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MentorFX-Overview of Minimum Deposit, Leverage, Spreads

MentorFX | 2024-11-27 10:54

Abstract:MentorFX's businesss was started from 2021 and the company locates in Saint Vincent and the Grenadines. The broker used to offer trading services in more than 2000 assets like forex, commodities, indices, stocks and cryptocurrencies to global clients. Entry point to open an account is $250, and MentorFX offers a web-based trading platform.

Note: MentorFX's official website: https://mentorfx.com/ is currently inaccessible normally.

MentorFX Review Summary
Founded2021
Registered Country/RegionSaint Vincent and the Grenadines
RegulationNo regulation
Market InstrumentsForex, commodities, indices, stocks and cryptocurrencies
Demo Account/
EUR/USD Spread/
LeverageUp to 1:500
Trading PlatformWeb-based
Min Deposit$250
Customer SupportTel: +448704786973
Email: info@mentorfx.com
Address: First Floor, 1st St. Vincent Bank Ltd Building, James Street , Kingstown , ST. VINCENT AND THE GRENADINES

MentorFX Information

MentorFX's businesss was started from 2021 and the company locates in Saint Vincent and the Grenadines. The broker used to offer trading services in more than 2000 assets like forex, commodities, indices, stocks and cryptocurrencies to global clients. Entry point to open an account is $250, and MentorFX offers a web-based trading platform.

However, the broker does not maintain a functional website, which is the most basic requirement for a reliable broker. Worsely, operation without valid regulation from authority bodies further exacerbates its legitimacy and reliability. Thus it's wise enough for you to stay away from such possible scam broker.

Regulatory Status

No license

Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of MentorFX, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.

Downsides of MentorFX

Unavailable website: MentorFX's website cannot be opened currently, which indicates possibility of cease of operation.

Regulatory concerns: The broker operates without valid regulation by any financial institutions, meanig that it might not comply to industry standards. This heightens trading risks with them.

High minimum deposit: MentorFX requires a minimum deposit of $250, which is a high entry point for beginners or those who just want to test water first for investment.

Limited transparency on trading conditions: MentorFX does not disclose any information about spread and commissions, which are essential benchmarks for clients to learn about their trading costs in advance.

What Can I Trade on MentorFX?

MentorFX advertises that it offers more than 2000 tradable assets for clients to choose from. These include:

  • Forex (Foreign Exchange): The global marketplace for buying and selling currencies, where traders profit from changes in exchange rates between currency pairs.
  • Commodities: Commodities are basic goods or raw materials that are interchangeable with other goods of the same type, often used in trade and production, such as precious metals like gold, silver, etc.
  • Cryptocurrencies: Digital or virtual currencies that use cryptography for security and operate on decentralized networks, often based on blockchain technology. MentorFX supports trading in Bitcoin Ethereum, Ripple, Dash, Litecoin, and SataCoin.
  • Indices: Statistical measures that represent the overall performance of a specific group of stocks or financial instruments, often used as benchmarks.
  • Stocks: Shares of ownership in a company, representing a claim on part of the companys assets and earnings.
Tradable Instruments Supported
Forex✔
Commodities✔
Cryptocurrencies✔
Indices✔
Stocks✔
Bonds❌
Options❌
ETFs❌

Account Type

MentorFX does not offer a demo account as many of its peer brokers, while for live accounts, there are three tiers: Standard account, Premium account and VIP account with increasing minimum deposits of $250, $5000 and $10000 respectively.

Other key info such as spread or commissions to calculate trading costs are not readily available.

Account TypeMin Deposit
Standard$250
Premium $5 000
VIP $10 000

Leverage

MentorFX offersvarying leverage levels in different accounts, with max leverage up to 1:100, 1:200 and 1:500 in Standard, Premium and VIP accounts.

Account TypeMax Leverage
Standard1:100
Premium 1:200
VIP 1:500

However, you should always be very prudent to use such tool since leverage not only amplify profits, but losses will be augmented at same level as well.

Trading Platform

MentorFX claims to offer the MetaTrader4 trading platform, but the actual platform they use is some little-known web-based platform with simplistic interface and functions. Be vigilant to brokers who make false advertising to lure customers to trade with them.

Trading PlatformSupported Available Devices Suitable for
Web-based✔Web/
MT4❌/Beginners
MT5❌/Experienced traders

Deposit and Withdrawal

MentorFX accepts payment through bank wire transfers, credit cards like Visa and MasterCard. And it takes much longer of up to 10 business days for the withdrawal process. Usually it takes only 1-3 business days for reliable brokers to do this.

Fees

According to MentorFX, if you don't trade for just a month, this brokerage house will charge you a $50 monthly maintenance and administration fee. This is unusual and ridiculous because for most brokers, an account can only be treated as dormant with no trading activities in at least 6 months.

Forex tradingForex Broker

Related broker

No Regulation
MentorFX
Company name:Mentor Corp
Score
1.52
Website:https://mentorfx.com/
5-10 years | Suspicious Regulatory License | Suspicious biz area | High potential risk
Score
1.52

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