MXTrade

Admin July 14, 2024

Summary

MXTrade, located in Belize, is a brand owned and operated by Lau Global Services Corporation, a financial services company providing trading in financial and commodity-based derivative instruments and other securities. MXTrade trades CFDs and Spot FX contracts and is licensed by the international FCA. It was founded in 2014 and is a relative newcomer to the industry.

Regulated

Payment Methods Used

WebMoney, Skrill, Neteller and others.

Meta Trading Softwares Used

MetaTrader 4, Proprietary platform

Overall Rating

2/5

Reviews

Mithun Kumar jain
1/5

I started with MXTrade.com on in mid Aug-2016. My MT4 account id is : 8080714. On 4th Sep, Sunday, when market is closed, and all my open trades and pending trades got closed. When I asked MXTrade how can my trades get close on Sunday when market closed, they did not have any answer. So I decided to quite and withdraw my money. I raised a fund withdrawal request on their website and emailed MXTrade many times. They are not returning my money and not responding my emails. Be away from MX Trade. Along with me I personally know 2 more customers of MXTrade who are suffering from same issue. If you want detail of those customer please contact me I can share those with you. I don't want any one to suffer from MX Trade. At this point of time, MX trade is not FCA regulated and MX trade licence is registered in Belize which is a small country in eastern coast of Central America. It doesn't have any value.

Polo Paolo
1.2/5

This is a scam site, after more than one month from the date of my first request of ratioed my paid-up capital, today called me and told me that if I wanted to get back my money I had to pour more

Andrei Romania
1/5

Hi All I worked with MXTRADE. I was affiiate . I promoted this scam forex broker on my websites. They do not paid me my affiliate commission over 180,000$ and they do not paid my customers, too, when they asked cash out of the profits. Do not invest money and time on this scam broker

Tshepo Johannesburg
1.1/5

I have been a client of the company since around 22nd July 2015. I worked with Mr Korg Haynes who was assigned to me as my broker when I joined the company. I worked under the advisement and direction of Mr Haynes in a manner that was at all times, to my knowledge, within the bounds of the mxtrade's rules and regulations. Two and a half weeks ago (around 22 October 2015) my account was disabled - I have not able to log into my account from my mobile device or desktop application since. I inquired about the matter with my broker and he advised me not to worry since my account was being moved to VIP and that Mr Michael Richardson would contact me on 23 October 2015, and later rescheduled to 26 October 2015. I was never contacted by Mr Richardson but by Mr Gavin Andersen (on 27 October 2015): he informed me that my account was in trouble and that he would help me "fix it". The brief that Mr Andersen gave was that Mr Haynes had made some fraudulent bonus deposits (to the value of $21 000) into my account, these deposits were made to save my account but nonetheless were against regulations and that I needed to pay the money for those deposits - if I did not pay the money my account would be closed and the company would take all my profits and capital investments. I inquired further about the deposits to understand exactly what Mr Andersen was talking about. The outcome of my inquiry is that I am aware of those deposits and I explained to Mr Andersen that I had asked Mr Haynes about the context of the deposits at the time they were made: Mr Haynes informed me on one occasion that the deposit was a bonus from the finance department to help us trade - the company made profits when I made profits and they extended the bonus to further this cause. On another occasion I logged into my account and found a $10 000 deposit and I inquired about it, Mr Haynes informed me that he had requested it the night before, it was a bonus from finance that they would deduct from my account at a later stage. On a third occasion Mr Haynes informed me that if deposited and extra $500 over and above a $1000 deposit I had already made then I would qualify for a $3000 bonus from finance. I had screen shots of these Skype conversations and I shared with Mr Andersen. I addition to this, I had requested information from Mr Haynes in order to understand margin level requirements and the point at which a margin call would occur on my account, as well automatic closure of positions and accounts. Mr Haynes informed me that my account was far from a margin call and that I would only need to worry when my margin level was near 25% because that is automatic account closure. After going through the information I provided, Mr Andersen contacted me on 28 October 2015 to inform me that the actual amount due for the fraudulent bonus deposits is now $12 000. In conversation with Mr Andersen I expressed concern that at the time my account was disabled there were open positions and that something should be done to safeguard my account while the mxtrade was still investigating the issue - it seems this point is being used as leverage to urge me pay back the deposits before my positions turned negative. I did not disagree with Mr Andersen that someone needs to pay back the deposits, however I disputed that I should be held liable for my broker having made illegal deposits on my account and misrepresenting the company. Mr Andersen insisted that no one but me is responsible for raising the money, reason being: the deposit was made to save my account, but how so if my account was never close to a margin call as indicated by my broker, but if indeed levels did reach those in line with requirements for a margin call, I was still denied the opportunity to make an informed decision on whether to close certain positions before they reached critical levels because of the false information that was presented to me regarding the company's margin level requirements. Mr Andersen did not accept my argument and informed me that if I do not raise the deposit my account will be closed, the results of which is that I will loose everything. I asked for further information about the fraud incident report and what justification the mxtrade has given for holding me liable for damages instead of my broker. After a lengthy discussion with Mr Andersen around the above-mentioned points I explained to him that I want to find an amicable solution even if it means paying back the deposit but I needed a formal communication regarding the incident to acknowledge the wrong doing and also provide a reasonable justification of why I would be paying. Mr Andersen told me he would see what he could do. On the evening of 28th October 2015 I received a credit agreement form in my email inbox for me to sign and Mr Andersen gave me a call shortly after to talk about the agreement - I told Mr Anderson that I was not happy with this since it was a standard credit agreement that made it look like I had knowingly asked for the deposit and there was no acknowledgement from the company regarding the incident nor any information regarding the circumstances surrounding the issue. Mr Andersen's response was to revert to the fact that my account will be closed if I did not pay the account and that he had done his best to help me. In a follow up discussion the next day on 29th October 2015 I told Mr Andersen that I would like to speak to some-one who would assess the issue based on its merits instead of trying to cover up the fact that there was misconduct, negligence and misrepresentation of important policy information on the part of the company - Mr Andersen told me that someone would contact me. After several follow up emails to the company's legal and customer service department, I was finally contacted by an mxtrade employee from the finance department by the name Max Daniels on 9th November 2015. Max and I spoke extensively and I explained my experience but essentially he held the same view as Mr Andersen. After some time going back and forth with Max, I communicated my dissatisfaction in how the matter was handled and asked Max what options I had. Max said he would speak to his superior and he gave me call after about 20 minutes or so - the final outcome is that I now have $10 000 due for the fraudulent deposit on my account: if I make a 10% deposit I can gain access to my account and I will be granted a credit agreement where the remaining $9000 must be paid back by me within 30 days. My conversation ended on this note as it was late in the day. We spoke again the next on 10th September 2015; Max asked me if I had thought about the deal and if I had made a decision. I told Max that the deal did not seem appropriate to the circumstances and I could not commit to its terms. Max told me that I did have the option not to sign a credit agreement and that I could start making small deposits into my account which he could use as evidence that I want to fix the matter and assist in stopping further action being taken to close my account. These terms do not seem fair and could further exacerbate the situation that I am in.

king South Africa
2/5

i just received a call from them where the hell are they getting my cell number. i told her to call back later but when she calls back ill up her on hold for hours til m battery dies lol lmk

Noel
1/5

Total scammers... I have a lot of proof. They tell you a lot of beautifull things until you deposit, then everything change and you lose your money. For example they told me they will give me the commision fees back until i deposit, then i lost all my money only for commisions, nothing about markets. The commisions was more than my total balance only in one trade. Then i claim for my commisions back as they primised me and nothing... i have been scammed and i have proofs.

Behcet dayar İstanbul
2/5

Mx tade is get people money and they tricks people. Do no do not and do not deposit any money for trade please. Met karees levant demir and many employee trick and stole tader's money. They are not good company. They stole my 20.000 Usd

Rob , Australia,
1/5

Absolute disgrace they are total scammers ,they disable your platform so you cannot close trades ,put me in minus on 2x large trades because they said no dont need a stop loss.!! once you are locked in they want more and more money to increase the margin has they say ---- this is just to fleece you of more money. They put you in trades with large spreads and you nearly always end up in the minus but hey come on increase the margin and we will bankrupt you some more . Iwill be reporting them but they i assume are not regulated in cyprus and main company in Belize so kiss your money good bye folks !!!

Leo T Pattaya
1/5

Many people have complained about Mxtrade, few appreciate it. First I think a few are the brokers who work for mxtrade. Mxtrade scammed me. They manipulate data and spreads.

Jaume Barcelona, Spain,
2/5

"EA is not allowed as well as illegal trading" "If the Company notice any Scalping activity or other high-speed trading activity, the trading account of the Client shall be disabled without prior notice. Moreover, the Company reserves the right to cancel and delete any transaction/pending order executed with the scalping account."

Mae Hong Kong
3.4/5

4 months ago, before i start trading with MXTRADE company, i have already trade with other online brokers. The best thing about this company MXTRADE is they have a good leverage. that helps me to improve my position on the market. I worked with Mr. Korg Hanes, one the best Broker from their company and until now, I'm still making profit. Spread is not too bad unless you trade exotic pairs. Support has always been good it does take quiet long time to wait for answers when you are in chat mode might be inexperienced stuff. Good education tools and three different platforms for me most important is very good mobile apps on android phone like Samsung.

S.K.H , Brunei Darussalam
2.3/5

Wanted to test their system, applied for their $50 no deposit bonus. Terms and conditions for withdrawal seems fair enough (complete 5 standard lots for withdrawal). After one month, via organic growth, account is now $371 (including the $50 bonus). Will attempt withdrawal once account hits $1000. My reviews (both via sirix and MT4) - Customer service live chats takes ages to be responded. Sometimes not answered at all. Happens all the time outside European timings. If answered, takes ages to for each question to be answered. I suspect no dedicated agent or lack of. (one encounter, I had the agent typing in other clients queries and not answering my questions) - Big spreads. Averaging 3pips. - Immediate executions so far. No lags. - On top of big spreads, spot trade very difficult to make. Noticed if spot buy/sell, opened position will always be worst off (eg. spot price 123.612, open trade would be 123.590. Sirix and MT4 will still show 123.612. This applies to closing the trade too. (eg. spot shows 123.488, closed position would be 123.505). Noticed these with all my spot/market trades. -With unreliable spot prices, scalping is very difficult but not impossible. -Trades with TP or SL will be closed exactly as entered.

Teguhadisukma indonesia
1/5

I want my money back, please help me, I am a new trader in mx trade, I'd 8011797, I deposit for us$100 now my credit in mx trade is us$102.11 I want to withdraw my money but always cancel by sistem, please give my money back

Andrey
4/5

I haven't got any bad experiences with mxtrade. For me, they are helping me get profit day by day. They always send me forex signals which I think they are made by professionals. I see that my money is growing, sometimes I lose but its part of the trade. The brokers that assisted me always remind me on what to trade which is a good plus with them. I am happy staying with this broker because of the good service I have experienced with them.

Chuck Singapore
4.1/5

My experience with this broker is great so far. Last week's execution of my trades are better than what I expected. FX is not an easy thing but they do such a good job in this.

Rashid
1.2/5

Long story short, stay away from MX Trade, really stay away. If you want to hear whole story, so here it goes... I was looking broker with fixed spread, so MX have it, just minimum deposit for that account is 20.000 USD I told my manager there is no way, that I'm gonna deposit that amount of money, because I want to test this company first and see how it goes with everything. So he said put 5.000 USD and I'll give you fixed spread (Gold) account instead of Silver. So I deposit 5.000 and I traded for a few weeks, so far so good. They been calling me every single day and asking to deposit more and more, asking how I'm doing. Trust me they were very annoying with all that nonsense. But suddenly I noticed that I can't modify or close my opened positions, witch I left for a few days. I started to call them, Skype them, chat them on live support and all I get is "we'll find out and let you know" It took a week until I was able to close my positions. So thank God, that market was going into right direction! After I closed them, same minute I withdraw my all money and it also took a week. So if you smart and don't want to have problems, STAY AWAY FROM MXTRADE !

Mustafa Alexandria
2.1/5

My experience with this broker indicates that their behavior is unethical. After verifying my new account, they stopped replying to my emails because I was claiming my bonus that they were offering. I would advice everyone not to use this broker for forex trading.

Alberto Pattaya
1.7/5

With Mx trade I lost my money. They manipulated graphics, I have a proofs

Andrea's
1/5

My account is disabled for over a month now, they don't bother to get the issue resolved...

Tomhas
4/5

I started with them with 1000 usd someone nane chris anderson is my broker,he really knows how to read the market, like a magician