Mugan Markets broker review – Is this broker trustworthy?
The “people’s FX broker” Mugan markets started in 2015 and has been offering excellent trading services to their clients ever since. For traders who want an FX and CFDs broker that doesn’t manipulate prices, offers high-quality customer support services, and has no slippage, Mugan markets is there to fulfil its promises. The broker is focused on long-term partnerships and offers deposits and withdrawals in a split-second fashion. The award-winning ECN environment allows traders to enjoy every second of trading experience with lightning-speed executions and zero lags. For traders who are looking for a reliable partner in their trading endeavours, the Mugan Markets will provide you with a value you can’t ignore.
Mugan Markets gives its traders access to 200+ currency pairs including all majors, minors, and exotics as well as cryptos and spot metals with the lowest spreads of 0.1 pips. The main assets offered by the broker are Forex, CFDs, stocks, cryptos, commodities, indices, etc. As a trading platform, MetaTrader 4 is the most robust trading software available for Mugan Markets’ clients with its advanced features. MT4 has even the possibility to fully automate the trading process. Since MT4 is the most popular trading platform, Mugan Markets chose this software to offer its clients which is understandable. The platform is professional and has all tools to fully analyse price charts and make the most accurate decisions.
Mugan Markets Deposit Bonus
A deposit Bonus is a popular promotion method employed by Forex brokers to provide traders with extra cash for trading and attract new customers. Mugan Markets offers a 100% deposit bonus of up to $20,000 credited to the user’s account instantly. The bonus is available across all account types of Mugan Markets. The minimum deposit to be eligible for this bonus starts from 250 USD and the bonus is withdrawable, which is a huge advantage unlike many similar bonuses. The process to claim the bonus is simple, traders just need to register, deposit at least 250 USD, and get a bonus to their account and start trading.
Trading account types offered by Mugan markets are three – Classic ECN, Trader ECN, and Custom ECN. The first two are focused on average customers that offer similar capabilities with little important differences. The classic ECN has spread from 0.9 pips and is commission-free, while the Trader ECN comes with 0 spreads and $8 commissions per side. So, what’s the difference between the two? The classic is for general day trading, and the Trader ECN account is for scalpers who want to trade with small spreads but will pay little commission for it. Custom ECN is a premium account and offers the best terms from both worlds. Traders can trade on Mugan markets with a budget as low as $50. For a premium custom account, the deposit requirement is $10 000. It offers zero spreads and custom low commissions, pretty attractive for pros with a high budget. For traders who want to trade on a budget, the first two accounts should be sufficient to make profits. Zero spreads account seems very attractive for scalping traders who want to make many small profits during the day, and a $50 starting deposit is a very decent offer from Mugan Markets.
The broker is open to negotiations to change the minimum deposit requirement for a premium account and to use the most beneficial commissions together with zero spreads. The leverage is 1:500 for all three accounts, making it possible to command high-volume positions with a relatively low budget. The payment methods are also abundant – traders can use EUR, USD, GBP, and Bitcoin as their payment methods. As we have mentioned, all payments are processed within seconds and fees are extremely low. The minimum BTC to withdraw is 0.005BTC, with just 1% commission for withdrawals. This ability to withdraw your funds instantly can not be underestimated, as a very low number of legitimate brokers offer such advantageous terms for withdrawals.
Mugan Markets offers new traders free demo accounts to exercise trading skills and learn more about trading platforms. A demo account is useful for both beginners and pros alike for testing new trading strategies and learning trading skills in a live-like market environment. This is the perfect opportunity for a beginner trader to understand more about trading and then to deposit and withdraw money in the quickest way possible.
We have been talking about MT4 above, the platform is one of the most advanced trading software on the market right now. It is completely free to use and has all tools and features traders from all experience levels will ever need. The learning curve is steep, though, but it takes little time to learn basics that are essential as the platform has a user-friendly interface, and all buttons are intuitively aligned to offer maximum comfort during trading. The main instruments’ panel above the MT4 window will offer the ability to add new indicators, change their colours, period, etc. users can completely alter the visual appearance of the charts to adjust to their preferences. Various drawing tools, objects, and texts, will help completely analyse the charts. MT4 has a side market watch panel that can be added from the view button, providing all the available trading instruments and their pricing in real-time.
Besides these features, MetaTrader is known for its ability to add custom indicators and trading robots called Expert Advisors or EAs. There are countless free robots available online, as well as a vast amount of custom indicators. The platform has advanced alert options available to notify traders when predefined conditions happen on the chart.
It is simple to calculate the spread using the MT4 platform, it can be shown on the market watch or a custom indicator downloaded that will write the current spread right on the chart. This is very convenient as traders will always know what current spreads are and how well it fits into their strategy’s requirements. This will prove to have a positive impact in the long term for traders.
There are some noteworthy risks associated with high leverages and since Mugan Markets offers 1:500 leverage, traders will need to know what they are doing. This number is high for leverage and makes it possible to open a position 500 times the account balance. It has the potential to amplify profits and losses tremendously. Many traders will attempt to use high leverage to get rich quickly, which is a standard beginner mistake, and we want to emphasize that Forex trading is a long-term business and short-term goals should be approached very carefully.
Mugan Markets partnership program is truly worthy of mentioning here too. It allows every trader to become a PAMM manager if they have a successful trading strategy or experience. You will need to promote this platform by sharing it with friends, and you can receive commissions in return. The IB portal is robust and weekly payments are possible, adding fire to the attractiveness of the Mugan Market’s partnership program. The IB portal is transparent, and the broker shows all necessary information to its partners. The payout structure can be modified as per user requirements and partners will have the ability to track their volume, network, commissions, and all other critical data.
Customer Support & Educational Material
Customer support will aid traders 24/7 which is excellent as many other brokers will only offer aid during working days and not weekends. Mugan Markets is ready to answer traders’ questions and solve their issues 24/7 which is a very responsible approach from the broker. Customers can use live chat to connect with the broker representatives within seconds and ask any questions regarding the trading process and other important matters. This will help traders get all answers in seconds and continue trading without interruptions.
Mugan Markets website offers exceptional educational materials and blogs that are trying to aid beginner traders in Forex, CFDs trading, etc. Trading tips will make it easy to improve your trading strategy and skills. The broker has its own YouTube channel, where market news and other essential broker news are constantly updated and added to the video library.