A supposed online broker that hails from Australia, Mex exchange fails to gain a trader’s faith and trust. It puts away the fact that it does not possess. Also, it did not do years of hard work and preparation to earn the respect of traders in the financial market. The online broker restricts its traders to trade from CFDs, provides below-average trading tools, insufficient trading advice and a pathetic excuse for education and research material.
Surprisingly, the broker asks way too much as commissions and fees like a scam broker. The broker claims that it has active customer support. However, the reviews are from bots, which seem paid. There are no actual customer service reviews, written by a real person.
Let us read about the broker more;
Mex Exchange: Scam spells the same as safe?
The broker claims to comply with the AFSL but fails to provide facts based on crucial security features like encryption and bank account segregation. Some brokers are legitimate; some are safe. However, the broker Mex Exchange is a complete scam. The trader’s hard-earned money is at risk with this broker; we strongly suggest moving your financials somewhere else.
Mex Exchange: Account types
The broker claims to provide two different trading accounts, a classic and an ECN account. Both of the accounts are limited in terms of market exposure and lack in providing worthy services to the trader. The spread and the commissions charged are always sky-rocketing. The account action in itself very messy has limited access.
The leverage offered is very low with the broker restraining the tradable assets wherever it can. The assets are already insufficient for a decent portfolio, and the broker goes further up a notch by asking a commission of $7 for each trade. A day trader can never earn from the broker Mex Exchange since the commissions eat up the trader’s profits in the face of commissioned trades. The broker provides with a demo account, but the features are restricted even here. Novice traders can not learn anything from the demo account provided by Mex exchange. It has to be noted that a demo account is crucial for a trader to learn the critical things about trading, and the broker provides bad service for the same.
Account Opening Process:
The process can take several days to go on the floor, and it is tricky enough for a novice trader. The broker also asks for specific terms and conditions that again, restrict the trader to access more profitable areas of the market.
The commissions asked for the classic account are not much. It leads to further disbelief.
The broker wants the trader to open an account with a minimum required balance, and then trade on greater market exposure. Leverage is a risky trading tool and should be used online if the trader is familiar with its use.
MEX exchange education and research:
The broker has hired another third party to provide educational services which would obviously, ask for additional money from the trader. Apart from this, the broker claims to offer a market analysis which is not up to the mark, and the page is filled with promotional adverts to lure in traders. The relevant part of the screen is covered with pop-ups.
The broker’s blog section was updated more than 10 days ago, showing the very less interest of the broker in its traders. Mex Exchange tries to be creative in new, scamming ways. The broker provides an ‘autochartist” for its traders. Now, this service is available for people who are willing to pay extra money to access it. A trader with lower capital can only dream of such services.
The broker also claims to provide market statistics, but we were redirected to the same homepage when we tried to read it. This a glitch and the broker has not paid any attention to it. Scan brokers like these should be taken off of the market ASAP.
MEX exchange regulation:
The broker is regulated by one authority only. At least three different regulatory authorities should regulate the ideal broker. Besides, the broker claims to follow some of the compliances and guidelines but at the same time, fails to provide any proof for the same. We cannot provide any concrete information about the broker’s regulation because the broker does not seem to be regulated. If we consider the bizarre possibility of its regulation to be true, it has not provided any additional information to back the claim.
MEX exchange scam or safe? Scam for sure.
The broker has not provided any information about regulation as discussed. Besides, the website’s screen page is filled with promotional ads, as a move to make more and more money out of the traders pocket. The broker also does not provide any resourceful educational material of its own. Moreover, it outsources the third party to its users, claiming to make traders out of normal people.
These steps taken by the broker put it into the category of scam brokers and once again, we would like to suggest our traders move their financials somewhere else when they can.
MEX exchange tradable assets:
The broker offers a VPS forex trading. VPS trading is a secretive form of trading, creating a third party in the whole process. The VPS services are also provided with only forex trading, which in itself is a volatile market.
The money involved in such a volatile market should not be a subject to a third party in any case. How can a trader trust someone else with his money other than the broker?
In such schemes, brokers and service providers split the money from the innocent and novice trader, leaving him hanging dry.
Only cash indices and the spot commodity can be traded via CFDs by the broker.
MEX exchange commission and spreads:
The broker asks for more than five dollars a commission per trade. As discussed above, the day traders, in particular, are not fond of such practices and at the same time, day traders are also responsible for generating handsome returns.
The broker asks for its liquidity to several third parties that include major banks.
The brokers start acting as the brokers for these providers after some time, rather than the traders. Such cam brokers should be avoided at any cost.
The broker MEX exchange is a complete scam. No trader should get financially involved with such a broker the broker wherever possible, involving these parties in a two-party transaction, thus splitting the incoming money with beneficiaries. Brokers like these should be avoided. A smart trader should look out for brokers like HFtrading, PrimeFin, Trade ATF etc. These brokers are completely legit, regulated by more than one authority.