Mena Investing Review
There are two basic account types offered to clients of Mena Investing, both offering commission-free trading on MetaTrader 5 platform. According to the information on the broker’s website, there is a choice of either fixed, or variable spreads, and micro tradable lots are available on Main accounts.
Besides, Mena Investing offers swap-free services for investors of Islamic belief.
We checked out the broker’s demo MT5 and found that the typical spread on EUR/USD is around 0.9 pips, and no commission fees apply. This is indeed a competitive pricing, as most brokers offer spread within the range of 1.0 – 1.5 for this pair. The problem with Mena Investing, however, is that it lacks credibility, which is way more important than trading costs.
The Company. Security of Funds
Mena Investing offers trading in forex, as well as CFDs on the robust MT5 platform. According to the information on its website, the company behind the brand, Mena Investing LTD, is a privately held company operating in the Middle East and in the Arabian Gulf in particular. There is no specific information on the company headquarters, and what is worse, on its regulation. While this scenario is probably better than making false claims of holding forex brokerage licenses, the fact that Mena Investing is not authorized to provide brokerage services sends it directly to the “Not recommended” category.
It is not a secret that most non-regulated and offshore brokers are scams and doing business with such is extremely risky. So, you’d better choose among brokers regulated by the CySEC in Cyprus, FCA in UK or another trustworthy regulatory body.
The broker supports the MetaTrader 5 (MT5) platform, developed by Russian fintech company MetaQuotes.
The main advantage of MT5 over its predecessor MT4 is the fact that it enables traders to execute trades on different financial markets (including stock markets) through a single account. In addition, MetaTrader 5’s execution is faster than MetaTrader 4 and after the hedging option was added to it last year, among other enhancements, it gained popularity both among forex traders and brokers.
By the time of writing this review, the broker offers 10% deposit bonus up to $100.
Methods of Payment
Mena Investing offers a large number of payments methods to accommodate all our clients: bank wire transfer, credit/debit cards and e-wallets Skrill, PayPal and others.
Although Mena is MT5 forex and CFD broker offering competitive trading conditions, it is not recommended, because it is not regulated.
Mena Investing Review Conclusion
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