Review & Opinion on MXTrade(Lau Global Services Corporation)

May 14, 2016

Who is MXTrade? Is it safe to trade with this broker?

Notification

Please note that MXTrade has terminated the contracts and we are not allowed to introduce this Broker.

Here we will review the service of MXTrade.

Please note that the review written in this page is not for advertising objective nor officially authorized by any entities, but it is intended to help traders get to know about this broker better.

Who is MXTrade?

MXTrade official Website

MXTrade is an online Forex and CFD Broker which used to be regulated by CySEC.

Now the Broker is not regulated by any recognized Financial Regulatory Authorities but registered its company in Belize.

The company “Lau Global Services Corporation” has its history with number of regulatory authorities as they have:

  • refused to process withdrawals/payments to some Investors
  • promoted its brand to some areas where they are not authorized to do so

The company itself has founded some companies to provide Financial Services, and MXTrade is one of them.

 

Trading Environment?

MXTrade offers over 50 financial instruments through MT4, which number is smaller than the average.

Leverage is up to 1:400 which is also smaller than many other brokers.

The minimum variable spread starts from 1.5 pips which is wider other normal brokers.

MXTrade restricts some profitable trading methods such as:

  • Scalping
  • EAs(expert advisers)
  • API
  • Arbitrage
  • News Time Trading

And also MXTrade does not allow any Profitable or Professional Traders to trade.

There are number of traders who have reported that MXTrade has taken away their profits upon withdrawals.

The trading conditions are not so preferable for Investors.

 

Bonus & Promotions?

MXTrade runs mainly 3 different promotions:

  1. $50 No Deposit Bonus(Profit available for withdrawal)
  2. 100% Deposit Bonus(the bonus amount available for withdrawal by trading)
  3. Apple Watch Gift Campaign(by trading more than 250 lots)

These promotions are quite gorgeous. It wouldn’t be difficult to trade and achieve the bonus conditions.

But you need to make sure that you are not going to trade any unauthorized trading methods, otherwise all your time and money will be just wasted.

 

Customer Service?

The quality of the customer service is normal comparing to other brokers.

MXTrade has its 24 hours customer service through livechat and they are always awaiting to support you.

Sometimes you will get procrastinated when you ask something a bit complicated question, but it is good to know that there is always someone you can contact.

 

Complains from traders?

There are number of traders who reported that they are unable to withdraw their profits/payments from MXTrade.

MXTrade doesn’t officially specify in its website, but the Broker does not allow many profitable trading tools and also professional traders.

And in case you have made profit by trading with MXTrade, you may not be able to withdraw your profits but will be taken away by MXTrade when you make a withdrawal request.

The Broker is not the best choice for traders who are looking to make money by trading.

Anything to be careful?

There are mainly 3 things you should be careful of regarding MXTrade.

1. Profit Cancellation

If you are a profitable or Professional Trader, MXTrade may cancel your profits upon your withdrawal request.

Also MXTrade does not allow many profitable trading methods, so you may not want to trade with this Broker in case you are looking to make profits by trading Forex and CFDs.

2. Not Regulated

MXTrade is not regulated by any recognized Financial Authorities, but it is a registered company by IFSC in Belize.

The company address is also not a official one. So in case you are in trouble with this broker, technically there is no one to judge the business and take official legal actions.

If you are trading with MXTrade, you are on your own.

3. History of illegal activities

The company Lau Global Services Corporation has had regulatory issues before with some Financial Authorities. Also MXTrade is not only one Broker which the company has founded.

Based on the activities of these Brokers, the company tends to be warned by many legal entities.

You are recommended to follow the instructions of the Financial Authority in your jurisdiction.

 

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