BackgroundFounded in 1992, MG Financial is one of the oldest institutions in the retail forex market. The firm is headquartered in New York, and registered with the NFA with ID number 308808. The first version of MG Financial's trading platform was released in April 1997, at a time when many of today's forex firms were not in existence yet. MG financial is one of the most reliable forex brokers in the market, with years of experience, and a perfect track record of courtesy and reliability towards their customers.
Unique Features of Trading with MGforexThe most unique feature of MG Financial is its commitment to innovation and technological advancement. MG Financial has a team who work hard to keep the clients supplied with the most cutting-edge analytic tools in the forex industry, and the firm prides itself on the abilities and qualities of its staff who work tirelessly to offer a better experience to customers.
One of the interesting results of this innovation process is the Alert!FX which sends personalized alert messages to the mobile phone of a user, ensuring that he's up-to-date with the markets even when he’s away from the computer. Charting tools and the trading screen can also be reached by the use of a mobile phone or PDA.
Finally, the flexiTrading system enables the trade of both full and fractional units from the same platform.
Account typesMG Forex offers individual, joint, partnership and corporate accounts, along with special options for money managers. The firm does not seperate standard and mini-accounts, clients can trade both fractional and standard units starting with 0.1 unit in standard accounts. The minimum deposit size is $500, with a recommended minimum of $1000 in order to better accommodate margin requirements and spreads.
The base currencies are USD, Euro, Japanese Yen, the British Pound, Swiss Franc, Australian and Canadian Dollars. This diversity of options facilitates cheaper withdrawals, and negates costs involved in base currency conversions. Spreads are at the low side, with 3 pips for EUR/USD and 4 pips for USD/JPY
Deposits and WithdrawalsMG Forex accepts deposits in all seven currencies via wire transfer, and accepts US dollar deposits by check, credit card or Paypal.
Withdrawals are possible by check or wire transfer, and with a $15 fee incurred for each withdrawal beyond the first one in a single month.
Trading PlatformMG Financial’s trading platform, the Deal Station FX, allows orders to be placed directly from the charts, reducing the time and complexity of the process. The platform also supports the integration of fundamental analysis into the technical aspect of trading through the use of plug-ins including an economic calendar. News flow is provided by forexnews.com, MG Financial’s associated news & analysis website, the commentators of which are regularly interviewed by the Financial Time, Bloomberg TV, or the Wall Street Journal.
The Deal Station platform implements advanced features like one click trading, trailing stops, and the modification of open orders in real time. In order to smoothen the learning process, every function of the platform is explained with both text and graphics in an interactive and searchable mode.
Finally, the platform is highly compatible with MacOS, Linux and the Windows operating systems.
Security and PrivacyApart from its status as a registered and regulated brokerage firm, in 1998 MG Financial became the first foreign exchange market maker to obtain fidelity bond insurance. Issued through the subsidiary of a NYSE company, the insurance protects the assets of the firm from fraud and embezzlement by its employees.
Customer SupportWith 24 hour support by phone (during market open hours) available in multiple languages, servicing clients in about 100 nations worldwide, the customer service department of MG Financial is one of the crown jewels of the firm. MG Financial’s support inculcates its own culture of respect and patience to every new entrant into its ranks, making sure that each and every client is treated with the same value that they deserve, regardless of account size, or trading record.
ConclusionMG Forex is perhaps not the best choice of a beginner. The lack of a mini-account, relatively high initial deposit requirements may complicate the beginning stages of the education of a new trader. On the other hand, the relatively low amount of maximum leverage allowed, at 100:1, will help the trader to suffer less from the problems associated with high leverage.
If you’re a relatively experienced trader who’s looking for a trustworthy, friendly, and serious broker where you can improve your skills to the next level of professionalism, MG Financial is probably the best choice for you. This firm is committed to providing the most advanced and sophisticated tools to those who require them, but that naturally makes the experience of the novice a bit more harder.
MG Financial is a large, old, and reliable institution regulated by US financial authorities. Its quarter century long history is a rarity among forex brokers. If you’re looking for a serious institution where you can achieve your maximum potential, MG Financial will be your choice broker.