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Millennium FX Review - is it scam or safe?

Millennium FX Review - is mnmfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Millennium FX
Millennium FX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit  Min. trade size Max. leverage  Spread
Micro  €1 000 0.01 1:1000 from 2.5 pips
Pro  €5 000 0.01 1:1000 from 2.0 pips 
VIP   €10 000 0.01 1:1000 from 1.5 pips 

    

Millennium FX presents itself as a financial intermediary operating on the forex market. It offers three account types with floating spreads and very high leverage levels.

 

Apart from their account type and trading conditions, we have serious concerns about this broker and the details will be highlighted below in this review.

 

This broker appears to be different from Millennium-FX (which operates from the domain mlnfx.com) and is allegedly owned by unregulated Estonian company MLNMTECH OU. Yet, we cannot be sure about this. Both brokers are unregulated and have very low credibility.

 

 

Millennium FX Advantages

 

Trading on the MT4

When we weighted the advantages of Millennium FX, one that stands out is the availability of the MetaTrader4 (MT4) platform.

 

With its intuitive interface, great charting package, numerous market indicators and the option to run automated trading sessions via Expert Advisors, the MT4 dominates the market for the better part of the past decade. You may check our list of brokers that also support the MT4 and select a better one.

 

 

>> Find other MT4 brokers here <<

 

 

High leverage provided

Millennium FX provides traders with very high leverage ratios, reaching 1:1000, which will suffice the needs of all types of traders. Yet, using leverage levels that high can be risky and if you are not experienced in trading, you could lose your investments in a matter of seconds.

 

Solid choice of CFDs

This brokerage also provides traders with currency pairs from all over the world and a wide variety of CFDs. More specifically, Millennium FX’ CFD product range includes indies, commodities, precious metals, stocks, and the most popular cryptocurrencies. Such variety of tradeable assets allows for portfolio diversification, which helps manage risk.

 

 

Millennium FX Disadvantages

 

Not regulated, CNMV warning against it

The situation of Millennium FX is somewhat unclear. The website of the broker is available mostly in Spanish, however the “legal” section is entirely in English, and features a company address in London, UK.

 

Yet, the company allegedly owning and operating the brand, Millennium Fx Limited, is not licensed by the UK’s Financial Conduct Authority (FCA), nor by any other financial authority.  Regulation is the single most important factor for the safety of any investment and the fact that Millennium FX does not have a license significantly lowers its credibility.

 

Furthermore, there is a recent warning against Millennium FX issued by Spain’s financial regulator, the CNMV, which is yet another red flag.

 

 

Excessive initial deposit

To open a Micro account with Millennium FX, you should invest at least EUR1000 and that in our view is excessive. Most brokers allow you to open a standard account with $100 - $250 or less, while some big names like IG do not have a minimum deposit requirement at all. 

 

Spread above the average

Although we believe that the cost of trading is not as important as the security of your investment, spreads are still an important factor in the trading world. That being said, it seems that the offer of Millennium FX is not that attractive. According to the information on its website, the broker’s spreads on the most basic account type start from 2.5 pips on EUR/USD, while the average for the industry is 1.0 – 1.5 pips for this pair.

 

When we tested Millennium FX, the benchmark EUR/USD spread was floating around 2.1 pips.

 

 

Click on the image to view full size.

 

For further information and comparison on spreads, check out the below link.

 

 

>> Compare the spreads of some top brokers in real time <<

 

 

MT4 provided by a third party

Another thing we discovered when we downloaded Millennium FX’ MT4 is that it was not provided by the parent company of the broker, but by a third party - CXM Trading ltd. This is not that unusual, but we decided to mention it anyway. 

 

 

Conclusion

 

Allegedly based in the UK, Millennium FX seems to target mainly Spanish investors. Nonetheless, the broker is not entitled to operate on any regulated financial market, including in the EU. Furthermore, the trading conditions offered by the brokerage are not in the least favorable. All in all, traders should direct themselves to better trading options to which we have linked throughout this review. 

 

To sum up the strong and weak sides of Millennium FX in a few words:

 

Pros Cons
Supports the MT4 Not licensed
High leverage, many CFDs offered Blacklisted by the CNMV
  Excessive minimum deposit
  High spreads
  MT4 provided by a third party

 

Latest news about Millennium FX
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Traders` reviews for Millennium FX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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