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Mex Exchange Review – is it scam or safe?

Mex Exchange - Is www.mexexchange.com  scam or safe forex broker?

RATING: 3 / 3 REVIEWS Mex Exchange
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Trading Accounts

 

 

Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Classic $25 0.01 lots 1:500 0.5 pips*
ECN $25 0.01 lots 1:500 0.2 pips*

*Commission: $7 per lot

 

Mex Exchange is a forex broker that offers two types of accounts: Classic and ECN. There is also a demo account, with $100 000 in virtual funds and a leverage of up to 1:500.

 

Mex Exchange also offers two types of MEX Account Manager (MAM) and the Percent Allocation Management Module (PAMM) that allow trading on multiple trading accounts and the use of Expert Advisors.

 

The broker provides VPS service, as well. The tradable asset portfolio includes over 30 forex pairs, plus metals, CFDs on selected equity (Facebook, Apple, Twitter, Baidu, Alibaba, etc.), spot commodity (oil), commodity and index futures.

 

 

The Company. Security of Funds

 

Company Country Regulation
Mex Australia Australia ASIC

 

Mex Exchange is a forex broker based in Australia. It is owned by the company Mex Australia, which is properly registered and regulated by the Australian Securities & Investments Commission (ASIC). Our check revealed that the AFSL number of the company 416279 corresponds to that of retail over-the-counter (OTC) derivative issuer Ikon (Australia) Pty Ltd. The ASIC database revealed that “Ikon” is indeed the former name of Mex Australia.

 

Ikon has been in trouble with the ASIC earlier this year and eventually agreed to separate the funds of its overseas clients from those of its Australian clients. In the summer Ikon MultiGroup Bank, which was the full name of the Hong Kong-based company announced it is rebranding as MultiBank Exchange Group (MEX Group) and the Australian subsidiary became Mex Exchange.

 

ASIC is a reputable regulator with strict rules and oversight, which means that Mex Exchange is most likely a proper forex broker, much like its Australian peers AxiTrader and Invast Global and some of the major global players like Forex.com, FXCM, Oanda and XM.

 

Trading Conditions

 

Minimum initial deposit

According to representatives of the broker, Mex Exchange currently does not impose a minimum deposit requirement, which is somewhat unusual. Ordinarily the brokers have such requirement, even a rather symbolic one, like FXTM, which has a 5 EUR/USD/GBP requirement. Others, like FxPro have a $100 requirement.

 

Spreads & Commissions

Mex Exchange offers spreads starting from 0.2 pips and an average spread of 0.9 pips for the EUR/USD pair. Having in mind the rather tight spread, charging an additional commission is reasonable and the USD 7 commission per lot Mex Exchange charges is not too high.

 

Charging a commission is a standard practice for broker who offer tighter spreads like Grand Capital, which charges $5 on its ECN account where the spread is 0.4 pips.

 

Leverage

Mex Exchange offers leverage of up to 1:500 for forex and 1:250 for metals. The 1:500 is rather high and risky, especially for inexperienced traders, but so far there is no regulatory limit on the size of leverage the brokers in Australia can offer their clients.

 

The Australian subsidiary of Forex.com, for example, offers maximum leverage of 1:200.

 

Trading Platform

 

Mex Exchange offers trading on the popular platform MetaTrader 4 (MT4). The platform was developed and released by MetaQuotes Software back in 2005, but to this day is used by many brokers like FXChoice, FXPro, FXCM, etc. One of the main reasons for its popularity is that it is stable and reliable, has many functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors and automated trading.

 

 

Methods of payment

 

Mex Exchange accepts client deposits through bank wire, Visa and MasterCard credit cards and the online payment systems Neteller, Skrill, FasaPay and China UnionPay. Those options are fairly standard and are offered by most forex brokers.

 

Conclusion

 

At first sight Mex Exchange appears to be a well-regulated and reputable broker. It is somewhat odd that the important information about trading conditions like leverage, commissions, minimum deposits, etc. is either scattered all over the website, or is not available at all and one has to contact the support office and be persistent. This, frankly, is not very user-friendly. Another somewhat disquieting fact is the troubles the broker has had with the Australian regulator and the rebranding that followed shortly thereafter.

 

On another hand, the broker is regulated by the ASIC – a watchdog that has a reputation for keeping a close eye on the goings-on with its wards.

 

Pros: Cons:
ASIC-regulated Formerly known as Ikon
MT4  
Big selection of trading instruments  
Tight spreads  

 

 

Latest news about Mex Exchange
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Traders` reviews for Mex Exchange

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

 

 

MEX Group: scamming traders

If you are looking for an ECN, raw spread and good execution, look elsewhere! What MEX GROUP can offer is a B-book model, slow execution and one of the worse customer services, Ben Gonzales (my account manager) gave me the lamest excuses of ever when I complain about their ridiculous slow execution. If you are a scalper mex group will delete all your profit saying that "scalping is not allowed by the regulator" obviously this is just a lame a** excuses just not to pay your profit! Don't open account with these scammers!

Joshua 08/29/2017

MEX Exchange, NO Thanks!

I honestly don't even understand how this bucket shop is still open. ASIC already fined them (at that time their name was IKON), their products are ridiculous, very slow withdrawal and even slower deposit. Not to forget that under AISC regulation, the funds are protected only for Australian citizens.

Arturo 08/02/2017

Mex Exchange: different name, same scammers

Mex Exchange, Mex Europe, Mex Group, they may keep changing name but behind there are always the same scammers of Ikon Group. All the operations are runner from China and jacobus in Australia is only acting as representative. They offer nothing new! The same old B book trading model. Their Fix Api offer is simply ridiculous, they don't have any proprietary trading technology. RUN AWAY from this bucket shop!!

Peter Hook 07/28/2017
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