Note: MTBankFX's official site - https://mtbankfx.mtbank.by/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is MTBankFX？
MTBank FX is a subsidiary of MTBank. It is based in Belarus and is currently not regulated. Its official website is non-functional at present.
Pros & Cons
Pros:
Low Minimum Deposit ($20): MTBankFX requires a very low minimum deposit of just $20 to start trading, which is very accessible for beginner traders and those who do not wish to invest large sums of money initially.
MT4 Supported: The MetaTrader 4 platform is one of the most popular trading platforms due to its robust features, reliability, and user-friendly interface.
Competitive Spread: The spread provided by MTBankFX for MT4 accounts is very competitive, which starts from as low as 0.4 pips, much tighter than the average spread level.
Cons:
No Regulation: The lack of oversight from a financial regulatory authority can be a major drawback as it questions the legitimacy and safety of the investment and trader's funds.
Dead Official Website: An inactive or non-functional official website is a significant red flag for potential clients, since it presents low transparency and credibility.
Commission Charged: A floating fee from 0.014% to 0.0205% is charged when using an MT4 account, which will add to the trading cost.
Is MTBankFX Legit？
Regulatory Sight: MTBankFX is currently without regulatory oversight and any licenses that would enable it to conduct its operational standards in the financial market. This lack of regulation poses numerous risks to investors, such as a lack of transparency, security concerns, and no guarantee of adherence to industry standards and practices.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
MTBankFX offers a wide range of market instruments. These include:
Currency Pairs: MTBankFX provides access to the foreign exchange market with a variety of currency pairs. This includes major pairs that involve the most widely traded currencies in the world, minor pairs, and exotic pairs that include less commonly traded currencies.
Stocks: Traders on MTBankFX can invest in a range of individual stocks, so users can buy shares in specific companies and gain profit potential based on the companys performance.
Bonds: MTBankFX offers the ability to trade in bonds, also known as fixed-income securities. Bonds are debt instruments issued by governments or corporations to finance projects or operations.
Indices: Trading indices allow MTBankFX clients to speculate on the performance of a specific stock index, such as the S&P 500 or the Dow Jones Industrial Average.
Precious Metals: MTBankFX includes precious metals like gold and silver in its list of tradable commodities. Traders often use these as a hedge against inflation or currency devaluation, or simply as a safe-haven asset during times of market volatility.
Futures Contracts for Oil: These are agreements to buy or sell a specific quantity of oil at a predetermined price at a set date in the future.
Cryptocurrencies: MTBankFX allows trading in various cryptocurrencies, allowing traders to engage with this modern asset class that includes digital currencies like Bitcoin and Ethereum.
Commodities: Apart from oil, MTBankFX also offers futures contracts on various other commodities such as agricultural products, natural resources, and energy commodities. These can include wheat, corn, natural gas, and more.
Account Types
MTBankFX provides 3 account types - Trader, Major Trader, and MT4. For Major Trader Accounts, trading will be carried out on JForex only. Similarly, trading of MT4 accounts can be accessed only on MT4. For all account types, there will be a minimum deposit of just $20, which means users can choose the account type regardless of the money required.
Spreads & Commissions
MTBankFX provides different spread and commission structures for different account types. For Trader Accounts, it features a spread that reaches up to 1.8 pips, which is not very tight and competitive, but it enjoys no trading commissions. For MT4 Accounts, the spread starts from just 0.4 pips, which is much tighter. However, it incorporates a floating fee ranging from 0.014% to 0.0205%.
Trading Platforms
MTBankFX supports both JForex and MT4 as its trading platform.
JForex, developed by Dukascopy Bank SA, is tailored for traders who require sophisticated charting capabilities and robust algorithmic trading options. One of the standout features of JForex is its advanced charting tools, which include over 250 technical indicators and a variety of chart types and timeframes. JForex allows traders to develop, test, and implement automated trading strategies using Java.
MTBankFX also offers its clients access to the MetaTrader 4 platform, a widely recognized and trusted trading platform in the industry. This platform allows users to execute trades, analyze markets, and manage their accounts efficiently. Users have the flexibility to access the platform directly from a web browser, making it convenient for trading on the go. Additionally, the MetaTrader 4 platform is available for desktop users who prefer a more comprehensive trading experience. It also supports mobile trading, enabling users to trade seamlessly from their Android or iOS devices, providing flexibility and accessibility to the markets anytime, anywhere.
Customer Support
MTBankFX provides its customer support via email and phone calls:
Email Support: Its email address is at mtbankfx@mtbank.by which allows clients to send detailed queries or documents. It is suitable for non-urgent issues or when a record of the communication is needed.
Telephone Support: It provides support via phone line at +375 (17) 229 99 95, so clients can contact MTBankFX directly via phone for immediate assistance.
Social Media: MTBank also has a presence on social media such as Facebook(https://www.facebook.com/mtbankfx) and YouTube(https://www.youtube.com/channel/UCVpRamSX_2GHEj9ZTWTUd1A), where users can stay updated.
Conclusion
As a broker, MTBankFX supports various market instruments and two trading platforms. It charges a low minimum deposit. However, it is currently non-regulated and its website is inaccessible.
Frequently Asked Questions (FAQs)
Does it support MT4/5？
Yes, it does support MT4.
Is MTBankFX regulated？
No, it is not regulated.
Is my money safe with MTBankFX？
Not at all. MTBankFX is not a regulated broker and it does not apply extra security protocols either. What's worse, its official website is dead already.
What is the minimum deposit required to open an account？
For all account types, the minimum deposit required is $20.
What is the lowest spread MTBankFX provides？
The lowest spread it provides is at 0.4 pips.
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.
