MFM Securities says to be a growing forex broker offering outstanding trading conditions for dealing in wide range of financial instruments on two industry-leading platforms.
MFM Securities says to be registered in St. Vincent and the Grenadines, but a simple registration in one place or another doesn‘t equal a legit forex broker license. And the SVG is an offshore zone, where forex businesses aren’t licensed, nor overseen by any governmental agency.
Tradable financial instruments available on the MFM Securities include forex currency pairs, commodities, indices, as well as stocks.
MFM Securities offers a Mini trading account with an initial investment of just $15. Although this sounds encouraging, given the fact that MFM Securities is not regulated, traders are not advised to register real trading accounts here.
The leverage is maxed at 1:500, a common offshore broker value. Since leverage can magnify returns as well as potential losses, inexperienced traders are not advised to use too high leverage.
Spreads & Commissions
The EUR/USD spread was 2.1 pips on the demo platform. Such a spread is not really very lucrative for traders.
Trading Platform Available
MFM Securities supports two great platforms – the MetaTrader4 and its newest version, the MetaTrader5. Both MT4 and MT5 are very popular among traders, as they offer great charting package, fast speed of execution and convenient programming environment. The latter allows users to trade with custom indicators and automated trading systems, simply known as Expert Advisors. Besides, these two platforms are user friendly, reliable, and available as desktop downloads, web versions, and mobile apps.
We did not find any information on the payment methods used by this broker, nor about any withdrawal conditions. This, combined with the offshore registration makes us even more suspicious about MFM Securities. Nonetheless, bear in mind that most brokerages use bank cards, bank wire, and e-wallets like Skrill and Neteller, and some allow deposits and withdrawals via Bitcoin.