MTrade Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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At first, the consultant is obliging and keep telling me my profit and asking me to deposit. I wanna withdraw funds after a period of time. Then the staff was gone. My application for withdrawal was cancelled at the same time without a notice. What's worse, the phone of the platform is disabled.
Mtrade has emerged as a controversial player in the forex brokerage landscape, with mixed reviews highlighting both potential benefits and significant risks. While the platform offers access to popular trading tools like MetaTrader 4 and a variety of asset classes, concerns regarding its regulatory status and user experiences raise red flags for prospective traders.
Note: It is essential to recognize that Mtrade operates through different entities across regions, which can impact regulatory compliance and user experience. This review aims to provide a fair and accurate assessment based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
How We Score Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the broker's offerings.
Founded in 2012, Mtrade has positioned itself as an online broker providing access to a range of financial instruments, including forex, CFDs, commodities, and cryptocurrencies. The platform primarily utilizes the widely recognized MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and advanced trading capabilities. However, Mtrade's regulatory status remains a significant concern, as it is registered in Saint Vincent and the Grenadines, a jurisdiction known for its lax regulatory framework. This lack of oversight raises questions about the safety and protection of traders' funds.
Mtrade is registered under the Financial Services Authority of Saint Vincent and the Grenadines, but it does not hold a valid forex trading license. This lack of regulation means traders may have limited recourse in the event of disputes or issues with the broker. Furthermore, Mtrade is not available for residents of the United States, United Kingdom, or European Union countries due to stringent regulatory requirements.
Mtrade offers a variety of funding options, including credit/debit cards, bank transfers, and popular e-wallets like Neteller and Skrill. However, users have reported delays and complications during the withdrawal process, which is a common issue with many unregulated brokers. The minimum deposit requirement varies by account type, starting from as low as $10 for the M.Cent account.
Mtrade provides several promotional offers, including a welcome bonus of up to 200% on deposits and a deposit rewards program. While these bonuses can enhance trading capital, they often come with stringent trading requirements that can be challenging for new traders to navigate.
Mtrade allows trading in a range of asset classes, including 38 currency pairs, various commodities, indices, and cryptocurrencies. However, the selection may not be as extensive as that offered by more established brokers, and the absence of real asset ownership (only CFDs are available) can be a drawback for some traders.
Mtrade operates on a commission-free model for most accounts, relying on spreads to generate revenue. The spreads can vary significantly based on market conditions and account type, with the M.Pro account offering tighter spreads at a cost of $4 per standard lot traded. Users should also be aware of the high inactivity fee of $50, which can impact less active traders.
Mtrade offers maximum leverage of up to 1:1000, which can amplify both potential profits and losses. While high leverage can be attractive for experienced traders, it also increases the risk of significant losses, particularly for those who are less experienced.
Mtrade primarily provides access to the MetaTrader 4 platform, which is favored for its advanced charting tools and automated trading capabilities. Additionally, Mtrade has developed a proprietary mobile application to facilitate trading on the go, although some users have reported limitations compared to the desktop version.
Mtrade is not permitted to operate in several jurisdictions, including the United States, the United Kingdom, and the European Union, due to regulatory restrictions. This limitation may affect traders seeking to engage with a broker that complies with stringent regulatory standards.
Mtrade offers limited customer support options, primarily through a live chat feature and an FAQ section. However, many users have expressed dissatisfaction with the responsiveness and availability of support, indicating a need for improvement in this area.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Setup (Experience) | 5 |
| Trustworthiness | 3 |
| User Experience | 4 |
Account Conditions (5/10): Mtrade offers a variety of account types with low minimum deposits, but the lack of regulatory oversight raises concerns about fund safety.
Tools and Resources (6/10): The platform provides access to MT4 and a range of educational materials, but the absence of live webinars or extensive training resources is a drawback.
Customer Service and Support (4/10): Limited support options and reported delays in response times negatively impact user experience.
Trading Setup (5/10): While the platform is user-friendly, the high leverage and commission structure may not suit all traders, particularly those who are less experienced.
Trustworthiness (3/10): The unregulated nature of Mtrade and reports of withdrawal issues significantly undermine its credibility.
User Experience (4/10): Overall user feedback indicates a mixed experience, with some appreciating the trading tools while others express frustration with customer support.
In conclusion, Mtrade presents a mixed bag for potential traders. While it offers a range of trading tools and asset classes, the lack of regulation, coupled with user complaints about withdrawal processes and customer support, raises significant concerns. Prospective traders should exercise caution and consider alternative brokers with stronger regulatory frameworks and better user experiences.
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