What is WikiFX？
| WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. |
| WikiFX is able to evaluate the safety and reliability of more than 34,000 global forex brokers. |
| WikiFX gives you a huge advantage while seeking the best forex brokers. For more information, such as the review and exposure of brokers, please visit our website (https://www.WikiFX.com/en) |
About MTrading
MTrading is an online forex broker established in 2012. It provides simple and easy access to currency, stocks, commodities, and indices trading. MTRADING claims that its market-leading platform and convenient trading conditions suit a diverse client base. The physical address of this broker is First Floor, First Saint Vincent Bank Ltd. Building, James Street, Kingstown, St. Vincent and the Grenadines. It means MTRADING is a St. Vincent and the Grenadines-based broker. Please note that Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented in St. Vincent and the Grenadines(SVG). The SVG broker can run its activity and accept forex payments through credit cards but is not overseen.
Is MTRADING regulated？
No, according to WikiFX, MTRADING is not regulated. MTRADING claimed itself to be regulated by NFA with license number:0541919. But the regulatory status is abnormal, the official regulatory status is unauthorized. WikiFX has given this broker a very low rating of 1.95/10.
(Note: Because different regions or countries have different levels of regulatory strictness, the score of the same broker might be slightly varied in other regions or countries. For details, please consult WikiFX customer service.)
Market Instruments
MTRADING offers clients forex currency pairs, indices, commodities, and stocks
Account Types& Minimum Deposit
According to WikiFX, MTRADING has two different accounts. They are the Premium Account and the ECN Pro Account. The minimum deposit for the Premium Account is $100. The minimum deposit for the ECN Pro Account is $500
Leverage
This broker offers flexible leverage depending on account balances. The maximum trading leverage offered by this broker is 1000:1, which is considered high. A high leverage ratio can amplify the benefits as well as losses. We advise inexperienced traders and newbies to be aware of the potential risks.
Spreads & Commissions
The spreads on Premium accounts start at 1.0 pips, and there is no commission on trades, while the spreads on ECN Pro accounts start at 0 pips, and the commission on trades is $3 per lot.
Trading Platforms
MTrading offers traders the most popular MT4 trading platform and MT4 PC, Web, and Mobile. The MT4 is currently the most popular forex trading platform along with the MT5 on the market. With a user-friendly interface, powerful charting tools, and a large number of custom indicators, MT4 is available for automated trading and EA trading, helping traders of all levels to develop different trading strategies and help traders to get ahead in the financial markets.
Fund Security
Account segregation is imperative since it allows traders to have access to their funds all the time. Even if the broker is bankrupt, traders will still be capable of getting their money back. On MTRADING‘s website, it mentions that “our clients’ funds are segregated from our own assets in a regulated banking institution. This ensures that your funds are available to you at all times, and cannot be used by MTrading for any purpose.” However, it does not mention what “ a regulated banking institution” exactly refers to.
Feedback from Twitter
MTRADING does have an Official Account on Twitter, where it has more than 4,000 followers. But for some reason, it was frozen at some point, and all the content is unavailable. This is a warning to all traders who want to invest in this broker.
This trader on Twitter complained that MTRADING is a scam.
Exposure on WikiFX
The number of complaints against this broker received by WikiFX has reached 4 in the past 3 months. Below are some of them.
This trader from China complains that this broker doesn't allow him/her to withdraw, and it took over 2 million away fraudulently. In addition, it seems that MTRADING is about to bankrupt.
This trader from the United States complained that MTRADING is a scam. He/she met a serious slippage.
Conclusion:
It is no doubt that MTRADING is an unlicensed broker that has serious problems. We don't advise investors to work with this broker, or you may lose everything to the last penny. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.
Click on MTRADING's WikiFX page for details
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