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Merritrade

Vietnam|2-5 years|
Suspicious Scope of Business|High potential risk|

https://merritrade.com/en

Website

Rating Index

Influence

Influence

D

Influence index NO.1

France 2.64

Surpassed 61.07% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

https://merritrade.com/en
https://www.facebook.com/merritrade

Licenses

No valid regulatory information, please be aware of the risk!

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Warning: Low score, please stay away! 2
Previous Detection : 2024-05-21
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

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Merritrade · Company Summary

Key Information Details
Company Name Merritrade
Years of Establishment 2-5 years
Headquarters Vietnam
Office Locations N/A
Regulation Unregulated
Tradable Assets Forex, Cryptocurrency
Account Types N/A
Minimum Deposit N/A
Leverage Up to 1:200
Lot 0.5-10
Deposit/Withdrawal N/A
Customer Support Facebook, YouTube
Educational Content The main service of this platform is for educational reasons

Overview of Merritrade

Merritrade is a trading platform headquartered in Vietnam, operating for approximately 2-5 years. As an independent demo trading platform, it offers a unique experience that simulates real trading market movements without requiring any initial capital investment. The platform allows trading in Forex and Cryptocurrency markets with leverage of up to 1:200 and permits trading with minimum positions of 0.5 lot and a maximum of 10 lots. Merritrade is unregulated, but the website makes no mention of monetary use.

The platform enables investors to participate in Tournaments where they compete against each other, striving to achieve the highest equity during the tournament duration and earn prize money. Merritrade primarily focuses on providing an educational service, aiming to educate users about trading practices. Their offerings include access to educational content via YouTube and community support through Facebook.

basic-info

Regulation

Merritrade operates as an unregulated trading platform, meaning it does not employ any regulatory authorities to oversee its operations. The absence of regulation implies that the company is not subject to the oversight and compliance requirements that regulated brokers typically adhere to.

Without a regulatory body, there are no specific guidelines or standards imposed on the company to ensure fair practices, transparency, or customer protection. The lack of regulatory oversight may leave traders without recourse in case of any disputes or issues that may arise during their trading activities on the platform.

Pros and Cons

Merritrade offers a unique and engaging gamified demo trading experience, allowing traders to simulate real market movements without the need for an initial capital investment. This risk-free educational platform provides an excellent opportunity for traders to learn and refine their strategies without facing financial consequences. The company's focus on education is evident through its YouTube channel, providing valuable video resources on trading concepts and market analysis. Additionally, traders can benefit from the community support offered on Facebook, facilitating discussions and knowledge-sharing among like-minded individuals. The platform's approach of hosting Tournaments with potential prize money rewards encourages competitiveness and motivates traders to improve their skills, making it an attractive learning environment.

One of the notable drawbacks of Merritrade is its unregulated status. As an unregulated platform, it lacks the oversight and protection that regulated brokers provide, potentially exposing traders to higher risks. Without regulatory guidance, users may have limited recourse in case of any disputes or issues that may arise during their trading experiences. Moreover, while Merritrade focuses on Forex and Cryptocurrency markets, it offers a narrower range of tradable assets compared to some competitors. Traders looking to access other markets, such as CFDs or stocks, may find the platform's offerings limited.

Pros Cons
Engaging gamified demo trading experience Unregulated
Risk-free educational platform Limited range of tradable assets
Educational resources on YouTube
Community support on Facebook
Potential prize money rewards

Summarization of Merritrade Service

Merritrade serves as an innovative and gamified demo trading platform, designed to provide users with an engaging and immersive experience in the world of trading. Through its unique approach, Merritrade enables investors to simulate real market movements without the need for initial capital investment. The platform's main purpose is to offer a risk-free educational environment where users can hone their trading skills, analyze market trends, and develop strategies. By participating in Tournaments, traders compete against each other, vying to achieve the highest equity during the tournament's designated time period. This competitive element fosters a dynamic and challenging atmosphere, pushing users to refine their trading techniques and adapt to market fluctuations.

Two advantages of Merritrade's gamified demo trade experience are enhanced learning opportunities and incentivized participation. Firstly, the platform's gamification aspect adds an extra layer of excitement and motivation to the learning process. By emulating real trading scenarios and offering a sense of competition, users are more likely to stay engaged and committed to the educational journey. Secondly, the inclusion of tournaments with potential prize money rewards serves as a strong incentive for traders to actively participate and strive for better performance. This encourages users to take their learning seriously and put their skills to the test, leading to a more comprehensive understanding of trading dynamics and strategies.

Service

Market Instruments

Depending on the theme of the tournament, Merritrade offers trading in Forex and Cryptocurrency markets to practice trading.

Forex: Merritrade offers trading in the Forex market, providing users with the opportunity to trade various currency pairs in a virtual format. Forex tournaments are by far the most common type of tournament that takes place on Merritrade.

Cryptocurrency: Merritrade also allows users to trade in the Cryptocurrency market. Traders can explore the world of digital currencies and their price movements through the platform's gamified demo trading experience. Cryptocurrency trade tournaments are significantly more rare than that of Forex, but they still occur on occasion.

The following is a table that compares Merritrade to competing brokerages:

Broker Market Instruments
Merritrade Forex, Cryptocurrency
FXPro Forex, Cryptocurrency, CFDs, Stocks, Indices, Commodities
IC Markets Forex, Cryptocurrency, CFDs, Stocks, Indices, Commodities
FBS Forex, Cryptocurrency, CFDs, Stocks, Indices, Metals
Exness Forex, Cryptocurrency, CFDs, Stocks, Indices, Metals, Energies

Account Types

Merritrade simplifies its account offerings by providing only one type of account, which is a demo account. Unlike traditional brokerage platforms that may have multiple account tiers with varying features, Merritrade's absence of multiple account types streamlines the user onboarding process, allowing all users to access the same demo account for educational purposes. This uniformity ensures that every user can explore the platform's functionalities, learn about trading strategies, and experience real market movements without any distinctions or restrictions based on account types.

How to open an account?

  1. To make an account, the user should first navigate to the center of the page where the “Participate now” button is located. Press this to continue to the next page.

    1. open-account
  2. On this page, the user will be prompted to sign-in, but as the user presumably still does not have an account, navigate to the bottom of the prompt to find the green “Sign up” button, which will transfer the user to the sign-up page.

    1. open-account
  3. Last, the user should enter a valid email and then check the Privacy & Terms box in order to recieve a confirmation email. After confirming the email address, the user will be linked to a page to set a password.

    1. open-account
  4. After this, the account creation process will be completed.

Minimum Deposit

Merritrade distinguishes itself from traditional brokerage platforms by offering a gamified demo trading experience without imposing any minimum deposit requirements. As an independent demo trading platform, users can access the platform and its features without the need to commit any initial capital. This lack of minimum deposit rates eliminates financial barriers, allowing aspiring traders to participate in risk-free educational activities.

Leverage

Merritrade provides its users with a leverage ratio of up to 1:200 within tournaments. This leverage allows traders to control larger positions in the market with a relatively smaller amount of capital. While offering this leverage, the platform emphasizes its focus on demo trading, where users can experience real market movements without the actual financial risks associated with high leverage in live trading accounts.

Lots

Merritrade offers traders the flexibility to trade with different lot sizes, with a minimum position of 0.5 lot and a maximum position of 10 lots. The ability to trade with varying lot sizes allows users to manage their exposure to the market according to their risk tolerance and trading strategies. Traders can choose smaller lot sizes for more precise position control or opt for larger lot sizes to potentially capture more significant market movements.

Tournament Rewards

Merritrade commonly entices traders with attractive rewards by offering competitive prize pools of up to $1,000. Through its Tournaments, traders have the opportunity to showcase their trading skills and compete against each other for a chance to secure a winning position. The reward pool extends generously, providing prize money not only to the top winner but also to competitors up to the 8th place. This incentivizes traders to actively participate and strive for excellence, heightening the excitement and engagement within the platform. By offering such alluring rewards, Merritrade seeks to foster a vibrant and competitive trading community, motivating traders to learn, grow, and potentially earn significant rewards for their trading achievements.

reward

Trading Platform

Merritrade provides a user-friendly and accessible trading platform directly on its website. Upon creating an account, traders can access all demo environments seamlessly within the website itself. This streamlined approach simplifies the entire process for users, eliminating the need for downloading separate software or applications. With the trading platform integrated into the website, traders can instantly begin their gamified demo trading experience without any additional installations or configurations. The platform's intuitive design and functionality make it easy for traders, both beginners and experienced, to navigate and explore the various features, tools, and resources available. This website-based approach ensures that traders can access their demo accounts conveniently from any compatible device with an internet connection, providing flexibility and convenience in their learning journey.

Trading Platform

Customer Support

The customer support options offered by Merritrade include access to support via Facebook and YouTube, allowing users to engage with the platform and seek educational resources.

Facebook: Users can access customer support through Merritrade's Facebook page (https://www.facebook.com/merritrade), where they can potentially find assistance, updates, and engage in community discussions.

YouTube: Merritrade provides customer support through its YouTube channel (https://www.youtube.com/channel/UCITGvVMzFmbp0jGx-AjTyDA), where users can find educational content and potentially seek help or clarification on trading-related queries.

Customer Support

Educational Resources

Merritrade's central service is for educational purposes. Besides this, there is a YouTube channel that offers guides and reviews of trading content in order to aid users of the website.

Conclusion

Merritrade is an unregulated trading platform that stands out with its unique approach as an independent demo trading platform. The company offers a gamified demo trading experience, allowing investors to explore real market movements without the need for initial capital investment with leverage ratios of up to 1:200 and a two different market instrument options. With a single demo account type, Merritrade simplifies the onboarding process, promoting accessibility for traders of various backgrounds.

Through Tournaments, users can engage in competitive trading, striving to achieve the highest equity and potentially earn prize money. The platform's focus lies in providing an educational service, and it achieves this through its main Tournament service, YouTube channel, and Facebook page where traders can access video resources on trading strategies and market analysis.

FAQs

Q: What distinguishes Merritrade from other trading platforms?

A: Merritrade offers a gamified demo trading experience for risk-free learning.

Q: How long has Merritrade been operating?

A: Merritrade has been in operation for approximately 2-5 years.

Q: Does Merritrade provide customer support options?

A: Yes, Merritrade offers customer support via Facebook and YouTube.

Q: What types of markets can users trade on Merritrade?

A: Users can trade Forex and Cryptocurrency markets on Merritrade.

Q: Are there any minimum deposit requirements for Merritrade?

A: No, Merritrade does not impose any minimum deposit rates.

Q: What leverage does Merritrade offer?

A: Merritrade provides leverage of up to 1:200.

Broker Information

Company Name

Merritrade

Company Abbreviation

Merritrade

Regulatory Status

No Regulation

Platform registered country and region

Vietnam

Company website
Phone of the company

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Twitter

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Facebook
Instagram

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YouTube
Company address

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Linkedin

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WhatsApp

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QQ

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WeChat

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Customer Service Email Address

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Company Summary

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