MTrading Review – Are They a Scam?

MTrading Overview

Founded2013
PlatformMetaTrader 4, MT4 Supreme Edition, MetaTrader 4 WebTrader
Minimum account size$100
Minimum lot size0.01
Tradable assets77
Maximum margin1:1000
Spread on EUR/USD2 pips
Payment methodsLocal Banks, Credit Cards, Neteller
Demo accountYes
Accepts Malaysian tradersYes
RegulatedIFSC (Belize)
SupportPhone, E-mail, Live Chat
Websitewww.mtrading.my

 

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Pros

  • Regulated
  • High maximum leverage

Cons

  • $100 minimum deposit
  • Not popular in the market
  • No weekend support

 
MTrading is a global forex and CFD broker that is based in Belize. They are regulated by the Belize International Financial Services Commission (IFSC) under the company ServiceCom Ltd.

Platform

Like other brokers they also use MetaTrader 4 which has a downloadable version for trading forex and CFDs, an MT4 Supreme Edition which have additional plugins and a MetaTrader 4 WebTrader which is the web-based version for those who would like to trade using a web browser.

This earns a Platform score of 9/10.

Design

In terms of platform design, it was okay but improvements can be done to make it more interesting to use. Some optimization is also needed to make it faster and for this we are giving them a Design score of 3/5.

mtrading platform

Minimum Deposit

To be able to trade with this broker, you need to make an initial deposit of $100 on your account. This however is a little higher than the standard requirement in the market which is why they get a Minimum Deposit score of 3/5.

Minimum Lot Size

The allowed minimum lot size is 0.01 lowers down the risks. This earns a Minimum Trade Score of 4/5.

Tradable Assets

The have around 70+ assets comprising of currencies, spot metal CFDs, spot energy CFDs, spot index CFDs and stock CFDs. The choices are not that much though which is the they get a Tradable assets score of 3/5.

mtrading assets

Payouts

MTrading offers fixed spreads from 2 pips on standard accounts and market spreads from 0 pips on pro accounts. The EUR/USD currency pair for example has a spread of 2 pips which is not that low since this is a major currency pair. This is the reason why we are giving MTrading a Payouts score of 8/10.

Withdrawal Time

Withdrawals get processed in just around 60 minutes during working hours. There were some instances however that it took a bit longer. Overall, it’s still fast so we are giving MTrading a Withdrawal Time score of 9/10.

Deposit and Withdrawal Methods

The supported payment methods for transferring funds include local banks, credit cards and Neteller. Though these are the common banking systems, it would have been better if they added more options. For this reason, they get a Deposit and Withdrawal Methods score of 4/5.

mtrading deposit

Customer Support

Their customer service team is reachable via phone, email and live chat but are not available during weekends. Although their agents were able to provide the answers that we need, it took around 10 minutes before we were able to talk to one of their agents. This deserves a Support score of 13/15.

mtrading support

Quoting Accuracy

We’ve experienced a few re-quotes in some of our trades with this broker particularly when there were noticeable movements in the financial markets. It is the reason why we are giving them a Quote Accuracy Score of 8/10.

Reputation

MTrading has only been in the business for a few years but other than this concern that they are new, they don’t seem to have a reputation in the market based on the number of user comments that I’ve seen online. They do cater to Malaysian clients but there were only a few good comments that we’ve found. This is an indication that their credibility is not yet established which is why they are getting a Reputation score of 16/20.

mtrading reputation
mtrading reputation
mtrading reputation

Conclusion

MTrading offers a set of state-of-the-art platforms but to be honest the conditions are not optimal for my trading needs. In most of the key factors that were weighed in, they were usually on the average side and if you’re a trader who’s looking for a broker that would surpass your expectations, it would be wise not considering them on your list.

Final Score: 80/100

We highly recommend that you sign-up with a much more stable and reliable brands like LCG or Pepperstone as alternatives so you can continue with your trading activities.

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66% of retail CFD accounts lose money.