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MGFOREX — Trading Contests But Limited Trading Control

June 24, 2007 (Last updated on November 29, 2009) by

MGFOREX is a Forex broker that offers its own trading platform for its clients. The main drawdown of this trading software is that it handles positions only in a FIFO (First In First Out) manner – so, if you just cannot close a new position if there is some another position for the same currency pair is still open. On first sight, this shouldn’t be a big problem, because this will limit only positions for the same currency pairs, but having different longevity and hedging position is very important for the professional Forex traders, and this limit will obviously make their life different. As for the good sides of MGFOREX, I can mention – first, Forex trading contests (on demo accounts) and the fact, that Muslims can open no-interest accounts, where overnight interest is removed with fees.

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