MXTrade Review Video
MxTrade, managed by a Belize based company called Lau Global Services Corporation, 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.
MXTrade Reliability – Is MXTrade a scam?
Over the past few years, the number of online forex brokers appearing on the internet can be mind- boggling. While this gives potential traders a wider choice in terms of brokers to choose from, the task can also be overwhelming given the large number of brokers which they have to evaluate. And given the fact most of these brokers are new to the industry, many potential traders are primarily concerned with how reliable they are. Furthermore since most of these brokers don’t have much in terms of operational history, the job of evaluating these brokers isn’t made any easier. And this is also the case for MxTrade, an online forex broker that was only established in 2014.
Nevertheless, there are ways which one can evaluate the reliability of a new broker effectively. One way is to look at the quality of the trading platform supplied by the broker. In the case of MxTrade, the main trading platform adopted by this broker is the industry standard platform, the MetaTrader 4 or MT4 as it is commonly known in the industry. Developed by MetaQuotes Software Corp, MT4 is the most widely used trading platform in the forex trading industry. Traders love it for its user friendly interface as well as for the wide range of trading tools that comes with it. For brokers, the MT4 platform is the ideal choice as it is stable and robust. Support from the vendor is also superb hence brokers are faced with minimal downtime.
In addition to the desktop client, with the MT4 platform traders also have the choice of downloading mobile trading apps to support trading on the go. Available on both Google Play Store and Apple App Store, the MT4 mobile apps allow traders stay in touch with all the developments happening in the financial markets while they are on the move.
To further ensure that their services are excellent, MxTrade has provided their traders with access to their 24/5 customer support service. This meant regardless of the time or day, traders can always reach out to the support team to request for assistance for any problems which they have encounter with their trading activities. Access to the support team is further enhanced with the provision of the support services in several languages and on a localized level in several countries.
Finally, while MxTrade may not be regulated by the financial regulatory authorities in Europe, the broker is regulated by the Belize International Financial Services Commission. This mean MxTrade is still obligated to meet regulatory requirements which are designed to protect the interest of traders. In other words, potential traders can rest assured that MxTrade is committed towards providing their traders with safe and secure trading environment for their traders.
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.
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.
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.
- Choices of trading accounts
- Dedicated Multilingual support
- Islamic Trading Account available
- Localized Telephone support available
- Reliable trading platforms
- Expert Advisors Forbidden
- High Spreads
- No Scalping
- Not Regulated In Europe
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.