***IMPORTANT NOTICE***
In the few days since this forex broker review was written, it appears that Mocaz Financial Markets has been either bought out, taken over, or simply transformed by its parent company into ‘Real Trader Community’ (RTC). The Mocaz website link will take you directly to the RTC page. Until such time that we can complete a comprehensive review of this new brand, we recommend that you confirm that the details below are still applicable.
Mocaz Financial Markets is an online forex broker providing their services across the globe. Situated in Saint Vincent and the Grenadines, they claim that their platform is top-notch. Mocaz has a few key values which include integrity and trust, honesty and fairness, transparency, flexibility, commitment and responsibility, reliability, strong corporate governance, and constant innovation. We will be going through the services on offer to see if they live up to heir values and so you can decide if they are the right broker for you.
Account Types
There are three different account types on offer, within each account type there are a further two types, investor and trader, for the purpose of this review we will only be looking at the trader side of the accounts. So lets briefly look at what they offer.
Standard Account: The standard account requires a minimum deposit of $300, it also has a minimum capital requirement of $30 and $30 minimum for subsequent deposits. Auto withdrawal is disabled for this account and there are also no added commissions. The minimum trade size is 0.01 lots and there is no maximum trade size. Leverage can be up to 1:300 with the margin call level set at 50% and the sop out level set at 20%. The account uses the MetaTrader 4 platform as its only trading platform.
ACTR 1000 Account: This account increases the minimum deposit up to $1,000 and has a minimum capital requirement of $300, any future deposits have a minimum of $100. This account has something called ACTR activated and has the option of having auto withdrawals turned on. Ther is no added commission on the account and the minimum trade size is 0.01 lots with no maximum size. Leverage can go up to 1:300 and the margin call level set at 50% and the sop out level set at 20%. The account uses the MetaTrader 4 platform as its only trading platform.
ACTR 3000 Account: This is the top-level account, it has a minimum deposit requirement of $3,000 and a minimum capital level of $300, any further deposit has a minimum requirement of $100. This account is an ECN account and so there is an added commission of $5 per round lot traded. Auto withdrawals are optional and the trading starts from 0.01 lots. Leverage can go up to 1:200 and the margin call level set at 50% and the sop out level set at 20%. The account uses the MetaTrader 4 platform as its only trading platform.
Platforms
The only platform on offer from Mocaz is MetaTrader 4, so we will briefly go over some of the available features of this platform. There is also an auto-copy program that we will briefly look at too. Some of the main features of MetaTrader 4 include it being fully customizable, offering deep analysis, ultra-fast order execution, different order execution capabilities, the ability for automated trading and, no trading conflict of interest between broker and client. MetaTrader 4 is also available as a desktop download, web trader and as an iOS or Android application.
AutocopyTrade: The AutocopyTrade by Mocaz Financial Markets Limited is an innovative service enables copying or imitating the trade made by proven profitable and consistent traders in the world, on a pre-set ratio and condition applied. AutocopyTrade Profit Sharing system between Traders (Master Account) and their Investors (Apprentice Account) with a very attractive Profit Sharing Commission given to each network built. All these AutocopyTrade features will be automatically executed in your MetaTrader trading platform with reputable security guaranteed. Mocaz Financial Markets Limited has developed a complex and unbeatable system to enable our clients to use this AutocopyTrade feature without any hassle at all.
For some reason, MetaTrader 5 is also mentioned however it does not seem like any accounts are currently using it.
Leverage
The maximum leverage available to you will be based on the account you are using, the Standard and ACTR 1000 accounts can both be leveraged up to 1:300, the ACTR 3000 account has leverage up to 1:200. Leverage can be selected when you open up a new account, it can be changed on an already open account by getting in contact with the customer service team.
Trade Sizes
Trade sizes start from 0.01 lots which are known as micro-lots, they then go up in increments of 0.01 lots. There is no set maximum trade size, however, we would never recommend going over 50 lots in a single trade as it can become harder for the trades to be executed quickly and without any added slippage. We did not locate any information on the maximum number of open trades wither.
Trading Costs
The ACTR 3000 account has an added commission of $5 per round turn lot which is just under what seems to be the industry average of around $6 per lot traded. The standard and ACTR 1000 accounts do not have any added commission and use a spread based system that we will look at later in this review.
There are also swap charges, these are an interest that is either pair dor received for holding trades overnight, this interest can be viewed within the MetaTrader 4 trading platform.
Assets
It is stated that there are over 90 assets available to trade including forex, commodities, metals, bonds, and indices. Unfortunately, there doesn’t appear to be a full breakdown of them, so we are unable to give full examples of what is available. What we can say is that in terms of forex, there are all the majors and minors available to trade, no mention of any exotic pairs though. For commodities there aren’t any examples, instead, it just states that all the most popular ones are available to trade.
Spreads
Unfortunately, as the is not a breakdown of assets, there is also not a full breakdown of spreads or even an example of spreads. The only information present is that they are variable spreads, this means that they move with the markets and when there is volatility in the markets the spreads will often be seen larger. It should also be noted that different instruments will have different starting spreads.
Minimum Deposit
The minimum deposit to open up an account is $300, which will give you the Standard account, it should be noted that each account has minimum capital value, if the account goes below this amount you will need to deposit more to continue trading. The Standard account has a top-up minimum of $30, while all other accounts have atop up a minimum of $100. However, the deposit page states that the minimum is $10, so we are not clear if smaller amounts can be deposited into a holding account or can go straight into the main accounts.
Deposit Methods & Costs
There are a number of ways to deposit with Mocaz, these are Wire Transfer, Visa / MasterCard Credit / Debit, Neteller, Skrill and local bak transfers from Malaysia, Thailand, Indonesia, and Vietnam. There are no added fees from Mocaz, but be sure to check with your own bank or processor to see if they add any transfer fees of their own.
Withdrawal Methods & Costs
The same methods are available to withdraw with, for clarification these are Bane Wire Transfer, Visa / MasterCard Credit / Debit, Neteller, Skrill and local bak transfers from Malaysia, Thailand, Indonesia, and Vietnam.
The only method with an added fee is for the local bank transfers, there is a fee of 1.5% on these withdrawals. Just as with the deposits, there are no added fees from Mocaz on the other methods, but be sure to check with your own bank or processor to see if they add any transfer fees of their own.
Withdrawal Processing & Wait Time
Withdrawal requests can be made 24 hours a day, 7 days a week. If they are not processed instantly they will be processed within 24 hours. After this time the amount of time it takes to be fully processed will depend on the method used and the processing of the receiving bank.
Bonuses & Promotions
Looking through the website it does not appear that there are any bonuses or promotions currently running, if you are interested in bonuses we would recommend getting in contact with eh customer service team to see if there are any upcoming ones you can take part in.
Educational & Trading Tools
There is also no education information that we could find, this is a shame as a lot of modern brokers ar enow looking to help their clients improve and develop their skills, so it would be nice to see Mocaz do something similar.
Customer Service
There are a few limited ways to get in contact with Mocaz, there is an email for general inquiries and support and also one for partnerships. There is then a WhatsApp phone number to get support hat way.
General Inquiries and Support: [email protected]
Partnership: [email protected]
WhatsApp Support: +6010 4576610
It would be nice to see more opportunities to get in touch.
Demo Account
Demo accounts do not appear to be available from Mocaz which is a little bit disappointing. You can download MetaTrader 4 and open an account that way but the trading conditions will not match the ones of Mocaz. Demo accounts can allow potential clients to test out the trading conditions and servers while allowing existing clients to test new strategies without risking a y of their own capital, so it would be good to see Mocaz add some demo accounts to their arsenal.
Countries Accepted
The following statement is present on the Mocaz website: “MFM Group Limited does not offer its services to the residents of certain jurisdictions such as Afghanistan, Cote d’Ivoire, Cuba, Iran, Libya, Myanmar, North Korea, Sudan, Puerto Rico, USA, Canada, Australia, Syria, Japan, and Ecuador.”
If you are unsure of your eligibility, we would recommend getting in touch with the customer service team to find out prior to signing up.
Conclusion
The accounts on offer from Mocaz varies enough to make them individual, the initial trading costs are good with the $5 commission on the top-tier account being below average. Unfortunately, the spread based accounts we do not know how much they will cost as the spreads and assets are not available to view, these really need to be added as it is important for potential customers to know what they can trade and how much it will cost them. Plenty of ways to deposit and withdraw without any added fees which is a big plus. Finally, there is a lack of ways to get in touch with the customer service team which can be concerning, but there are at least ways to get in touch.
