RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MTNFX is actually a white label of CM Trading, which is a South Africa based, regulated forex and CFD broker, offering four account types with a choice of two trading platforms – the MetaTrader4 and Sirix.
So basically here we will discuss the trading conditions offered by CM Trading, because when you register with MTNFX you are directly transferred to the web page of CM Trading.
With a demo account we counted some 45 forex pairs with a number of exotic currencies like Danish Krone, Hungarian Forint, Norwegian Krone, Polish Zloty, Swedish Krona, Mexican Peso, Singapore Dollar, South African Rand, Israeli Shekel, Turkish Lira and Honk Kong Dollar.
Other asset classes include plenty of CFDs on agricultural and energy commodities like corn, wheat, coffee, sugar, copper, natural gas and oil, precious metals like silver and gold, 17 indices, stocks and even crypto coins like Bitcoin, Litecoin, Ethereum and Ripple.
MTNFX/ CM Trading trading conditions
As tested with a demo account the benchmark EURUSD spread fluctuated around 1,6 pips – 1,7 pips, which is slightly higher than what traders consider competitive. As a rule, starting spreads are deemed attractive only below 1,5 pips. Besides, CM Trading says their starting spreads target 1,5 pips.
The broker offers leverage of up to 1:200, which is basically enough to accommodate even the most aggressive trading style. Still have in mind that higher leverage is associated with a higher risk of loosing your funds much faster.
We should note as well that amid a broader effort to curb investment risks, since the beginning of August the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions in Europe to 1:30.
The minimum deposit requirement to open a trading account with CM Trading is 250 USD.
MTNFX/ CM Trading platforms
CM Trading offers a choice between the classic MetaTrader4 and a Sirix platform. And while MetaTradcer4 is well known for its excellent charting tools, various market indicators and the customizable trading bots, designed to support automated trading sessions, the main advantage of the Sirix platform is its focus on the social trading interface. Still, talking about social trading you should not forget about ZuluTrade, which after all might prove a better option.
MTNFX/ CM Trading regulation & safety of funds
As we already mentioned MTNFX is a white label of CMTrading, which on its part is a brand name of Global Capital Markets Trading and BLACKSTONE Marketing SA(PTY)LTD (GCMT SA).
Both companies are based in South Africa and hold a license by the South African Financial Services Board (FSB), which is a legit regulator, having similar requirements like well respected financial watchdogs such as the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) in the UK or the the Australian Securities and Investments Commission (ASIC).
Among those we should note the minimum capital adequacy ratio and the rule to keep all clients funds in a segregated, protected form creditors account.
MTNFX/ CM Trading deposit/withdrawal methods and fees
With MTNFX/ CM Trading you can choose between several payment methods, namely a number of e-wallets like CashU, Neteller, Fasapay and UnionPay, major credit or debit cards like VISA and MasterCard and a bank wire.
As we already mentioned, you will have to invest 250 USD to open a Mini Account. For the more advanced Classic, Executive and Premium Accounts the minimum deposit requirement is 1000 USD, 5000 USD and 25 000 USD respectively.
Here we should also note that CMTrading is offering bonuses or awards, which link the right to withdraw with a certain minimum trading volume requirement, which could be up to 20 000 USD for every dollar received as a bonus. So our advises is to accept trading bonuses with caution.