Merit Forex Broker Review – How Do They Compare?

About Merit Forex

Merit Forex was founded in 2012. The broker is based in, and regulated by Vanuatu.  Merit Forex are an offshore based forex broker who has occupied their space in the market for a number of years. They have become well known to a wider group of forex traders year after year.

These traders likely prefer the flexibility of dealing with an offshore broker given that Vanuatu has much more flexible rules for broker regulation than other major brokers we have reviewed.

Our Merit forex broker review will endeavor to cover every area of important which you have to consider when choosing a top forex broker in 2019.

Account Opening

Opening a Merit Forex demo account is just a few clicks away. Within a few minutes, having only entered some basic personal information and verified your email address, you will be all se to trade.

Opening a Merit Forex live account is equally convenient. With this process, you simply have to complete all of the same personal information which would be requested by any top forex broker, and confirm your identity and residential documents. This can be easily completed through electronic upload, and with the help of Merit Forex support.

Minimum Deposit

Merit Forex requires traders to make a minimum deposit of $250 in order to begin trading. This may be a substantial amount compared to other top brokers like FXCM and FXTM, though it is well worth noting that once you have met the minimum deposit with Merit Forex, you are free to avail of the substantial leverage which they offer. This leverage can be as much as 1:400 on some accounts.

Availability and Ease of Opening

Merit Forex accounts are available to the residents of most countries worldwide. The notable exception here is the United States, though this is a similar case with many of our top forex broker reviews.

Once you have decided to open a live account, there are 4 distinct types available. These are, standard, gold, VIP, and EA Robot. The EA Robot account being an automated trading account based on the performance of an EA robot which you set the guidelines for trading.

Each account type possesses a different minimum deposit ranging from $250 – $10,000 at VIP level. This corresponds with a variety of additional features which are available including personal coaching, signals, and copy trading facilities.

Product Offerings

Merit Forex provides traders with the opportunity to trade in a variety of markets and utilize a wide number of trading instruments. These include forex currency pairs, as well as CFD trading in commodities, energies, indices, metals, and 4 major cryptocurrencies.

Given the size of the operation that Merit Forex is running, offering this number of trading markets, each with associated high leverage is an impressive feat.

Commissions and Fees

Merit Forex offers very competitive commission and fee structures. These range from commission free trading to very competitive commissions of between $5 – $20 per trade. The spreads with Merit Forex can be equally competitive. These range from as low as 0.4 pips on major markets like popular forex currency pairs.

In terms of fees, Merit Forex does not charge any deposit or withdrawal fees. They also steer away from charging any form of activity fee. This altogether makes them highly competitive in terms of trading fees comparable to, or better than most major brokers.

Merit Forex Platforms and Tools

Merit Forex is a Metatrader broker. This means they offer the different variations of the Metatrader trading platforms MT4, and MT5, in a number of different formats. Traders can avail of mobile, web-based, and desktop trading platforms.

Desktop Platform

Both MT4 and MT5 trading platforms are available through the Merit Forex broker. MT4 provides the same robust and reliable trading environment which it has done for many years. This means you can have access to its fully customizable trading platform which is both efficient and easy to user for all levels of trader.

MT5 follows the same pattern, offering a slightly more attractive HTML design, yet providing much of the same professional capability when it comes to making trades, navigating through the platform, using the well-known EA automated trading function, and accessing the vast range of indicators and professional charting tools which the platform provides.

Mobile Trading Platform

The mobile trading platforms available through Merit Forex provide the same levels of user-friendliness and easy to navigate layout, backed by the trading power of the industry experienced Metatrader. This level of functionality is on a par with any top level broker.

Using the Metatrader mobile platform, it is also easy to cross over between your accounts with Merit Forex and any other broker who also utilizes MT4 mobile such as HotForex. This cross over can be completed within the same application which remembers your customized settings for each broker.

Education and Research

Merit Forex has several avenues available when it comes to furthering your trading education. First of all, you can browse the range of video lessons and articles available on the broker website. This selection will give you a strong foundation in the basics of forex trading.

As an additional incentive, Merit Forex provides each account holder with a personal mentor service. This style of coaching is delivered by one of the company trading professionals and provides you with contact for any questions which you may have. This seems like an excellent way to further your learning and reach your goals in trading.

When it comes to research tools, this again is all delivered by the in-house team at Merit Forex brokers. This includes market news as it happens, a weekly outlook charting the market for the week ahead and including levels of technical analysis, and market notes which appear to be updated on a daily basis as the market moves and changes.

Merit Forex Differentiators

Merit Forex can be differentiated from other forex brokers in number of areas. The first of these is the fact that they operate offshore. This allows them not to be subject to the same stringent rules and regulations as they would be if regulated by the likes of CySEC and ASIC. It also allows them to offer extensive levels of trading leverage. This simply would not be possible with as EMSA broker.

Other major points which set Merit Forex apart are the fact they offer a close mentoring service to all of their traders. This type of service can be invaluable in assisting your progress from being a beginner learning how to trade forex.  

Customer Service

Customer service options available through Merit Forex are varied and include telephone support on a Switzerland local number. They also provide round the clock email support and a web-based live chat service.

All of these customer service options provided a fast and knowledgeable response when approached.  This is another are of Merit forex which could be considered as being on a par with major brokers we have reviewed.

Merit Forex Trustworthiness

This is one area which many traders may have reservations with in regard to Merit Forex. Being based in Vanuatu, where regulatory authority is relaxed at best, does not help their case. Many traders look for top forex broker regulated by CySEC or other respected bodies.

On a positive note, the customer support received from Merit forex was excellent, and the company has been operating for upwards of seven years. This should provide a certain degree of confidence to traders considering the broker for trading.

Conclusion

Overall, Merit forex is a solid representation of a small to mid-level offshore forex broker. They have been in operation for a number of years and amassed a fairly large client base.

The most competitive area of Merit Forex is likely their fee structure and the fact that they provide some on-depth customer support and a mentor service to help you get started. They represent a good selection for a beginning trader or someone more experienced who knows the market and has the funding to avail of the VIP account type. Establishing trust is the main point of concern for Merit Forex to overcome. If they can achieve this however, they certainly have the features and capability to grow further.