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:
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.
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 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.
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|
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How many instruments can I trade with MGK Global?
You can trade the following financial instruments:
Which platforms are supported by MGK Global?
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?