MPLUSFX Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
Business
License
VFSC Revoked 
No matter how many documents you submit, they won't bother verifying your account. With all my dealings with local brokers, this was by far the worst experience I've ever had thanks to them. Avoid it at all costs.
MplusFX is a forex broker that has garnered mixed reviews since its establishment in 2015. While it offers a low minimum deposit and a variety of trading instruments, it has also faced scrutiny for its lack of regulation and limited educational resources. This review will delve into the broker's features, user experiences, and expert opinions to provide a comprehensive overview.
Note: The regulatory landscape for MplusFX is complex, as it operates under different entities in various regions. This review aims to present a balanced view based on available information and user experiences.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 3 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 5 |
We evaluate brokers based on a combination of user feedback, expert analysis, and factual data.
Founded in 2015 and headquartered in Limassol, Cyprus, MplusFX positions itself as a forex and CFD broker catering to a global audience. The broker primarily utilizes the popular MetaTrader 4 (MT4) platform, known for its user-friendly interface and extensive trading tools. MplusFX offers a range of trading instruments, including over 30 currency pairs, commodities, and precious metals. However, it lacks robust regulatory oversight, raising concerns about its trustworthiness.
MplusFX claims to have been regulated by the Vanuatu Financial Services Commission (VFSC), but this license has been revoked, leading to questions about its legitimacy and safety for traders. This lack of regulation is a significant red flag for potential investors, as unregulated brokers may not adhere to industry standards or protect client funds adequately.
MplusFX accepts deposits in USD and EUR, with various payment methods including bank transfers, e-payments, and cryptocurrencies like Tether (USDT). The minimum deposit requirement is notably low at $10, which may appeal to novice traders. Withdrawals can also be processed through the same methods, but a minimum withdrawal amount of $10 applies.
MplusFX offers a double bonus promotion, providing a 30% credit on the first deposit up to $1,000 and a 10% credit on the second deposit. These bonuses can enhance trading capital, but users should be cautious about the terms and conditions associated with withdrawing bonus funds.
The broker provides access to various asset classes, including 30+ currency pairs, precious metals like gold and silver, and CFDs on indices and commodities. However, it does not offer cryptocurrencies, which may limit options for traders looking to diversify their portfolios.
MplusFX advertises spreads starting at 1.5 pips for their standard account, with no additional commissions on trades. This competitive pricing may attract traders; however, some user reviews indicate that actual spreads can be higher during volatile market conditions.
MplusFX offers a maximum leverage of 1:100, which is relatively conservative compared to some competitors that provide leverage up to 1:500. While higher leverage can amplify profits, it also increases risk, making MplusFX's approach more cautious.
The broker exclusively uses the MetaTrader 4 platform, which is available on desktop and mobile devices. While MT4 is widely regarded as a reliable trading platform, the lack of additional options may limit flexibility for some traders.
MplusFX does not accept clients from several countries, including the United States, Canada, and Israel. This restriction may limit its market reach and appeal to international traders.
Customer support is available in English, with options to reach out via email or phone. However, the lack of specified customer service hours may lead to delays in response times, which could be a concern for traders needing immediate assistance.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 6 |
| Tools and Resources | 3 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 2 |
| User Experience | 5 |
Account Conditions (6/10): MplusFX offers a low minimum deposit, which is appealing for beginners. However, the lack of a demo account and limited account types may deter more experienced traders.
Tools and Resources (3/10): The absence of educational materials and research tools is a significant drawback. While MT4 provides some analytical capabilities, traders may find themselves lacking essential resources for informed decision-making.
Customer Service and Support (4/10): Although support is available through various channels, the lack of specified hours and limited language options may hinder effective communication.
Trading Setup (Experience) (5/10): The MT4 platform is user-friendly, but the absence of additional trading platforms may limit options for those seeking diverse trading experiences.
Trustworthiness (2/10): The revocation of MplusFX's regulatory license raises serious concerns about its credibility. Unregulated brokers pose higher risks to traders, making this a critical factor for potential clients.
User Experience (5/10): Overall user experiences are mixed, with some praising the low fees and withdrawal policies, while others report issues with fund withdrawals and customer service.
In conclusion, while MplusFX presents some attractive features such as low deposit requirements and competitive spreads, the lack of regulation and educational resources poses significant risks. Potential traders should weigh these factors carefully before engaging with the broker. For those seeking a regulated and comprehensive trading environment, it may be prudent to explore alternative options.
