Brokers
mxtrade
Min. Deposit: $250
Regulated By:IFSC
Headquarters:Belize
4.30
Based on 10 User Reviews

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MXTrade Review Video

 

MXTrade screenshot 1

Managed by a Belize based company called Lau Global Services Corporation, MxTrade is a leading online forex and CFD broker that was established in 2014. Using the latest available technology, MxTrade offer traders from more than 140 different countries a safe and secured environment for which to conduct their trading activities. Established by a team of financial market  experts with a collective experience of more than 50 years in the currencies market, MxTrade tries to ensure that its clients will receive the best possible trading conditions and customer support services rendered by the company so they can achieve success with their online trading activities.

Trading Platforms

MXTrade screenshot 2

In order to provide their traders with a reliable trading platform, MxTrade only uses proven technology and this is why the MetaTrader 4 (MT4) is the mainstay of their platform. The MT4 trading platform has been proven reliable and efficient, it is also user friendly and extremely robust. Traders can access a whole range of technical indicators as well as a comprehensive charting package to help them with their market analysis. As such it is not surprising to find MT4 trading platform being the most widely used trading platform in the forex trading industry today. Apart from the desktop version, the MT4 platform is also available as mobile trading apps for iOS and Android devices. Finally for traders who just want to trade straight off the internet, MxTrade has also made available the SIRIX powered WebTrader. The WebTrader doesn’t require any software download and installation to operate and is as powerful as the MT4 platform.

Account Types

To make online trading more accessible, MxTrade has provided 4 different types of trading accounts for their traders to choose from. They consist of:

  • Beginner Trading Account (Min $250)
  • Silver Trading Account (Min $5000)
  • Gold Trading Account ($20,000)
  • Platinum Trading Account ($100,000)

 

For potential traders who are not willing to commit any money yet, they can always sign up for a demo account first with MxTrade. The practice account comes with $100,000 virtual cash and uses real time charts and quotes. Swap free Islamic trading account is also available for traders who want to trade forex according to Islamic “No Riba” policy.

Commission & Spreads

The cost of trading is always a major area of concerns for online traders. Understanding that this is one of the key criteria for the selection of a broker, MxTrade tries to provide its traders with some of the most competitive spreads in the industry for their trading clients. For example, Silver trading account holders will get to enjoy spreads as low as 2 pips while Platinum account holders can enjoy spreads as low as 1 pip.

Customer Support

The customer support services at MxTrade are available to traders on a 24/5 basis. And to minimize the risk of miscommunication, the support services are also provided in Arabic, Japanese, Italian and Russian. Traders can always reach out the support team as MxTrade has provided several communication methods such as email, live chat, Skype and the telephone.

Pros

  • Choices of trading accounts
  • Dedicated Multilingual support
  • Islamic Trading Account available
  • Localized Telephone support available
  • Reliable trading platforms

 

Cons

  • Expert Advisors Forbidden
  • High Spreads
  • No Scalping
  • Not Regulated In Europe

 

Conclusion

Overall, the quality of the services offered by MxTrade is decent. The different types of trading platforms and trading accounts available help to ensure that differing trading needs are being met. They also make it quite affordable to open a live trading account with them as the minimum initial deposit requirement is just $250.  And with their 100% deposit bonus promotion for the first timer account holders’ at MxTrade, they certainly provide value for your money.

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