Here are the 7 pros and cons:

MEX Fact sheet

Financial regulators are created with one sole purpose, to protect the traders’ interests. As such, the biggest indicator of whether a broker can be trusted or not is the level of regulations it operates under. 

MEX Exchange holds the Australian Financial Services Licence with license number 416 279. As an AFSL Holder, MEX Exchange is bound by strict measures and controls in relation to client money. The broker keeps traders’ funds in segregated accounts, this guarantees that investors will get their money back even if MEX goes out of business. 

In addition, as a part of the broker’s commitment to compliance, MEX Exchange implements: 

• Anti-Money Laundering (AML) policies
• Counter-Terrorism Funding (CTF) policies
• Know Your Client (KYC) measures 

The broker provides its clients with two account types in order to satisfy the requirements of both intraday and swing traders. Let’s discuss them in more detail below to see which might be more suitable for you.

MEX Exchange Classic account

The Classic account is a standard account at MEX Exchange. The account is aimed at beginners and traders that trade less often. There are no minimum initial deposit requirements to open the account. The maximum available leverage is 30:1 for trading currency pairs, spreads start from 0.5 pips, and there are no commissions. 

MEX Exchange ECN account

In the world of Forex, ECN stands for Electronic Communication Network. As the name suggests, the ECN account aggregates prices electronically from liquidity providers and provides traders with raw prices. There are no spread markups on ECN accounts, which is very attractive to intraday traders, high-frequency traders, scalpers, and algorithmic traders. On the other hand, traders are charged commissions of 7 USD per traded lot round turn. The maximum available leverage for trading FX pairs is 30:1 with this account type, and similarly to the Classic account, traders can start opening accounts without having to immediately fund them.

Trading fees with MEX Exchange are low compared to other brokers. Spreads on Classic accounts start from 0.5 pips, which is phenomenal. On an ECN account, there are 7 USD commissions per traded lot round turn. Furthermore, the broker doesn’t have any fees on deposits or withdrawals, or any inactivity fees. However, it should be noted that some intermediary funding options such as Banks might charge you for withdrawals. On the bright side, there are free withdrawal options too. 

Comparing fees of MEX Exchange with other brokers

Let’s compare the fees of MEX Exchange with other brokers’ fees. For the comparison, we picked the Classic account fees as this is their standard account. 

MEX Exchange fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

MEX Exchange fees compared to CM Trading fees

MEX Exchange fees compared to plus500 fees

MEX Exchange fees compared to XM fees

MEX Exchange fees compared to AvaTrade fees

MEX Exchange fees compared to Capital.com fees

MEX Exchange provides its clients with MetaTrader 4 (MT4). In addition, mobile and web trading versions of the software are available. 

MT4 is a very popular platform among Forex traders. The software uses the MQL4 coding language when creating trading algorithms for trade automation. The algorithms of MT4 are called Expert Advisors (EAs), and these EAs are used for creating custom indicators, backtesting robots, and automated trading. MT4 comes with 30 preinstalled technical indicators, however, you can access more custom-made indicators through the MetaMarket. The platform has 3 order execution types and 4 pending order types. There are 9-time frames available for charts. It should be mentioned that unfortunately there’s no trading calendar built into the MT4 platform, and traders need to use third party economic calendars. 

MEX Exchange provides traders with extensive educational material that is beneficial for both novice traders and professionals. For beginners, written and video guides on how to use the MetaTrader 4 platform are available. The broker also offers market analysis, Autochartist, an economic calendar, and educational blogs. In addition, traders can receive trading signals from signal providers. 

Great customer support is crucial for every financial service provider. However, it should be mentioned that while MEX Exchange offers a live chat option, the customer support team is not always available, which can be a major drawback for many traders. Clients of MEX Exchange can contact the broker via email or over the phone. 

To sum everything up, MEX Exchange holds the Australian Financial Services (AFS) license and can therefore be trusted. There are currency pairs, metals, energies, and indices available for trading, and both high-frequency and low-frequency traders can find suitable accounts. In addition, the broker offers great fees, up to 30:1 leverage on currency pairs, and extensive educational material. On the other hand customer support needs a bit of improvement. Trading software is limited to MetaTrader 4 and the number of tradable instruments is also limited.