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MTN-FX Review - is it scam or safe?

MTN-FX Review - is mtn-fx.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account  Minimum deposit  Min. trade size Spread
Standard               $1  0.05  3 pips, fixed
Premium              $2 000 0.5 2.5 pips, fixed
VIP                            5 1.8 pips, fixed

 

Clients of MTN-FX can choose between the above account types and two trading platforms – Pro & Simple. While this broker has not set any minimum deposit requirement, its spreads on both Standard and Premium accounts are quite high. Most fixed-spread brokers offers a spread fixed at 2 pips on EUR/USD.

 

 

>> Top fixed-spread brokers <<

 

 

MTN-FX does not offer free demo accounts and when we tried to register a real account, we were directly transferred to the website of CMTrading.

 

 

The Company. Security of funds

 

The company behind this broker, MtnFX Ltd., is a trusted partner of CMTrading, which, on the other hand, operates as a representative of Blackstone – a South African brokerage.

 

The website of MTN-FX mentions nothing about regulation, and the company operating CMTrading is registered on the Seychelles, so basically they are not overseen by any financial governmental authority. The only broker with a valid license is Blackstone Futures, which is duly regulated in South Africa. However, we doubt that this is of any importance to anyone who registers with a partner of its authorized representative.

 

 

Conclusion

 

We are quite confused by the offer of MTN-FX, which seems like an introducing broker of CMTrading. The latter offers trading on the MT4, while MTN-FX doesn’t and the trading conditions announced on the websites of the two brokers differ significantly.

 

It is always best to invest directly with a forex brokerage that holds a valid license issued by a reputable agency, instead of dealing with representatives, introducing brokers, etc.

 

Brokerages licensed in South Africa must keep all client funds in segregated trust accounts in a recognized bank in the country. They are overseen by the Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB). 

 

Although regulation in South Africa is not among the strictest and most reputable ones (such as the one in US or Australia, for example), it provides a certain level of reliability.

 

 

>> A list of brokers regulated in the South Africa <<

 

 

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Traders` reviews for MTN-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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