Merit Forex Review 2019 | Is Merit Forex a Scam or Legit Forex Broker?

Read our Merit Forex review to find out if Merit Forex is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

3.3/ 5

Rating breakdown

Protection & Regulations
40% Complete (danger)
2.0/5
Trading platforms
80% Complete (danger)
4.0/5
Tradable Products
100% Complete (danger)
5.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
Merit Forex
Merit Forex Overview

Merit Forex is a financial service firm registered and licensed in the Republic of Vanuatu. The brand offers forex/CFD trading on the MT4 and MT5 trading platforms.

# Broker's Features MERIT FOREX Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review Merit Forex.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. Merit Forex offers Online Financial Trading and Investment Services Such as Currencies, Commodities, Indices, Crypto, Futures.

Tradable Products: Merit Forex broker offers 49 currencies pairs, 3 CFDs, 9 metals, 12 indices, 2 commodities and 4 cryptocurrencies

Broker Type: Many types of brokers can be found in the most dynamic market in the world. Merit Forex is Dealing Desk.

Features: Merit Forex offers the ‘One Billion Signals’ and Copy trading services to all clients who wish to opt in.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. Merit Forex recommended minimum capital is $0.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. Merit Forex is regulated by VFSC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: Merit Forex is licensed by the VFSC in the republic of Vanuatu. All clients are verified using KYC procedures. Both the trading environment and the website are protected using SSL technology.

Languages Available: Next lets have a look at each broker's different Language options. Merit Forex offers English, German, Italian, Russian.

Payment methods: Next lets have a look at each broker's payment options. Merit Forex offers Credit Card, Cryptocurrencies, Neteller, Skrill, Wire Transfer different payment methods for each account types.

Deposit and withdrawal: The card payment methods accepted on Merit Forex are VISA, Maestro and MasterCard. Neteller and Skrill are the mobile wallets accepted. Bank wire transfers and Bitcoin can also be used to fund or withdraw from a Merit Forex trading account.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, Merit Forex makes MetaTrader 5 available to clients.

Web & Desktop Trading Platforms: The MT4 and the MT5 are the trading platforms provided for Merit Forex clients. They are available as WebTrader platforms, Windows/Mac desktop applications and mobile apps.
Mobile Trading Platforms: The MT4 and the MT5 mobile apps can be downloaded and installed on iOS and android devices. The apps can be used to monitor prices, place trades, perform technical analysis, etc.

Other

Trader Education
Merit Forex provides educational one-on-one sessions with a professional mentor based on clients’ needs and level of knowledge. Also, educational materials can be found through some nice forex/CFD training articles and a glossary on the website.

Promotions
Merit Forex Clients are rewarded with several promotions that available under this broker, Including referral, trading and cashback bonuses

Support
The customer support is available 24/5. You can chat with them on the web and on Skype. They can also be reached on phone, email and on social media.

Recup
Merit Forex provides access to trade over 70 instruments on the MT4 and MT5 platforms. The account types are designed to cater for the needs of beginner and intermediate level traders. Expert traders will find the resources provided to be insufficient for their requirements.

Final Thoughts
The regulatory status of this broker may prove to be a limiting factor as offshore regulators tend to be looked at with a suspicion by a large percentage of the trading community in the UK and EU.

Trading Experience
Merit Forex brokerage services are appropriate for beginner and intermediate traders due to their demo account, and training articles.

People Also Asked

Is Merit Forex regulated?
Yes, Merit Forex is regulated by top-tier regulators, VFSC inclusive.
Where is Merit Forex based?
Merit Forex is based in Republic of Vanuatu
How does Merit Forex make money?
Merit Forex charges a spread between the bid price and ask price. In some instances it also charges a commission.
How do I deposit in Merit Forex account?
With Merit Forex you can deposit money via the following means; Credit Card, Cryptocurrencies, Neteller, Skrill, Wire Transfer.
How do I withdrawal in Merit Forex account?
Merit Forex lets you request a withdrawal of funds from your account via the following means; Credit Card, Cryptocurrencies, Neteller, Skrill, W.
What is the minimum deposit for Merit Forex?
Merit Forex has $0 minimum deposit.
What are the available account base currencies with Merit Forex?
Merit Forex trading accounts are offered in N/A. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in Merit Forex?
Merit Forex has a maximum leverage is 1:N/A for professional traders.
How do I open an account with Merit Forex?
Opening an account with Merit Forex is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does Merit Forex use MetaTrader?
Merit Forex platforms: Yes, Merit Forex use MetaTrader as well as the following platforms: MetaTrader 5
What type of broker is Merit Forex?
Merit Forex appears to be a Dealing Desk broker which offers market access to a variety of traders.
Does Merit Forex accept US clients?
No
Does Merit Forex offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with Merit Forex: You can trade a wide variety of instruments with Merit Forex: Currencies, Commodities, Indices, Crypto, Futures