MFX Broker Review
MFX Broker Review
Clients of MFX Broker are offered a choice of 4 account types, Standard and Micro accounts provide fixed spreads and are commission-free, while spreads on ECN accounts are variable and tight, however a small commission applies. Micro lots are available for trade solely on the Standard account type.
Keep in mind that only forex and spot-metals trading is available on these accounts, while CFDs are available on the special CFD account.
PAMM accounts are also available with this broker, as well as the MFX Capital investment program (with deposit from $100 for individual investors).
MFX Broker’s fixed spreads are average – 2 pips on EUR/USD, while the ECN ones are really low, as the broker cites as typical a spread of 0.3 pips on EUR/USD. Even if we add the commission applicable ($3.6), the average cost of trading per lot is around 0.7 pips.
As regards margin requirements, MFX Broker is one of those brokers offering high leverage levels, above 1:500. We advise traders to exercise caution when using high leverage ratios, for they involve greater risk.
The Company. Security of Funds
Headquartered in St. Petersburg, Russia, MFX Broker was launched back in 2006. The brokerage offers trading in currency pairs, CFDs on futures & stocks, as well as binary options, on the most popular trading terminal, the MetaTrader 4. The brand is owned and operated by Master Services Inc., a company registered in Belize.
Although Belize is an offshore zone, brokers registered there must satisfy some prerequisites, set by the International Financial Services Commission (IFSC). IFSC-licensed companies are required to have a minimum of $500,000 net tangible assets. What is more, the Commission requires client funds to be kept in segregated accounts.
Unlike with the FCA and other EU regulators, however, IFSC places little emphasis on compliance-checking, reporting and supervision and companies are not required to report detailed individual transactions.
To put it simply, when operating with such brokerages, traders will be receiving very limited regulatory protection and oversight, if any. So we advise those who intend to invest larger amounts of money, to turn to brokers with better regulation – licensed in the UK, Cyprus, or Australia.
This brokerage offers its customized version of MetaTrader 4 (MT4), called MFX Trader 4, which comes in desktop and mobile versions. Set of graphic tools of technical analysis and flow of financial news let to predict market situation, and integrated programming language MQL4 helps to create trading advisers and indicators.
MFX MultiTerminal is also available. It is designed for asset managers as well as for individual traders who have several private trading accounts in their arsenal.
In addition, MFX Broker provides a system for automated trading, called MFX Copy.
Bonuses & Contests
MFX Broker offers 100% on-deposit bonus, which becomes fully available for withdrawing in case your trading volume of standard lots composes 10% of the bonus amount in USD.
Besides, the brokerage regularly organizes different contests.
Methods of Payment
MFX Broker offers a large number of payments methods to accommodate all our clients: bank wire transfer, credit/debit cards and e-wallets Neteller, Skrill, WebMoney, Perfect Money, OKPay, FasaPay, Yandex, Qiwi, DixiPay China UnionPay and Intellect Money.
The broker repays commission for transfers via Skrill & Neteller.
Although registered offshore, MFX Broker has 10 years of experience and offers a wide range of trading instruments under competitive commission. ECN environment is available, as well as copy trading servoce.
MFX Broker Review Conclusion
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