General Information & Regulation
MPlus Social is an offshore broker that specializes in forex, CFDs, indices and commodities trading. It is owned and operated by MPlus Global, regulated by the Vanuatu Financial Services Commission (VFSC). However, Mplus Socials license was revoked, and it is not subject at this stage.
Markets Instruments
MPlus Socials diversified product portfolio includes many FX pairs, CFDs on indices, commodities, stock, and even Bitcoin.
Minimum Deposit
Taking into account that MPlus Social is an offshore broker, a minimum initial deposit of $1000 is way too much. Most brokers require $100 – $250 as a start, and some leading companies allow traders to open an account with just $5 from traders to open an account with them
Leverage
MPlus Social offers the leverage up to 1:100, not that generous. Since leverage can amplify returns and potential risks inexperienced traders are not advised to use too high leverage.
Spreads & Commissions
Although MPlus Social mentions spreads as low as 0.1 pips and 1.0 pips on its website, when we tested its MT4 in demo environment, we found the spread on the most liquid pair, EUR/USD, floating around 2.2 pips. Most brokerages go below 2 pips for this pair, so this is not a competitive pricing.
Trading Platform Available
Like most brokers, MPlus Social supports the most popular trading platform, MetaTrader 4 (MT4), available as desktop, web and mobile versions. MT4 is designed for all traders of all skill levels and also offers copy-trading option. The platform is highly praised by the forex community for its great charting, speed of execution and support of automated trading, a.k.a. Expert Advisors (EAs).
Deposit& Withdrawal
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 of MPlus Social, and the misleading information on spreads it provides makes us question the brokers credibility.
Customer Support
start to write first comment