Sponsored By
de | cn | ru

MDF Forex Review – is it scam or safe?

MDF Forex Review  – is en.mdffx.com scam or safe forex broker?

RATING: 3 / 0 REVIEWS MDF Forex
FIND BETTER FOREX BROKER

RECOMMENDED FOREX BROKERS


Trading accounts

 

 Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Normal None 0.01 lot 1:400 2 pips
Premium $20 000 0.1 lot 1:400 From 0.9 pips
VIP $100 000 0.1 lot 1:400 From 0.7 pips
Low spread None 0.01 lot 1:400 1.3 pips

 

MDF Forex offers four types of live trading accounts: Normal, Premium, VIP and Low Spread. There is also a free 30-day demo account for testing purposes. The broker also provides the MAM account option for money managers.

 

The broker's portfolio includes over 40 forex pairs – major, minor and exotic. There are also CFDs on major global indices, spot metals and a few commodities.

 

MDF's forex portfolio is comparable to that of other New Zealand brokers. Circle Markets, for example, offers 53 pairs. There are other brokers in the country like MahiFX who have a portfolio of over 100 pairs.

 

The broker also offers free VPS to clients with deposits of $1000 or more.

 

 

The Company. Security of Funds

 

Company Country Regulation
 Market Direct Forex New Zealand FSPR

 

MDF Forex is a brand of the company Market Direct Forex, which is based in New Zealand. It is registered in the Financial Service Providers Register (FSPR) and should be regulated by the country's Financial Markets Authority (FMA). The watchdog has a set of requirements for brokers, including to hold net tangible assets amounting to at least $1,000,000 and meet a set of standards for financial resources and professional indemnity insurance.

 

The company is also a member of the dispute resolution scheme Financial Services Complaints Limited. It provides  independent and impartial dispute resolution service and is free to consumers. The members of the scheme include non-bank lenders and finance companies, credit unions, building societies, insurance companies, mortgage brokers, insurance brokers, financial advisers, trustees, fund managers, issuers of securities, transactional service providers, card issuers and many more.

 

Other brokers regulated in New Zealand are CMC Markets, Circle Markets, NoaFX, Land FX. Brokers regulated in other countries, like XM, accept clients from New Zealand.

 

 

Trading conditions

 

Minimum initial deposit

For some of its accounts MDF Forex has no requirement for a minimum initial deposit, while for the Premium and VIP accounts the sums are significant. Naturally, the no deposit requirement is nothing but a marketing gimmick for attracting clients, as are the very low requirements like the ones of IG with $1 or FXTM and XM with $5 or Grand Capital with $10. Realistically, such low sums do not go very far in forex trading, even with high leverage.

 

Spreads and commissions

The spreads offered by MDF Forex are within the industry average, even though we could not find specific information on the “Normal” account, which logically would attract the most retail traders. The demo account revealed that the spread on the most popular pair – EURUSD floats around 2 pips.

 

Leverage

MDF Forex offers a maximum leverage of 1:400, which is above the average for the standard, but not dangerously high. Circle Markets – another New Zealand broker – is offering up to 1:200, while FxPro offers 1:500. There are brokers like Grand Capital whose leverage can reach up to 1:2000.

 

 

Trading platforms

 

Not surprisingly, MDF Forex offers the most popular trading platform – MetaTrader 4 (MT4) in all its versions, except the web-based one.

 

The platform has been on the market for over 10 years and is preferred by brokers and traders alike for its ease of use, multiple options, various types of orders, charting and technical analysis tools and the wide selection third-party applications compatible with it. MT4 also allows automated trading with Expert Advisors and hedging.

 

Probably MT4's popularity would eventually wane and it will be replaced by its successor MT5, but it looks like it will still be around for some time to come.

 

MT4 is offered by smaller and major brokers alike: IG, FXCM, FxPro, XM, TryMarkets, etc.

 

 

Methods of payment

 

MDF Forex accepts deposits through debit and credit cards, China Unionpay, wire trasnfer and the Wechat Pay service.

 

 

Conclusion

 

MDF Forex is based and regulated in New Zealand, which means that it is s fairly reliable forex broker. Judging by the language options on its site – Korean and Chinese – it is obviously targeting clients in the Chinese-speaking countries and South Korea. It seems that in Chinese the broker calls itself Mandianfu forex.

 

Overall, the broker's trading conditions are average, except the minimum deposit requirements for Premium and VIP accounts, which are more comparable to those for institutional traders, rather than retail ones.

 

Pros Cons
MT4 High deposit for some accounts
New Zealand-regulated  


 

 

 

 

 

Latest news about MDF Forex
No news about MDF Forex. Check back later.
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, South Africa CySec, FSCA, FSC MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website

Traders` reviews for MDF Forex

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

de | cn | ru