Hello, fellow investor! This review will give our honest opinion of MTrading, a broker specialising in contract for difference (CFD) trading.
MTrading offers trading in currency, commodity, stock, index, and crypto CFDs. As such, the broker does not provide access to real stocks or share ownership (more about the differences between CFDs and real products).
Furthermore, the jurisdiction under which MTrading is registered, the Financial Services Authority of Saint Vincent and the Grenadines, does not regulate Forex brokers.
This fact, together with MTrading’s focus on lightly regulated markets in the Asia-Pacific, Africa, and Latin America, raises some concern for the security of your investments compared to more established brokers supervised by the U.S. Securities and Exchange Commission or those accepting retail clients in the European Union.
Overview
MTrading offers CFD trading in instruments such as Currencies, Commodities, Stocks, Indices, and Crypto, with three distinctive account types to suit your needs – M.Cent, M.Premium, and M.Pro. The selection of instruments you can trade, as well as the specific trading conditions will vary depending on which account type you choose.
MTrading allows users to trade using the gold standard MetaTrader 4 platform, arguably the most popular CFD trading platform worldwide. You can also access MetaTrader’s mobile version on the Apple app store or Alphabet’s Play store, enabling you to trade on the go.
If you prefer not to install Metatrader 4, you can access the platform’s web version, MetaTrader 4 WebTrader. For advanced traders, MTrading offers MetaTrader 4 Supreme Edition, a plugin developed by MTrading that expands the features of the basic MetaTrader 4.
If you need to trade using several accounts, MTrading has you covered! You can use the broker’s MetaTrader 4 MultiTerminal, which allows you to manage multiple trading accounts simultaneously.
MTrading has numerous articles for novice traders covering trading basics, advanced features, trading education, etc., available here. The broker also helps you stay updated with the markets, providing daily news and technical analysis.
MTrading also allows you to copy some of its best traders via its social trading feature. The broker also gives a $30 welcome bonus and a deposit bonus of up to 200%.
Highlights
| 🌎 Supported countries | Over 100 (but not the US, UK or EU) |
| 📈 US stocks CFD and Indices CFD fees | $0 per 1.0 lot, but with larger spreads with M.Premium accounts; OR $4 per 1.0 lot, but with tighter spreads with M.Pro accounts |
| 💵 Currency conversion fee | Not specified |
| 💰 Inactivity fee | $50 per month |
| 💰 Withdrawal fee | 1% for credit cards, 3% for e-wallets |
| 💸 Minimum deposit | M.Cent $10; M.Premium $100; M.Pro $500 |
| 🛒 Products offered | CFDs on Currencies, Commodities, Stocks, Indices, and Crypto |
| 🎮 Demo account | Yes |
| 📜 Regulatory entities | Registered, but not regulated, by the Financial Services Authority of Saint Vincent and the Grenadines |
Pros and cons
Pros
- Reliable MetaTrader 4 platform
- MetaTrader Supreme Edition plugin
- Demo account
- Education resources
Cons
- Tax-haven registration
- Not available in the US, UK or EU
- Focus on high leverage and Forex
- Limited trading offering outside Forex
- No real asset offering (only CFDs)
- Very high inactivity fee
Trading platform
MTrading has chosen to rely solely on MetaTrader 4, arguably the gold standard in the CFD trading industry. On the one hand, this reinforces the reliability of MTrading’s trading operations. On the other hand, there are not as many custom features compared to what you can find at brokers developing a platform of their own.
MetaTrader 4 supports algorithmic trading and has built-in tools for advanced technical analysis. Ideal for experienced traders, novice traders may take some time to get acquainted with the platform’s functionalities.
MetaTrader 4 WebTrader offers many features in the standard MetaTrader 4 but without needing a desktop installation. As such, it is a convenient solution if you use a computer and don’t have the time to install MetaTrader 4.
All account types also come with mobile trading functionality through the MetaTrader 4 app – a valuable tool if you want to place a trade on the go.
MetaTrader 4 Supreme Edition is a plug-in offered by MTrading that helps differentiate the standard MetaTrader 4 offering you can get at various brokers. It boasts over 58 new features, including:
- Advanced indicators (you can check the complete list here)
- Mini terminal (which allows you to trade more easily on multiple screens. Read more here)
- News feed
- And more!
While all the new features come in handy in specific situations, they can overwhelm beginner traders.
MetaTrader4 MultiTerminal allows you to take your trading to the next level, combining multiple trading accounts in one platform. It can be an indispensable tool for risk management, especially if you are using leverage.
Products & markets
MTrading only offers CFDs and no real stocks or shares ownership (more about the differences between CFDs and real products). We will now highlight each type of CFD present on the platform.
Currency CFDs
Currency CFDsare available on a total of 38 currency pairs.
Commodity CFDs
Commodity CFDs are available on key metals such as gold (including in EUR), silver, platinum, etc., and energy products such as oil and natural gas. More niche commodities, such as grains, are unavailable.
Stock CFDs
Stock CFDs are available on select large-cap stocks primarily domiciled in the United States, with a few international exceptions.
Index CFDs
Index CFDs can be traded on ten of the largest world indices, offering a broad geographic diversification despite the small number of available indices.
Crypto CFDs
Crypto CFDs are available on Bitcoin, Ethereum, Cardano, and more!
If you are interested in the spread or trading specifications of a given contract, they are all organised on one page here, with only currency CFD details not presented on the website.
Fees
MTrading has largely adopted the zero commission model, meaning it primarily makes money from the bid-ask spread on the instruments you trade. The broker does offer the option to trade with a fixed commission with the M.Pro account, where you pay a $4 fixed commission per 1.0 lot but enjoy lower or even zero spreads
MTrading also has a very high inactivity fee of $50, meaning that the broker is highly unsuitable for traders who are inactive in the markets. The company even has the right to expropriate the assets of a client who has been inactive for three years!
Keep in mind that some money withdrawal methods are pretty expensive, with fees of 1% for credit cards and 3% for e-wallets.
Safety and red flags
MTrading offers trading in CFDs, which as instruments, are widely accepted in the financial industry. That said, CFDs do not have the track record that trading on organised securities exchanges has. As a result, we reckon trading in CFDs, by the very nature of the instrument, implies a higher level of operational risk compared to common stocks traded on U.S. exchanges, for example.
Furthermore, MTrading is registered by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines, which many consider to be a tax haven destination. When you visit the FSA’s website, you get the following warning:
You can read the entire warning message here. In a nutshell, it states that while the FSA can register Forex companies, it does not actually issue a license and, hence, does not provide regulation over such activities. Trading with such brokers is done at the investor’s own risk. This, coupled with the lack of access to MTrading services by retail clients residing in strongly regulated markets (such as the US, EU, etc.), is a warning flag for us.
Furthermore, WikiFX, a website that collects information on securities brokers, suspects MTrading of being a clone broker (clone brokers typically deceive investors into thinking they are trading with a reputable broker). You can review their findings here. Furthermore, MTrading clients have contacted WikiFX to claim the broker has unfairly treated them.
MTrading is also on Malaysia’s Securities Commission investor alert list (available here) for “Carrying on unlicensed capital market activities of dealing in securities”.
That said, the company earns an average score of 4.3/5 on Trustpilot, based on over 110 reviews, marginally above some of the world’s most trusted brokers (Interactive Brokers is rated 3.6, eToro is at 4.2). We do not think those reviews can be trusted.
Ending on a positive note, MTrading is a member of the Financial Commission, a non-government self-regulatory industry body that helps investors settle disputes with their brokers.
Account opening
MTrading boasts a quick account opening process, with the platform offering three distinct types of accounts – M.Cent, M.Premium, and M.Pro. You can compare the three account types here.
M.Cent
M.Cent requires only a $10 deposit to get started but offers a more limited array of trading instruments – 27 currency CFDs and CFD on gold. Furthermore, your order size and maximum orders are more limited. There is no commission per trade, but spreads are larger compared to M.Pro accounts.
M.Premium
M.Premium requires a $100 deposit but offers the full array of trading instruments – 38 currency CFDs, 7 commodity CFDs, 10 Index CFDs, 12 Crypto CFDs, and most importantly, 67 stock CFDs, which are not available for trading with M.Pro accounts. There is no commission per trade, but spreads are larger compared to M.Pro accounts.
M.Pro
M.Pro requires a $500 deposit and offers the full array of instruments available for trading under M.Premium accounts, with the exception of stock CFDs. With this trading plan, you pay a $4 fixed commission per 1.0 lot but enjoy lower or even 0 spreads.
The account opening process is intuitive, with a Demo account available after confirming your phone and email address:
Once you have set up your account, you can explore MetaTrader 4’s functionality. If you like the platform and MTrading’s trading terms, you can deposit money and open a live trading account:
If you ever need help with the process, make sure to consult the detailed Frequently asked questions page here.
Supported countries
Despite not being available in the US, UK, and EU for retail investors, MTrading conducts business in over 100 countries. While we did not find a comprehensive list of countries you can open a trading account from, the broker is particularly active in lightly regulated jurisdictions and low-to-medium income economies, particularly in:
- Asia-Pacific (Indonesia, Thailand, Malaysia, Pakistan, Vietnam)
- Africa
- South America
Alternatives
If you are unhappy with what you have read so far on MTrading, don’t worry; we have you covered! You can read all our broker reviews here, including some of our top picks for CFD brokers, such as XTB and Plus500. Furthermore, if you want to consider a broker offering a wider variety of products outside CFDs, look no further than Interactive Brokers. For social trading, your best pick is definitely eToro.
Bottom line
After going through all MTrading has to offer, we reckon that there are better alternatives available to investors, notwithstanding the valuable resources MTrading has developed for its traders. Our concerns lie primarily in its tax haven registration and lack of real regulatory entities. Without a regulator, investors cannot be assured their trades are dealt with according to the best industry practice. At the end of the day, who will you raise your concerns with if things go wrong?
Considering the regulatory issues, prohibitive inactivity fees, and limited product offerings outside of currency CFDs, we strongly suggest you consider alternative brokers to MTrading or at least compare their terms and conditions.
Even with the best brokers, it is a wise choice to diversify your trading exposure with competitors. In that way, should one broker fail, you will still have access to your other broker’s account!
