MRT Markets Review
MRT Markets Review
MRT Markets is a forex broker, which offers three account types as shown in this table (plus an Islamic account). The company also provides trading ideas, which are given to you by your personal account manager. This is a highly dubious practice, which reputable brokers usually do not offer, as it creates the possibility of conflict of interest.
The Company. Security of Funds
Currently MRT Markets claims to only be owned by KHO TECH Ltd., a company registered in Saint Vincent and The Grenadines and is also associated with another broker, called 10brokers.
MRT Markets claims to be regulated by the Private Investor Protection for Securities and Exchange Independent Registration for Financial Service Companies (PIPSEC). PIPSEC Limited, the company behind the organization, offers simply registration and mediation services. PIPSEC requires from registered companies a minimum equity of 35,000 USD, and membership of a dispute resolution scheme.
In essence, this is not a regulator you should trust. This is is a non-government organization which supposedly oversees, otherwise unregulated brokers. State regulators, on the other hand, are related to a certain jurisdiction, and operate on a different basis – they have the ability to create and enforce rules on registered companies operating in the financial services sector.
For example, UK’s Financial Conduct Authority (FCA) requires mandatory implementation of segregate accounts. This forces forex brokers to keep client’s funds separate from the firm’s, in effect preventing the possibility of fraud. Another very important rule is the mandatory participation in the Financial Services Compensation Scheme (FSCS). It guarantees clients investments, in the case of broker insolvency, up to GBP 50,000 per account.
Judging by their Twitter feed, MRT Markets appears to be targeting Arab-speaking clients. Other than that, there are several complaints against the company in on-line forums, which is quite contrary to what the MRT abbreviation stands for – “Most Reliable Trading”.
Minimum Initial Deposit
The minimum deposit at MRT Markets is $500. This is substantially higher than what other brokers currently require for the creation of a new account. In their efforts to attract new clients, IG has even removed the minimum deposit level – you can create an account for as low as you want to.
Keep in mind, you should not consider this a crucial factor, when comparing brokers, unless you are a new trader, who is willing to move on after months of demo trading. Even small accounts can tell you if you can handle psychological pressure of trading (as long as they aren’t too small). This can save you valuable money, in the case you realize this isn’t your cup of tea. Veteran traders should be dealing with larger amounts, so the minimum deposit level should not be relevant.
Average spreads & Commissions
MRT Markets has high spreads, when compared to the current offering by other brokers. The EUR/USD spread is fixed at 3 pips, for the small accounts. Although you may say spread only matters if you are a hyper-active traders (or scalper), the difference in this case is so high, it would have an impact on any trader’s results. Most brokers offer something in the 1.0-1.5 pips range nowadays. By the way, we have set-up a real time comparison of spreads offered by some of the leading brokers here.
The highest possible leverage at MRT Markets is 1:500. If this sounds like a lot to you – yes it is. However it is not that unusual nowadays.
Such high leverage ratios can be dangerous in the hands of an new trader. In fact, some sources even quote this as the biggest reason for the loses, suffered by newbies. A sound understanding of risk management is key for your long-term success.
MRT Markets offers the popular MetaTrader4(MT4) platform. It is, pretty much, the industry standard at this point in time, with lots of brokers providing it. Its popularity has made the growth of a massive development community. There are no more custom tools for any other trading platform – new technical indicators, as well as automated trading systems are constantly being created.
Furthermore the platform has mobile apps, which we have found to be pretty reliable. You can check recent market moves as well as manage your positions on the go. Even the charting capabilities manage to perform in the mobile version. That being said, the only major downside of MT4 is the lack of multiple-monitor support, which would surely frustrate experienced day traders (in other asset classes).
Methods of Payment
MRT Markets offers few methods of payment: Bank Transfer, Credit/Debit Card and CashU cards. E-wallets, such as Skrill, have gained popularity with forex brokers in recent years, mainly due to the instant transactions which they provide. Bank Transfers, on the other hand, could take several business days.
MRT Markets Review Conclusion
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