MEX Exchange review: A broker with great fees

mexc.com
nika
Written by:
Av
konstantinrabin
Calendar
Written on:
25 March 2023
Date
Last edit:
25 April 2023
Our rating:
5.5

5.5

MEX Exchange review: A broker with great fees

mexc.com
nika
Written by:
Calendar
Written on:
25 March 2023
Date
Last edit:
25 April 2023
Our rating
5.5

5.5

Before acting on any advice, you should consider the appropriateness of the advice having regard your objectives, financial situation and needs, consult your own professional advisors and obtain a copy of and read the Product Disclosure Statement, Target Market Determination, Financial Services Guide, Client Agreement , and our Privacy Policy before making an investment decision. Dealing in foreign exchange contracts and our other over-the-counter derivative products carries significant risk. You may lose all of your initial investment and you may also incur losses that exceed your initial investment.
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Main summary

MEX Exchange is a Forex and CFD broker offering low prices on FX pairs, metals, energies, and indices. 

The broker is managed by MEX Australia Pty Ltd. MEX Exchange is the Australian Financial Services Licence holder. 

Available leverage on currency pairs goes up to 30:1, and the broker offers ECN and Classic account types to meet the needs of different traders. 

In this review of MEX Exchange, we’ll uncover the regulations and trading conditions of the broker. In addition, we’ll compare the trading fees of MEX Exchange with other broker fees to give you a clearer picture of what they are all about. 

Here are the 7 pros and cons:

  • Regulated by the Australian Financial Services Licence holder, ensuring safety and security for traders
  • Provides segregated accounts and negative balance protection for client funds
  • Low trading fees, with spreads starting from 0.5 pips on the Classic account and no fees on deposits or withdrawals
  • Offers access to demo and Islamic account types
  • Provides AML, CTF, and KYC policies as part of its commitment to compliance
  • Limited number of trading instruments ould be a downside for traders who trade several asset classes
  • The ECN account charges a commission of 7 USD per traded lot round turn, which may not be attractive to some traders

MEX Fact sheet

Main features
Regulations Australia
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 0 USD
Minimum account activation 0 USD
Number of available assets 49+
Leverage up to 1:30
Available trading markets Energies, Forex, Indices, Metals
Account currencies 4 AUD, EUR, GBP, USD
Demo account Yes
Live account types Classic Account, ECN account
Islamic account Yes
Security
Negative balance protection Yes
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Assets
Forex 36+
Shares 0
Cryptocurrencies 0
Indices 9
Commodities 4
Total 49+
Fees & spread
Forex From 0.5 pips
Shares N/A
Cryptocurrencies N/A
Indices From 0.5 pips
Commodities From 1.5 pips
Software
Platforms MetaTrader 4
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Credit/Debit Card, Neteller, Skrill
Minimum deposit Bank Transfer, Credit/Debit Card, Neteller, Skrill
Minimum withdrawal Bank Transfer, Credit/Debit Card, Neteller, Skrill
Withdrawal processing time instant
Time to open an account -
Show all

Safety & Security of MEX Exchange

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 

Account types available for traders on MEX Exchange

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.

Fees & commissions review of MEX Exchange

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

Type of FeeMEX ExchangeInteractive Brokers
EUR/USD SpreadFrom 0.5 pipsFrom 0.6 pips
Fees on DepositsNo1%
Inactivity feeNoNo*

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

MEX Exchange fees compared to CM Trading fees

Type of FeeMEX ExchangeCM Trading
EUR/USD SpreadFrom 0.5 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 EUR/USD per month after 60 days of inactivity

MEX Exchange fees compared to plus500 fees

Type of FeeMEX Exchangeplus500
EUR/USD SpreadFrom 0.5 pipsFrom 0.8 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 10 USD per month after 3 months of inactivity

MEX Exchange fees compared to XM fees

Type of FeeMEX ExchangeXM
EUR/USD SpreadFrom 0.5 pipsFrom 0.6 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 15 USD after 12 months, +5 USD/m

MEX Exchange fees compared to AvaTrade fees

Type of FeeMEX ExchangeAvaTrade
EUR/USD SpreadFrom 0.5 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

MEX Exchange fees compared to Capital.com fees

Type of FeeMEX ExchangeCapital.com
EUR/USD SpreadFrom 0.5 pipsFrom 0.9 pips
Fees on DepositsNoNo
Inactivity feeNoYes, 50 USD after 3 months, 100 USD administration fee after a year

Trading platforms and mobile trading at MEX Exchange

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. 

Education and research tools offered by MEX Exchange

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. 

Customer support of MEX Exchange

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. 

Conclusion

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. 

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FAQs about MEX Exchange

Is MEX Exchange a regulated broker?

Yes. MEX Exchange is a tightly regulated broker and holds the Australian Financial Services (AFS) license with registration number 416 279. As an AFSL holder, MEX is bound by strict measures and controls in relation to client money. In addition, MEX Exchange implements strict anti-money laundering and counter-terrorist funding policies. The broker keeps clients' funds in segregated accounts, is a member of a compensation scheme, and provides negative balance protection to its clients. 

What types of assets are available for trading at MEX Exchange?

With MEX Exchange traders have access to trading more than 49 assets. There are energies, 36+ Forex pairs, 9 Indices, and precious metals. For trading FX pairs, the maximum available leverage is 30:1. For trading metals, the maximum available leverage is 250:1. The assets are available for trading on the MetaTrader 4 platform.

Is MEX Exchange a good broker?

MEX Exchange is an average broker. The broker offers great fees and holds the AFS license. However, customer service is not great, the trading platforms they provide are limited to just MetaTrader 4, and the number of tradable instruments is limited compared to what other brokers are offering.