MahiFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this MahiFX Review.
The broker offers its clients a single trading account type, a standard one. This account is commission-free and has no requirement for a minimum deposit, however you must have at least $1 in order to place a trade.
Of course, a free Demo account is also available, which is always appreciated by newbies.
The Company. Security of Funds
MahiFX (UK) Limited
MahiFX offers online trading in over 100 currency pairs, as well as in precious metals (silver & gold) on two trading platforms. Unlike most forex brokers, MahiFX admits to be a market maker.
The broker started operations in 2010 and now has a global reach, operating via its licensed companies in the UK, Australia and New Zealand.
As we have already mentioned, MahiFX Ltd. is regulated by NZ’s FMA and Australia’s ASIC, but its most important license is the one acquired in 2017 from UK’s financial watchdog.
FCA applies stringent requirements and standards to financial services providers in the UK. To acquire a license from the UK financial watchdog, brokerages must hold net tangible assets amounting to €730 000 and maintain this capital. Furthermore, clients` assets should be kept in segregated bank accounts, separated from the company operating funds.
Most importantly, financial regulation in the UK involves a compensation scheme. All FCA-licensed companies are under the umbrella of the Financial Services Compensation Scheme (FSCS) and in the event of insolvency, there is a maximum compensation cover of £50,000 per person.
Minimum Initial Deposit
Unlike most FX brokers, MahiFX has no minimum deposit requirements for opening an account. This makes it attractive for risk averse or inexperienced traders who are not willing to invest a large amount of money.
In comparison, ASIC-regulated XM also demands just $1 from clients to open an account and NZ-based KTMarkets requires $100 from traders to start with.
Average Spreads & Commissions
This broker does not charge traders any commissions. The transaction cost, which is how the broker earns its income, is through the spread.
And as regards spreads, MahiFX provides low variable spreads, the average ones on EUR/USD amount to 1.0 pips.
In comparison, XM also offers variable spreads from 1.0 pips on EUR/USD on its commission-free accounts.
In case you are interested, you may look up real-time spreads of 15 leading brokers here.
This broker offers leverage up to 1:100 for all major currencies, 1:50 for minors and 1:25 for metals. A maximum leverage ratio of 1:100 is at the lower end of the industry’s standard. If you need higher leverage levels, other ASIC-regulated brokers offer such: FXCM – 1:200 and XM – up to 1:888.
Traders, however, should be mindful of high leverage, for trading on margin may both multiply their profits on a small deposit and lead to heavy losses exceeding their initial investments.
MahiFX offers its clients a choice of two basic platforms: its proprietary MahiFX and the renown MetaTrader 4.
The MahiFX platform is an in-house developed web-based platform, which is equipped with the standard tools and features. It allows one-click trading, trading from the charts and is also Mac compatible. Currently this platform doesn’t have automated trading strategies available and probably most experienced traders will find it too simple to be useful enough.
MahiFX web platform
Like most FX brokers, MahiFX also supports the most popular MetaTrader 4, available as desktop and mobile versions. MT4 provides all the tools and resources a trader needs: a number of technical indicators, extensive back-testing environment, advanced charting package and Expert Advisers (EAs), allowing full automatization of trades.
This broker does not offer PAMM/LAMM software supporting managed accounts, although it intends to provide social/copy trading in the future.
MahiFX supports a small range of payment methods. Investors can choose between bank wire transactions and payments via credit cards (VISA and MasterCard).
New Zealand-based broker MahiFX, also holding an ASIC license, offers attractive conditions for trading in a wide range of currency pairs and some precious metals through both its in-house web-based platform and the famous MT4. Unlike most FX brokers, it doesn’t offer Contract for Difference (CFDs) and proudly presents itself as a Market Maker.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
MahiFX Review Conclusion
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