MRG Forex Review
There are 3 basic account types with MRG Forex: Basic, Premium and Sharia.
The Basic commission-free one offers micro lots for trade and has the lowest minimum initial requirement, however also the highest spreads. The Premium account offers significantly lower spreads and involves a small commission fee, while the Sharia one, as its name suggests, is tailored to clients of Islamic believe, as it is does not have any swaps calculated for open positions and satisfies Islamic religious prohibitions of not receiving or paying interest.
The Company. Security of Funds
MRG Forex is a straight-through-processing (STP) broker that provides over-the-counter trading services in more than 20 currency pairs, as well as indices and commodities CFDs.
Maxrich Group Limited trading under the MRG Forex brand is a Registered Financial Services Provider under the New Zealand’s Financial Markets Conduct Act 2013 and as such is regulated by the Financial Markets Authority (FMA). It is also a registered Business Company in the British Virgin Islands since 2007.
FMA-regulated companies must comply with certain rules and procedures. Nonetheless, a minimum capital requirement for brokerage companies has not yet been introduced. And such applies in most jurisdictions as a proof of good financial standing. Legislative amendments are to be adopted later this year, requiring Forex brokers to hold net tangible assets amounting to at least $1,000,000, which is a step further in tightening up the NZ regime.
What is more, Maxrich Group Limited provides additional guarantee to clients’ funds, since the company is a member of FSCL (Financial Services Complaints Limited), an independent not-for-profit External Dispute Resolution (EDR) scheme.
Minimum Initial Deposit
The minimum initial deposit required by MRG Forex is just $10, which is a comparatively low amount to start trading with, however other NZ-based brokerages, like CMC Markets, do not require any minimum deposit.
Commission & Spreads
MRG Forex offers variable spreads, which are pretty high on the Basic account, starting from 2.5 pips on EUR/USD. We would advise traders to opt for the Premium account, since spreads are a way lower, starting from 0.8 pips on the EUR/USD and the commission applied is just $2 per lot round turn, so trading costs for this pair would be around 1 pips as a minimum.
In comparison, NZ-based MahiFX offers spreads averaged 1.0 pips for the EUR/USD pair on its single commission-free account. For further information, you may check out and compare real-time spreads of 15 leading brokers here.
The maximum leverage level offered by MRG Forex is 1:500, which is comparatively high, since most brokers usually offer leverage of up to 1:200 or 1:400. CMC Markets also provides leverage up to 1:500, although in some jurisdictions there are limitations set on leverage, which are considerably lower – for instance, in USA the maximum leverage allowed is 1:50, or lower by 10 %.
You may look up a list of more FX brokers offering leverage up to 1:500 or higher here.
MRG Forex offers its clients the most widely used trading platform, MetaTrader 4 (MT4), available as desktop and mobile versions.
MT4 4, developed by Russian software company MetaQuotes, is preferred by most experienced traders, because it is equipped with an advanced charting tools, more than 50 built-in indicators, a wide range of Expert Advisors (EAs) and extensive back-testing environment for them. Traders can download ready-made or create their own trading robots (EAs), scripts and custom indicators in the MQL programming language. What is more, MT4 offers user-friendly customizable interface and even novice traders can easily find their way around it.
Until recently MRG Forex offered Gwasy platform, which was supported for less than a year (from December 2015). The broker decided to terminate this platform in the beginning of May, 2016 and it did not provide any reasons for this decision.
The Gwazy platform provides an easy-to-use web-based trading experience for retail investors. The white-label platform features a wide range of instruments and is available in several languages, (including English, Chinese, Arabic, Farsi, and Russian) and is also available on mobile devices with Android and iOS operating systems.
By the time of writing this review, the following promotions and contests are running:
– Rebates amounting to $4 per lot up to $500 – for the basic account holders only;
– Forex Trading Contest 2016 with $35,000 pool prize solely for Indonesian clients.
Methods of Payment
MRG Forex’ clients are offered the following modes of payment: Credit cards, bank wire, Skrill and FasaPay, as well as Indonesian Local Bank BCA, BRI, Mandiri.
The broker states on its website that withdrawals are processed within 1 business day.
Key to Markets is a NZ-regulated NDD broker that provides trading in forex and CFDs through the popular MT4 platform under competitive terms and conditions.
MRG Forex Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about MRG Forex Review.