Mirrox Forex Broker

Mirrox Review Summary Founded2005 Registered Country/RegionComoros RegulationNo regulation Market InstrumentsForex, stocks, commodities, indices, cryptocurrencies Demo Account✅ LeverageUp to 1:400 SpreadFrom 0.9 pips Trading PlatformMirrox mobile/web Minimum DepositUSD 250 Customer SupportContact form, Live chat TEL: +447701426264 Email: support@mirrox.com Registered Address: P.B. 1257 Bonovo Road, Fomboni, Comoros, KM Restricted AreasEuropean Union, UAE, GCC countriesMirrox Information Mirrox is a brokerage company registered in Comoros and offers more than 160 trading instruments for trading. These include forex, stocks, metals, indices and cryptocurrencies. The broker provides a demo account for practicing before actual trading and 5 tiered live accounts for different client groups. To protect customer funds, Mirrox implements segregated accounts to separate client assets from operational funds. However, the broker charges a series of trading fees and inactivity fees, which is the most sensitive points for traders. Furthermore, the broker is not being well-regulated by any official authorities so far, which further degrades its credibility and trustworthiness.Pros and Cons ProsCons Demo accounts availableNo regulation Tiered accountsInactivity fees charged 24/7 multilingual supportNo MT4/5 platforms Fund segregationHigh minimum depositIs Mirrox Legit? The most important factor in measuring the safety of a brokerage platform is whether it is formally regulated. Mirrox is an unregulated broker, which means that the safety of users' funds and trading activities are not effectively protected. Investors should choose Mirrox with caution.What Can I Trade on Mirrox? Mirrox offers 160+ trading instruments: Tradable InstrumentsSupported Forex✔ Stocks✔ Commodities✔ Indices✔ Cryptocurrencies✔ Bonds❌ Options❌ ETFs❌Account Type & Spread To start with Mirrox, you are suggested to start with a free demo account with virtual money to practice and get familiar with the platform first due to high minimum deposit at USD 250 with live accounts. There are 5 tiered accounts with varying starting spreads, namely Classic, Silver, Gold, Platinum and VIP. The higher level the account is, the tighter the spread will be. Account TypeMinimum DepositSpread from ClassicUSD 2502.5 pips Silver Gold1.8 pips Platinum1.4 pips VIP0.9 pipsLeverage Mirrox offers leverage up to 1:400 for all account types.It's always wise to be cautious with leverage since it's a double-edge word which signifies your profits as well as losses at the same level.Trading Platform Mirrox offers a proprietary trading platform which can be downloaded on mobile phones via Firebase App Distribution. Traders can also access the platform via web, which has no limitation for devices to traders. The platform is said to have customizable interface, as well as precise visual analytics and extensive trading tools to enable traders to make data-driven decisions. Trading PlatformSupportedAvailable DevicesSuitable for Mirrox✔Mobile/Web/ MT4❌/Beginners MT5❌/Experienced tradersDeposit and Withdrawal You can deposit funds via credit/debit cards, wire transfers, and various alternative payment methods with this broker. For deposits, you need to transfer at least USD 250 into your accounts, while for withdrawals, the minimum amount is 10 USD for credit cards and 100 USD for wire transfers. For e-wallets, any amount covering the fee is acceptable. Withdrawals typically take 8 to 10 business days, depending on your banks processing time. FeeConditionFee/Details Withdrawal FeeFirst withdrawal (fully verified + at least one trade opened)❌ First withdrawal (Not fully verified OR no trades opened)10 USD (or equivalent) Subsequent withdrawals (Credit Card, Debit Card, Prepaid Card, E-wallets)3.5% of the amount Subsequent withdrawals (Wire Transfer)30 USD (or equivalent)Fees To ensure you understand your trading costs in advance, communicate with the broker for all the details or visit https://ww0.mirrox.com/wp-content/uploads/2024/06/General-Fees.pdf FeeConditionFee Inactivity/Dormancy Fee0–1 month❌ 1–2 months100 USD (or equivalent) per month 2–6 months250 USD (or equivalent) per month 6–12 months500 USD (or equivalent) per month Over 12 monthsAccount classified as dormant and archived Maintenance FeeMonthly maintenance fee10 USD (or equivalent) Financing FeeAny financing❌