MDX500 Broker Review – Are They a Recommended Broker?

  • 1 month ago

So, you have decided to invest become an online trader and are trying to find the best broker out there. There are many options that you can choose from, what’s important is that you know which one to pick. All brokers market their best features to attract users and unfortunately, in a lot of cases, these best features are fake and a scam to lure in unsuspecting users. Sadly, you will also encounter this problem with some of the popular brokers in the market. I have spent many hours researching different brokers and identifying their eligibility. One such broker that I looked into is MDX500 who has made big claims about its trustworthiness and reliability.  

Let’s take a look at some highlighted features of MDX500 and see if they live up to the big claims made by the firm. 

Customer Information Security

When I was looking into this broker, I found many claims regarding its security and trustworthiness. Let’s take a look at some of the security protocols provided by this broker. MDX500 has provided clear policies regarding AML (Anti-money laundering), GDPR (General Data Protection Regulation), the privacy of information, refund policies and, withdrawals and deposits. They are consistent with the regulatory requirements and are compliant with all of their policies including the Know Your Customer (KYC) policies. You have to supply proofs of your identity and your residence to use the services provided by this broker. If you do not provide the information, then you will not be allowed to make any transactions. So, your account will be active but you will not be able to use the services provided by the broker. 

To eliminate the existence of fake accounts, you are asked to provide a scanned copy of any government-issued card such driver’s license, passport, national ID card etc. For proving your residency, you will have to provide utility bills or bank statements of rent. Further compliance questions also need to be answered randomly before proceeding with any transactions.  

Segregated Accounts

Segregated accounts in the broker business are a way to protect the customers’ assets in case the broker goes through a financial crisis or is caught mishandling the assets by the regulators. Account segregation is don’t to avoid the mixing of the assets of the customers and the broker. Here, you may ask how this is a benefit? Well, this is part of the regulatory requirements to make sure that the broker is not using the customer’s capital for its own dealings and use. Since MDX500 is a broker that is strictly regulated, it also offers segregated accounts to keep their customers safe. Their AML regulations allow continuous monitoring of accounts to track unusual transactions and directly report such activities to the appropriate agencies.  

Trading Platforms

The trading platform provided by the broker of your choice is a very important feature as you will be performing all account activities on this platform. You spend most of your time on the broker’s platform monitoring the markets and making trades. MDX500 have made many efforts to make their user’s experience of their products easy. They have provided two different platforms where customers can use their services. 

The first is their WebTrader platform which is the broker website. The platform focuses on the users’ ease-of-use and works to create their experience of their website enjoyable. You can smoothly navigate the features of their website. In addition, you can customize the platform to your preferred settings. I must say that this is a very smart initiative by MDX500 as most brokers do not focus on the accessibility of their website. Their second platform is the MT4. This platform allows you to download the app of this broker onto your phones, tablets or iPads. They have additional supporting apps that increase the flexibility of tasks. All apps provided by MDX500 function smoothly and have many options.

Forex Trading

Forex trading is a marketplace for exchanging currencies around the globe. Forex markets have the most liquid assets in the world because of their worldwide trade. This trade is run online and has no central foreign exchange market place. All exchanges occur electronically over-the-counter (OTC). The Forex trading platform is beneficial for those with sufficient hedge funds or is really skilled in the art of trading. I don’t think that new traders should start their trading business through this platform as it may lead to major losses. MDX500 specializes in providing forex currencies meaning that various trading pairs that are stable and competitive.

CFD Trading 

This broker also provides CFD (contract for differences). CFDs are financial contracts which pay the differences between the difference between the opening and closing trade prices in cash. Let me tell you why CFDs are so useful. CFDs allow you to easily trade all global financial instruments. These contracts let you make a trade without putting down the full value of the asset so you do not use up all your money. You can continue to make more deals using leftover money. MDX500 offer CFDs on equities, commodities, indices, and government bonds. This broker deals with some of the most popular stocks in the world so you can trade within a stock range that suits your trading strategy.  

FIAT Currency and Cryptocurrency Trading 

Another form of trading that this broker provides you with is Bitcoin trading. Bitcoin is a type of digital currency, or cryptocurrency, which was introduced in 2009. Cryptocurrencies are a profitable trading asset with rising demand.   MDX500 has included various forms of cryptocurrencies so that you can try your hand in that market as well.  

I also want to point out that the currency market provided by MDX500 is one of its most prominent features. You can trade up to 60 currency pairs through this broker. 

 

Final Thoughts

I have researched and tried out many different brokers over the years, but I must say that my experience with MDX500 was one of the most memorable ones. MDX500 not only provide multiple trading assets like forex, CDF, and currency exchange but they also provide two different trading platforms. The final decision is always yours, but if you are looking for the top best reliable brokers then I would suggest you pay special attention to MDX500.

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