Note: Regrettably, the official website of MXC Group, namely https://mxcforex.com/, is currently experiencing functionality issues.
What is MXC Group？
MXC Group, formerly regulated by LFSA in Malaysia, offers a range of market instruments including forex currency pairs, metals, crude oil, energy, and cryptocurrencies for trading. With a minimum deposit requirement of $10, MXC Group provides traders with access to various trading accounts, namely Gold, STANDARD, PERFECT, and VIP, each offering different levels of leverage. The trading platform offered is MT4, known for its reliability and comprehensive trading tools.
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 of MXC Group
- MT4 Supported: MXC Group supports the popular and robust MT4 trading platform, known for its advanced charting tools and features that cater to both beginner and experienced traders.
- Acceptable minimum deposit: The minimum deposit requirement on MXC Group is just 10 dollars.
- Flexible Leverage: Traders at MXC Group can benefit from flexible leverage options, allowing them to adjust their trading positions according to their risk tolerance and trading strategies.
- Social Media Presence: MXC Group maintains a strong presence on social media platforms like Facebook, YouTube, and LinkedIn, providing traders with additional avenues for communication and updates.
Cons of MXC Group
- Regulatory Concerns (LFSA Revoked): MXC Group's LFSA regulatory status being revoked will raise concerns about the platform's adherence to regulatory standards and oversight, potentially impacting trust and reliability.
- Inaccessible Website: The inaccessibility of MXC Group's official website may pose challenges for traders in accessing important information, updates, and resources related to trading activities.
- Withdrawal Difficulties and Scams: Reports of withdrawal difficulties and scams associated with MXC Group could potentially indicate risks and challenges for traders looking to withdraw their funds from the platform.
- Deposit and Withdrawal Fees: Traders using MXC Group encounter fees for deposits and withdrawals, depending on the payment method used, potentially increasing the overall cost of trading on the platform.
Is MXC Group Safe or Scam？
The Labuan Financial Services Authority (Labuan FSA) has issued a Straight Through Processing (STP) license number MB/18/0021 to MXC Group. However, it is essential to note that the regulatory status of MXC Group is currently abnormal, with the official regulatory status being revoked. This irregularity should serve as a red flag for potential investors, signaling significant risks associated with engaging with MXC Group.
Furthermore, the inaccessibility of MXC Group's official website adds to the concerns surrounding the reliability and transparency of their trading platform. The inability to access essential information and resources on their website raises doubts about the company's credibility and operational integrity. This lack of transparency can create uncertainties for investors regarding the legitimacy and accountability of MXC Group.
Combined, these factors contribute to a heightened level of risk for individuals considering investing in MXC Group. Making informed decisions and prioritizing risk management are essential steps to safeguarding one's investments in the face of such uncertainties.
Market Instruments
MXC Group provides a diverse range of trading instruments across various asset classes to cater to the needs of traders interested in different markets.
- Forex Currency Pairs: MXC Group offers a wide selection of forex currency pairs for traders to trade on the foreign exchange market. These currency pairs include major pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs. Traders can speculate on the price movements of these currency pairs and take advantage of the volatility in the forex market.
- Metals: Traders can also trade precious metals such as gold and silver through MXC Group's trading platform. These metals are popular commodities for investors looking to diversify their portfolios and hedge against inflation or economic uncertainties. Trading gold and silver allows traders to participate in the precious metals market and take advantage of price fluctuations.
- Crude Oil: MXC Group offers trading opportunities in crude oil, a key commodity in the global economy. Trading crude oil allows investors to profit from price changes in this essential energy resource. Traders can speculate on the price of crude oil futures and take positions based on their market analysis and outlook on supply and demand factors.
- Energy: In addition to crude oil, MXC Group may provide trading instruments related to other energy commodities such as natural gas and heating oil. Energy commodities play a crucial role in the global economy, and trading these instruments allows investors to capitalize on price movements driven by factors like geopolitical events, weather patterns, and supply dynamics.
- Cryptocurrencies: MXC Group gives traders the opportunity to trade a variety of cryptocurrencies, including popular digital assets like Bitcoin, Ethereum, Ripple, and Litecoin. Cryptocurrencies have gained popularity as alternative investment assets, and trading them allows investors to participate in the fast-growing cryptocurrency market and potentially generate profits from volatile price movements.
Account Types
MXC Group offers four different types of trading accounts: Gold, STANDARD, PERFECT, and VIP. Each of these accounts requires an initial deposit of $10 to get started.
- Gold Account: The Gold account is likely to be the basic entry-level account offered by MXC Group. It may provide essential trading features and services for beginner traders or those looking for a simple and straightforward trading experience.
- STANDARD Account: The STANDARD account is expected to offer a standard set of trading conditions and services. This account type is likely suitable for traders who have some experience and are looking for a more comprehensive trading experience compared to the Gold account.
- PERFECT Account: The PERFECT account may offer advanced trading features and premium services tailored for experienced traders or those seeking enhanced trading capabilities. This account type may provide additional benefits such as lower spreads, personalized customer support, and possibly advanced trading tools and analysis resources.
- VIP Account: The VIP account is the highest-tier account offered by MXC Group, designed for professional traders or high-net-worth individuals looking for exclusive benefits and premium services. The VIP account may come with personalized account management, priority customer support, special trading conditions, and other VIP perks to cater to the unique needs of elite traders.
Leverage
MXC Group offers varying levels of leverage for different types of trading accounts, including Gold (1:500), STANDARD (1:300), PERFECT (1:100), and VIP (1:100) accounts. Leverage is a key feature in forex and CFD trading that allows traders to control a large position with a relatively small amount of capital. The leverage ratio indicates how much leverage the broker provides to the trader, with a higher ratio allowing for greater exposure to the market using a smaller initial investment.
High leverage can magnify both gains and losses, leading to increased volatility in trading accounts. It is essential for traders to consider their risk tolerance, trading strategy, and financial goals when determining the appropriate level of leverage to use. Risk management practices such as setting stop-loss orders, diversifying trading positions, and avoiding overleveraging can help mitigate the risks associated with high leverage trading.
Spreads & Commissions
MXC Group offers different spreads for its various types of trading accounts, namely Gold (0.5 pips), STANDARD (0.3 pips), PERFECT (2.0 pips), and VIP accounts (1.5 pips). The spread is the difference between the buying price (ask) and the selling price (bid) of an asset and represents the primary cost of trading in the forex and CFD markets. A lower spread indicates a tighter pricing and reduces the cost of executing trades for traders. In addition to spreads, MXC Group also charges commissions on traders. But specific commissions can not be learned due to the accessible website.
Trading Platforms
MXC Group provides the popular MetaTrader 4 (MT4) trading platform for its clients, offering a user-friendly and feature-rich environment for trading forex, commodities, indices, and other financial instruments. MT4 is widely recognized in the industry for its robust functionality, advanced charting tools, customizable interface, and reliable execution speeds, making it a preferred choice among traders of all levels of experience. The platform is available for desktop, web, and mobile devices, allowing traders to access the markets anytime and anywhere with seamless connectivity.
Within the MT4 platform offered by MXC Group, traders can access real-time price quotes, execute trades with a single click, and manage their positions efficiently. The platform supports multiple order types, including market orders, pending orders, and stop orders, enabling traders to implement various trading strategies and risk management techniques with ease. In addition, MT4 features a wide range of technical indicators, charting tools, and automated trading capabilities through Expert Advisors (EAs), empowering traders to conduct thorough market analysis and execute trades based on predefined criteria.
Deposits & Withdrawals
MXC Group offers a variety of deposit and withdrawal methods to cater to the diverse needs of traders. Clients can fund their trading accounts or withdraw funds using VISA, MasterCard, Bitcoin, Wire Transfer, NETELLER, Skrill, China UnionPay, Alipay, PayPal, and Perfect Money. Each payment method comes with its own fee structure and processing times, allowing traders to choose the option that best suits their preferences and requirements.
Traders using VISA or MasterCard for deposits or withdrawals at MXC Group are subject to a 4% commission on the transaction amount. For those opting to withdraw funds via Bitcoin, a 5% fee is applicable. NETELLER users incur a fee of 5% plus $0.29 for deposits and a 2% fee for withdrawals. Skrill users are charged 5% for deposits and 1% for withdrawals, while PayPal transactions come with a 4% fee for both deposits and withdrawals. Deposits and withdrawals made through Perfect Money are subject to a 3% fee.
User Exposure on WikiFX
Please ensure that you carefully examine the reports on our website regarding instances of withdrawal difficulties and scams. Traders thoroughly assess the information provided and take into account the potential risks associated with trading on an unregulated platform. Before engaging in any trading activities, we encourage you to visit our platform to access the necessary information. In the event that you encounter fraudulent brokers or have fallen victim to their practices, we kindly request that you inform us through the Exposure section. Your cooperation is greatly appreciated, and our team of experts will make every effort to assist you in resolving the issue.
Customer Service
Customers can get in touch with customer service line using the information provided below:
Telephone: +60 87599257
Email: customercare@mxcforex.com
Moreover, clients could get in touch with this broker through the social media, such as Facebook, YouTube and Linkedin.
Conclusion
In conclusion, MXC Group offers traders the advantages of MT4 support, flexible leverage options, and a strong social media presence. However, the platform also faces significant challenges such as regulatory concerns due to the revocation of LFSA status, an inaccessible website, reports of withdrawal difficulties and scams, and potential deposit and withdrawal fees. Traders considering MXC Group should carefully weigh these pros and cons, conduct thorough research, and exercise caution to make informed decisions about trading with the platform.
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.
2022-11-30 18:18
2022-11-28 15:10
