MTFX

What is MTFX？

Mega Trader FX Ltd., commonly known as MTFX, is a broker based in the United Kingdom. However, there is a suspicion about its claims of being regulated by CYSEC, indicating potential risks in dealing with this company.

Pros & Cons

Pros of MTFX:

• No Minimum Deposit: Traders can begin dealing with MTFX without any minimum deposit requirement.

• Demo Account: MTFX provides a demo account, allowing potential clients to sample their platform before committing.

• High Leverage: MTFX offers high leverage of up to 1:500, potentially boosting traders profit opportunities.

• Low Spread: Economic spreads beginning at 1 pip reduce traders' transaction expenses.

• No Commission: MTFX does not charge any commission for trading, making it potentially cost-effective.

• MT4 Support: MTFX supports the viral and versatile MT4 trading platform.

Cons of MTFX:

• Suspicious Clone Regulatory License: MTFX's regulatory claims are suspicious, with a clone license from CYSEC, raising concerns about its regulatory compliance.

• Not available for US Residents: Trading services of MTFX are not available for US residents, limiting its market reach.

Is MTFX Safe or Scam？

• Regulatory Sight: MTFX claims to hold a Market Making license with the license number 120/10. However, it is labeled as a suspicious clone by the regulatory agency, Cyprus Securities and Exchange Commission (CYSEC), based in Cyprus. This raises concerns about its legitimacy and compliance with regulatory standards.

• User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.

• Security Measures: So far we haven't found any information about the security measures for this broker.

Market Instruments

MTFX provides a broad spectrum of market instruments for traders. Investors can trade in numerous currencies, which is ideal for Forex trading. In addition, they offer Contracts for Difference (CFDs) that enable traders to speculate on the rising or falling prices of fast-moving global financial markets. Metals are also available for those interested in commodity trading. Lastly, MTFX also provides access to stocks and indices, offering more variety to traders and investors.

Account Types

• Micro Accounts: Ideal for new traders, these accounts permit clients to trade with actual money without exposing them to significant risks. There's no minimum initial deposit for micro-accounts.

• Standard Accounts: Suitable for experienced and professional traders who have comprehensive knowledge of global financial markets. The minimum initial deposit for a standard account is $3,000.

• Executive Accounts: These are designed for seasoned, professional traders who can manage large trading volumes. The minimum initial deposit for an executive account is a hefty $100,000. Executive clients are also provided with assistance in the form of additional trade analysis, educational modules, and more proactive trading guidance from the company's experts.

• Demo Account: MTFX provides a demo account, which is particularly beneficial for beginners who can practice trading without risking any real money. It is also useful for seasoned traders who want to test their strategies.

Leverage

MTFX provides flexible leverage options for different types of trading accounts:

• Micro Accounts: Leverage ranges flexibly from 1:1 up to a high of 1:500, which can potentially maximize profits but also comes with equal risk levels.

• Standard Accounts: These accounts offer a flexible leverage ratio that scales from 1:1 up to a peak of 1:200, allowing traders to amplify their trading positions significantly.

• Executive Accounts: The leverage provided has flexibility from 1:1 to a maximum of 1:100, catering to those traders who prioritize maintaining a balance between risk and potential returns.

Spread & Commission

MTFX offers spreads starting from as low as 1 pip for all account types, indicating a competitive pricing structure for traders, since the average spread provided in the industry is 1.5 pips. Additionally, the broker does not charge any commission on trades, providing a cost-effective trading environment for its clients, which is quite advantageous.

Trading Platform

MTFX supports the MetaTrader 4 (MT4) trading platform, which is a widely recognized and popular platform in the forex industry. MT4 offers a user-friendly interface, advanced charting tools, customizable indicators, automated trading capabilities through Expert Advisors (EAs), and a vast library of plugins and technical analysis tools. With MT4, traders can execute trades efficiently, analyze market trends comprehensively, and implement various trading strategies to meet their objectives.

Customer Support

MTFX provides 24/5 live chat support, allowing traders to receive immediate assistance during trading hours. Additionally, traders can reach out to MTFX via email at support@megatraderfx.comfor written inquiries. The company also maintains a presence on social media platforms like Facebook(https://twitter.com/MegaTraderFX) and Twitter(https://www.facebook.com/pages/Mega-Trader-FX/141621459238090), where traders can engage with them, receive updates, and seek assistance if needed.

Conclusion

MTFX offers traders several advantageous trading features including a wide range of market instruments, high-leverage options, commission-free trading and an MT4 trading platform. However, potential clients should be more cautious before engaging with MTFX due to its suspicious clone regulatory license.

Frequently Asked Questions (FAQs)

Q: What maximum leverage options does MTFX offer？

A: MTFX offers flexible leverage options ranging from 1:1 up to 1:500.

Q: Does MTFX charge commissions on trades？

A: No, MTFX does not charge any commissions on trades.

Q: What minimum deposit is required to open an account with MTFX？

A: MTFX does not impose any minimum deposit requirement.

Q: What trading platform does MTFX support？

A: MTFX supports the MetaTrader 4 (MT4) trading platform, renowned for its user-friendly interface and advanced charting tools.

Q: Does MTFX provide demo accounts？

A: Yes, MTFX offers demo accounts, allowing traders to practice trading without risking real money.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.