What is MeeFX？
MeeFX Ltd., also known as Millennial Economic Forex, is an international forex broker that offers professional services and has expertise in the field. The company was established in 2020. MeeFX provides a wide range of trading instruments across various asset classes, catering to the diverse needs of traders. However, it's important to note that NFA status of MeeFX is currently labeled as unauthorized.
If you are interested, we invite you to continue reading the upcoming article where we will thoroughly assess the broker from various angles and present you with well-organized and succinct information. By the end of the article, we will provide a concise summary to give you a comprehensive overview of the broker's key characteristics.
Pros & Cons
Pros:
- A range of trading instruments: MeeFX offers a range of trading instruments which provides diversification opportunities for traders and investors.
- MT4 supported: As one of the most popular trading platforms, MT4 support is beneficial for traders who are familiar with the software and its features.
- Acceptable minimum deposit: MeeFX offers an acceptable minimum deposit of $5 which can attract investors who are hesitant to deposit larger amounts initially.
- Multi-channel support to contact: MeeFX provides multi-channel support including phone, email and social medias, offering convenience and accessibility to its traders and investors.
Cons:
- NFA (Unauthorized): MeeFX not being authorized by the National Futures Association (NFA) indicates that the brokerage does not operate in compliance with industry regulations, and can be a cause for investor uncertainty.
- Lack of industry experience: Founded in 2020, MeeFX's lack of industry experience means that they may not have adequate knowledge and expertise to execute their customers' trades effectively or provide essential financial advice.
Is MeeFX Safe or Scam？
The National Futures Association (NFA) has labeled MeeFX's regulatory status as “Unauthorized,” despite holding a Common Financial Service License with license number 0544482. This indicates that investing with MeeFX carries a high level of risk, as there is no official regulation protecting investors' funds. The lack of regulation means that the people in charge of the platform may scam investors and abscond with their money, without any accountability for their illegal activities.
In such a scenario, the brokers may vanish without any warning. Therefore, it is crucial to conduct extensive research to weigh the potential risks and rewards before investing with MeeFX or any other unregulated broker. It is strongly recommended to work with well-regulated brokers to safeguard one's money and investments.
Market Instruments
MeeFX provides a diverse selection of trading instruments spanning various asset classes, catering to the diverse needs of traders. The range of trading instruments offered by MeeFX includes:
Foreign Currency (Forex):
MeeFX allows traders to engage in the forex market, offering the opportunity to trade major, minor, and exotic currency pairs. This enables traders to capitalize on fluctuations in exchange rates and currency movements.
Metals:
The platform also offers the option to trade precious metals such as gold, silver, platinum, and palladium. Trading in metals can provide opportunities for diversification and hedging against inflation and market volatility.
Indices:
MeeFX provides access to trading indices, allowing traders to speculate on the performance of stock indices representing a basket of individual stocks within a specific market.
Energy:
Traders can engage in trading energy commodities such as crude oil, natural gas, and other energy products, taking advantage of price movements in the energy markets.
Shares:
MeeFX offers the opportunity to trade shares of publicly traded companies, providing exposure to individual stocks and the performance of specific companies.
Exotic Forex:
In addition to major and minor currency pairs, MeeFX includes exotic forex pairs, which involve currencies from smaller or emerging economies. These pairs offer unique trading opportunities and higher volatility.
Cryptocurrencies:
The platform allows traders to participate in the cryptocurrency market, offering the ability to trade digital assets such as Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.
Account Types
MeeFX offers two live account types: Standard and Micro accounts.
- Minimum Deposit: The minimum deposit requirement for a Standard account is $50.
- Account Suitability: This account type is designed for skilled and experienced traders who have a good understanding of the forex market.
- Swap/Interest Fees: MeeFX does not charge any swap or interest fees for holding positions overnight in the Standard account.
- Islamic Account: An Islamic account option is available for traders who follow Islamic finance principles.
- Minimum Deposit: The minimum deposit requirement for a Micro account is $5, making it a suitable choice for novice traders with smaller initial investments.
- Account Suitability: This account type is designed for beginners who are new to forex trading and want to start with a smaller deposit.
- Swap/Interest Fees: MeeFX does not charge any swap or interest fees for holding positions overnight in the Micro account.
- Islamic Account: The Micro account also offers an Islamic account option for traders who prefer adhering to Islamic finance principles.
MeeFX also provides the Partner account. The partner account with MeeFX offers the opportunity to establish a cooperative relationship. With a commission rate of up to $45 USD per lot, partners have the potential to earn generous commissions. These commissions are paid out daily, ensuring a consistent and timely flow of income. Additionally, partners receive the dedicated support of a special manager who is at their service, providing guidance and assistance along the way.
Leverage
MeeFX offers two types of accounts: Standard and Micro, with different leverage ratios.
The Standard account offers a leverage ratio of 1:1000, meaning that traders can control a larger position with a small amount of capital. For example, with a deposit of $1000, traders can open a position worth up to $1,000,000. This high leverage can lead to potentially high returns, but also exposes traders to greater risks. Traders need to ensure they have adequate risk management strategies in place when trading with such high leverage.
The Micro account offers an even higher leverage ratio of 1:2000, meaning that traders can control an even larger position with a smaller deposit. For example, with a deposit of $500, traders can open a position worth up to $1,000,000. While this may be attractive to traders who want to start with a small deposit, it is important to remember that higher leverage can magnify both profits and losses. Traders need to be prepared to manage the risks that come with higher leverage.
It's worth noting that while leverage can bring the potential for higher returns, it also involves greater risks that beginners should be aware of. It is always important to carefully choose the leverage ratio that suits your trading style and risk tolerance.
Spreads & Commissions
The spreads and commissions for their Standard and Micro accounts as follow:
Trading Platforms
MeeFX offers its clients the popular trading platform MetaTrader4 (MT4) across various devices. The MT4 platform is widely recognized and has been used by millions of traders worldwide. Here is an overview of the different versions available:
Whether traders prefer using desktop computers, Android devices, web browsers, or iOS devices, they can enjoy a stable and feature-rich trading experience with access to real-time market data, advanced charting tools, and the ability to execute trades efficiently.
Deposits & Withdrawals
MeeFX offers a variety of deposit and withdrawal options to cater to the needs and preferences of its clients.
One of the available methods is bank transfer. Clients can conveniently deposit and withdraw funds by initiating bank transfers from their personal accounts to MeeFX. This method ensures a secure and reliable transaction process.
For those who prefer using cryptocurrencies, MeeFX accepts deposits and withdrawals via Tether (USDT). Tether is a stablecoin that is pegged to the value of the US dollar, providing clients with a seamless and efficient way to fund their accounts and withdraw their earnings.
Another popular option is NETELLER, an e-wallet service that allows clients to deposit and withdraw funds electronically. By linking their bank accounts or credit cards to their NETELLER accounts, clients can easily manage their funds and perform transactions with MeeFX.
For larger transactions or clients who prefer a more traditional method, wire transfer is available. This method enables clients to transfer funds directly from their bank accounts to MeeFX. While it takes slightly longer to process, wire transfer provides a secure and reliable option for funding and withdrawing funds.
Moreover, MeeFX also supports the use of QRIS (Quick Response Code Indonesian Standard). This method allows Indonesian clients to deposit and withdraw funds by scanning QR codes, providing a convenient and fast way to manage their accounts.
It is important to note that the specific processes for deposits and withdrawals vary depending on the chosen funding method.
Customer Service
Customers can visit their office or get in touch with customer service line using the information provided below:
Telephone: +442081441147
Email: support@meefx.com
Address: MeeFX Ltd , Address: New Derwent House, 69-73 Theobalds Road, London, England, WC1X 8TA. UK
Moreover, clients could get in touch with this broker through the social media, such as Twitter, Facebook, and YouTube.
Conclusion
In conclusion, MeeFX is an international forex broker that offers a range of products and services in the field of forex trading. They provide two live account types, each offering different leverage ratios.
However, the NFA abnormal regulatory status indicates that the company does not have the official authorization to provide financial services. This regulatory information raises concerns about the safety and legitimacy of MeeFX as a forex broker. Given the unauthorized regulatory status, it is recommended to exercise caution and perform thorough research before considering any involvement with MeeFX or any other forex broker.
Frequently Asked Questions (FAQs)
Risk Warning
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 provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-07-18 17:38
2022-12-20 10:57
