Merit Forex

Merit Forex

4
Score: Good

Speculate on more than 40 international currencies and a wide range of commodities
> Account prices tailored to the individual
> Comprehensive range of learning materials

About Merit Forex

Founded in 2012, Merit Forex is a specialist forex broker that offers a range of trading products and solutions. As we will discover in this forex broker review, customers can trade all the main currency and crypto pairs, as well as indices, commodities and CFDs. Merit Forex offers their registered traders a selection of platforms, including MetaTrader 5 on desktop devices and MT4 for mobile.

There is a selection of different managed accounts – the standard account, Active Traders, ECN and EA Robot. Each of these is tailored to the individual trader, so you have more control over your investments. There are also swap-free accounts available for traders of the Islamic faith.

Products and Trade Offers

Here’s one of the key topics of any Forex broker review – the trading offer.

Merit Forex traders have access to MetaTrader 5 on web and mobile, or they can revert back to MT4 if they wish. You can execute trades via your browser, both on desktop and mobile, with no need to download software to any devices if you choose not to.

One of the main areas of focus for Merit Forex is the trading of currency and crypto pairs. Traders can access the forex market and speculate on a wide range of more than 40 international currencies from around the world.

Traders have CFD options in commodities, such as gold, silver and sugar, and there are opportunities to explore the energy markets, principally natural gas and crude oil.

Many of the major equity indices are available via Merit Forex’s trading platforms, including the Dow30, Nas100, Spx500 and the Dax30. Traders have access to a range of monitoring and analysis tools that help them to make the most informed decisions on these indices, and the latest Market News page also offers instructive insight.

There’s also the chance to trade a variety of cryptocurrencies, most notably Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC), as well as more niche coins and those that are gaining support from the market. Merit Forex offers a Live Exchange platform, where you can track prices and execute trades where desired.

In addition, you can purchase and store crypto via MT4 and MT5 accounts, with leverage of 1:1 available.

The operator offers a range of managed accounts options as well as a proprietary trading bot, EA Robot, that automates the whole process. This ensures that their offering is suitable for beginners to trading, the more experienced professionals and everyone in between.

Traders can also try copy trading if they prefer an automated approach. This is backed by a proven algorithm and also in shadowing the trades made by professionals in the industry. This is a sound option for those who lack experience in trading or don’t have the time to invest in studying the market, and it’s a good way to learn more about trading without risking too much of your own capital.

What makes Merit Forex different is that their account prices are tailor-made to the individual. There are no off-the-shelf options here – instead, an account manager will contact you to learn about your trading behaviours. That way, you don’t end up paying for services that you don’t want or need.

The firm also offers a number of advisor and signalling tools to keep their traders up-to-date with the latest goings on in the markets. These can be switched on or off as required.

There’s another way to boost your earnings with this operator. They have an “Introducing Broker” programme, where you can earn a commission from every client you refer to Merit Forex based upon the trades they make.

  • An extensive selection of currencies and commodities
  • Custom account pricing
  • No deposit or withdrawal fees
  • Three different managed account strategies
  • Commission charge on VIP accounts

Commissions and Fee Charges

For many traders, this section of our Merit Forex review will be key in deciding whether this is an operator they want to work with.

The first thing to note here is that Merit Forex does not charge fees on either deposits or withdrawals.

A range of payment methods is accepted, including Visa and Mastercard, Skrill and Neteller, wire transfers, crypto wallets and more. Withdrawals are processed within three to five working days and remember, there are no fees paid on withdrawals or deposits.

As for commissions, Standard and Gold account holders don’t pay commissions on their trades. While for VIP accounts it is pure ECN account and if clients are paying commissions – MeritForex can provide a Cashback Bonus up to 10%.

  • No fees on deposits or withdrawals.
  • Wide range of payment methods is accepted.
  • Withdrawals processed within 3-5 days.
  • Some account holders pay commission on trades

What Others Say

We wanted to point you in the direction of two salient points from The Forex Review. The first refers to the firm’s impressive pip spreads.

“Spreads, as tested with a demo account, were quite competitive – the benchmark EURUSD spread floated around 0,7 – 0,8 pips, which is attractive. Have in mind that spreads starting below 1,5 pips with a standard account are generally considered competitive.”

Customer Service

There are three different ways to contact the customer support team at Merit Forex – via the dedicated telephone support line or one of two separate email addresses set up to deal with general and technical issues.

There’s also a Skype contact that you can use, as well as all of the usual social media channels.

Advisors are available from Monday to Friday, between the hours of 9:00 am and 6:00 pm.

In our tests, the customer support staff we spoke to were professional, eloquent and had a sound level of knowledge about both the product offering that Merit Forex has and also trading topics in general. They were also responsive, and you can expect to talk to someone about your issue(s) in a matter of minutes.

Then, you also have your dedicated account managers, and these guys are available 24 hours a day, five days a week (Monday to Friday) according to the Merit Forex website. Whether anyone has actually tried to message them at 3:00 am to test their dedication remains to be seen!

Platform Features and Tools

Merit Forex offers its clients three different options when it comes to their membership.

The Standard account enables access to both MT4 and MT5 platforms with a spread of 1.5 and a leverage of 1:400. Standard account holders also can utilise the services of an experienced personal mentor.

Gold clients get all of the options offered to Standard members and can also benefit from a spread of 1.00 and leverage of 1:200. Copy trading and a premium subscription to One Billion Signals Application, which is sponsored by MeritForex , are also built into the package.

VIP clients get all of the above but benefit from a spread of 0.4 and a leverage of 1:100. VIP members can also take advantage of a Live Educational Session from a proven trading professional.

If you want to try before you buy, Merit Forex offer a free demo mode so you can experience life as a trader without making any financial investment.

MeritForex is allowing as a first investment deposit the amount of only $100. Also, in order to provide its clients the most efficient conditions, MeritForex adjusts the leverage according to the clients’ balance.

There’s a good spread of options available with each account, and Merit Forex have clearly prided themselves on delivering a suite of account types suited to traders of all types and budgets.

Mobile Trading

The mobile channel created by the Merit Forex team is basically a re-scaled version of their main desktop hub.

The good news about that is if you become familiar with the trading layout on your desktop or laptop, and then decide to monitor your trades via mobile, you will feel instantly at home. This also makes it quicker for you to navigate around the site and execute your trades, as you are already comfortable with the layout.

MeritForex website is optimized for all devices and browsers which gives another convenience to its clients.

There are both iOS and Android apps available, and these have been designed to work seamlessly with mobile devices. So, if you intend on trading on your smartphone or tablet, downloading the app is probably the sensible move to make.

Of course, you can also download the MT4 or MT5 apps directly to your mobile device if you want to action trades on the move wherever you are.

Robo Trading

If you are looking for a robo trading option, Merit Forex has an option for you to consider.

This comes in the form of an Expert Advisor (EA) Robot account, which can be monitored and analysed using both the MT4 and MT5 platforms. There’s a spread of 1.5 pips to contend with, which is fairly commonplace for automated accounts. Live streaming is available, although the buy-in for this type of account does not come cheap, with a minimum deposit of $500 required.

The robot can be built to your specific requirements, allowing you to trade “hands-free” for the commodities and currencies you prefer. Choose your indicators, define your market parameters and open/close positions based on your own price points.

Research and Learning Section

Merit Forex offer stacks of different options for traders looking to sharpen their game.

The Market News page is a valuable resource. This offers insights into the key economic and financial news stories from around the globe, as well as feeding in articles that can also have an impact on the trading game from the worlds of politics and business.

Allied to the news feed is the Market Notes page, where you’ll find the latest updates regarding all of the currencies, commodities and cryptos that Merit Forex carries.

There are weekly technical analysis updates, video training tutorials, seminars and webinars, written materials and a comprehensive FAQ. These could help you to skill up and enhance your knowledge of all aspects of trading.

However, the question is – how useful are these materials?

There’s certainly a great range of topics that will interest traders of all experience levels, although there is a clear weighting on educating newcomer traders and those seeking guidance in the wake of volatile market conditions.

If you are looking for more advanced topics, there are arguably more comprehensive lessons out there, for free, on the web.

However, if you’re looking to dip your toes in the trading water, the resources at Merit Forex will certainly educate you and give you some confidence to trade effectively using the various platforms they provide.

Regulatory Details

OUR SUMMARY

Speculate on more than 40 international currencies and a wide range of commodities

4
Score: Good
GET STARTED

We’ll start concluding this Merit Forex review with confirmation that as far as a trading platform goes, this operator ticks a lot of boxes.

They offer live insights and trading products that range across the board, from currencies and commodities to equity indices and the energy markets.

Like all good Forex brokers, there is a comprehensive range of learning materials available via the Merit Forex website, including video-based tutorials and written sessions that are available to traders as and when they require.

Also, there’s the opportunity to tap into the knowledge base of a personal tutor, and that is handy whether you are a newcomer to trading or more experienced.

All of the key trading tools are offered by the operator, so their traders are kept at the forefront of the industry. The application of both MT4 and MT5, across web and mobile, is handy, and whether you want to be a hands-on trader or prefer to let the robot account do the heavy lifting for you, there is a versatility to Merit Forex’s product offering that is welcome.

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