MFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://mybrokerprime.com/#/auth/register, about the company's legal and temporary regulatory information, the company's address Neznanih Junaka Br. 137, Podgorica, Montenegro..
MFX Forex Broker
Basic Information
Montenegro
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Pros
Offers a variety of trading accounts, including standard, micro, and ECN accounts, catering to different trading styles and preferences.
Provides access to a popular trading platform (MetaTrader 4), which is well-regarded for its user-friendly interface and advanced trading tools.
Has a range of payment methods available for deposits and withdrawals, allowing flexibility for clients.
Cons
Regulated in Belize, which is considered a less stringent regulatory environment, leading to concerns about the safety of client funds.
Numerous reports of withdrawal issues and delays, with clients expressing difficulties in accessing their funds.
Negative reputation among traders, with many reviews indicating that the broker may engage in questionable practices, including potential scams.
MFX Forex Broker - Complete Information Guide
1. Broker Overview
MFX Broker Inc, established in 2006, is a forex brokerage firm based in St. Petersburg, Russia. Originally founded under the name Masterforex, it has since rebranded to MFX Broker without renewing its regulatory license. The company operates as a private entity and provides a range of financial services primarily targeting retail and institutional clients across more than 160 countries including regions in Europe, Latin America, Asia, the Middle East, and Africa.
MFX Broker Inc has experienced significant growth since its inception, gaining popularity in the forex trading community. However, it faced challenges in November 2016, when allegations of fraudulent activities emerged, leading to numerous negative reviews regarding fund withdrawals. Despite these challenges, MFX Broker Inc continues to advertise itself as an international forex broker, offering not just brokerage services but also professional investment solutions, social trading, and educational resources.
The MFX group, founded by Igor Volkov, is the parent company of MFX Broker Inc, further solidifying its presence in the financial services sector. The brokerage operates a business model that encompasses retail forex trading, institutional services, and social trading platforms, allowing clients to engage in a variety of trading activities.
2. Regulatory and Compliance Information
MFX Broker Inc claims to be regulated by the International Financial Services Commission (IFSC) in Belize. However, it is important to note that the broker does not provide a clear regulatory number or detailed information about the validity and scope of its license, which raises concerns about its regulatory compliance.
The IFSC requires licensed companies to have a minimum of $500,000 in net tangible assets and mandates that client funds be kept in segregated accounts. However, the regulatory oversight by the IFSC is often regarded as less stringent compared to other financial authorities, leading to skepticism about the safety of client funds.
MFX Broker Inc implements Know Your Customer (KYC) and Anti-Money Laundering (AML) measures to ensure compliance with international standards. These measures are crucial for maintaining the integrity of the brokerage and safeguarding against fraudulent activities. Despite these efforts, potential clients should conduct thorough due diligence when considering trading with MFX Broker Inc, given its offshore regulatory status.
3. Trading Products and Services
MFX Broker Inc offers a diverse range of trading products and services to cater to the needs of its clients. The brokerage provides access to at least 28 currency pairs, including major pairs such as EUR/USD, GBP/USD, and USD/JPY, making it suitable for forex traders at all levels.
In addition to forex trading, MFX Broker Inc also offers Contract for Difference (CFD) products across various asset classes, including:
- Indices: Trading on major global indices.
- Commodities: Including precious metals like gold and silver.
- Stocks: Access to shares from various global markets.
- Cryptocurrencies: An emerging asset class that includes popular digital currencies.
The brokerage claims to provide competitive trading conditions, with spreads starting from 0.1 pips and leverage ratios up to 1:1000. However, it is essential for traders to verify the availability of specific products and the associated trading conditions, as these can vary significantly.
MFX Broker Inc also emphasizes its commitment to innovation by providing social trading features, allowing clients to follow and copy the trades of successful traders. This service is designed to enhance the trading experience and facilitate knowledge sharing among users.
4. Trading Platforms and Technology
MFX Broker Inc supports the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are widely recognized in the forex trading community for their robust features and user-friendly interfaces. These platforms offer advanced charting tools, technical analysis capabilities, and automated trading options.
In addition to MT4 and MT5, MFX Broker Inc provides a customized version of the MT4 platform known as MFX Trader 4, which is available in both desktop and mobile formats. This platform is equipped with various tools for technical analysis and real-time financial news, aiding traders in making informed decisions.
The brokerage also offers a web-based trading platform, allowing users to trade directly from their browsers without the need for software downloads. This flexibility is beneficial for traders who prefer to access their accounts from different devices.
For traders looking to automate their trading strategies, MFX Broker Inc supports API integration and automated trading systems, enhancing the trading experience for those who utilize algorithmic trading strategies.
5. Account Types and Trading Conditions
MFX Broker Inc offers several account types to accommodate different trading preferences and strategies. The main account types include:
- Micro Account: Requires a minimum deposit of $1, with fixed spreads starting at 2 pips. This account is suitable for beginners.
- Standard Account: Requires a minimum deposit of $5, offering similar conditions to the micro account but with more substantial trading limits.
- ECN Account: Requires a minimum deposit of $500, providing access to variable spreads starting from 0.1 pips and a commission structure for trades executed.
Additionally, MFX Broker Inc offers a CFD account for trading contracts for difference across various assets, with a minimum deposit of $500.
The leverage offered by MFX Broker Inc varies by account type and asset class, with a maximum leverage of up to 1:1000. This high leverage can amplify both potential profits and losses, making it essential for traders to manage their risk effectively.
The brokerage also provides Islamic accounts that comply with Shariah law, ensuring that traders who adhere to Islamic finance principles can participate in forex trading without incurring interest.
6. Fund Management
MFX Broker Inc supports a variety of deposit methods to facilitate easy funding of trading accounts. Accepted deposit methods include:
- Bank Transfers
- Credit/Debit Cards
- E-wallets such as Skrill, Neteller, and others.
The minimum deposit requirements vary by account type, with the micro account requiring only $1 and the standard account requiring $5. The processing time for deposits is typically quick, although specific times may vary depending on the method used.
MFX Broker Inc does not explicitly state any deposit fees, but traders are encouraged to check with customer support for potential charges associated with specific payment methods.
Withdrawals can be made using similar methods as deposits, with processing times varying based on the method chosen. The brokerage has not provided detailed information on withdrawal fees, which may apply depending on the financial institution involved.
7. Customer Support and Educational Resources
MFX Broker Inc offers several channels for customer support, including:
- Phone
- Live Chat
- Social Media
The customer support team is available 24 hours a day, five days a week, ensuring that traders can receive assistance whenever needed. The brokerage provides support in multiple languages, including English, Spanish, Russian, Chinese, Indonesian, Malay, and Arabic.
In terms of educational resources, MFX Broker Inc claims to offer various materials, including trading signals, market analysis, and free educational courses. However, specific details about the courses and their availability are not prominently displayed on the brokers website.
Traders can also access tools such as economic calendars and trading calculators to aid in their decision-making processes.
8. Regional Coverage and Restrictions
MFX Broker Inc primarily serves clients from over 160 countries, with regional offices in Egypt, Georgia, Indonesia, and Russia. This extensive coverage allows the broker to cater to a diverse client base and provide localized support.
However, the broker does not accept clients from certain jurisdictions, including the United States, which is common among many offshore brokers. Potential clients should verify their eligibility based on their country of residence before opening an account.
MFX Broker Inc's operational structure and regulatory status may also impose specific restrictions on trading activities in certain regions, making it essential for traders to be aware of the legal implications of trading with an offshore broker.
In summary, MFX Broker Inc presents itself as a comprehensive forex brokerage with a wide range of trading products and services. However, potential clients should exercise caution and conduct thorough research regarding the broker's regulatory status, trading conditions, and overall reputation in the trading community.