Beware! MurFX is an offshore broker! Your investment may be at risk.

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MurFX’ website does not do that good a job at hiding its true nature, but that’s from our point of view. Non traders, which are the bulk of targets, will not know any better. So this review is dedicated to these clients.

After some searching we realized that MurFX is completely anonymous. Let us remind those of you that have forgotten and educate those of you that are not aware. There are two basic but major elements to every anonymous broker. First of all, anonymous broker is synonymous with unregulated; if a broker is anonymous it it by default unlicensed. There is no reason why a legit entity would want to hide its regulatory status; after all it’s the mark of a good and legally authorized broker. And second, all anonymous brokers are untraceable meaning that any payment made within it will be lost in translation and you won’t know what kind of third party pick it up on the other end, nor for what purpose it will be used.

To make matters worse. for users that is, the broker does not have any legal documents to offer, menaing that the client is even less protected from anything that MurFX send its way.

In other words, MurFX is unlicensed, and a risk to all!

Guaranteed FundsSegregated AccountsNegative balance protection
MurFX
UK regulated brokers£85 000YesYes
EU regulated brokers€20 000YesYes
AU regulated brokersNoYesYes
US regulted brokersYesYesNo

MurFX Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
MurFX MT5
MT430+ indicatorsAndroid
MT550+ indicatorsAndroid
cTrader40+ indicatorsAndroid and iOS

There was an available MT5 trading software in the client area right there for the taking, where it not for the total lack of a login password. We were not granted one, and in the end we started question the existence of said password, and the actually eligibility if the MT5 web trader itself.

In another universe, the MT5 would be the best trading software, with literally no match, but with MurFX it’s not worth using it. For one, the client would have to invest to get the chance to use is and that will lead to losses immediately.

MurFX Trading instruments

CurrencyStocksIndicesCryptoCommodities
MurFX
XMYesYesYesNoYes
FBSYesYesYesYesYes
FXTMYesYesYesYesYes

According to the site, the available assets are forex currency pairs, indices, and commodities. Such a shallow selection of financial instruments is bad even for an unregulated broker. It’s obvious that MurFX has not done its research into what makes a broker work.

MurFX Spreads and cost of trading

MurFXXMFBSFXTM
Spread EURUSD0.611.1
Spread GBPUSD1.31.21.4
Spread USDJPY1.31.21.4

There was no spread value. Let us remind readers that we never accessed the MT5 because the broker never provided us with a password. So that’s that.

The usual spread value is around the 1.5 mark, and that is an industry standard, but the truth is that most broker aim much lower in order to keep ahead in the competition.

MurFX also offers a bunch of trading accounts in the client area and the website, but there are obvious core differences between the two sources: it’s as if the webs tie and its user area are two sided to a different quarter, and entirely different currency. This discrepancy reveals that MurFX is a scam.

MurFX Maximum leverage

ForexStocksCryptoGoldIndices
MurFX1:500100:1100:1
UK regulated brokers30:15:110:110:1
EU regulated brokers30:15:12:110:110:1
AU regulated brokers30:15:12:110:110:1
US regulated brokers50:1

From the user area we learn that all leverage values are capped at 1:500. Please be considerate when choosing a leverage value, for these can really make or break your trading experience. If you are willing to trade with high leverage, we suggest looking at one of these.

MurFX Deposit and withdrawal methods

Deposit timeWithdrawal timeFee
Bank wire1-5 business days2 business daysNo information
Cash deposit1-5 business days2 business daysNo information

The client dashboard reveals that the available payment methods are just two: bank transfer and cash deposit. Bank deposits may take up to 5 days to process. While all withdrawal requests are processed within 2 days if the request is issued before 11 am UK; after that time frame the typical withdrawal time has not been revealed. We noticed here, also, a ton of contradictory details; like the site adding non existent payment methods and connected trading conditions.

MurFX Minimum deposit

MurFXXMFBSFXTM
Minimum deposit$1$5$10$5

There is no minimum deposit, i.e the client can invest as low as $1 and still be able to continue. This low a requirement adds further reason for any user to “just try” which is the sort of thinking that scammer brokers profit from in the end.

MurFX Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
MurFXNot specified3%Not disclosed
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

The broker site reveals a bunch of credit card withdrawal charges that do not really apply since MurFX doe snot offer credit card as a payment methods: we have proof of this in the payment area. But still MurFX goes into detail as if though it ignored what it itself has included! It’s laughably bad!

These charges are as follows:

  • a consumer debit transaction of 3%
  • commercial and business debit of 3%
  • consumer credit and premium transaction of 3%
  • commercial credit transaction of 3%
  • and a international transaction fee that seem to apply to bank transfer: 2.20%

It’s obvious that this broker’s information pool seems to pertain to a completely different entity. Don’t waste your time with this one!

 

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