Mex Exchange is an online broker that operates from Australia. To gain a customer’s trust and faith, a broker has to employ years of active work, preparation, and capturing into a position where the market professional sticks with them. Nevertheless, it is more gentle than performing. However, Mex Exchange broker is slightly different from them. The broker offers an extremely restricted range of CFD trading instruments with average trading features and trading tools. The commission and spread fees are also on the higher side compared to other top brokers in the industry. The customer support is also not active. Let’s see the detailed Mex Exchange review based on each trading feature and service.
Mex Exchange: Scam or Safe?
The broker is regulated and authorized by the AFSL. But does not use any additional security features like segregated bank accounts, advanced encryption systems. There are different types of brokers such as scam brokers, legit brokers, and one type about which we can’t justify them. So, about this broker, the scenario is the same. We can’t consider it as a scam but not legit as well. Trusting Mex Exchange with your hard-earned money can be a tough bet.
Mex Exchange: Account Types and Opening Process
The broker offers two types of trading accounts named Classic account and ECN account. The account types are very limited and do not offer advanced services and features required for prosperous trading. The spread and commission charges are very high as compared to other brokers. Many top brokers in the industry offer core accounts with all the essential features.
There are various drawbacks in the account section:
- Limited account types
- Low Leverage
- Limited Tradable assets
- High Spread and Commissions
- Hedging not allowed
- No Dedicated Manager
- Limited Features
- No Islamic Account
Apart from this, the demo account offered by the broker also comes with restricted features. It does not grant access to all the trading features on the demo account. It can be a setback for novice traders as they can practice all the trading features and trading strategies before going live.
Account Opening Process:
The account opening process is very tricky for someone who is new in financial markets. To open an account, clients have to follow the various hectic processes, and it might take several days to open and activate the account. They also demand you to accept terms and conditions. But users cannot see any prohibitions mentioned on the page of sign up. This is another major red flag. In comparison, the other brokers in the market offer hassle-free and digital account opening processes, and accounts are activated within a single working day.
The broker offers an extremely restricted range of trading instruments. The only instruments offered by brokers are forex and metals. That also through CFD one can’t trade them directly. Moreover, the metals and currencies in each category are notably limited. This barrier limits the profit-making possibilities for traders and investors.
On the website, it is not specified how many foreign exchange currencies and metals are rendered for trade. When the user opens the market tab on the website, there is a poor introduction on what forex and metal trade involves. Anyone can observe that much on any educational site. Instead of being transparent and straightforward with their services and the instruments they offer, they are going round about incertitude.
Commissions, Fee, and Spreads:
The commissions and spread charges are extremely higher as compared to other trading platforms. The spreads start from as high as one pip, which is too much. If you own a heft, high ECN Account, then only you will have spreads that start from 0.5 pips. The commission is imposed per trade which creates the overall commission quite high.
On the basic, classic account, the leverage is as little as 1:30. On another account, known as ECN, the leverage does not go beyond 1:400. Many brokers offer leverage up to 1:500 on forex trade. And when the broker says they only trade in forex and metals, users expect at least sufficient leverage in forex trade as it is appreciated for high leverages. Leverage benefits traders and investors to open big positions with low capital.
The broker offers MetaTrader 4 trading on desktop, android, and iOS. Yes, MT4 offers an ample range of functions, but when many top brokers and financial service providers have shifted to more advanced MetaTrader5, why stick to timeless, passed technology?
At the same time, the website and trading with this broker are very complex and not at all user friendly. There are numerous tabs with repetitious functions. It seems that functionality is randomly set and the usability has not been kept in mind. Many newcomers and new traders may require some time to adapt to the interface because the application and platform are not effective and versatile in nature.
Deposit and Withdrawal
The broker offers only limited payment options for deposits and withdrawals. The options for payment methods are Credit, debit cards, Skrill, Neteller and Bank wire transfer. These are a minimal number of options when other financial service providers and brokers provide a wide array of payment options. They do not provide any notice about payments, so one has to make sure with the banks.
The broker charges fees on the deposit and withdrawals of the payment. The payment process time is also quite delayed; it takes more than four to five days compared to other financial brokers in the industry. With debit and credit cards, the base withdrawal is 50 units, and with a bank wire transfer, the base withdrawal goes up to 100 units.
Research tools help in analyzing profit and keeping you updated with the happenings of the market.
- Economic calendar: This tool supports you with the knowledge regarding wide economic variety that might or will take place in the market, price indexes, payrolls, or government reports. With this process, traders can make well-read trading decisions.
- Fibonacci Calculator: With Fibonacci Calculator, one can generate increase values and Fibonacci retracements in both uptrends and downtrends. It lets you enter high and low values of your own choice.
- Pivot calculator: This type of calculator is utilized to calculate the pivot points for forex trading.
This is a significant setback for the traders as they can’t analyze the market and they might face challenges in the trading.
For educational ideas, the broker offers a limited range of educational resources. But the main thing is that not much is available in each category. Educational tools are a must for novice and beginners. Without these tools, one can find it difficult to operate in markets that are new to them.
Customer Support Team:
The broker pretends that customer service is offered from 24/5. But why is this part proven otherwise in practicality? It challenges that the support team works from Monday to Friday, 8:00 (GMT +2) to 22:00 (GMT +2). But when tested functionally, the reply time appears hugely longer. Most of the time, no one picks up the phone. There is no response to the emails sent. In contrast, other top brokers offer a highly dedicated customer support team that serves 24/7. It might be a drawback as whenever the customer needs support in an emergency they can’t get the help in time.
We could not reveal any major advantages apart from the fact that the commission is average and leverage is not that bad. But we have a list of verified disadvantages that you must know of before you trade with
- Demo account with limited features: Mostly, all trading platforms offer free demo accounts from at least some days. But this broker doesn’t offer all the trading features on a demo account. No new trader wants to jump in hands and legs without testing various demo accounts’ strategies and indicators.
- High spreads: The spreads are high for major currency pairs like the Euro/ US Dollar. This spread range seems a little too steep for most traders. Many brokerage firms offer half the spread offered by this broker.
- Limited products: TradeLTD offers trade-in just foreign exchange and Metals. Moreover, the number of assets provided in each kind of trade is also limited.
- Poor website and absenteeism of vital information: The website of the broker appears very confused and doesn’t list the proper details needed to be stated by any broker platform. They do not specify how many, and what kind of securities are traded. Nothing is said about the protection and encryption of client’s data.
Here was the detailed Mex Exchange broker review. The broker is not worst but also not great as there are many other top brokers in the industry that offer a too advanced trading platform, trading tools, and features, with low spreads and fewer minimum deposits. There are many client reviews about their bad experience with Mex Exchange broker. Although everyone has their own opinion, while going with this broker, traders should verify all the broker’s details wisely.
TradeATF, ETFinance, ROinvesting are some of the top-rated and leading online brokers available in the market. They offer explicitly low spreads and commissions, with exceptional trading features and services that can help traders multiply their profits and make their trading prosperous.
Is Mex Exchange Scam?
The broker is regulated and authorized by the AFSL. There are different types of brokers such as scam brokers, legit brokers, and one type about which we can’t justify them. So, about this broker, the scenario is the same. We can’t consider it as a scam but not also legit.
Does Mex Exchange offer Educational and Research Tools?
The broker offers a pretty limited range of educational resources and doesn’t offer any research tools.
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