MahiFX Review

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Overview

Company Information MahiFX is one of the most popular Forex trading brokers in New Zealand. The company MahiFX Ltd. was created in 2010, and their online trading platform was launched… more

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Details

BrokerMahiFX
Website URLhttps://mahifx.com/
Founded2010
HeadquartersLondon, United Kingdom
Support Number+44 (0)203 397 1825
Support Emailsupport@mahifx.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish
Minimum 1st DepositNo
Minimum Trade Amount0.01 lots
Maximum Trade Amount50 lots
BonusRefer a friend
PayoutUp to 100:1
Free Demo AccountYes
Regulated Yes
RegulationAustralian Securities and Investment Commission; New Zealand Financial Markets Authority
Deposit MethodsVisa, MasterCard, Wire Transfer
Withdrawal MethodsVisa, MasterCard, Wire Transfer
Types of AssetsForex, Metals
Account CurrencyNZD, AUD, CAD, USD, JPY, EUR, GBP
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

MahiFX is one of the most popular Forex trading brokers in New Zealand. The company MahiFX Ltd. was created in 2010, and their online trading platform was launched in 2012. The brokerage ranks amongst the 50 best brokerages in the world. Their headquarters are located in Victoria, New Zealand, but they also have an office in London, UK. From the first look at their website a person can understand that the company follows the most modern web design trends. The site is clean, and everything you need can be found quickly. The spreads that MahiFX offers are one of the lowest in the industry. As far as trading features and instruments are concerned, the platform offers the most popular ones. Many brokerages have a similar service, but usually, you’ll need a much higher deposit to take advantage of it. With MahiFX even beginner traders can enjoy the best trading experience. This is a fully regulated broker da has received a license from ASIC.

Trading Information

Mahi FX offers two types of account depending on which platform you choose. The MahiFX account is for people who will use the web-based platform, and the MahiFX MT4 is for traders who prefer the Metatrader4 platform. While they may seem different, both accounts are pretty much the same and offer the similar trading conditions and features. There is no minimum deposit requirement. However, you must have at least $1 in your account to start trading. The minimum position size is set to 0.00001 lots. The spreads are variable and relatively small compared to other brokerages. The minimum spread for majors like EUR/USD is 0.8 pips and the average is 1.4 pips. Trading instruments are Forex, gold, and silver. The leverage for Forex is 1:100 and for precious metals 1:50. The number of currency pairs is one of the biggest in the Forex industry. Almost 100 currency pairs are offered 7 of which are exotic. The margin call level is at 100%, and the stop-out level is at 50%. Hedging is allowed, and there is a one-click trading feature.

Trading Platforms

The leading trading platform chosen by MahiFX is the Metatrader4. It’s one of the most popular platforms for over a decade. Almost every second brokerage offers it as a choice for its services. It has many trading features that have been polished throughout the years and are still preferred by many clients. The platform offers excellent charting capabilities, and you can customize it as much as you like. The streaming news feature can continuously be used, and the ability to trade from charts is excellent. There are over 30 signals you can follow and implement in your trading strategy. The MT4 is suitable for every device and OS. It works with Windows and MAC and can be downloaded on your Apple or Android smartphone (or tablet). It is a capable platform, and till now the only downside to it has been the lack of a Web-based platform. MahiFX has taken care of that by providing their MahiFX platform. It offers pretty much the same trading experience as the MT4, but it needs only a browser and an internet connection to work.

Security and Customer Services

Security at MahiFX is top notch, and you won’t be having any issues with stolen personal data or lost funds. The website is secured by an SSL protocol that protects your personal information and makes it available only to company’s employees. The segregated account option is there as expected and your funds are always deposited in top tier banks (separated from the company’s funds). While security is really at a top level, their customer support service needs a bit of work. The contact methods are the postal addresses of the two offices, an email and one phone number in Australia. There is also a Live Chat support system, but you can only find on the MFXTrade platform. Alternatively, you can try to reach the company on their social media profiles on Facebook, Twitter, Google+, Linkedin and Youtube. There is no indication of the support’s coverage, but we can safely assume it’s 24/5. They have a blog where you can find latest financial news and other information. Educational resources are located on their “Resources” page. You can find financial tips, educational videos, currency converter, and calculation advice. The website is only available in English, but support is available in Arabic, French, and Spanish as well.

Deposits and Withdraws

While there is no minimum deposit requirement for creating an account, there is a maximum deposit limit depending on which method you use. Bank wire has no limits for deposits, but with a credit card, you can deposit only $15 000 a day. Also, there is a monthly limit for credit cards that equals $45 000. Card deposits also have a 2,5% deposit fee. While the Bank wire methods are free of charges, it’s also the much slower one. It takes up to 5 business days for the money to appear in your MahiFX account. Card deposits are instant. The withdrawals can be made using the same methods as the deposit. There are fees for both Bank wire and card transfers. For bank transfer, it’s $15, and for a card, transfers are $5. The daily withdrawal limit is $25 000 and the monthly limit is $25 000. The usual processing time for a withdrawal is 3-5 business days which the industry’s average.

Deposit Bonus and Loyalty Programs

Currently there are no welcome bonuses or promotions offered by MahiFX, but hopefully, they will think of a way to award their new and loyal clients.

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