Mex Exchange Review
Mex Exchange is a forex broker that offers two types of accounts: Classic and ECN. There is also a demo account, with $100 000 in virtual funds and a leverage of up to 1:500.
Mex Exchange also offers two types of MEX Account Manager (MAM) and the Percent Allocation Management Module (PAMM) that allow trading on multiple trading accounts and the use of Expert Advisors.
The broker provides VPS service, as well. The tradable asset portfolio includes over 30 forex pairs, plus metals, CFDs on selected equity (Facebook, Apple, Twitter, Baidu, Alibaba, etc.), spot commodity (oil), commodity and index futures.
The Company. Security of Funds
Company Country Regulation
Mex Australia Australia ASIC
Mex Exchange is a forex broker based in Australia. It is owned by the company Mex Australia, which is properly registered and regulated by the Australian Securities & Investments Commission (ASIC). Our check revealed that the AFSL number of the company 416279 corresponds to that of retail over-the-counter (OTC) derivative issuer Ikon (Australia) Pty Ltd. The ASIC database revealed that “Ikon” is indeed the former name of Mex Australia.
Ikon has been in trouble with the ASIC earlier this year and eventually agreed to separate the funds of its overseas clients from those of its Australian clients. In the summer Ikon MultiGroup Bank, which was the full name of the Hong Kong-based company announced it is rebranding as MultiBank Exchange Group (MEX Group) and the Australian subsidiary became Mex Exchange.
ASIC is a reputable regulator with strict rules and oversight, which means that Mex Exchange is most likely a proper forex broker, much like its Australian peers AxiTrader and Invast Global and some of the major global players like Forex.com, FXCM, Oanda and XM.
Minimum initial deposit
According to representatives of the broker, Mex Exchange currently does not impose a minimum deposit requirement, which is somewhat unusual. Ordinarily the brokers have such requirement, even a rather symbolic one, like FXTM, which has a 5 EUR/USD/GBP requirement. Others, like FxPro have a $100 requirement.
Spreads & Commissions
Mex Exchange offers spreads starting from 0.2 pips and an average spread of 0.9 pips for the EUR/USD pair. Having in mind the rather tight spread, charging an additional commission is reasonable and the USD 7 commission per lot Mex Exchange charges is not too high.
Charging a commission is a standard practice for broker who offer tighter spreads like Grand Capital, which charges $5 on its ECN account where the spread is 0.4 pips.
Mex Exchange offers leverage of up to 1:500 for forex and 1:250 for metals. The 1:500 is rather high and risky, especially for inexperienced traders, but so far there is no regulatory limit on the size of leverage the brokers in Australia can offer their clients.
The Australian subsidiary of Forex.com, for example, offers maximum leverage of 1:200.
Mex Exchange offers trading on the popular platform MetaTrader 4 (MT4). The platform was developed and released by MetaQuotes Software back in 2005, but to this day is used by many brokers like FXChoice, FXPro, FXCM, etc. One of the main reasons for its popularity is that it is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.
Methods of payment
Mex Exchange accepts client deposits through bank wire, Visa and MasterCard credit cards and the online payment systems Neteller, Skrill, FasaPay and China UnionPay. Those options are fairly standard and are offered by most forex brokers.
At first sight Mex Exchange appears to be a well-regulated and reputable broker. It is somewhat odd that the important information about trading conditions like leverage, commissions, minimum deposits, etc. is either scattered all over the website, or is not available at all and one has to contact the support office and be persistent. This, frankly, is not very user-friendly. Another somewhat disquieting fact is the troubles the broker has had with the Australian regulator and the rebranding that followed shortly thereafter.
On another hand, the broker is regulated by the ASIC – a watchdog that has a reputation for keeping a close eye on the goings-on with its wards.
Mex Exchange Review Conclusion
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