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


Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


At first glance, it is not clear from Merrix’s website what services it offers. From the minimal information available, it is assumed to be a forex and CFD broker. After registering an account we even get access to trading software. But Merrix is not a legitimate broker. In this review, we will show you why you should by no means trust your money to this suspicious website and point you to more credible alternatives for trading on the financial markets.

Merrix Regulation and safety of funds

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

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.

But we do not find any identifying information on the Merrix  website. It is unclear which company is behind this website and where it is based. There are no Terms and Conditions or Client Agreement. If you don’t know exactly who you are dealing with and what the terms of the deal are it would be an obvious mistake to put your money on the line.

Our suspicions about this website have been confirmed by the Belgian Financial Services and Markets Authority (FSMA). This regulator has issued a warning to investors that Merrix is not an authorised financial services provider.

You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Investments Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Merrix Trading software

Analytical toolsAuto tradingCustom indicatorsMobile apps
Merrix platform
MT430+ indicatorsAndroid and iOS
MT550+ indicatorsAndroid and iOS
cTrader40+ indicatorsAndroid and iOS

Merrix implements web-based trading software. Here is how it looks like:

We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Merrix Trading instruments

FP MarketsYesYesYesYesYes

In theory, Merrix offers trading in over 300 instruments, including currency pairs, cryptocurrencies, indices, stocks and commodities. But as stated, there is no good reason to trust that this trading is real. Only invest in the financial markets through licensed and established forex brokers.

Merrix Spreads and cost of trading

MerrixXMFP MarketsOcta
Spread EURUSD30.61.20.9
Spread GBPUSD31.31.5x
Spread USDJPY31.31.5x

In the trading platform we see a spread of 3 pips, which is twice as high as usual for the industry. Furthermore, it is unclear whether Merrix charges additional fees and commissions for trading.

Merrix Maximum leverage

Merrix broker100:1100:1100:1100:1100:1
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

A leverage of 1:100 is set in the trading platform. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Merrix Deposit and withdrawal methods

Deposit timeWithdrawal timePrice
Crypto24 hours24 hoursFee depends on crypto

Merrix only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.

Merrix Minimum deposit

MerrixXMFP MarketsOcta
Minimum deposit$10000$5$100$100

According to the descriptions of the trading account types, Merrix requires a minimum deposit of 10,000 USD. This is a ridiculously high amount considering that some leading brands in the industry only require a 10 USD initial investment. There is no set minimum in the deposit menu itself.

Merrix Withdrawal requirements

Trading volumeFee/Tax on withdrawalMinimum withdrawal
MerrixNot specifiedNot specifiedNot specified
UK regulated brokersNoNoNo
EU regulated brokersNoNoNo
AU regulated brokersNoNoNo
US regulated brokersNoNoNo

Since Merrix does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *