Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MerchantFX is a white label broker of Rubix FX. Both brokers are from Australia and are licensed by the local Australian Securities and Investments Commission (ASIC), which is a seal of safety in the forex industry.
The selection of trading instruments offered by MerchantFX through Rubix FX consists of over 40 currency pairs, lots of which crosses, exotic or minor including USDSGD, USDHKD, USDCNH, USDDKK, USDNOK, USDSEK, USDMXN, USDTRY and USDZAR, as well as CFDs on gold, silver, oil and several indices.
MerchantFX trading conditions
MerchantFX offers two account types – a Standard Account with floating spreads starting at about 1,3 pips and a FX Pure ECN Pricing Account with spreads starting form 0,5 pips, but with a trading commission of 3,5 USD per lot per side. Because one standard lot is 100 000 base currency units, if we calculate the trading commission into the equation, the actual spread adds up to 1,2 pips.
We like the spreads offered by MerchantFX. Bear in mind that with a standard account spreads are generally considered attractive when the start below 1,5 pips.
On top of that MerchantFX offers generous leverage of up to 1:400, which is perfectly enough to fit even the most aggressive trading strategy. Actually after the regulators in Europe, the USA, Canada and Japan caped the maximum leverage allowed with forex transactions, currently Australia remains the only major regulatory hub, where higher leverage trading is still unrestricted.
MerchantFX regulation & safety of funds
MerchantFX is owned and managed by MerchantFX PTY LTD, which, as we already noted is licensed and authorized by the Australian Securities and Investments Commission (ASIC).
On its part Rubix FX, which the broker MerchantFX represents as a white label, is owned and managed by GLENEAGLE SECURITIES (AUST) PTY LIMITED and LUMIERE SECURITIES PTY LTD – both of which have ASIC licenses as well.
All of that makes trading with MerchantFX and Rubix FX completely safe.
ASIC has a very high reputation in the forex industry for its rigorous oversight and strict reporting rules. The commission also requires all brokers to keep their clients funds in a segregated trust accounts, to provide their clients with a negative balance protection, and to maintain a minimum operational capital of no less than 1 000 000 Australian Dollars.
MerchantFX trading platforms
MerchantFX offers its clients a classical trading solution – MetaTrader4, the platform that has dominated the market for well over a decade, ever since its released in 2005. MetaTrader4 is light and reliable, featuring numerous customnizable market indicators and trading robots, designed to help you run automated trading sessions. And besides, the advanced charting tools are also worth mentioning. Basically the platform has everything you will ever need to trade.
MerchantFX deposit/withdrawal methods and fees
At MerchantFX you can pay with major cards like VISA and MasterCard, bank wire, Skrill, Union Pay and Poli – which is especially popular in Australia. Bear in mind as well that the minimum deposit requirement is as high as 500 USD.