MRG Forex is an online foreign exchange broker that doesn’t give much about itself away. They are committed to expanding our knowledge to help our clients achieve their unique financial goals. Their mission is to foster mutual and long relationships with our clients by providing every ideal condition to fulfill their trading potential. Throughout this review, we will be looking into the services on offer to see exactly what is on offer and so see how they stand up to the competition.
Account Types
Should you decide to sign up with MRG Forex then you will have a choice of four different accounts to use, each one has its own requirement to pen and offers slightly different trading conditions, so let’s look at what they are.
Basic Account:
This account requires $10 to open, it has a minimum trade size of 0.01 lots and a maximum trade size of 1 lot. The spreads on the account start from 2 pips and the account has swap charges for holding trades overnight. There is no commission on the account and it can be leveraged up to 1:500. There are 29 trading products available on this account.
Sharia Account:
This account requires $3,000 to open, it has a minimum trade size of 0.1 lots and a maximum trade size of 20 lot. The spreads on the account start from 0.8 pips and the account does not have any swap charges. There is an added commission of $20 per lot traded on the account and it can be leveraged up to 1:200. There are 29 trading products available on this account.
Infinite Account:
This account requires $50,000 to open, it has a minimum trade size of 0.1 lots and a maximum trade size of 30 lot. The spreads on the account start from 0.8 pips and the account does not have any swap charges. There is an added commission of $15 per lot traded on the account and it can be leveraged up to 1:200. There are 29 trading products available on this account.
Premium Account:
This account requires $300 to open, it has a minimum trade size of 0.1 lots and a maximum trade size of 10 lot. The spreads on the account start from 0.8 pips and the account has swap charges for holding trades overnight. There is an added commission of $10 per lot traded on the account and it can be leveraged up to 1:200. There are 29 trading products available on this account.
Platforms
MRD Forex wants to offer only the best in trading platforms, they are currently offering just the one platform which is in the form of MetaTrader 4. MT4 comes with a whole host of features including its accessibility, usable as a desktop download, mobile application, and web trader. It also allows you to use three types of order execution to make entering the market instantly or at a specific time possible. MT4 contains a technical analysis package comprised of 30 built-in indicators and more than 2,000 free custom indicators, as well as 700 indicators that are for purchase. It is fully customizable algorithms can be developed for trade automation using the Integrated Development Environment (IDE) and MQL4 programming language. MT4 provides a live news feed, as well as programmable alerts to keep users aware of changing market conditions.
Leverage
If you use the Basic account that you can get leverage up to 1:500. If you use the Sharia, Infinite or Premium account the maximum leverage available to you is 1:200. The leverage can be selected when first opening up an account and can be changed by sending a request to the customer service team.
Trade Sizes
We have outlined below the different minimum trade sizes as well as the maximum trade size of each account.
- Basic Account: Min 0.01 lots / Max 1 lot
- Sharia Account: Min 0.1 lots / Max 20 lots
- Infinite Account: Min 0.1 lots / Max 30 lots
- Premium Account: Min 0.1 lots / Max 10 lots
We do not know how many trades you can have open at any one time.
Trading Costs
There is an added commission on the few of the accounts. The Sharia account has an added commission of $20 per lot traded, the Infinite account has an added commission of $15 per lot traded and the Premium account has a commission of $10 per lot traded. All of them are rather high when you compare them to the industry average of $6 per lot traded. The Basic account does not have any commission and instead uses a spread based system.
There are also swap charges on the Basic and Premium accounts. These are charges for holding trades overnight and can be viewed within the trading platform you are using. The Sharia and Infinite accounts do not have three charges and this is reflected in the higher commissions charged.
Assets
The assets have been broken down into categories that we will outline below, there arent a lot of them available.
Forex:
USDJPY, EURUSD, GBPUSD, USDCHF, AUDUSD, NZDUSD, USDCAD, EURGBP, AUDJPY, AUDCAD, AUDCHF, CADJPY, CHFJPY, EURAUD, EURCHF, EURJPY, GBPJPY, EURCAD, AUDNZD, NZDJPY, EURNZD, GBPAUD, GBPCAD, GBPNZD.
Commodities:
Gold and US Crude Oil are the only ones available.
Indices:
Just Nasdaq 100, S&P 500, and Dow Jones 30 are available to trade.
Spreads
The Basic account comes with a starting spread of 2 pips while the Sharia, Infinite and Premium account still has a starting spread of 0.8 pips. 0.8 pips are quite high for commission-based accounts. The spreads are variable which means they move with the markets when there is more movement in the markets, the spreads will often be seen higher. Different instruments will also have different starting spreads, the listed number above are simply the minimums.
Minimum Deposit
The minimum amount required to open up an account is $10 which gets you to access to the Basic account. If you want a different account you will need to deposit at least $3,000 for the Sharia account, $50,000 for the Infinite account and $300 for the Premium account. Once an account has been opened, the minimum top-up value for all accounts is $10.
Deposit Methods & Costs
You can currently use Bank Wire Transfer, Credit/Debit Card, Skrill, FasaPay and Indonesian Local Bank Transfers to deposit into MRG Forex. It is not known if there are any added fees for depositing but you should check with your own bank or processor to see if they add any fees of their own.
Withdrawal Methods & Costs
The same methods are available to use to withdraw, for clarification these are Bank Wire Transfer, Credit/Debit Card, Skrill, FasaPay and Indonesian Local Bank Transfers. Once again there is no mention of any potential fees, but also no statement saying that there are no fees. As always you should check with your own bank or processor to see if the change for any currency conversion or incoming processing fees.
Withdrawal Processing & Wait Time
MRG Forex will aim to process all withdrawal requests within one business day of the request being made. The total time for the withdrawal to fully process will depend on the method used and could take an additional 1 to 5 days to process depending on the speed of the processor or bank used.
Bonuses & Promotions
The following is stated in the FAQ section of the site under the question of “Does “Maxrich Group LTD” offer bonuses?” is listed, with the answer being, “No, and we advise traders to be wary of free money and the firms that offer such incentives. Maxrich Group LTD makes money fairly from commissions, and as such, we do not need to offer financial incentives to sign up potential traders.” They do, however, appear to offer cashback bonuses of up to 100%, as well as a “Grand Jackpot” trading contest that offers a top prize of $15,000. See the MRG website for more details on these offerings.
Educational & Trading Tools
Looking through the site there does not appear to be any education material or trading tools which is a shame to see as a lot of modern brokers are now looking to help their clients improve on their trading. It would be nice to see MRG Forex do something similar for theirs.
Customer Service
The only way to get in contact with the customer service team is via an online submission form, and you need to fill it in and you should then get a reply via email. It is a shame that there aren’t any other additional ways to get in touch with the support team, as it does not help to build a sense of trust.
Demo Account
Demo accounts are a great way to test out the markets and strategies without risking any of your actual capital. We know that they are available from MRG Forex but we do not know the conditions such as which accounts they mimic or if there is an expiration time on the accounts.
Countries Accepted
The FAQ states that residents from the United States are not accepted, but citizens from all other countries are accepted.
Conclusion
MRG Forex offers four different accounts each containing slightly different reading conditions. The one that stands out is the commissions, and they are extortionately high. In fact, some are twice or even three times the industry average of $6 per lot traded. There is also a very limited number of assets available to trade, along with the limited funding methods with unknown fees. For us, another major concern was the fact that there is only an online submission form to use in order to contact the support team. This does not build confidence and there needs to be more ways to get in touch. All of those things combined are enough for us to suggest looking elsewhere for your trading needs.
