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MubasherTrade Review - Is it scam or safe?

MubasherTrade review - Is mubashertrade.com scam or safe forex broker?

RATING: 2.5 / 0 REVIEWS MubasherTrade
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MubasherTrade is a brokerage owned by Mubasher Financial Services BSC – an investment business firm licensed by the Central Bank of Bahrain. The brokerage offers a wide variety of financial instruments for potential traders. See the review to learn more about this broker

 

Advantages

 

Regulation

 

The brokerage claims to be regulated by the Central bank of Bahrain on its website. After checking with the online registry, we can confirm that the company behind it is a licensed entity since March of 2007 with the Central bank. Such regulation is always a plus since there is an official regulatory agency backing the brokers claim and traders shouldn’t trust only the brokers words. However, we couldn’t find any information on the brokerages website, nor the Central banks website, about what this regulation entails. We should mention there are much more reputable regulators that offer a number of guarantees for potential traders.

 

Such regulators are the FCA and CySec which require a minimum capital of 730 000 EUR for would-be brokers, as well as provide for the brokers clients participation in financial mechanisms with the goal of compensating the clients losses in the unlikely case of brokers bankruptcy. The FCA provides as much as 50 000 GBP per person, where as the CySEC – 20 000 EUR. We recommend interested traders check out brokers regulated by such reputable authorities. 

 

>>List of CySEC-regulated forex brokers<<

 

 Variety of financial instruments

 

MubasherTrade offers a wide array of financial markets for clients to participate in. Potential traders can trade in CFDs on bonds, commodities, inflation rates, interest rates, currency pairs, equities and stock indices. Diversification of trade should always be seen as an advantage since it allows traders flexibility and significant freedom in their dealings.

 

Disadvantages

 

Platform 

 

The brokerage states on its website that it offers two trading platforms – MТtrade Plus and MubasherTrade Pro. The demo account grants access only to the first (probably the inferior of the two). Clicking through it we must mention that it is by no means user-friendly and probably wont be accessible for newbie traders. The charting is different and obtuse, the trading options are hard to find and unclear. Here is a screenshot: 

 


MubasherTrade platfrom. Click to zoom.

 

Perhaps the MubasherTrade Pro is superior in this perspective but you cannot access it through a demo account. We should say that the brokerage does not offer the MT5 trading platform that we like. It is provided by the same company – MetaQuote – which provides the well known MT4 platform which is preferred by 80 per cent of the trading world.  It has the same unique features such as the MQL5 programming language which allows traders to design and backtest their own auto-trading bots or run ready-made ones. We highly recommend it to potential traders. 

 

>>List of MT5 forex brokers<<

 

High spreads

 

The brokerages website provides pdf files full of information on their many financial instruments. Such an availability of information is always a welcoming sign. On the pdf file for forex trading we read that the spread on EUR/USD is 1.8 pips which is a bit above the industry average of 1.5. However, through the demo account on their trading platform we see a spread of 2.9 on the same currency pair which is significantly higher. We do not know what to make of such an inconsistency, only advise traders to take notice. 

 

>>List of low spread forex brokers<<

 

 

No information on minimum deposit

 

There is no information on account types on the brokers website, nor is there mention of the minimum deposit required to be able to trade with real money. Such a lack of information is only worrisome and having in mind the lack of regulation from reputable authorities, we advise clients to be wary if they choose to deal with this broker. 

 

Leverage

 

There is no provided information regarding the leverage on the brokers website.A lack of information is a big warning sign and usually means we are dealing with a shady brokerage. 

 

Conclusion

 

MubasherTrade is a brokerage owned by Mubasher Financial Services BSC. As was mentioned – it offers a wide range of financial instruments for potential traders. The company behind it is in fact licensed by the Central bank of Bahrain. The trading platform is highly disappointing and the spreads are quite high. Moreover, information is lacking on key components such as account types, minimum deposits and leverage. We believe there are better options in the forex trading world and we have linked to such brokers for interested traders throughout this review. 

 

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Traders` reviews for MubasherTrade

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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