MaanFx offers its clients a single commission-free account type with fixed spreads, micro tradeable lots and high leverage levels, reaching 1:1000.
Such trading conditions are more or less typical for an offshore broker – high leverage levels and attractively low initial deposit required. As regards the trading costs, the spreads offered by MaanFx are typical for the forex market, fixed at 2 pips on EUR/USD.
The question is: Why would anyone choose an offshore broker over another, which is regulated by a reputable authority, such as UK’s FCA or Australia’s ASIC?
The Company. Security of Funds
MaanFx launched its brokerage business in 2017 and offers trading in Forex, CFDs, and binary options on the SoloTrader platform.
MaanFx’s website seems unfinished, as some links redirect to the home page, and overall, the information is scarce. Another disadvantage of newly-fledged brokerages is the fact that you cannot find user reviews in the internet by traders who share their experience.
The company behind the brand, Maan forex, LLC, is registered offshore, on the Cayman Islands, and is not authorized to provide financial services by any authority. And, as we keep reiterating in our reviews, the most important thing when choosing a forex broker is reliability and proper financial regulation. That is why we generally advice traders to avoid doing business with non-regulated (or offshore) brokers, as their money is not safe with such companies and there are no client protection rules.
Unlike most brokers, this one does not support the famous MetaTrader 4 (MT4), but offers SoloTrader desktop platform instead.
Developed by a Hong Kong-based software development company, SoloTrader is a easy to use and feature-rich platform, on which you can trade in forex, CFDs, as well as binary options.
Apart from the advanced charting options and technical analysis indicators, it is equipped with one-click multiple timeframe analysis (via the Cyclops), correlation chart, and you can take a look at the user sentiment (via Statistics).
By the time of writing of this review, this broker offers no-deposit welcome bonus up to $300. Withdrawals allowed after trading 25 lots for each $1 of the bonus amount.
Methods of Payment
MaanFx offers its clients the following payment methods: credit/debit cards, bank wire, as well as e-wallets PayPal, PayZA, China UnionPay and Skrill.
MaanFx is an offshore forex and binary options brokerage, that supports the SoloTrader platform. It is not recommended mainly because it is not authorised to provide financial services by any regulotor. Besides, we find its platform slow and it offers only fixed spreads, so probably it acts as a counterparty to its clients’ trades.
MaanFx Review Conclusion
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