MXC Forex broker is one of the many options you have if you are looking forward to starting a career in FX trading. The broker has invested in a colorfull website which displays the five different types of accounts it offers traders. But as you may be well aware, a variety of accounts by a broker is just one of the factors that a trader will consider when shopping for the right FX broker. Let us explore the various features of this broker;
Min. Deposit: $200
Trading Platform: MT4
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The registration and licensing details
According to the official website of MXC Forex broker, the firm has around 354,000 registered members. About 58,000 traders are active and it handles more than 5 million orders per year. MXC Forex is owned by MXC Group of Companies and one of the members is MX Capital Financial Limited of license number LL14278. The licensing body is Labuan Financial Authority of Malaysia. The contact information of the broker is Kensington Gardens, No. U1317, Lot 7616, Jalan Jumidar Buyong Federal Territories of Labuan.
There are regulatory bodies that are recognized and trusted by traders from all over the world. Bodies such as CySEC, FCA and FSB are some of the licensing authorities that traders want their Forex brokers to be associated with. In this MXC Forex review, we see that no such authority has acknowledged it by the broker.
The trading platforms
For a Forex broker to be considered as having a chance at succeeding, it must first invest in quality trading platforms. Many MXC Forex reviews have acknowledged MXC as having good trading platforms. There is the renowned MetaTrader 4 trading platform which offers thorough charting and analysis tools. It also enables a trader to react to the market in a timely manner. There is the MXC Forex MT4 Mobile which is compatible with both iOS and Android mobile devices.
Trading at MXC Forex
In this MXC Forex scam review, we find that this broker has spreads starting at 2.0 pips for the basic accounts. This is a high figure because many small-scale or starting traders prefer spreads of around 1.5 pips. In addition to that, the leverage offered here is high and in some cases ridiculously high. For basic accounts, the leverage is 1:100 but for the Mini account, the leverage is 1:500. Authorities across the world are working to have leverage offered by FX brokers lowered so that traders don’t have to lose more than they have invested. Japan has already set the leverage figure to be 1:25. After reading this mxcforex.com scam review, you will see why this is not the ideal broker for you.
Is MXC Forex legit?
There is not a single internationally recognized Forex broker in the world today that boasts of holding a Labuan Financial Service Authority license. This simply means that MXC Forex scam is likely to happen given that the license it holds does not have a lot of weight in terms of regulations and control. The other feature which might persuade you to skip MXC Forex is the high leverage and the spreads of 2.0 pips. However, the initial deposit of $50 asked by the broker is competitive enough.