MFX Forex Broker

MFX Forex Broker - Complete Information Guide

1. Broker Overview

　　MFX Broker, officially known as MFX Group, was established on October 2, 2006. The company is headquartered in St. Petersburg, Russia, with additional offices in Egypt, Georgia, and Indonesia, catering to a diverse clientele. MFX Broker operates as a private entity, specifically under the ownership of Master Services Inc., which is registered in Belize.

　　Over the years, MFX Broker has developed into an international forex broker, providing not only brokerage services but also professional investment solutions, social trading, and educational resources. The broker serves retail and institutional clients from over 160 countries across Europe, Latin America, Asia, Southeast Asia, the Middle East, and Africa. MFX Broker has made significant strides in the financial industry, being recognized as the most innovative company in the field of investment solutions in 2014.

　　The business model of MFX Broker encompasses retail forex trading, institutional services, and unique investment programs. The broker has also introduced a cross-functional social trading product that allows traders to communicate, discuss trades, and share experiences, thereby monetizing their knowledge and benefiting from the expertise of others.

2. Regulation and Compliance Information

　　MFX Broker claims to be regulated by the International Financial Services Commission (IFSC) of Belize, under the license number IFSC/60/296/TS/14. However, it is important to note that the regulatory environment in Belize is less stringent compared to other jurisdictions, which raises concerns regarding the level of protection afforded to clients.

　　The broker's license has faced scrutiny, and in November 2015, the IFSC issued a warning that MFX Broker Inc. was no longer licensed. Despite this, MFX Broker continues to operate under the new entity Master Services Inc., which claims to hold the necessary licenses.

　　MFX Broker implements a customer funds segregation policy, ensuring that client funds are kept in separate accounts from the company's operational funds. Additionally, the broker adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, although the effectiveness of these measures has been questioned by various sources.

3. Trading Products and Services

　　MFX Broker offers a diverse range of trading products, including:

• Forex Currency Pairs: The broker provides access to 28 major and exotic currency pairs, allowing traders to engage in forex trading with significant flexibility.
• CFD Products: MFX Broker allows trading in various CFDs, including indices, commodities, stocks, and cryptocurrencies. This broad range of products caters to different trading strategies and preferences.
• Unique Products: MFX Broker has developed unique investment programs, including asset management services, which promise annual interest rates of up to 40%.
• Retail Trading Services: The broker offers services tailored to individual retail traders, including educational resources and trading contests.
• Institutional Client Services: MFX Broker also provides institutional services, although specific details on these services are less prominent in their offerings.

　　The broker regularly updates its product offerings, responding to market demands and evolving trader needs.

4. Trading Platforms and Technology

　　MFX Broker supports the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, providing traders with robust tools for technical analysis, automated trading, and expert advisors. The platforms are available in desktop and mobile versions, allowing for flexible trading options.

　　The broker does not offer a proprietary trading platform but has customized versions of MT4 and MT5, known as MFX Trader 4. This platform includes advanced features such as automated trading capabilities, one-click trading, and a multiterminal for asset managers.

　　MFX Broker operates its trading servers in the GMT+3 time zone, ensuring that clients have access to real-time market data. The broker also provides API access for traders interested in automated trading solutions.

5. Account Types and Trading Conditions

　　MFX Broker offers several account types to accommodate different trading styles and preferences:

• Micro Account: Minimum deposit of $1, fixed spread of 2 pips on EUR/USD, and no commissions.
• Standard Account: Minimum deposit of $5, fixed spread of 2 pips on EUR/USD, and no commissions.
• ECN Account: Minimum deposit of $500, variable spread starting from 0.1 pips on EUR/USD, with a commission of $2.40 per standard lot.
• CFD Account: Minimum deposit of $500, fixed spread of 2 pips on EUR/USD, and allows trading of various CFDs.

　　Leverage offered by MFX Broker can go up to 1:1000, depending on the account type and trading instrument. The broker allows scalping and the use of expert advisors across all account types.

6. Fund Management

　　MFX Broker supports a variety of deposit methods, including bank transfers, credit/debit cards, and e-wallets such as Neteller, Skrill, and WebMoney. The minimum deposit requirement varies by account type, starting from as low as $1 for the micro account.

　　Deposit processing times are generally quick, but specific duration details are not explicitly provided. MFX Broker does not charge deposit fees, although traders should confirm with customer support regarding any potential charges from third-party payment processors.

　　Withdrawals can be made via similar methods, with processing times varying based on the chosen withdrawal method. The broker has faced criticism regarding withdrawal delays, and traders are advised to check for any withdrawal limits or fees that may apply.

7. Customer Support and Educational Resources

　　MFX Broker offers customer support through multiple channels, including phone, email, and live chat. The support team is available 24/5 and can communicate in several languages, including English, Spanish, Russian, Chinese, Indonesian, Malay, and Arabic.

　　The broker provides a range of educational resources, including webinars, tutorials, and market analysis services. Daily market analysis, news updates, and research reports are also available to assist traders in making informed decisions.

　　Trading tools such as calculators and economic calendars are provided to enhance the trading experience for clients.

8. Regional Coverage and Restrictions

　　MFX Broker primarily serves clients in Europe, Latin America, Asia, Southeast Asia, the Middle East, and Africa. The broker has established offices in key regions to support its international client base.

　　However, MFX Broker does not accept clients from the United States, as indicated in various regulatory disclosures. Additionally, the broker may have specific restrictions in certain jurisdictions, which potential clients should verify before opening an account.

　　In conclusion, while MFX Broker presents a range of trading options and services, potential clients should exercise caution due to the broker's regulatory status and the mixed reviews regarding its withdrawal processes. Always ensure thorough research and consider the risks involved before engaging with any broker, especially those with a questionable regulatory background.