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MT.Cook Review - Is it scam or safe?

MT.Cook Financial Review - is mtcookfinancial.com scam or good forex broker?

RATING: 2 / 1 REVIEWS ForexBrokerz MT.Cook
MT.Cook is an offshore broker. Your money is not safe.

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Trading Accounts

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spread
STP/DMA $5 000 0.01 1:100 0.3 pip + $3.3 / lot

 

 

MT.Cook offers its clients a single account type with tight variable spreads, involving commission frees, leverage up to 1:100 and STP/DMA market execution. What is more, PAMM services are also available with this broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

Atlantic Pearl Ltd. - AJR of Khwezi Financial Services (Pty) Limited 

 South Africa 

FSB

 

MT.Cook Financial (MT.Cook) is a boutique brokerage that focuses on professional & institutional traders, offering 60+ currency pairs, gold and silver, plus CFD Indices and Futures for trade on the MetaTrader 4.

 

Mt.Cook is a brand of Atlantic Pearl Ltd. - a financial services and technology provider that acts as an authorized juristic representative (AJR) of Khwezi Financial Services (Pty) Limited licensed by the Financial Services Board (FSB) of South Africa.

 

Atlantic Pearl is authorized by the FSB to provision liquidity, and to deal as an AJR, in intra-day rolling spot currency contracts (as derivatives) in an agency model capacity under Category 1, sub-category 8 and 13 for both equities and derivatives.

 

As one of the most developed countries in Africa, South Africa is considered as a financial market with considerable potential. FSB is in charge of the licensing process and supervision of forex brokerages in the country. Besides, the South African regulator has certain powers to deal with breaches through the enforcement committee, and runs a customer complaints service, the Office of the Ombud for Financial Services Providers.

 

Even though regulation in South Africa is not among the strictest and most reputable ones, it provides a certain level of reliability. Locally licensed brokers are required to keep all client funds in segregated trust accounts in a recognized bank in the country.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with MT.Cook, traders have to invest at least $5000, which is a high minimum initial deposit. This broker obviously targets a smaller niche of the forex market - professional and institutional traders.

 

Average Spreads & Commissions

MT.Cook charges $32.5 per million (per side) and offers spreads averaged 0.2 pips for the EUR/USD pair, which means that trading costs for this pair are below 1.0 pips per lot round turn (commission included). This is a competitive pricing, as most brokers offer spreads within the range of 1.0 – 1.5 pips for this pair.  For more information, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

As it is usually the case with brokers servicing institutional and professional traders, MT.Cook does not provide high leverage levels. The maximum leverage on FX products offered by this brokers is 1:100. If you need higher leverage ratios, you may look at a list of brokers offering leverage up to 1:500 or higher. Before you risk your capital, make sure you are aware of the risks associated with margin trading.

 

Trading Platforms

 

As we have already mentioned, this broker supports the MetaTrader 4 (MT4) platform, available as desktop and mobile versions.

 

MT4 offers all a trader needs: ease of use, numerous order types, a wide range of technical indicators, extensive back-testing and advanced charting tools. The platform is especially valued for its algo trading strategies, a.k.a. Expert Advisors (EAs) that allow users to automate their trades. Algo traders usually need reliable connectivity and that is why many brokers, including Mt.Cook, offer VPS services.

 

In addition, Mt.Cook Financial provides access to the social trading community of traders known as “Myfxbook AutoTrade”. It is available to traders through integration with the MT4 application. 

 

Methods of Payment

 

Clients of MT.Cook can make deposits and withdrawals from and to their accounts only via  bank and wire transfer and Neteller.

 

For outgoing bank wire transfers, there is a fixed fee of $25 or equivalent in other currency.

 

Conclusion

 

MT.Cook is an authorized representative of a company licensed by South Africa’s FSB. The broker is focused at professional/institutional clients, so it requires high initial deposit and does not offer high leverage levels. Being a STP/ECN broker, MT.Cook offers raw spreads and charges reasonable commission fees.

 

Pros Cons
Regulated by FSB (as an authorized rep) Doesn’t have a license of its own
Tight spreads High initial deposit required
STP/ECN execution Limited payment methods
MT4 & Autotrade platforms available  

 

  

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Traders` reviews for MT.Cook

Spread

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Slippage

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Requotes

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Price feed

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