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MplusFX Review - is it scam or safe?

MplusFX review - Is mplusfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz MplusFX
MplusFX is an offshore broker. Your money is not safe.

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MplusFX is a forex and CFD broker offering over 40 currency pairs on the MetaTrader4 platform. If you are thinking about starting trading with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $10 1:100 2,2 pips, floating

 

MplusFX Advantages:

 

Over 40 currency pairs, including a variety of exotic ones

 

MplusFX offers its customers 43 forex pairs, including some exotic currencies like Norwegian Krone, Czech Krona, Danish Korne, Chinese Yuan, Honk Kong Dollar and Thai Baht. The broker also offers CFDs on precious metals like silver and gold, indices and oil. However, as we do not see any crypto assets available, here you may check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:100

 

Leverage of 1:100 as offered by MplusFX might seem a bit conservative and yet, in our opinion, it is perfectly sufficient to accommodate any trading style. Have in mind that while higher leverage may help you score reasonable profit with a relatively small deposit, it also brings additional risk of depleting your funds with the slightest fluctuation of the market.

 

You can start trading with just 10 USD

 

You can start trading with MplusFX with just 10 USD and that is great. Yet, have in mind that with some big players like FBS and IG you can open a trading account with 5 USD or less.

 

MetaTrader4 supported

 

Th presence of MetaTrader4 is always welcome. The platform is used by more than 80% of all traders around the glove and features some 50 in-build market indicators, as well as the option to run automated trading sessions with the help of specially designed trading bots - Expert Advisors.

 

 

Here you may check our list of brokers, also supporting MetarTrader4:

 

>>MT4 Brokers<<

 

MplusFX Disadvantages:

 

Shady license

 

MplusFX is owned and operated by Mplus Global Limited, and says to be licensed by the Vanuatu Financial Services Commission (VFSC) - a regulation, which honestly is not very impressive to say the least. 

 

Being licensed by the Commission in Vanuatu is just a tad better than not having a license at all. Have in mind that proper regulation is crucial for the safety of any investment and traders that choose to invest with unregulated or regulated by offshore authorities brokers, run a very substantial risk of loosing their money to scammers.

 

Sound regulation is provided only by well respected institutions like the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). 

 

Properly licensed brokers are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all traders funds in protected, segregated accounts and in some cases even to insure clients' money.

 

With the FCA backed Financial Services Compensation Scheme for example, if the broker goes insolvent, traders can receive back up to 50 000 GBP of their capital. A similar compensation scheme with the CySEC guarantees traders up to 20 000 EUR of the investment. Here you may check our list of brokers, also licensed by FCA:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

In the presentation on their website MplusFX  says spreads to be starting form 1,5 pips without a commission. However, as tested with a Demo Account the EURUSD spread turned out to be as high as 2,2 – 2,5 pips, which is definitely over what traders usually expect to see with a standard account. Spreads starting over 1,5 pips are considered unacceptable. Here you may want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few payment methods available

 

With MplusFX  you can fund your account using all major credit or debit cards, as well as a with bank wire transfer and PerfectMoney - one of the e-wallets that are getting very popular those days. However, we miss other popular e-wallets like  NetellerSkrill and PayPal and we also miss the option to pay with Bitcoins, so here you may check our list of brokers accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Conclusion:

 

MplusFX is a low credibility, offshore broker, which on top of that offers mediocre spreads. Still, our biggest concern remains its regulatory status – a license form Vanuatu, which is hardly wort more than the paper it is written on. 

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Traders` reviews for MplusFX

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