MplusFX Forex Trade Platform and Broker Review

MplusFX Forex Trade Platform and Broker Review

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MPlus Broker Review

MplusFX is a global Forex broker that provides innovative technological solutions and brokerage services.  The broker provides access to 40+ currency pairs that can be traded on the industry-favored MetaTrader 4 platform. 

MplusFX also offers metals and CFDs. MplusFX was first founded in Cyprus in 2015 and today has main offices in Cyprus.

Is MplusFX Regulated?

No, MplusFX does not appear to be regulated by any global regulatory entity at this stage. According to the broker’s website, MplusFX is not under regulation for offering licensed investment services. 

Is MplusFX Regulated in the United States?

No, MplusFX is not regulated in Virginia or any other US state. 

Is MplusFX Regulated in Europe?

No. MplusFX is not regulated in any European country. 

Is MplusFX regulated in a Tier-1 Jurisdiction?

According to the MplusFX website, MplusFX is not regulated under Tier-1 jurisdiction. 

Tier-1 jurisdiction provides licensed members the ability to offer investment services in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is MplusFX regulated in Tier-2 Jurisdiction?

According to the official MplusFX sources, MplusFX is not regulated under Tier-2 jurisdiction. Tier-2 jurisdiction will allow brokers to provide licensed operations in British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in MplusFX?

MplusFX gives traders access to one type of platform, which is the highly popular MetaTrader 4, an industry favorite amongst most traders for its innovative and user-friendly trade features.  

  1. MetaTrader 4 from MplusFX provides users with more than 330 instruments for trading and is compatible with the vast online library of user indicators and expert counselors. MetaTrader 4 also provides the possibility to lock positions and independently manage several accounts at the same time.

Does MplusFX Have a News Blog for Forex News?

No. MplusFX does not have a free news blog available on its official website. A news blog is generally offered by many brokers to keep traders informed of pertinent market developments and new events in the investment world. 

Does MplusFX Have a Traders Dashboard?

No, MplusFX does not provide a Trader’s Dashboard. Many brokers offer a Traders Dashboard to users which provides a centralized data source of all relevant currency information and fundamental analysis.

Does MplusFX Have an Educational Section?

No, MplusFX does not have an educational section. Many brokers offer free Forex education which is categorized into various topics, allowing beginner traders to improve their Forex skills and grow their trading career with the broker. 

What is the content of MplusFX Forex Education?

MplusFX does not provide Forex Education. However, traders can make use of MplusCopy, which is an opportunity to automatically copy leading traders and make use of their winning trading strategies. 

Is MplusFX Legit?

No, MplusFX is not a legit Forex Broker and Trade Platform. MplusFX does not have legal certificates to perform Forex Broker and trading services.

Is MplusFX Safe?

MplusFX is not a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. 

MplusFX is not regulated by any organization in any region of the financial industry. This means that traders will have no client protection in case of losses incurred due to any type of broker mismanagement. 

Is MplusFX a Good Broker?

No. According to the Forex Suggest review, for security, trading speed, online support, and cryptocurrencies, MplusFX is a not-good broker. 

  1. In terms of trading speed, MplusFX does not provide any superior execution technology apart from that already built into the MetaTrader 4 platform. That said, MT4 itself is renowned for its fast execution. 
  2. In terms of security, MplusFX is not regulated by any organization in the Forex industry. Added to this, the broker does not provide any information regarding independent safety protocols which it may implement, such as data encryption of SSL security.   
  3. In terms of online support, MplusFX does not offer a live chat option for direct access to the customer support team. This means that many trader queries will take longer to answer.  
  4. In terms of cryptocurrencies, MplusFX does not provide any cryptocurrencies at all, so that traders will not have access to this growing investment market. 

What is the Offering of Investment in MplusFX?

Offerings of MplusFX can be found below.

Feature MplusFX
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) No
Social Trading  Yes

Does MplusFX have Nasdaq?

No, MplusFX does not offer traders the option of trading CFDs on the Nasdaq 100 Stock Index. This is the second-largest stock index in the world, based in America, which lists the largest 100 companies by capitalization.  

What are the Awards of MplusFX?

Forex Trading Platform MplusFX does not list any awards received by the Forex trading industry. The broker does offer various trade features, including MetaTrader 4, ECN Prime, and over 44 currency pairs. 

How to Use MplusFX for Forex trading?

To use MplusFX, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older
  3. They should be able to afford the minimum deposit of $100

If a Forex Trader has the conditions above, they can open a forex trading account to use MplusFX. 

How to open a Forex trading account with MplusFX?

To open a Forex Trading account with MplusFX, a trader should follow the steps below.

  1. Navigate to the registration portal on the official MplusFX website
  2. Complete the online registration form. To do this, you will have to provide your full name, contact number, and email address. 
  3. Provide your country of residence and the state in which you reside
  4. Read and accept the terms and agreements
  5. Click “Sign Up” to finalize the registration process. Upon the approval of your account application, you will receive an email with your full login details. 

What is the Forex Trader Account Types with MplusFX?

Forex Trading Platform and Financial Asset Management Institution MplusFX have 5 different account types. Every Forex trading account type has different features and conditions with MplusFX. 

MplusFX Account Types are listed below. 

  1. Standard Account

  2. Mini Account 

  3. Low Spread Account

  4. ECN Prime Account

  5. Swap-Free Account

  • Standard Account

The Standard Account from MplusFX provides access to Forex currency trading and is designed for beginner to intermediate retail traders. 

  • Initial deposit: $100
  • Spread: From 0.5 pip
  • Order volume: From 0.01-500 lots
  • Leverage: Up to 1:200
  • Mini Account

The Mini Account from MplusFX is designed for absolute beginner traders and smaller retail investors. This account allows users to trade in micro lots, providing less risk of loss for beginners or traders who do not have large initial investments. 

  • Initial deposit: $100
  • Spread: From 0.5 pip
  • Order volume: From 0.01-500 lots
  • Leverage: Up to 1:200
  • Low Spread Account 

The Low Spread Account from MplusFX is set up to provide traders with tighter spreads and therefore more profitable trades. However, as can be seen from the account conditions provided below, this account does not provide lower spreads than the other two account options. 

  • Initial deposit: $100
  • Spread: From 0.5 pip
  • Order volume: From 0.01-500 lots
  • Leverage: Up to 1:200
  • ECN Prime Account

The ECN Account from MplusFX gives users direct connectivity to the forex markets, allowing traders to benefit from the best market prices as there is no Dealing Desk intervention. Furthermore, ECN connectivity tends to be faster for better trade execution. 

  • Swap-Free Account

The swap-free account from MplusFX is designed for traders of the Muslim faith, who will not incur swap charges on positions held overnight. Also referred to as rollover fees, this type of interest is strictly prohibited by Sharia law. 

How to Withdraw Money from MplusFX?

To withdraw money from MplusFX, the following should be done:

  • To withdraw funds, log into the trading platform and click “Add Funds” and then select the “withdraw funds” option. 
  • Funds must be withdrawn to the same source that was used to make the initial deposit. Excess funds may be withdrawn by bank transfer or wire transfer.

How many days do deposits take with MplusFX?

Generally, deposit times with MplusFX will differ depending on the chosen deposit method. Bank wire transfers can take between 3 and 7 working days, depending on your location and the number of intermediary bank transfers required. 

Credit and debit cards, and e-payment options like Neteller or Skrill, will take up to 10 minutes to reflect both deposits and withdrawals. 

What are the costs and fees with MplusFX?

There are two types of costs with MplusFX. Spread costs are charged to all types of account users, and swap costs are charged to traders that keep positions open overnight. 

Brokers charge a Forex Trading Cost to their clients in return for the trading and investment services which they offer. Generally, these costs consist of commissions, which are charged on trades, and spreads, which are the difference between the bid and the asking price. 

The Forex Trading Fees with MplusFX are below. 

  • Commission:
    FOREX, Metals, Energies: $5;
    Indices: $7;
    CFD ETF: 0.1%
  • Spreads: from 0.4 on all accounts

What are the Trading Fees with MplusFX?

MplusFX does not appear to charge deposit fees or withdrawal fees. The broker does charge swap fees, which is interest accrued on positions held overnight. 

However, Muslim traders are provided the option of applying for a swap-free account which will allow them to avoid these fees, as interest is strictly prohibited by Sharia law. Traders should contact the broker’s client support team to find out more. 

What is the minimum deposit in MplusFX?

The minimum deposit amount for all accounts with MplusFX is $100. 

What are the contract specifications in MplusFX?

Feature MplusFX
Forex Trading Yes
CFDs 1
Forex Pairs 44+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 0
Social Trading  Yes

Does MplusFX have promotional offers?

Yes, MplusFX does have promotional offers.  These offers are listed below. 

  1. Bonus 30%

Does MplusFX have a welcome bonus?

No, MplusFX does not have a welcome bonus. 

However, MplusFX does have ECN connectivity, which is an advantage to many traders. ECN connectivity provides traders with direct access to other market participants using interbank prices. This ensures that traders can execute bids at the best available market prices. 

Does MplusFX have a deposit bonus?

Yes, MplusFX does offer a deposit bonus. This consists of the Super deposit bonus offering 30% up to $1000.

Any profits generated can be withdrawn at any point in time, however, any withdrawal of funds will result in the proportional removal of your trading bonus.

Is there a commission-free trade bonus in MplusFX?

No, MplusFX does not offer a commission-free trade bonus. The broker does however offer commission-free trading on CFDs and several of its other instruments. 

Is there a VIP bonus in MplusFX?

No, MplusFX does not offer a VIP bonus. The broker also does not offer a VIP account to high net-worth traders. 

Can you start trading with no money at MplusFX?

No, you cannot start trading with no money at MplusFX. This is because MplusFX does not offer any deposit bonus, and so traders will need to deposit their funds when opening a Trader Account.

How does leverage work with MplusFX?

Leverage is a feature provided by most brokers today. It consists of funds that can be borrowed by traderstoo increase their trade positions. Leverage is expressed as a ratio and offered at varying levels. 

Traders can use leverage with MplusFX by signing up for an account and setting their desired leverage ratio within that account. MplusFX offers a maximum leverage ratio of 1:400.  

Where are the headquarters of MplusFX?

MplusFX is headquartered in Cyprus. The broker does not have any main offices in other locations in the world.  

Who is MplusFX’s CEO?

Mplus Global Ltd does not provide information regarding their CEO. The broker is based in Cyprus where it was first established in 2015. 

What are the social media accounts of MplusFX?

Traders can follow MplusFX on the following social media accounts:

  • Facebook
  • Instagram
  • Twitter
  • YouTube

How many employees do work for MplusFX?

There is not an official clarification for the employee or staff size of MplusFX, but from their business/operation size, it might vary between 10 and 15.

What are your opinions about MplusFX?

MplusFX is not a good choice of Forex broker for most traders. While it does have some positive offerings, such as MetaTrader 4, a wide range of currency pairs, and ECN account options, the broker is unregulated and therefore cannot provide a secure trading environment. 

Furthermore, there is very little information regarding tMplusFX’s background information, such as its employee count and official address. This makes it extremely difficult for traders to find proper recourse in the event of losses due to broker mismanagement. 

What are MplusFX Contests?

MplusFX does not run any kind of Forex Trading Contests. Forex Contests are offered by some brokers to participating traders. With these contests, participants have the opportunity to earn extra profit through various prizes. 

MplusFX didn't perform any Forex Contest in the past. For future forex exchange contests and competitions, MplusFX didn't perform any official announcements yet.

Does MplusFX have online support?

No, MplusFX does not have an online support team for Forex trade account users. This means that traders will not have the option to speak directly to a support team member in the case of urgent queries. 

Does MplusFX offer demo accounts for Forex trading?

No, MplusFX does not offer a free demo account for all new traders. A demo account is typically offered by brokers to allow prospective traders to test out the broker’s trading features before signing up for a real account. 

Does MplusFX have a mobile app for Forex trading?

Yes, MplusFX offers a mobile app version of the MetaTrader 4 platform. This app can be downloaded for Android and iPhone from the App Store and Play Market. 

Using the MT4 App, traders will be able to make use of trailing stops, trade more than 330 instruments, and have access to a comprehensive library of user indicators and expert counselors. 

The app will also allow users to manage their accounts from remote settings, and trade anywhere in the world directly from their mobile. 

Does MplusFX publish an economic calendar?

An economic calendar is a much-used trading and analytical resource that allows Forex traders to stay informed about important economic information that is scheduled to be released so that they can adjust their trading strategies accordingly. 

MplusFX does not offer an economic calendar. 

What is the communication information of MplusFX?

MplusFX has no telephone numbers and no local addresses. 

Traders can contact the broker via email: [email protected]

Traders can also contact the broker using Line, Facebook, and through an online query submission which can be opened directly from the broker’s website by clicking the link. This will provide a message form that traders can submit for feedback.