Liteforex.eu Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Mayzus Forex Review, The Liteforex.eu broker knows before as UWC FX or Mayzus forex broker.
Mayzus (formerly United World Capital) offers its clients a variety of account types to choose from, in order to make sure traders of all skill level and portfolio size are well taken care of.
There are several STP accounts on the MT4, offering micro lots for trade, and also ECN Currenax ones, providing the tightest spreads, but involving commission. Most of the STP accounts, on the other hand, are commission-free (except the STP Platinum).
In addition, swap-free (Islamic) accounts are available to clients who are of Islamic belief.
The Company. Security of Funds
Mayzus (Mayzus) is a forex broker, offering online trading in currency pairs, Contracts for Difference (‘CFDs’) and precious metals within STP/ECN trading environment.
MAYZUS Investment Company Limited, doing business as Mayzus, is a Cyprus-based company founded in 2008, which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC).
CySEC applies certain rules to license holders, which cannot be compared to the stringent ones imposed by US or Swiss regulatory authorities, however, these rules provide certain level of security and are indicative of good standing in the industry.
First of all, the Commission requires Cyprus-based forex brokers to hold at least €1,000,000 as a proof of financial stability.
Moreover, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All CySEC-regulated companies are members of the Investor Compensation Fund, which protects clients’ funds in case of company insolvency up to £20,000 per person.
In addition, as a CySEC-regulated unit, MAYZUS Investment Company ltd. is regulated under the Markets in Financial Instruments Directive (MiFID) and is entitled to provide services throughout the EU under the MiFID Passporting Regime. The company is also registered or authorized by a number of professional and governmental bodies, such as FCA, BaFIN, CNMV.
Minimum Initial Deposit
In order to open an account with Mayzus, traders have to invest at least $100. Such minimum initial amount is average. Other Cyprus-based brokers, like FXTM and XM, demand just $5 from its clients as a start for their Cent/Mini accounts. Others, however, require minimum initial deposits, amounting to €1,000 (Sensus Capital).
Spreads & Commissions
This broker offers competitive variable spreads, varying by account category averaged from 0.6 to 1.5 pips on EUR/USD. Generally speaking, the spreads (and commissions) offered on the Currenax and STP Platinum accounts are comparatively low, while the ones on the STP Mini and Classic account are average.
In comparison, XM provides spreads from 1.0 pips on EUR/USD on its Standard commission-free account and Exness offers its ECN account holders with average spreads of 0.4 pips on EUR/USD, incurring a commission of $ 2.5 per standard lot. For further information, you may compare real-time spreads of 15 leading brokers here.
The maximum leverage with Mayzus is high, reaching 1:1000. Some jurisdictions cap leverage ratios at considerably lower levels. That is why the broker warns that leverage for clients residing in Poland differs, since the maximum leverage allowed there is 1:100.
The reason for such leverage limitations is that the higher leverage, the higher the risk of losses, which may even exceed initial investments. However, many Cyprus-based brokers offer leverage levels, similar to the ones provided by Mayzus or even higher: XM – up to 1:888, and Exness – up to 1:2000 (the highest available level in the industry). A list of more FX brokers offering leverage equal to or exceeding 1:500 can be viewed here.
In order to reduce the risks associated with magnitude of leverage, Mayzus introduced a risk management application, called Floating Leverage. It automatically adjusts the leverage size to the volume of open positions. For instance, the maximum leverage on MAYZUS Investment Company accounts is 1:1000. This leverage applies until the total volume of open trades equals to $1 000 000 or less. Where the total volume of trades opened exceeds $1 000 000 up to $3 000 000, leverage of 1:500 applies, and so on.
Mayzus offers its customers a choice of several trading platforms: the most pop8ular MetaTrader 4 (MT4), Currenax Viking and Currenax Classic.
Currenax is a Java-based platform that focuses on connecting buy and sell side forex traders via ECN electronic currency network (ECN). It provides advanced market depth option and automatic execution on live, streaming prime broker bank prices. Currenax features include a graphic rich display of currency rates, real-time charts, transaction history, communication tools, position and account reporting – all available on-screen.
Currenax Classic is a web-based platform and requires no installation, while the Currenax Viking is a desktop platform.
Mayzus supports the industry’s standard MetaTrader 4, which is the trading platform preferred by most experienced traders. It comes in desktop and mobile versions and provides a number of technical indicators, advanced charting package and a wide range of Expert Advisors (EAs).
Auto Trading strategies allow you to trade the FX markets 24/5 without any user intervention, and without sitting in front of the screen all day. You simply employ EAs to do the trading for you, test history data and generate performance reports. What is more, if you are handy with code, you can even customize your trading strategies, as MT4’s MQL4 is a robust C-language offering a code for optimizing, developing and testing a number of popular EAs.
In addition, Mayzus teamed up with MyFXbook, which provided automated social trade copying services, enabling traders to track, compare, analyze and share their trading strategies.
What is more, the broker offers MICTrader 4 MultiTerminal, developed for simultaneous management of multiple accounts. It is helpful for those who manage multiple investors’ accounts, as well as for traders working with multiple accounts at the same time.
Mayzus offers its clients a variety of promotions. At the time of writing this review are running the following ones:
– STP Platinum account with initial deposit of just $500, instead of $20 000;
– Rebate program under which clients can get back up to 40% of the spread, depending on the volume traded (1 – 5 lots – $1.5; 5 – 50 lots – $2.0 and so on);
– Zero fees promotion – you can fund your account with no extra charge until 31 December 2016;
– Scalping Wars demo contest with 1150 pool prize weekly.
Methods of Payment
Mayzus’s clients can make deposits to and withdrawals from their accounts via wide range of payment methods: credit/debit cards (Visa, MasterCard, Maestro), bank transfer, cash transfers (via Western Union, Contact, Money Polo), Local deposit, Internal transfers and e-wallet systems, such as Neteller, Skrill, QIWI, WebMoney, OKPAY.
Another cool perk offered by this broker is the UWC Quick Card – a prepaid MasterCard that you can use for personal financing and instant withdrawals from your trading account.
Mayzus is a reputable Cypriot forex and CFD broker offering its customers a large variety of everything – markets, account types, trading platforms, promotions, payment options, you name it.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Liteforex.eu Review Conclusion
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