FXMeridian review – 5 things you should know about fxmeridian.com

FXMeridian review – 5 things you should know about fxmeridian.com

Rating: 3

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FXMeridian does not seem to mind that its entire site and all the content within it is perhaps only a third of what is considered a minimum requirement, as far as information goes. We soon find that this is in fact a legit entity that does not do everything by the book, however. Read the review to find out more.

We could not open an account, but this was because of a ridiculous predicament. You see, when you enter the registration page, it is blurred, and it seems that it’s loading, but after a minute of being blurred, we got the message. The broker did not wish to grant us access to its registration page. We wonder what the reason is; usually it has something to do with what our purpose is.

Without a registration, we have to rely on the website for all the trading and payment conditions, and this is to say that what we are about to talk about is trustworthy because the broker is after all legit.

According to the website, the tradeable assets are forex currency pairs, indices, stocks, and commodities. The EUR/USD spread is 1.7 pips, but this value fall under the Diamond target spread, which seems to refer to a high account tier. However, the website has no indications of any account types, so we are not sure how to take this spread value. No leverage values have been disclosed. We also witnessed our fair share of contradictions about the trading grounds, so nothing is really set in stone.

FXMERIDIAN REGULATION AND SAFETY OF FUNDS

The main aspect of the broker is its claim to be regulated by the Bulgarian Financial Supervision Commission (FSC). This entity, although not the most famous one, is known to regulate some very promising brokers, and considering that Bulgaria is a part of the EU, all it’s broker must also abide by ESMA and MiFID directives.

The presence of the license proves the broker is legit, even if it times it does not behave like it. There are many other brokers that seems to cling on a certain aspect of shadiness even after acquiring a license, Here, we have only to question the regulator itself and its many frameworks, for if the FSC gives considerable freedom to its brokers, then it’s only natural that said brokers take advantage of this.

On of the main things that one learns about the broker is that its website and its content are not directed at residents of the distribution or use by, any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. This is perhaps one of the favorite clauses issued by unregulated brokers, and is one that we will always think of when a broker tries to escape an otherwise inevitable situation. This claim is a basic tool to confuse traders into thinking the broker is legit, whereas in 99% of cases it isn’t.
It’s therefore odd that a license broker would issue it. For us personally, this gives to show how much freedom the regulator gives, which is not necessarily a good thing.

Personally, we don’t find this broker especially good at its job, even though it is legit, for it behaves at times like a typical offshore entity, at times flirting with scammer elements even.

FXMERIDIAN TRADING SOFTWARE

We are promised an FXMeridian trading software of sorts on multiple occasions, but not once does the broker actually provide it in any shape or form. Promises are one thing, but when you can’t deliver, what good are these?

There seems to be a way to access the web trader, but users have to first pass through the registration process, and as we have already seen, this was not available to us.

Therefore, there was no trading software that we could review.

However, considering that the company is fully regulated, we cannot ignore the facts, and must state that there is, somewhere out there, a trading software in some shape or form.

FXMERIDIAN DEPOSIT/WITHDRAW METHODS AND FEES

According to the legal docs, the minimum deposit is $100. Clients can invest by means of bank, cards, and e-wallets, although the information is vague.

However, we did find a long document containing a ton of fees and commission, none of which seemed to pertain to deposits or withdrawals (at least not from the document we looked at; at some point in another legal set of provision is was mentioned that the broker can charge up to 4% on deposits; no withdrawal fee details exists, but we suspect that they are hidden deep in the legal docs). However, if the user wants a depository receipt she will have to pay 100 BGN. The broker also charged ludicrous amount for personal data changes, for issuing a client certificate, and for many other things and operations. There are also spread commissions, which should be taken into consideration. We highly advise users to carefully go through the official  Tariff for Cost, Fees and Commissions if you have decide to trade with FXMeridian.

FXMeridian’s only strong point is its regulation. Everything else seems like a drag, and there is so much weight behind the broker that interacting with it would be a chore. We don’t really recommend this one.

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1 Comment

  1. We have already invested approximately 1300 canadian in Fxmeridian in oil and Google there is a withdrawal putton I wonder I should give it a try

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