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No valid regulatory information, please be aware of the risk!
Note: Merricks official site - https://www.merricksinvest.co/# is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
|Registered Country/Region||Saint Vincent and the Grenadines|
|Account Type||Bronze, Gold and Silver|
|Deposit & Withdrawal Method||N/A|
Merricks, a trading name of Smart Oasis LLC, is allegedly a suspicious regulated brokerage company registered in Saint Vincent and the Grenadines that claims to provide its clients with flexible leverage of up to 1:600 on the web-based trading platform via 3 different live account types.
As for regulation, it has been verified that Merricks currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.13/10. Please be aware of the risk.
Note: The screenshot date is February 9, 2023. WikiFX gives dynamic scores, which will update in real-time based on the broker's dynamics. So the scores taken at the current time do not represent past and future scores.
Merricks claims to offer 3 types of trading accounts, namely Bronze, Gold and Silver, with minimum initial capital requirements of €250, €2,500 and €25,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
The specified leverage for different account types at Merricks varies between 1:200 and 1:600. Clients on the Bronze account can experience a leverage of 1:200, while 1:300 for the Gold account and 1:600 for the Silver account.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms. Merricks gives traders a web-based trading platform. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Merricks customer support can be reached by email: email@example.com. Company address: First Floor, First ST Vincent Bank LTD Building, James Street, Kingstown VC0100, St. Vincent and the Grenadines.
Pros & Cons
|• Multiple account types to choose from||• No regulation|
|• Flexible leverage up to 1:600||• Website inaccessible|
|• High minimum deposit (€250)|
Frequently Asked Questions (FAQs)
|Q 1:||Is Merricks regulated？|
|A 1:||No. It has been verified that Merricks currently has no valid regulation.|
|Q 2:||Does Merricks offer the industry-standard MT4 & MT5？|
|A 2:||No. Instead, it offers a web-based trading platform.|
|Q 3:||What is the minimum deposit for Merricks？|
|A 3:||The minimum initial deposit to open an account is €250.|
|Q 4:||Is Merricks a good broker for beginners？|
|A 4:||No. Merricks is not a good choice for beginners. Not only because of its unregulated condition, but also because of its high initial deposit requirement.|
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