MRG Forex Broker

Information Details Company Name MGR Registered Country/Region Saint Vincent and the Grenadines Founded in Established for 2-5 years Regulation No License Tradable Instruments Forex, Commodities, US Index Trading Platforms MetaTrader4 Minimum Deposit 10$ Maximum Leverage 1:500 Account Types Basic, Sharia, Infinite and Premium Spreads From 0.8 pips Commissions Depends on account type and instrument Deposit & Withdrawal Methods Bank wire transfer, credit card deposits, Skrill, FASAPAY and Indonesian local bank BCA, BRI and Mandiri Education Not mentioned Customer Support A contact form Overview of MRG Trade MGR(Max Rich Group) is an international forex trading firm that has been operating since 2007 and is registered as a business company in the British Virgin Islands. It is important to note that MGR operates without a license, meaning it is not regulated by any recognized financial authority. MGR offers a range of tradable instruments to its clients, including Forex, Commodities, and US Index. The trading platform provided by MGR is MetaTrader4, a popular and widely used platform in the industry. The minimum deposit required to open an account with MGR is $10, providing investors with a relatively low entry point. The maximum leverage offered by the broker is 1:500, allowing traders to amplify their positions in the market. MGR offers different types of trading accounts to cater to various client needs. These account types include Basic, Sharia, Infinite, and Premium. In terms of spreads, MGR states that they start from 0.8 pips. Commissions charged by MGR are not specified and may depend on the account type and instrument being traded. MGR supports various deposit and withdrawal methods, including bank wire transfers, credit card deposits, Skrill, FASAPAY, and Indonesian local banks such as BCA, BRI, and Mandiri. Information about educational resources and customer support is not mentioned on the MGR website. It is advisable for potential clients to seek additional information or clarification from the company directly. Is MRG Trade legit or a scam？ MGR Trade is an offshore broker, registered in Saint Vincent and the Grenadines. It's important to note that Maxrich Group Limited, the company behind MRG Trade, is not subject to any regulatory oversight. This means that the broker operates without being regulated by any recognized financial authority. Operating without regulation can present potential risks for investors as there is no external oversight to ensure compliance with industry standards and protect the interests of clients. When considering investing with an offshore broker like MRG Trade, it is crucial to carefully evaluate the associated risks and conduct thorough due diligence. Regulatory oversight provides an added layer of protection for traders, so it's generally advisable to choose brokers that are regulated by reputable financial authorities. Pros & Cons MGR Trade has several notable features. It offers a wide range of trading instruments, allowing clients to diversify their portfolios. The minimum deposit requirement is relatively low, starting at $10, making it accessible for investors with limited capital. The broker also provides generous leverage options up to 1:500, which can be attractive for traders seeking higher potential returns. MGR offers four different account types to cater to various trading needs. The broker utilizes the popular MT4 trading platform, known for its user-friendly interface and extensive trading tools. However, there are several drawbacks to consider. The most significant concern is the lack of regulation, and certain account types may have swap and commission fees, which can impact trading costs. Customer support is limited, and traders can only contact its team by filling out the contact form, potentially causing delays in addressing client inquiries or concerns. It's important to carefully weigh these factors and conduct thorough research before deciding to trade with MGR or any other broker. Consideration should be given to the potential risks associated with an unregulated broker and the limitations in customer support and website accessibility. Pros Cons Wide range of trading instruments available No regulation Relatively low minimum deposit requirement of 10$ Swap & commission fees for certain account types Generous leverage up to 1:500 Limited customer support Four account types to suit different needs No 7/24 customer support MT4 trading platform Inaccessible official website Market Instruments MRG Trade platform offers three types of trading assets: currency pairs, commodities (Gold and Oil), and US stock indices (Nasdaq, S&P 500, and DOW JONES). They have 24 currency pairs available, including major and minor pairs, with attractive spreads such as EUR/USD and GBP/USD starting from 0.8 pips. The commodities have spreads starting from 0.3 pips for Gold and 0.5 pips for Oil. While the spreads are appealing, it's worth noting that MRG has a limited selection of available assets. Account Types Basic, Premium, Sharia, and Infinite accounts are available options for clients with all trading levels. The minimum deposit amount specifies the account type, with the Basic account from $10, the Premium account from $300, the Sharia account from $3,000, and the Infinite accounts from $50,000. With one account, over 29 trading products can be traded. Lets take a closer look at each account. The Basic Account has the lowest minimum deposit required which is just $10 making it a great option for new traders. Like all the other accounts, the Basic allows a minimum trading lot of 0.01, but unlike the others, the Basic account only allows a maximum of 1 lot to be traded. This account is fee-free and overnight swaps are allowed. The leverage for this account is set quite high at 1:500 and spreads are also quite high, starting at 2.5 Pips. The Sharia Account, as the name implies, is suited for clients that are of the Islamic faith. The minimum deposit required is $3,000 and the maximum number of lots that clients can trade through this account is that of 20 lots. This account comes with a commission of $20 per lot and leverage is set at 1:200. The spreads for this account are quite low at 0.8. The Infinite Account has the highest minimum deposit required which is $50,000 making it quite unreachable for a number of potential clients. The commission is slightly lower than that of the Sharia Account, $15 per lot, and one can trade a maximum of 30 lots with the Infinite account. Spreads start from 0.8, and leverage is set at 1:200. The last account MRG offer is the Premium Account which has an affordable minimum deposit of $300. For this account, the commission decreases to $10 per lot and leverage is set at 1:200. Spreads are also quite attractive for this account as they start from 0.8 Pips. Demo Account MGR Trade does offer a free demo account for those wanting to try out trading before actually opening a live account. You can find a create new demo button on multiple pages on MRGs website, and it is quite easy and fast to create a free demo account for yourself. The broker also states that demo accounts are active for 30 days from the date of opening and then they are removed. Spreads & Commissions(Trading Fees) MGR Trade offers different types of accounts with varying spreads, lot sizes, and commission fees. Here's a summary of the information: 1. Spreads: MGR Trade states that their normal dealing spreads range between 1 and 3 pips for most assets. However, there are a few exceptions like GBP/NZD, which has spreads starting from 4.5 pips, and DOW JONES, which has spreads starting from 10 pips. It's important to note that spreads can vary based on market conditions and liquidity. 2. Lot Sizes: The minimum lot size available for trading with MGR Trade is 0.01, which is referred to as a micro lot. This lot size is the same for all the account types they offer. The maximum lot size depends on the account type: the Infinite Account allows for 30 lots to be traded, the Premium Account offers 10 maximum lots, and the Sharia Account offers 20 maximum lots. 3. Commission Fees: The Basic account with MGR Trade is fee-free and does not have any commission charges. However, the other account types come with different commission fees. The Premium Account has a commission fee of $10 per 1 lot traded, the Sharia Account has a fee of $20 per 1 lot, and the Infinite Account has a fee of $15 per 1 lot. It's important to consider these commission fees when choosing the account type that suits your trading needs. 4. Swap Fees: While the Basic account is fee-free, it's worth noting that swap fees may still apply to both the Basic and Premium accounts. Swap fees are costs associated with holding positions overnight, and they can vary based on the specific instruments and market conditions. Leverage Leverage refers to the borrowing of funds to increase trading positions. MRG Trade offers high leverage options of up to 1:500, which is more than what many regulators recommend. However, it's important to note that high leverage can lead to significant gains or losses, particularly for inexperienced traders. Beginners are advised to start with lower leverage, ideally no more than 1:10. The Basic Account with MRG provides the maximum leverage of 1:500, while other accounts offer a maximum leverage of 1:200. Caution should be exercised when using high leverage to avoid substantial profits or losses. Trading Platforms MRG Trade offers the popular MetaTrader4 (MT4) platform for both desktop and mobile devices. Developed by Meta Quotes, MT4 is widely used by experienced traders due to its comprehensive charting tools, over 50 built-in indicators, and a variety of Expert Advisors (EAs). Traders can utilize pre-made trading robots or create their own to meet their specific trading requirements. With its user-friendly and customized interface, MT4 caters to both newcomers and seasoned traders. Minimum Deposit For opening an account, MRG Trade has various options. The Basic Account requires a minimum deposit of $10, making it affordable for beginners. The Infinite Account, on the other hand, requires a deposit of $50,000 or more. There is also the Premium Account with a $300 minimum deposit and the Sharia Account with a $3,000 minimum deposit. Deposit & Withdrawal When it comes to depositing funds, MRG Trade accepts bank wire transfers, credit card deposits, Skrill, FASAPAY, and Indonesian local bank transfers (BCA, BRI, and Mandiri). However, it appears that online wallets are not supported. To withdraw funds from your account, you need to submit a withdrawal form, but there is no information available about any associated fees. Educational Resources MRG Trade lacks a dedicated education section on its website. While it provides some introductory information about Forex across their website, particularly in the FAQ section, it falls short of comprehensive. Additionally, their latest news segment at the bottom of the home page focuses primarily on MRG-related updates rather than covering the broader Forex market. Customer Support When compared to other brokers, MRG is definitely lacking when it comes to Customer Service. Clients can only reach MRG by filling out a form that you can find on their Contact Us page. The broker also fails to mention their address, telephone numbers, and e-mail addresses on their website, which seems slightly suspicious. Unfortunately, the option of live chat is also unavailable for clients which can be frustrating for those with urgent issues they would need to discuss with the brokerage. Conclusion MRG Trade offers a selection of accounts to their clients with very low minimum deposits of $10, and average to low spreads, but there are some fees associated with a number of their accounts. Its inaccessible website, along with the less than impressive customer service we experienced leave quite a bit to be suspicious with this broker. Trading leveraged products such as forex, cryptocurrencies, and derivatives may not be suitable for all investors as they carry a high degree of risk to your capital. Please ensure that you fully understand the risks involved, taking into account your investment objectives and level of experience. FAQ(Frequently Asked Questions) Q: What trading instruments can I trade with on MRG Trade？ A: MRG Trade offers access to Currency Pairs, Commodities, and US Stock. Q: What is the minimum deposit required by MRG Trade？ A: The minimum deposit for a standard account is $10. Q: What is the maximum leverage available？ A: The maximum trading leverage that is available on the MRG Trade platform is up to 1:500. Q: What account types does MGR offer traders？ A: Basic, Premium, Sharia, and Infinite accounts are available options for clients with all trading levels.