MTFX Forex Broker

MTFXReview SummaryFounded2011Registered Country/RegionUKRegulationCYSEC (Suspicious Clone)Market InstrumentsCurrencies, CFDs, metals, stocks, indicesDemo Account✅LeverageUp to 1:500SpreadFrom 1 pipsTrading PlatformMT4, MTFX APPMinimum Deposit$0Bonus✅Customer Support24/5 support, live chatEmail: support@megatraderfx.comSocial media: Twitter, FacebookRegional RestrictionsUS MTFX was registered in 2011 in the UK, specializing in currencies, CFDs, metals, stocks, and indices markets. It offers three types of accounts, among which the Micro Account does not require minimum deposit and the maximum leverage can be 1:500. Bonuses and demo accounts are also offered. However, it holds a suspicious clone license, and it does not provide services to US residents.Pros and ConsPros Cons Low minimum depositSuspicious clone licenseTight spreadsRegional restrictionsMT4 supportedDemo account and Islamic accountNo commission feesPromotion and bonus offeredLong operation timeIs MTFX Legit? No, MTFX holds a suspicious clone license. Traders should be cautious and be aware of the potential risks!Regulated AuthorityCurrent StatusRegulated CountryLicense TypeLicense No.Cyprus Securities and Exchange Commission (CYSEC)Suspicious CloneCyprusMarket Maker (MM)120/10What Can I Trade on MTFX? MTFX provides several types of products, including currencies, CFDs, metals, stocks, and indices.Tradable Instruments Supported Currencies✔CFDs✔Metals✔Indices✔Stocks✔Cryptos❌Bonds❌Options❌ETFs❌Account Type & Fees MTFX provides three types of accounts: Micro, Standard, Executive Account. Besides, demo accounts and Islamic accounts are also available. More importantly, it does not charge any commission fees.Account TypeMinimum DepositMaximum LeverageSpreadCommissionDeposit CurrenciesMicro❌1:500From 1 pips❌USD, EUR, GBP, JPY, CHF, AUDStandard$3,0001:200❌Executive$100,0001:100❌Leverage The leverage ranges from 1:1 to 1:500. Traders need to consider carefully before investing, since high leverage is likely to bring high potential risks.Trading Platform MTFX uses MT4 and mobile APP as its trading platforms. MT4 is a commonly used platform, which is suitable for beginners. Its mobile trading APP can be used on iPhone, Blackberry, and Android devices.Trading PlatformSupported Available Devices Suitable forMT4✔PC, web, mobile, macBeginnersMTFX APP✔Mobile (iPhone, Blackberry, Android)/MT5❌/Experienced tradersDeposit and Withdrawal MTFX supports several types of payment options, such as VISA, Neteller, Mastercard and so on. However, other details such as the processing time and minimum withdrawal are not clear.Bonus MTFX offers two types of bonuses: 20% welcome bonus and 10% loyalty bonus. As long as traders open a new account, they can receive the welcome bonus. As to the loyalty bonus, it can be applied to all redeposits.