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Merit Forex Review - is it scam or safe?

Merit Forex Review - is meritforex.com scam or a good forex broker?

Merit Forex is an offshore broker. Your money is not safe.

Trading Accounts & Conditions


Account type Min. deposit Min. trade size Max. leverage Trading costs
Standard $250 0.01 1:400 From 1.0 pips
Active Traders $1 000 0.1 1:400 Spread
ECN $10 000 0.5 1:400 ECN spread + commission
EA Robot $500 0.01 1:400 From 1.4 pips


Merit Forex offers the above account types, all of which provide variable spreads and leverage up to 1:400 on the MetaTrader 4 platform.


In addition, the broker also offers swap-free (Islamic) accounts, as well as managed ones.

Merit Forex Advantages


-Competitive spreads

The spreads offered by Merit Forex seem rather competitive, although ECN ones are not specified on the broker’s website.



We tried out Active Traders demo account and found the spreads on EUR/USD floating around 1.2 pips, which is in line with the industry’s average. For further information and comparison on spreads, check out our dedicated page



>>The real-time spreads of top FX brokers compared<<



- MT4 supported

MT4 hasn’t earned its popularity without merit. It is really a great platform, offering of the best charting solutions in the forex industry. Besides, all technical indicators you can think of are available by default, there is the MQL Marketplace, and the technical indicators and automated systems (also known as Expert Advisors).

High leverage levels available

Merit Forex offers a maximum leverage ratio of 1:400. While this may appear to be a high ratio, other brokers provide even higher levels.


That being said, don’t feel obliged to use leverage to the fullest, especially if you are a beginner. High leverage ratios may lead to heavy losses in a matter of seconds.


Many instruments available for trade

This broker offers trading in wide range of forex pairs, as well as CFDs on commodities, indices, and precious metals. Besides, you can also trade in Bitcoin, as BTC/USD CFD is also available. In case you are into cryptocurrency trading, you might also take a look at our list or reliable Bitcoin brokers.



>>Trade Bitcoin with a tightly regulated broker<<



Merit Forex Disadvantages


Registered offshore (Vanuatu)

Although it claims to be licensed by the Vanuatu Fiancnail Services Commission, Merit Forex is simply registered in this offshore zone as a dealer in securities. Forex brokers incorporated in Vanuatu (or another offshore jurisdiction) don’t have to meet strict requirements, if any at all; they are not being monitored by he governmental authorities. That basically means that they can do whatever they like with your money.


Market maker

The Company is the sole counterparty in relation to the platform", as stated in the Client Agreement. This means that Merit Forex acts as a principal to all trades, and that there uis a great potential for a conflict of interest between the broker and its clients.


Comparatively high initial deposit

Traders must deposit a minimum of $250 in order to open an account with Merit Forex. Although this is not that high, many brokers, including reputable and tightly regulated ones, require less. For example, you can open an account with XM by depositing a mere $5.





Overall, the offerings of Merit Forex seem quite attractive. You can trade in wide range of financial instruments on its MT4, and the spreads are good. However, what bothers us with regards to this broker is that it is registered offshore.


The brand is operated by Merit Financial Services Ltd., a company incorporated in Vanuatu. This destination offers a variety of tax benefits, however forex brokerages there are not regulated, no matter what they claims are. Even if there is some oversight, the requirements applicable to dealers in securities are very lax. There are far more reputable and serious regulators who are indeed supervising the activities of their charges and have strict requirements. Among them are the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).


For example, UK’s FCA requires forex brokers to meet high capital adequacy requirements, to keep clients’ funds in segregated accounts, and to report transactions, among other things. In addition, UK forex brokers must be members of the Financial Services Compensation Scheme (FSCS). In case an FCA regulated broker go bankrupt, its clients are covered up to £50,000.



>>Wanna trade with a FCA-licensed broker?<<



Here is a summary of the weak and strong sides of Merit Forex





Competitive spreads

Offshore broker

MT4 supported

Comparatively high initial deposit required

High leverage levels

Market maker model

Diversified product portfolio




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Traders` reviews for Merit Forex

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