Note: MentorFX's official website: https://mentorfx.com/ is currently inaccessible normally.
MentorFX Information
MentorFX's businesss was started from 2021 and the company locates in Saint Vincent and the Grenadines. The broker used to offer trading services in more than 2000 assets like forex, commodities, indices, stocks and cryptocurrencies to global clients. Entry point to open an account is $250, and MentorFX offers a web-based trading platform.
However, the broker does not maintain a functional website, which is the most basic requirement for a reliable broker. Worsely, operation without valid regulation from authority bodies further exacerbates its legitimacy and reliability. Thus it's wise enough for you to stay away from such possible scam broker.
Regulatory Status
Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of MentorFX, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.
Downsides of MentorFX
Unavailable website: MentorFX's website cannot be opened currently, which indicates possibility of cease of operation.
Regulatory concerns: The broker operates without valid regulation by any financial institutions, meanig that it might not comply to industry standards. This heightens trading risks with them.
High minimum deposit: MentorFX requires a minimum deposit of $250, which is a high entry point for beginners or those who just want to test water first for investment.
Limited transparency on trading conditions: MentorFX does not disclose any information about spread and commissions, which are essential benchmarks for clients to learn about their trading costs in advance.
What Can I Trade on MentorFX?
MentorFX advertises that it offers more than 2000 tradable assets for clients to choose from. These include:
- Forex (Foreign Exchange): The global marketplace for buying and selling currencies, where traders profit from changes in exchange rates between currency pairs.
- Commodities: Commodities are basic goods or raw materials that are interchangeable with other goods of the same type, often used in trade and production, such as precious metals like gold, silver, etc.
- Cryptocurrencies: Digital or virtual currencies that use cryptography for security and operate on decentralized networks, often based on blockchain technology. MentorFX supports trading in Bitcoin Ethereum, Ripple, Dash, Litecoin, and SataCoin.
- Indices: Statistical measures that represent the overall performance of a specific group of stocks or financial instruments, often used as benchmarks.
- Stocks: Shares of ownership in a company, representing a claim on part of the companys assets and earnings.
Account Type
MentorFX does not offer a demo account as many of its peer brokers, while for live accounts, there are three tiers: Standard account, Premium account and VIP account with increasing minimum deposits of $250, $5000 and $10000 respectively.
Other key info such as spread or commissions to calculate trading costs are not readily available.
Leverage
MentorFX offersvarying leverage levels in different accounts, with max leverage up to 1:100, 1:200 and 1:500 in Standard, Premium and VIP accounts.
However, you should always be very prudent to use such tool since leverage not only amplify profits, but losses will be augmented at same level as well.
Trading Platform
MentorFX claims to offer the MetaTrader4 trading platform, but the actual platform they use is some little-known web-based platform with simplistic interface and functions. Be vigilant to brokers who make false advertising to lure customers to trade with them.
Deposit and Withdrawal
MentorFX accepts payment through bank wire transfers, credit cards like Visa and MasterCard. And it takes much longer of up to 10 business days for the withdrawal process. Usually it takes only 1-3 business days for reliable brokers to do this.
Fees
According to MentorFX, if you don't trade for just a month, this brokerage house will charge you a $50 monthly maintenance and administration fee. This is unusual and ridiculous because for most brokers, an account can only be treated as dormant with no trading activities in at least 6 months.
2023-03-10 15:00
