de | cn | ru

MerchantFX Review - is it scam or safe?

MerchantFX review - Is scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz MerchantFX


MerchantFX is an Australian forex and CFD broker, acting as a white label of Rubix FX. Both brokers are licensed by the Australian Securities and Investments Commission (ASIC), which makes trading with them safe.


Account type Min. deposit Max. leverage Spreads
Standard Account $500 1:400 1,3 pips, floating
Standard Account $500 1:400 0.5 pips + $3,5 / lot (per side)


MerchantFX Advantages:


Sound Regulation


MerchantFX is owned and operated by MERCHANTFX PTY LTD, which, as we already mentioned, is licensed and authorized by ASIC. And MerchantFX acts as a white label broker of Rubix FX, which on its part is a registered trading name of GLENEAGLE SECURITIES (AUST) PTY LIMITED and  LUMIERE SECURITIES PTY LTD - also regulated by ASIC. 


Along the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), ASIC is among the most trusted regulators on the retail forex market globally. Its balanced regulatory regime provides both security to traders and operational flexibility to brokers.


ASIC brokers have to provide traders with a negative balance protection, to keep all their funds in a segregated trust account, to file regular reports, to allow external audits and to maintain at all times a minimum operational capital of at least 1 000 000 AUD in order to guaranteeing all outstanding obligations.


Another notable point about ASIC is that the institution remains one of the last major regulatory hubs that do not impose any restrictions on the maximum leverage a broker may offer to its clients. 


That is in sharp contrast with the regulations in Europe, the USA and Japan. Besides, here you may check our list of brokers, regulated in Australia:


>>Brokers regulated in Australia<<


Leverage of up to 1:400


Leverage of up to 1:400 as offered by  Rubix FX – we already noted that MerchantFX is a white label of  Rubix FX and basically, when you open an account with MerchantF you are automatically transferred to the web page of  Rubix FX -  is more than enough to support even the most aggressive trading strategy. Still, do not forget that trading with a higher leverage exposes your positions to a higher risk and even professional traders rarely use leverage exceeding 1:100. 


Nice selection of currency pairs


When we opened a Standard demo account with Rubix FX we counted 28 major and 16 minor forex pairs with a number of exotic currencies including Singapore Dollar, Hong Kong Dollar, Chinese Yuan, Danish Krone, Norwegian Krone, Swedish Krone, Mexican Peso,  Turkish Lira and South African Rand. 


And there were also CFDs on gold, silver, oil and some 9 indices. However, as no crypto assets were available, here you may also check our list of brokers, offering crypto CFDs:


>>Bitcoin Forex Brokers<<


Competitive spreads


As tested with a demo account, that mirrors the Rubix FX Standard Account, the bench mark EURUSD spread floated around 1,3 pips – 1,4 pips and that is in line with what traders would usually expect with an opening account. Also, with the Standard Account no trading commission was taken.


With the ECN Account spreads are advertised to start even lower - form 0,5 pips. And even with the trading commission of 3,5 USD per side on a standard lot calculated, the actual starting spreads remain no higher than 1,2 pips.


And yet, here you may also check our list of brokers, offering tighter spreads:


>> Lowest spread forex brokers<<


Skrill accepted as payment method


Rubix FX and MerchantFX accept payments with major credit cards like VISA and MasterCard, bank wire, Skrill, Union Pay and Poli.


And while Skrill is probably the most widely used e-wallet globally, Union Pay is very popular in China, while Poli in Australia. However, we do not see the option to pay with bitcoins and as bitcoin payments are getting more and more popular, here you may also check our list of brokers, accepting payments with bitcoins:


>>Forex Brokers Accepting Bitcoin<<


MetaTrader4 supported


MetaTrader4 is the most widely used trading platform on the market and that is not a surprise. It is light, intuitive and has a user friendly interface, combined with excellent charting tools. On top of that the platform features more than 50 in - build market indicators as well as the option to run automated trading sessions with the help of specially designed customizable trading robots or Market Advisors, as they are known. Here you may take a look at our list of brokers also supporting the MetaTrader4:


>>MT4 Brokers<<


MerchantFX Advantages:


High minimum deposit requirement


MerchantFX wants a minimum deposit of at least 500 USD for a trading account and that in our view is excessive. Take a note that most brokers ask for an initial investment of about 250 USD, while some big names like FBS and IG do not have a minimum deposit requirement at all.


Some discrepancies in the presentation


The leverage as advertised on MerchantFX website is 1:500, but when we checked the actual trading conditions with Rubix FX it turned out to be 1:400. That might not seem like a big issue, and yet the punctuality of the presentation, together with the proper regulation is what distinguishes legit brokers from the unregulated, forex scam websites that plague the internet.




As we noted MerchantFX is a white label of  Rubix FX and both brokers are registered and authorized through their parent companies by the Australian Securities and Investments Commission. The security that ASIC regulation gives to traders is enough to bestow MerchantFX with a good grade. On top of that, trading conditions, including the competitive spreads, the nice selection of currency pairs, the generous leverage and the advantages of MetaTrader4, make Rubix FX and MerchantFX even more attractive, with the only negative point remaining the relatively high minim deposit requirement.

Latest news about MerchantFX
No news about MerchantFX. Check back later.
Broker Country Regulation Platform Min Deposit Review
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for MerchantFX
















Price feed















Customer service










Agreed. White label brokers are for dummies

RubixFX are a very average broker and you trade with their white label, crazy. Surely FX traders do a bit of the old google due diligence and stay away from jokers like this.

Jo 04/04/2019

Does not have its own AFSL

Why trade with them. They don't even have their own license. He is an authorized representative of GLENEAGLE ASSET MANAGEMENT LIMITED. If at all, one should trade directly with the broker instead of this middle men.

Mike 03/19/2019
de | cn | ru