Merit Forex is our today’s review. The platform has mixed reactions from investors who have already ventured with them. Some claim it is the best Forex trading company, while others have reported a negative experience with the firm.
For starters, Merit Forex is an offshore Forex company that is the first drawback as we all know the disadvantages that come along. However, they promise traders the best experience if they venture with them.
The platform has over 70 trading assets that they offer to their client, which include but not limited to; digital currencies, commodities, currency pairs, and indices. The company additionally brag that they have over 27000 active traders, the daily trade volume of 9,000, and over 2,000 trading instruments.
Merit Forex openly claims that they act as intermediaries between their clients and brokerage companies. They are not principals; they pass traders’ orders to third parties for implementation. it is recommended to always Venture with legit Forex trading bots which are reliable and transparent and displays realistic figures on their website.
Merit Forex brag of having excellent customer support services, utilizing unique technology, and offering competitive spread in the market. We will discuss their operations in detail.
The company being a principal to all traders is a red flag as there might arise a conflict of interest between the clients and the broker.
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They have clearly stated that in their agreement, being the market maker, they can lose money deliberately, and the traders will suffer the most.
The company behind the operations of this platform is Merit Financial Service Ltd. The areas have attractive tax benefits. Due to this reason, you find a lot of Ponzi schemes claim to be based in this area.
The deposit can be made via Skrill, Bank Wire, Neteller, VISA, Bitcoin, or MasterCard. Withdrawal can be made using the same methods, and they, have Ethereum, and ripple option.
The company has various investment plans they offer to their clients. Each account has its features and requirement.
The standard method is their first account target newbies. The least amount that you can cash in is $250.
In this account, they do not charge any commission. It offers leverage of 1:400, the spread of 1.5 pips. Traders can also benefit from a personal mentor who will guide them in their activity.
The gold account requires investors to deposit funds worth $1,000. It offers leverage of 1:200, the spread of 1 pip, and the trade volume that you will have is 0.1 lots. The VIP account is the most expensive of them all.
It requires traders to cash in $10,000. The spread that you will have is 0.4 pips. They charge a special commission which they have not disclosed on their website.
Additionally, the trade volume is 0.5 lots. The leverage in the VIP account is at 1:100, and traders can also enjoy the life lessons which they do not offer in other plans.
People who are interested in using the EA robot have to deposit a minimum amount of money of $500. The least trade size is 0.01 micro lot. By the look of the thing, their account is a bit favorable. Nonetheless, the minimum increase in trade size is worrisome to large accounts.
The initial deposit that the company asks from investors is relatively high, especially when you consider that reputable companies are taking less than $250. Some firms will accept as low as $5.
The company offers two platforms for their traders, popular MT4 and MT5 from MetaQuotes firm. Both interfaces have a mobile app, and desktop download while the MT5 had a WebTrader.
MetaTrader Features help traders to chart in the Forex market. The majority of traders enjoy companies that offer this feature more than the web-based platform.
Meta Forex also has an MQL marketplace, automated system, and other technical indicators by default.
The leverage that Merit Forex offers depends on the account that you select. The highest leverage is on their official statement, which is 1:400.
It might seem as much but their other brokerage in the market that are offering even more.
Keep in mind that the more leverage there is, the higher the risk you are exposed to. You might lose all your money in a matter of a few seconds. Newbies need to be careful.
The company location is at Vanuatu; they feature their contact details on their website. You can reach them via email; [email protected], or on telephone number +44 7449 464194. The company, as earlier mentioned, brag of having excellent support services for their clients.
Unfortunately, some traders do not think they are professional enough as they are accused of being aggressive to investors. With such drawbacks, we do not have much confidence in the company.
Merit Forex is a registered company in the Republic of Vanuatu. They allegedly regulated by Vanuatu Financial Services Commission. The problem with the offshore regulated platform is that they do not have to comply with the strict measure that other legit companies have to face.
The government does not have to monitor these entities, which raises even more suspicion. Offshore companies can do whatever they please with your funds. They are prohibited in carrying out their investment services in the US and Switzerland.
Investing with companies that are regulated by Financial Conduct Authority (FCA) of the UK, Australian Security and Investments Commission (ASIC) from Australia, or Cyprus Security and Exchange Commission (CySEC) is safer as these financial watchdogs require investment companies to indicate their banking information.
Therefore, it ensures the founder’s account is segregated from the companies account. Additionally, for insurance purposes, the company has to secure some amount of money just in case they become insolvent; the traders will not suffer.
Earlier, we had mentioned that the company has a mixed review from its investors. On their website, they feature only positive reviews for obvious reasons. During our research, we encountered negative reviews in Forex trading platforms.
The company is being praised for the excellent services that they offer. Reviews on their website indicate that the company is paying its clients without problems. Some have even eliminated the financial constraints that they were experiencing before.
The education that they offer comes in handy as almost all investors are praising the site. Unfortunately, there is no social media link to show these are real traders who have left the testimonials behind.
The negative review or rather the complaints that we came across are discrediting how Merit Forex is being run. For traders who choose managed accounts have lost money once they refuse to deposit more funds. Upon confronting the company, they claim that trading comes along with risk, and it is normal.
The mentor that merits Forex assign questions the traders request of cashing out. Furthermore, customer support is arrogant, unprofessional, and aggressive, which is a major red flag. The clients who writes a negative review are asked to pull them down, or they face legal action.
What happened to freedom of speech? Before you trust them with your money, analyze all the factors and decide if they are indeed worth your money.
According to Whois.com, Meritforex.com was registered in January 2016, and the domain will expire in January 2020. The company has been in the market for years, which is a positive thing. Unfortunately, the information regarding the owner is hidden from the public. Heading up to Alexa global ranking, they have a total of 666,0041 traffic coming into their system. The area they target their audience from is currently unknown.
The company is offering excellent services to traders. Their spreads are favorable, and they have a wide range of assets at traders’ disposal. However, the only thing we are not confident with is the fact that they are an offshore regulated company.
We cannot stress enough about the risks of investing in such an entity. Customer support is also reported to be aggressive to traders, which is not a great thing. There are much better Forex trading brokerage in the market that you can trust with your funds.
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