MXTrade Review

MXTrade

  • Name : MXTrade
  • Website : mxtrade.com
  • Established : 2014
* Ranked #138 of 315 in DailyForex's top broker list

Info

Name : MXTrade
Website : mxtrade.com
Established : 2014
Country : Belize
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Wide Choice of Trading Accounts
  • Demo and Islamic Accounts

Disadvantages

  • Only One Bonus

MXTrade Review

MXTrade Review

MXTrade, located in Belize, is a brand owned and operated by Lau Global Services Corporation, a financial services company providing trading in financial and commodity-based derivative instruments and other securities. MXTrade trades CFDs and Spot FX contracts and is licensed by the international FCA. It was founded in 2014 and is a relative newcomer to the industry.

Accounts

There are four different trading accounts to choose from at MXTrade. The Beginner account requires a minimum deposit of only $250 and uses floating spreads. $5,000 is required to open a Silver account and floating spreads are used here as well. The Gold account has a minimum deposit requirement of $20,000 and $100,000 is needed to open the Platinum account. These last two accounts use fixed spreads.

MXTrade Account Types
MXTrade Account Types

All four accounts are traded on the MetaTrader4 platform where mobile trading is also allowed.  An account manager is available to all account holders and 24-hour support is available. Leverage can go as high as 1:400.

I was pleased to see that there was a demo account available and a hefty $100,000 in virtual funds is provided for its use. Traders trading with the practice account benefit from unlimited real-time charts and quotes.  

There is also an Islamic account for traders who keep Sharia laws.

Features

Market reports at MXTrade are presented in calendar form and in essence they are read like an economic calendar of events that have already taken place.

In addition, there is a real economic calendar where traders can track all the important events and economic indicators that drive the markets.

A nice feature which I have not seen with any other broker is the appearance online of their earnings reports. These are official quarterly or annual financial documents which are published by a public company, showing the  earnings, net profit and expenses of the broker.  They are also called the income statement or profit and loss statement of a company and are filed at the end of each quarter-in  January, April, July and October.

These reports provide important information for a trader or for someone who is investing on the stock market to as they indicate trends in the market and traders can find certain strategies to use as a basis for their trades.  The reports also show  a forecast of its Earning per Share and by studying  and understanding the numbers, investors can measure the financial health of the company and whether or not it deserves their investment.

At the time of this review, the Nasdaq 2015 report was presented on the site.

Education

MXTrade offers a host of educational features, in text as well as video form, including in depth courses on both basic and advanced topics related to Forex trading, FX markets and financial investing. Some of the courses are locked and can only be accessed by registered account holders while others are available to all interested viewers.

Tutorials on the various MT4 platforms are provided as well as three different ebooks that can be downloaded by account holders only. There is an ebook on basic Forex topics, a 3D interactive ebook on more advanced subjects and another one on the MetaTrader4 platform.

Ebook Offered by MXTrade
Ebook Offered by MXTrade

Since MXTrade is also an ECN broker , it provides a tutorial describing what ECN means and why it is beneficial for a trader. In addition, a VOD is available for anyone interested in learning how social trading can help traders become more profitable.

In fact, there are over 20 high quality VODs in the MXTrade video library which can be used by traders whenever they wish.

MXTrade Educational Videos
MXTrade Educational Videos

Bonuses/Promotions

At the time of this review there was one promotion being offered by MXTrade to their clients. Anyone registering at the time of this writing is entitled to a gift of an Apple watch of his/her choice for free. The choice includes the Apple Watch Sport, Apple Watch, Apple Space, Apple Watch Edition Gold 38mm and the Apple Watch Edition Gold 42mm.

To be eligible for an Apple Watch, the client must complete the minimum investment amount on his first deposit and reach the trading requirements listed on the site, starting from $2500 for the Apple Watch Sport and going up to $150,000 for the Apple Watch Edition Gold 42mm.

Deposits/Withdrawals

MXTrade offers quite a number of different ways to fund an account including wire transfers, credit and debit cards, Western Union and several online payment plans such as WebMoney, Skrill, Neteller and others.

Withdrawals are made using the same methods as the deposits. There are minimum amounts allowed for different methods and only one withdrawal request is allowed per day per client.

Customer Support

Traders can contact representatives at MXTrade via email, live Chat and telephone. The contact information is presented prominently at the top of each page which eliminated the need to search all over the site in order to find a telephone number. I liked the way the Chat screen only appeared when I clicked on the 24/5 Live Support button at the top of the page and didn’t jump up the moment I opened the MXTrade website. Traders can also request a call back by filling out an online form.

The website is available in over 10 languages.

Conclusion

I really enjoyed reviewing this broker. The website is user-friendly and navigation was a breeze. I especially liked viewing the snapshots used on the site and the manner in which the various tabs appeared on the viewing screen. The transitions are smooth and classy.

Advantages

  • Wide Choice of Trading Accounts
  • Demo and Islamic Accounts

Disadvantages

  • Only One Bonus

Review info: MXTrade
Review Date:
Rating : 4
Reviewed By :