MEX Exchange Review 2024
Website: www.mexexchange.com
Min. Deposit: US$ 0
Leverage: 1:30
Trading Platforms: MT4
Regulation: ASIC
Headquarters: Australia
Founded: 2012
Regulatory Licenses:
- MEX Australia Pty Ltd – authorized by ASIC (Australia) registration ACN 155 084 058 AFSL 416279
Updated on February 29, 2024
Quick Links
MEX Exchange, since its inception in 2012, has been a prominent name in the Forex, Metals, Stocks, and CFDs trading industry, primarily serving the Australian market but with a global reach. As part of the globally recognized MultiBank Group, MEX Exchange boasts a significant presence across the world with offices in major cities including Sydney, Los Angeles, Vienna, Frankfurt, Madrid, and many others in Asia and beyond. Through offering access to advanced trading platforms, MEX Exchange caters to a diverse clientele providing a range of trading instruments.
Pros
Offers trading on the MT4 platform with a $0 minimum deposit requirement
Provides low spreads through an ECN connection enhancing the trading experience
Features comprehensive educational resources and outstanding customer support
Cons
Limited product offering, with only Forex and CFDs available
Lacks 24/7 customer support
Is MEX Exchange safe or a scam? ▲
MEX Exchange is a trustworthy Australian financial service firm, adhering strictly to local laws and regulations, thereby offering low-risk trading opportunities. The oversight and regulation by ASIC, a leading global authority, further solidify its credibility and reliability in the financial market.
MEX Exchange Review Summary in 12 Points ▲
Headquarters: Australia
Regulation: ASIC
Platforms: MT4
Instruments: Forex, Metals, CFDs on Indices and commodities
EUR/USD Spread: 0.5 pips
Demo Account: Available
Minimum deposit: $0
Base currencies: Various
Education: Comprehensive education through partnerships and tools
Customer Support: Available 24/5
Overall MEX Exchange Ranking ▲
MEX Exchange is distinguished for its exceptional service, competitive trading conditions, and some of the industry's most competitive spreads. After thorough testing and comparison with over 1000 brokers, MEX Exchange secures a leading position with an overall ranking of 8.7 out of 5.
Yes, MEX Exchange is regulated by ASIC, underlining its commitment to adhering to stringent regulatory standards. Being part of the MultiBank Exchange Group, it benefits from robust regulation across various reputable jurisdictions globally, enhancing its trustworthiness and reliability for traders.
In compliance with ASIC regulations, MEX Exchange enforces strict rules regarding the management and operation of traders’ accounts, including segregation of client funds from company assets and ensuring transaction security, thereby offering a high level of investment security governed by Australian legislation.
In recent years, MEX Exchange has adopted a more conservative approach to leverage, offering maximum ratios of 1:30 for retail traders in Australia across all asset classes, in line with the industry's move towards reducing risk associated with high leverage.
MEX Exchange provides a selection of account types tailored to accommodate the diverse trading styles of its clientele. This includes the Classic account, which operates on a spread-only basis, and the ECN Account, featuring raw spreads with a commission fee of $7 per transaction. Both account types benefit from the robust execution capabilities afforded by STP bridges developed by the MEX Exchange group. The broker prioritizes performance stability, ensuring traders enjoy the competitive pricing models and quotes from numerous liquidity providers.
How to open an Account?
The process for opening an account digitally with MEX Exchange is straightforward. Prospective clients can initiate the process by following the 'Open Account' link provided on the broker's website. The subsequent steps involve providing personal information and details of trading experience to validate the Live account. Verification is achieved through a link sent to the client's email, granting access to both the account area and Demo trading. The final steps include making an initial deposit to start trading and accessing the markets.
MEX Exchange implements a dual-structure fee system, comprising spreads or a commission per trade. Besides the typical spread or the difference between the sell and buy prices, traders should also consider non-trading fees and inactivity fees. The broker charges a $7 commission for each round turn in the ECN account. When compared to over 1000 other brokers, MEX Exchange's fees are considered low, with an overall rating of 4.2 out of 5.
Pros
Competitive commission rate
Transparent fee structure
Cons
Inactivity fees may apply
Additional fees
Traders may incur additional costs such as swap or overnight fees for positions held longer than a day. Each currency pair has its individual swap charge, accessible directly from the trading platform. Other potential costs include inactivity fees and possible charges for deposits or withdrawals. It's advisable to consider the complete fee structure as part of the decision-making process.
Spreads at MEX Exchange vary based on the account type. The Classic account, which includes all costs within the spread, offers spreads starting from 0.5 pips without any additional fees. For those opting for the ECN account, raw spreads begin at 0.0 pips, subject to a $7 commission fee. MEX Exchange's spreads are competitive, particularly when compared to other brokers like BlackBull Markets. The broker's spreads are rated 4.3 out of 5, offering attractive rates across various instruments.
Pros
Low spreads starting from 0.0 pips on ECN accounts
No additional fees on Classic accounts
Cons
Commission fee applies on ECN accounts
MEX Exchange's range of trading instruments includes Forex, Metals, and CFDs on Indices and Commodities. The broker facilitates Cash Index trading via CFDs, thus avoiding the exchange fees typically associated with direct Index trades. Leveraging ECN technology, MEX Exchange has created a platform of unparalleled stability, catering to both professional and novice traders. The instrument range, though basic, covers essential markets without requiring minimum deposits.
Can you trade Crypto on MEX Exchange?
At this time, MEX Exchange does not offer cryptocurrency trading to its clients. The market range is adequately rated at 4.0 out of 5, reflecting a good selection of instruments with competitive spreads. However, the offering is restricted to FX and CFDs, limiting options for those interested in expanding their portfolio to include cryptocurrencies.
MEX Exchange offers a variety of instant, straightforward, and secure options for funding your account, ensuring all transactions are processed via a Client Portal. The flexibility to select a preferred base currency for transactions eliminates additional conversion fees, making it a more cost-efficient choice for traders. The funding methods available at MEX Exchange have been highly rated, achieving an excellent score of 4.0 out of 5. There are minimal to no fees associated with deposits and withdrawals, and the platform enables trading with various account-based currencies without imposing a minimum deposit requirement.
Pros
No minimum deposit required
Wide range of payment options including ewallets, bank transfers, and card payments
Cons
Limited information on potential fees from payment providers
MEX Exchange provides access to the trading markets through the widely recognized MT4 technology platform, enhanced with additional add-ons and features to maximize trading success. The platform selection, primarily focused on MetaTrader4, has been rated 3.9 out of 5. While MT4 is celebrated for its comprehensive tools and analysis capabilities, the absence of alternative platforms is a notable downside.
Pros
Access to the renowned MT4 platform with enhanced features
Availability of web, desktop, and mobile trading platforms
Cons
Lack of diversity in trading platform options
MEX Exchange excels in customer service, offering multilingual support across various channels including live chat, email, and phone. The customer support team is accessible 24/7, providing assistance with onboarding, account configuration, and cash management. Based on our evaluation, MEX Exchange's customer support stands out with a score of 4.5 out of 5, thanks to the swift and knowledgeable assistance provided to traders.
Pros
Excellent multilingual support available 24/7
Multiple support channels including chat, email, and phone
Cons
Not specified
MEX Exchange prioritizes educational support for traders of all levels, offering a rich selection of learning materials, videos, tutorials, and seminars in partnership with LepusProprietaryTrading. Additionally, the broker provides up-to-date financial news and research materials, including tools like Autochartist and DupliTrade for advanced trading strategies. The educational offerings at MEX Exchange have been rated 4.4 out of 5, marking it as an excellent resource for both novice and experienced traders.
Pros
Comprehensive educational materials for traders at all levels
Access to advanced trading tools and research materials
Cons
Not specified
MEX Exchange presents itself as a viable trading partner for a diverse range of traders, from beginners to professionals. With its strong technological foundation, extensive asset offerings, customizable account types, and rich educational resources, MEX Exchange caters to a wide audience. The platform is particularly suitable for traders favoring the MT4 platform, employing algorithmic or API trading strategies, and those interested in currency and CFD trading. Whether you're starting your trading journey or looking to enhance your strategies, MEX Exchange offers a robust environment for trading success.
