MXTrade has four types of live trading accounts, plus a swap-free Islamic account and a free demo account for testing purposes. The Islamic account has otherwise regular trading conditions, with no extra commissions.
The broker offers trading in around 50 forex pairs – major, minor and some exotics, and more than 200 other instruments on MetaTrader 4.
The Company. Security of Funds
MXTrade is a brand of the company Grizzly Limited. We could not find the headquarter address of the company, but it provides a UK telephone for support.
On the other hand, the company explicitly says neither it, nor MXTrade are licensed or authorized by the Malta Financial Services Authority (MFSA) to provide any investment or other financial services in or from Malta, which are required to be licensed or authorized under Maltese law. The statement is somewhat perplexing, but the reason for it could be the warning issued by the MFSA in 2016 that Grizzly Limited is not authorized.
Whatever the reason, this means MXTrade is not regulated and clients should be extremely cautious. Our general advice is to avoid dealing with unregulated brokers, as sometimes they are fraudulent. Besides, they are seldom, if ever, members of client compensation schemes and are not required to abide by any rule and licensing requirements.
There are many brokers who are subject to strict regulation, like the one provided by UK’s FCA and Australia’s ASIC, for example, who are a much better option for a broker.
MXTrade offers the popular trading platform MetaTrader 4 (MT4). The broker provides all available versions of the platform – for desktop, web and mobile devices.
MT4 is liked by brokers and traders alike. 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. The platform has been on the market for over 10 years and only recently started some of its popularity to its successor MetaTrader 5.
MXTrade has a more tangible approach to bonuses and hands out Apple Watches to new clients. Like with other types of bonuses, in order to get the gift, the client must cover the set investment deposit and trading volume requirements.
Methods of payment
MXTrade provides many payment options. In addition to the usual bank transfer and credit/debit cards payments, the broker accepts deposits through the online payment systems Neteller, Skrill, WebMoney, Yandex Money, Union Pay, CashU, PaysafeCard and Alipay. Clients can also deposit funds through the wire services Western Union and MoneyGram.
MXTrade is one of the hundreds of unregulated brokers. It seems it is targeting mostly European clients, judging from the language selection on the site, as well as Russian-, Arab- and Chinese-speaking traders.
Objectively speaking, the broker does not stand out with anything among its peers and even the offering of a “free” Apple Watch does not seem very tantalizing – the conditions for getting it are such, that it would be cheaper to just buy one.
MXTrade Review Conclusion
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