK GLOBAL is as follows:

 

Trading Costs

The Normal account uses a spread-based system while the Speed account has an added commission of $3.5 per execution – $3.5 when opening trade and also $3.5 when closing the trade, in total a commission of $7 per round lot traded.

Swap charges are also charged for holding a trade overnight, they can be either positive or negative and can be viewed directly within the MetaTrader 4 trading platform.

 

Assets

There is not information regarding tradable assets or instruments on the site, which is worrisome as that is what one would expect a forex broker to publish since it is vital information. Different assets have different spreads, so while EURUSD may start at 1 pip, other instruments such as AUDNZD will be starting at a higher pip.

 

Spreads

Spreads on the Normal account seem to start from around 1 pip, on the Speed account they can be as low as 0.01 pips. These spreads are variable which means they move with the markets. When the markets are volatile the spreads will often widen and be higher.

 

Additional Trading Fees

 

When trading financial instruments such as forex, traders can often expect that overnight, or swap fees will be charged when positions are held for longer than a trading day.

For more information on the swaps that traders can expect, traders can contact the MGK Global support team.

MGK Global makes provision for an Islamic Account for Muslim traders who follow the Sharia Law, and thus prohibited from earning or paying interest where the holding of open positions is concerned.

 

Overall Rating

4.7/5

Rated #255 of
Recommended FX Brokers

💰Minimum Deposit

USD 30

🌐 Regulators
CSIs
📱 Trading Desk

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Broker Fees

MGK charges both deposit fees and withdrawal fees. MGK Global deposit fees and withdrawal fees vary according to the payment method.

The broker also charges a fee for inactive accounts.

Traders also need to ensure that they verify additional charges which may be waived by their financial institution. In addition, traders may be subjected to currency conversion fees should they transfer fees in a currency that is different from their account base currency.

 

Pros and Cons

✔️  PROS ❌ CONS
Competitive trading conditions Spreads are not the tightest
Islamic Account/Swap-free provided for Muslim traders Deposit fees and withdrawal fees charged

 

You might also like: MGK Global Minimum Deposit

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You might also like: MGK Global Account types

You might also like: MGK Global Islamic Account

 

FAQ’s

 

How many instruments can I trade with MGK Global?

You can trade the following financial instruments:

  • Currencies
  • Commodities

 

Which platforms are supported by MGK Global?

MT4

 

Does MGK Global offer leverage?

Yes, to a maximum of 1:500

 

What spreads can I expect with MGK Global?

You can expect spreads from 1 Pip.

 

Does MGK Global charge commission?

Yes MGK Global does charge commission on CFD instruments.

 

Are there additional charges on the Islamic account?

Such charges are not indicated on the account features pages, hence Muslim traders are advised to contact the support team to find out about fees like wider spreads, additional commissions, or administration fees.

 

Is MGK Global regulated?

MGK Global is only regulated by the Malaysian FSA.

 

Is MGK Global a recommended forex trading broker for experts and beginners?

MGK Global caters for both beginners and experts.

 

What is the overall rating out of 10 for MGK Global?

5/10.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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