Investor Protection & Regulations
“Merit Forex is licensed by the VFSC in the republic of Vanuatu. All clients are verified using KYC procedures. Both the trading environment and the website are protected using SSL technology.
Merit Forex Ltd is owned and operated by Merit Financial services Ltd which is an international company limited by shares and incorporated in the Republic of Vanuatu. It is licensed by the Vanuatu Financial Services Commission (VFSC). The company registration number is 14787.
The company provides trader protection using a number of means. First, there is the protection of the website using Secured Socket Layer (SSL) technology. The SSL encrypts user data before it is transmitted over the internet. This protects sensitive user data which is entered on the site by users, from the prying eyes of online hackers.
All new clients are verified using KYC procedures which involves a ‘proof of address’ and ‘proof of identity’. This is in line with the company policy in order to prevent anonymous clients who might engage in fraudulent activities.
“Merit Forex broker offers 49 currencies pairs, 3 CFDs, 9 metals, 12 indices, 2 commodities and 4 cryptocurrencies”
Here is a summary of the instruments currently offered by Merit Forex broker:
||Number of Instruments
“The Standard, Gold, VIP and EA robot are the account types available to clients of Merit Forex brokers. The minimum deposits required are $250, $1000, $10000 and $500 respectively.”
- Standard account: This account is designed for beginner traders with limited capital. The minimum opening balance is $250 and the maximum leverage is 1:400. The spread starts from 1.5 pips and the minimum tradable volume is 0.01lots.
- Gold account: This account is best for experienced traders. The minimum deposit is $1,000 and the maximum leverage is 1:200. Copy trading and the provision of one billion signals are benefits that gold account holders enjoy. The minimum tradable volume is 0.1 lots while the spread starts from 1 pip.
- VIP account: This is the premium account type designed for professional traders. The minimum opening capital is $10,000. Spreads starts from 0.4 pips but commissions are charged per trade. The maximum leverage is 1:100 and the minimum tradable volume is 0.5 lots.
- EA Robot: This is an account in which forex robots are used for trading. The spread starts from 1.5pips and the minimum tradable volume is 0.01 lots. Leverage is available on request. The minimum opening balance is $500.
Islamic account is available on request. This account is specially created for Muslims who are not permitted by their faith to receive interest payments. So, Islamic accounts do not incur rollover charges when positions remain open overnight.
Demo accounts are available at no cost to the trader. It is a practice account that simulates the entire trading process. The demo account is preloaded with virtual money (up to $50,000) which can be used for learning and practice purposes.
To open an account, click on the “Real account” button on the footer section of the website. Three steps are required to complete the registration.
Phone or email verification: Fill in your phone number and a code is sent to the number. Input the code into the website. Then, choose a platform; the MT4 or MT5.
Next, fill the form with personal details and submit. If successful, login with the email and password you just chose. You are logged into the clients’ area.
From the clients’ area, the desired trading platform can be downloaded. The process of downloading and installing the MT4 and MT5 is very similar. Click on the downloaded executable file and follow the instructions on the screen.
Choose the demo or real server as you desire.
Login with the account number and password receive through email to access the platform.
Merit Forex does not accept traders from the USA.
Deposit & Withdrawals Options
“The card payment methods accepted on Merit Forex are VISA, Maestro and MasterCard. Neteller and Skrill are the mobile wallets accepted. Bank wire transfers and Bitcoin can also be used to fund or withdraw from a Merit Forex trading account.”
Merit Forex does not allow third party fund transfers. Funds can only be received to and from a bank account with the same name as the name on the trading account. The broker does not charge any deposit or withdrawal fees, but the issuing bank or payment processor may charge a commission.
The following payment options are accepted:
Credit/debit cards: The cards accepted are Visa, Maestro and Mastercard. The minimum deposit is $250. Card deposits are instantly processed but withdrawals take 1-5 business days to process. Merit Forex requires the payment card to be used to be verified before it can be used. The client must upload the front and back pictures of the card while covering sensitive information.
Skrill/Neteller: e-wallet deposits are instantly processed while the withdrawals are processed 1-5 business days. The minimum deposit is $250.
Bank transfers: The minimum deposit is $1000 and it takes 3-5 business days to complete the transaction.
Bitcoin: This method is accepted for clients who own Bitcoins in digital wallets. Deposits are confirmed within 15 minutes while withdrawals take up to a day. If you wish to use this method but has no Bitcoins, Merit Forex provides links which take clients to www.cex.io where Bitcoins can be bought with fiat currencies.
All deposits received immediately reflect in the client’s trading account. As at the time of writing, it is impossible to state whether there have been reports of missing funds or non-fulfilment of withdrawal requests by Merit Forex.
Web & Desktop Trading Platforms
“The MT4 and the MT5 are the trading platforms provided for Merit Forex clients. They are available as WebTrader platforms, Windows/Mac desktop applications and mobile apps.”
The platforms on offer are the MT4 and the MT5 trading platforms. The platforms are available as WebTrader, desktop applications and mobile trading platforms.
The Merit Forex WebTrader allows a trader to access the MetaTrader platforms via a web browser. The major advantage is that no downloads are required and it runs on all operating systems. To access the Merit Forex WebTrader, click on the link provided on the website. Choose either the MT4 or the MT5 and login to commence trading.
The MT4 is most popular trading software used by Forex/CFD traders. It was launched by MetaQuotes Software Corporation in 2005. MetaQuotes is a Russian software company with headquarters in Cyprus. In 2010, they launched the MT5 to replace the existing MT4. The MT5 was designed to extend all the features of the MT4. Merit Forex provide both the MT4 and the MT5 as downloadable desktop applications for windows and MAC operating systems. The link to download each platform is available on the website. Both platforms look almost exactly the same, so, we will look at them together.
Here are some of the features of the MT4 and the MT5:
- The ‘Market Watch’ lists all the tradable assets as well as their quotes in real time. It can be customized to show only assets of interest.
- Both platforms support the deployment of Expert advisors (EAs) which automates forex trading. They also support extensions via plugin applications which add more features to the platform.
- Orders can be placed instantly or at later time based on market prices. The MT4 has 4 pending orders while the MT5 has 6 pending orders. All orders can be modified or closed at the trader’s behest.
- The platform shows real-time charts on different timeframes. MT4 has 9 timeframes while the MT5 has 21 timeframes; all from 1 minute to 1 month. 3 chart types are available: line, bar and candles.
- The MT4 has 30 inbuilt indicators while the MT5 has 38. Both platforms have analytical and drawing tools. MT4 has 24 while MT5 has 44. These are very important for technical analysis.
Mobile Trading Platforms
“The MT4 and the MT5 mobile apps can be downloaded and installed on iOS and android devices. The apps can be used to monitor prices, place trades, perform technical analysis, etc.”
The available MT4 and MT5 trading platforms have mobile apps developed for iOS and android devices. The apps can be downloaded from the respective Apple and Android stores. Both the MT4 and the MT5 apps have similar user interface. It is simple and easy to operate. The apps integrate with the desktop and WebTrader versions seamlessly.
Here are some of the features of the MT4/MT5 mobile apps:
- The apps can be used for trading on the go. Trades can be opened, monitored, adjusted and closed from the apps. Risk management using ‘Take Profit’ and ‘Stop Loss’ are supported.
- The ‘Quotes’ tab is used to monitor live ‘Bid and Ask’ prices of the trading instruments. It can be customized to always display the trader’s favourite assets.
- Charting is supported by the apps. 3 chart styles can be displayed on 9 timeframes on both the MT4 and MT5 apps.
- Technical analysis using the charts, indicators and drawing tools is supported and can be performed directly on the charts. Both the MT4 and MT5 apps have 30 inbuilt technical indicators.
- The ‘trade’ tab is used to monitor all trades in progress and give real-time account balances. Trade history can also be viewed from the apps.
“Merit Forex offers the ‘One Billion Signals’ and Copy trading services to all clients who wish to opt in.”
One Billion Signals:
Merit Forex has partnered with this company to provide the one Billion signal service. This service provides clients with trading orders, trading ideas, strategies and educational materials. Gold and VIP account holders receive these services at no extra cost while other clients have to pay for the services if they desire it.
Copy-trading enables beginners and experienced traders to trade in the financial markets by having their trades executed by a proven trading algorithm or by following trades of professional traders with proven track records. Merit Forex offers automated and manual copy trading functions on both the MT4 and MT5 trading platforms. Clients who are interested need to fill a form to apply for this service.
Commissions & Spreads
“Merit Forex charge commissions and also charge from the spread. This depends on the account type. The spreads are not fixed.”
Bonus & Promotions
“Merit Forex Clients are rewarded with several promotions that available under this broker, Including referral, trading and cashback bonuses”
Merit Forex clients are rewarded in several ways depending on their needs. They can receive a bonus when they refer friends and relatives to the Merit Forex broker network. The bonus is 50% of the referred friend’s initial deposit. In adittion, Merit Forex clients can receive 50% trading bonus on their initial deposit in order to boost their initial trading capital or they can request from a representative of Merit Forex to receive a 10% Cashback bonus on their trading.
“The customer support is available 24/5. You can chat with them on the web and on Skype. They can also be reached on phone, email and on social media.”
The following support channels are available:
• Skype: This is used for calls and chats. The id is ‘meritforex’.• Email: firstname.lastname@example.org or email@example.com• Contact us form: This form is designed for website visitors. It can be used to ask a quick question or request a call back.
• Web Chat: This feature can be accessed from every webpage of the website.
• Social Media: The available channels are:
- YouTube.com/merit forex
The chat assistants are not available at nights. When available, they are fast and efficient. It took less than a minute for an attendant to join the chat room when we initiated a chat session. The support is available in English, Russian and German.
“The weekly outlook, market notes, market news and US non-farm payrolls analysis are updated daily on the website.”
This is a weekly technical analysis presented for some selected instruments. It gives traders a weekly insight of what assets to look out for within the week. It is quite in-depth and well worth checking out.
These are notes taken from the market values of an asset. It gives the support and resistant levels as well as the prediction. It is made up of just one paragraph and comes up every market day for different instruments.
The daily market news and headlines is regularly updated on the website. They are more inotifications than in depth news.
US Non-farm payrolls:
Non-Farm Payrolls track the change in the number of jobs added or lost in the US economy over the last month. It is published by the US Department of Labor every month. The Merit Forex Non-farm payrolls capture the market expectations from the monthly releases. It looks at the likely instruments affected, the technical analysis and the support and resistance levels.
“Merit Forex provides educational one-on-one sessions with a professional mentor based on clients’ needs and level of knowledge. Also, educational materials can be found through some nice forex/CFD training articles and a glossary on the website.”
There are 15 articles under this section. The articles are aimed at introducing a beginner to the world of forex trading. The topics cover the forex and stock markets, orders, financial instruments and technical analysis. The articles are written with clear illustrations and charts.
A glossary of trading terms and their definitions are available on the Merit Forex website. Over 130 terms are featured in the glossary.
“Merit Forex brokerage services are appropriate for beginner and intermediate traders due to their demo account, and training articles.”
Merit Forex provides a demo account and works with the MT4 and MT5 platforms. These platforms are very popular because of their extensive features and capabilities. This means they are suited to both newbies and advanced traders. Newbies can try trading without committing real funds and more experienced traders can test out the brokers product and also test out their trading strategies before committing their own capital.
New traders can start learning with the training articles provided on the website. The articles are clear and concise and are a good foundation tool. Standard account holders are assigned a personal mentor who also assists with training and training materials. Newbies can also benefit from the Copy trading services as well as the ‘One Billion signal’ services.
Intermediate traders have everything it takes for them to excel in their trading endeavours. The MetaTrader platforms allow a wide variety of trading styles and strategies. Traders can follow the analysis, news and weekly insights on the website. The signal service and copy trading services are also valuable to intermediate traders.
Expert traders require more complex analytical resources, powerful Virtual Private Servers (VPS) and complicated trading strategies and systems. Most of them will find the Merit Forex broker services insufficient for their complex styles.
Here are some of the “Frequently Asked Questions” about Merit Forex brokers:
Where is Merit Forex brokers based?
Merit Forex brokerage is based in the Republic of Vanuatu.
How does Merit Forex make money?
Merit Forex make money by charging from the spread and also commissions from clients’ trades.
How do I deposit in Merit Forex broker account?
You can deposit money via bank transfers, Neteller, Skrill, Bitcoin and credit/debit cards like Visa, Maestro and Mastercard.
What is the min. deposit for Merit Forex?
The minimum deposit is $250.
What is the maximum leverage in Merit Forex?
The maximum leverage is 1:400.
How do I open an account with Merit Forex?
Click on the ‘Real account’ button found on the footer part of the website. Then, fill the forms that display.
Does Merit Forex use MetaTrader?
Yes, the MT4 and the MT5 are the only platforms offered.
“Merit Forex provides access to trade over 70 instruments on the MT4 and MT5 platforms The regulatory status of this broker may prove to be a limiting factor as offshore regulators tend to be looked at with a suspicion by a large percentage of the trading community in the UK and EU. ”
Merit Forex is a brokerage located in the island nation of Vanuatu. Merit Forex provides access to trade over 70 instruments on the MT4 and MT5 platforms. The brand offers swift executions of client orders which are made possible by partnership with various liquidity providers.
The account types are designed to cater for the needs of beginner and intermediate level traders. Expert traders will find the resources provided to be insufficient for their requirements. The brand also provides copy trading services and signal services courtesy of the partnership with ‘One Billion Signals’.
Training materials are provided on the website and MeritForex also provides personal educational one-on-one sessions with a professional mentor based on clients’ needs and level of knowledge. Daily news and analysis are also provided. Further training can be received from the mentor assigned to every client. Daily news and analysis are also provided.
However, the regulatory status of this broker is a limiting factor as offshore regulators tend to be looked at with a suspicion by a large percentage of the trading community in the UK and EU, but accepted by traders elsewhere.
Here are some of the advantages of working with Merit Forex:
- The spreads and charges are competitive when compared to other brokers.
- Every client gets a dedicated account manager ensuring quick access to support.
- The broker provides access to trade on modern platforms and mobile devices.
- Clients can benefit from copy trading service and make profits without expert knowledge.
- Educational content, analysis and market news are provided by the broker.