MG Financial

Hey All,

Any one Who traded with MG financial Can Say if they Are Reliable Im Consedering opening an account with them and Wondering if they are on the level or Had Problems Before. Any Info about there History Would help

Thank You!

the've got 400:1 leverage if your brave. Have you tried their demo yet?

I asked the same question about MG Financial before in another thread, but I can't find it for you right now.

Well, some guys said that MG Financial have too much slippage, I haven't tried them in a live account, but I think merlin did. He was the one who said that they experience a lot of slippage as far as I remember.

It seems that I will end up trying 2 or 3 brokers with Mini-Accounts before I settle with just one to trade with.

Sincerely,

Nader M. Arafa

Thank You For Your Reply, What I like About Them Is that They Offer One Account And Can Trade Any Amount with Flexiable Margin But what i Really Dislike is that they Do not Apperciate Customers At least thats the feeling im getting. Did You Happen too Come Across Other Brokers Who Offer an account that Can Trade any Amount Of currencys what i mean is like from 10k to 50k to 200k Units all on 1 account with Flexiable Margin for that.

Thank You!

Yes I Did Try there Demo I like ther Leverage and they Defenitally have Slippage Espically if u Manually wana exit At Active Market. But why i want them is because i can trade Any amount of Currencys from 1 account which is easy espically good on Flexiable Margin.

I think Refcofx and FXCM offer trading with fractions, 10k, 50k, 200k, but I think it is only using their Mini Account. I am still not sure, as their demo simulates a live normal account and not a mini one.

In all cases, MG are not that bad, they do care about customers, at least prospect customers. I once got a problem while trading the demo account, a stop order which was executed at a price which I didn't see on the chart, so I sent them an email and told them the whole issue and sent them even screen shots. Amazingly, the guy which got my email spent time investigating the case and replied me saying that the order was executed although the price over the chart never reached it because what we actually see on the chart is the bid price only, and when we shift this chart 3 pips up, we can see the ask price chart, and I was buying (Covering a short position), so my order should be filled when the ask price reaches the stop and not the bid.


That's 1 experience I have had with them before, and they were very nice and decent in their reply although I was a little bit offensive, trying to attack them and their platform and asking about how the live trading looks like, if the demo trading is totally worthless, things like this you know


I think FX Solutions offer trading with different lots, 1k, 5k, 10k, 50k, 400k and so on without the need to change the margin requirements or the account type. Please check them, some people out there in the forum say they are good.

Thanks,

Nader M. Arafa

i traded with MG for about 6 months. i liked everything about them, except one thing...slippage. they do not have a guaranteed stop policy. i knew that before opening an account, but i really liked them so i decided to trade for a while and track the slippage to see if it was worth the money to trade with a broker who is perfect otherwise. after 6 months it ended up costing me 1.5% of my gains over the period. thats significant in my book. trading is funny that way, what seems like a small cost (spread, commission, interest) can really add up. i always track this info for just that reason.

since i never experience stop loss or entry slippage (on pending orders, im not talking market orders) with other forex brokers i couldnt justify staying with MG, even though i liked them a lot. it was a sad ending

But Merlin, who is/are the broker(s) you are dealing with right now which you don't experience slippage with entry or stop orders ?

I am wondering of something else, can you remember the maximum slippage (in pip count) you experienced with MG before?

its pretty much industry standard that there is no slippage. this is a what you see is what you get market. maybe during NFP announcements you may get slippage, but these are not the kind of times i am trading.

i do know exactly how many pips it was, but its of no use telling you, because you would have to know how many trades i did and a bunch of other things for that number to have any relevance. 1.5% of profits is a metric that you can apply to your situation.

It is easy for me to use MGFOREX DealStation.This trading platform is scarcely any server down. I stopped trading currency at FXCMJapan last spring.