MFX Broker Review

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MFX Broker
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Overview

1.Company Information The year when MFX launches the first website and starts working in the field of forex is 2006. The initial strategy is to give prizes to people with… more

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Details

BrokerMFX Broker
Website URLhttps://mfxbroker.com/
Founded2006
HeadquartersBelmopan, Belize
Support Number+442037693209
Support Emailsupport@mfxbroker.com
Support TypesPhone, Live Chat, E-mail, Call Back
LanguagesEnglish, Chinese, Indonesian, Russian, Arabic, Spanish, Georgian, Malay, Vietnamese
Minimum Trade Amount0.01 lots
BonusUp to 100%
PayoutUp to 1,000:1
Free Demo AccountYes
Regulated Yes
Regulation International Financial Services Commission, Belize
Account TypesForex Micro, Forex Standard, ECN, CFD, Binary, Forex Demo, ECN Demo
Deposit MethodsVisa, MasterCard, Webmoney, DixiPay, RBKMoney, Intellect Money, FasaPay, Yandex Money, OkPay, China UnionPay, Qiwi, Perfect Money, Neteller, Skrill, Western Union, MoneyGram, Anelik, Contact, Federal system “Gorod”, Bank Transfer, MedanGold, OmahPoin, Borneo Exchanger, JualBeliDuit, iTukar, OkeChanger, ForexBaseCamp
Withdrawal MethodsVisa, MasterCard, Webmoney, DixiPay, RBKMoney, Intellect Money, FasaPay, Yandex Money, OkPay, China UnionPay, Qiwi, Perfect Money, Neteller, Skrill, Western Union, MoneyGram, Anelik, Contact, Federal system “Gorod”, Bank Transfer, MedanGold, OmahPoin, Borneo Exchanger, JualBeliDuit, iTukar, OkeChanger, ForexBaseCamp
Types of AssetsForex, Spot Metals, Futures
Account CurrencyUSD, EUR, RUB
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

1.Company Information

The year when MFX launches the first website and starts working in the field of forex is 2006. The initial strategy is to give prizes to people with live accounts so the traders can be interested in using the platforms of the company. The approach works by the next year they have over 5000 active accounts. One year later the number jumps to 20 000. At the moment, Master Forex Broker have 51 000 partners and over 647 000 accounts.

The registration and the license of the company are from Belize, and this is where the company address is. The authority to regulate the company is IFSC in Belize.

The company has strong policies for everything, and this is why they have all the required documents on the website and recommend to anyone interested in trading with them to get familiar with these documents.

All the big media’s feature the company in their news. These are Yahoo Finance, Reuters, World Finance and  Forbes.

Trading Information

MFX offer the vast variety of trading options. They have seven different types of accounts each specially created to fit individual needs and preferences.

The first one is the standard forex account. It combines the most famous pairs and options both for experienced and new traders. The trader has access to 87 currency pairs and two spot metals. Currencies used for trading are USD, EUR and the local currency for the person. There are no commissions, and the spread is fixed. The leverage can vary from 1:100 – 1:1000 and the minimum lot is just 0.01.

Micro Forex – designed to minimize risks but to deliver just the right amount of options. The same specification as standard with one exception, the maximum number of open orders is 100.

 

ECN – usually used by managers and professionals this account gives access to the liquidity assets of the major banks. The number of currency pairs is smaller here, and there is only one currency that can be used for trading – USD. The leverage is also lower 1:200 and the spread are floating.

 

CFD accounts – perfect for people with no capital. Here we have floating spread, only USD, 102 CFD on futures and 149 on stocks. The commissions are $0 for CFD on futures and 20 to 28 for CFD on stocks.

 

Binary options – perfect for online trading and the fastest growing sector of online trading.

Also, there are two demo accounts designed to prepare anyone for the big games. Very different options here. 26 currencies, four metals, 38 indices, 80 stocks, five commodities and 80 asset pairs, the so enormous number of choices. The max amount is $1500 USD, and the payments are up to 85%.

For even better trading understanding, the company offers a dictionary where all the principal terms can find an explanation.

 

 

3.Trading Platforms

The platforms the company takes advantage of are mainly based on MetaTrader 4. The first one to present is the MFX Trader 4 PC. It is essentially MetaTrader4 but with a few add-ons from MFX.

The next one is MFX Multi Terminal. Again we cannot see a huge difference between it and the MetaTrader Multiterminal. The platform is suitable for professionals with multiple accounts and allows all of the to be operated. The benefits of that are an unlimited number of auditors, different types of orders can be modified in real time. The trader can trade in various kinds of accounts – standard, Micro, etc. Following the news, the trading history is also straightforward and easy. And all of that is available in multiple languages.

 

MFX Trader for mobile is a system which allows easy and fast trading on mobile devices no matter if they are IOS or Android based.

Binary options platform which can be operated in just 30 seconds is the next alternative.

The last platform uses the browser and makes trading exceptionally easy and straightforward. The name of the platform is Web Trader, and it does not require additional software as long as the trader has access to the Internet.

 

4.Security And Customer Service

The security is a major question for each broker as it is what clients build their trust on. That is one of the reasons MFX Broker to use SSL encryption. The technology protects the website from interference. The next thing the company does is the guarantees about the personal information of the clients. They do not share any information with third parties.

As far as contacts go the company offers several different ways for contact – phone, call back, email, chat, forums, manuals and newsletter. The email response is immediate. The languages supported for the phones are Arabic, Chinese, Georgian, English, Russian, Farsi, Indonesian, and Malay. However, the only downside is that the support does not work on weekends. However, even this can be a bit of an issue; the markets do not work during the weekends, so it makes sense to be that way.

 

5.Deposit & Withdraws

 

The most popular and widely spread technologies for money transfer are in use by this broker. The first way to make a deposit is with a bank card – Visa or MasterCard. The Currencies are USD, EUR, RUR. In the case, there are no fees on the deposit. However, when you withdraw the expenses start from 1.5 and go up to 2%. All of that happens in less than 3 hours.

The next method is the electronic payments. These are WebMoney, RBK Money, DixPay, Intellect Money, Okay, Yandex Money, Qiwi, Fasapay, UnionPay, Perfect money, and Neteller. Depending on the different method currencies are supported. The expenses for the deposits start from 0 and can reach 3%. The deposit is instant when using these technologies. The costs for withdrawing start from 0 and go up to 2%. In some cases, the commission is paid by the company even.

The next system we will discuss is the Money Transfer System. This system includes Western Union, MoneyGram, Anelik, Contact and Federal system “Gorod”. The currencies here are USD, EUR, and RUB. The expenses reach 3% for deposit and 2% for a withdraw.

 

In some places around the world, a ATM method can be used for deposits. The system is called MTS-Bank.

Another method is the bank transfer and the exchanges. Like Borneo, MedanGold, Omaha in, iTukar, OkeChanqer, JualBelliDuit and Forex Basecamp. These all work with USD.

 

  1. Deposit Bonus And Loyalty Programs

There are several ways the broker stimulates clients to trade.

With FasaPay, they offer bonus from 20 to 70%.

A “no fee card” deposit is another option. If the client makes a deposit with a card for at least $100 the broker will pay the rest. This sum of money is the fee.

The next option is “Tradable Bonus” which is just what the name suggest. After all the money is gone, the trader allows the deposit to be used. These are money for those who have no other capital and want to trade. The website of the broker even allows individual calculator so that the client can see how much money he/she will get with the bonus.

Neteller also has a suggestion with their promotion with 0% commission. The client just has to decide to use their services and the fee will be covered by the company.

The last one is the “Easy Cash Bonus”. The client receives the bonus and is allowed even to withdraw it immediately. The only condition is to use at least 1% of the money. For full withdrawing, the trading lots should be at least 10% of the bonus amount.

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