MTFX Review - Does It Offer Welcome Bonus? - WikiFX
Abstract：MTFX offers attractive welcome bonus and loyalty bonus. However, it holds a suspicious clone license, and it does not provide services to US residents.
| MTFXReview Summary | |
| Founded | 2011 |
| Registered Country/Region | UK |
| Regulation | CYSEC (Suspicious Clone) |
| Market Instruments | Currencies, CFDs, metals, stocks, indices |
| Demo Account | ✅ |
| Leverage | Up to 1:500 |
| Spread | From 1 pips |
| Trading Platform | MT4, MTFX APP |
| Minimum Deposit | $0 |
| Bonus | ✅ |
| Customer Support | 24/5 support, live chat |
| Email: support@megatraderfx.com | |
| Social media: Twitter, Facebook | |
| Regional Restrictions | US |
MTFX was registered in 2011 in the UK, specializing in currencies, CFDs, metals, stocks, and indices markets. It offers three types of accounts, among which the Micro Account does not require minimum deposit and the maximum leverage can be 1:500. Bonuses and demo accounts are also offered. However, it holds a suspicious clone license, and it does not provide services to US residents.
Pros and Cons
| Pros | Cons |
| Low minimum deposit | Suspicious clone license |
| Tight spreads | Regional restrictions |
| MT4 supported | |
| Demo account and Islamic account | |
| No commission fees | |
| Promotion and bonus offered | |
| Long operation time |
Is MTFX Legit?
No, MTFX holds a suspicious clone license. Traders should be cautious and be aware of the potential risks!
| Regulated Authority | Current Status | Regulated Country | License Type | License No. |
| Cyprus Securities and Exchange Commission (CYSEC) | Suspicious Clone | Cyprus | Market Maker (MM) | 120/10 |
What Can I Trade on MTFX?
MTFX provides several types of products, including currencies, CFDs, metals, stocks, and indices.
| Tradable Instruments | Supported |
| Currencies | ✔ |
| CFDs | ✔ |
| Metals | ✔ |
| Indices | ✔ |
| Stocks | ✔ |
| Cryptos | ❌ |
| Bonds | ❌ |
| Options | ❌ |
| ETFs | ❌ |
Account Type & Fees
MTFX provides three types of accounts: Micro, Standard, Executive Account. Besides, demo accounts and Islamic accounts are also available. More importantly, it does not charge any commission fees.
| Account Type | Minimum Deposit | Maximum Leverage | Spread | Commission | Deposit Currencies |
| Micro | ❌ | 1:500 | From 1 pips | ❌ | USD, EUR, GBP, JPY, CHF, AUD |
| Standard | $3,000 | 1:200 | ❌ | ||
| Executive | $100,000 | 1:100 | ❌ |
Leverage
The leverage ranges from 1:1 to 1:500. Traders need to consider carefully before investing, since high leverage is likely to bring high potential risks.
Trading Platform
MTFX uses MT4 and mobile APP as its trading platforms. MT4 is a commonly used platform, which is suitable for beginners. Its mobile trading APP can be used on iPhone, Blackberry, and Android devices.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | PC, web, mobile, mac | Beginners |
| MTFX APP | ✔ | Mobile (iPhone, Blackberry, Android) | / |
| MT5 | ❌ | / | Experienced traders |
Deposit and Withdrawal
MTFX supports several types of payment options, such as VISA, Neteller, Mastercard and so on. However, other details such as the processing time and minimum withdrawal are not clear.
Bonus
MTFX offers two types of bonuses: 20% welcome bonus and 10% loyalty bonus. As long as traders open a new account, they can receive the welcome bonus. As to the loyalty bonus, it can be applied to all redeposits.
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