Mentor FX is an online social trading and forex and CFD brokerage platform that provides traders access to a wide range of financial assets. The platform operates successfully around the globe, providing users’ access to over 240 financial instruments, including cryptocurrencies, European and American stocks, major currency pairs, indices, and commodities. Mentor FX prides itself on providing services to people with less trading experience and this is where their Social trading account takes center stage. This account type allows clients to choose from a list of professional traders that suits their trading needs and preferences and then to follow and copy their trades. The wide array of trading tools and secure banking system makes Mentor FX an excellent trading platform. The user-interface on Mentor FX simple and easy to navigate, making it an ideal platform for anyone, even new traders.
Mentor FX Review
License and Regulation
Mentor FX is owned and operated by Mentor Corporation, which is a registered company by the Financial Supervision Authority (FSA) with registration number: 24652IBC2018. The company’s certificate of incorporation is from Saint Vincent and the Grenadines, which allows Mentor FX to provide its services to traders based in Europe, except to those located in the United Kingdom.
As a regulated and authorized financial service provider, Mentor FX is required to abide by the Know-Your-Customer and Anti-Money Laundering processes, as well as the Counter-Terrorism Financial Act policy. These policies on Mentor FX are substantial, requiring traders to verify their accounts before carrying out some critical transactions, such as withdrawal of funds. The platform abides by these policies to help curb vices in the financial markets and to help protect user funds and their personal information.
To operate in Europe, Mentor FX strictly complies with the MiFID II, a unified European financial markets regulation that helps boost transparency in the industry and combats money laundering and fraud. The banking system here is also secure, as Mentor FX works with some leading banks to provide excellent financial services to their customers. By working with companies with strong reputations, you can remain confident that your funds are safe with Mentor FX at all times.
Mentor FX Scam – Is This Broker the Real Deal?
Mentor FX is not a scam. The company is legally registered and authorized by the Financial Supervision Authority (FSA) with registration number: 24652IBC2018. It is incorporated in Saint Vincent and the Grenadines. By following the MiFID II regulations, Mentor FX is allowed to provide its services to countries across Europe except for the UK. The tight security measures and an excellent banking system makes this broker reliable when it comes to depositing and withdrawing funds. Mentor FX strictly complies with the AML and KYC policies to help boost transparency and to protect user funds in the financial markets. Due to the measures Mentor FX takes to safeguard user funds and information, it is safe to conclude that it is a legit online social trading, forex and CFD brokerage platform.
Mentor FX Login
Account Types
There are three available account types on Mentor FX. The forex self-trading account, social trading account, and the Mentor Forex Bot auto Trading System. The minimum deposit amount for the self-trading account is 250 EUR, while the others are 1,000 EUR and 500 EUR, respectively.
The leverage on the self-trading account starts from 1:20 to 1:200, while the other two account types have a leverage of just 1:20. You can get to enjoy a free demo account on the self-trading account. Each account user also gets access to free training sessions, access to economic events, a personal account manager that is available 24/5, and an unlimited trading platform. With the social trading account, you can follow the trading of some experts with just a click after choosing your preferred expert. Overall, all trading account types have access to the over 240 financial instruments on the platform, including, cryptocurrencies, forex pairs, stocks, commodities, and indices.
Mentor FX Demo Account
You can get to enjoy the free demo account when you use the self-trading account type. This demo account has all the features available on the live trading accounts and is funded with 10,000 EUR/USD/GBP in virtual funds. This gives you the opportunity to learn how the Mentor FX trading platform works and to test out trading strategies before you invest real money. Afterwards, you can be confident of using real funds to trade assets on Mentor FX.
Trading Platforms
Mentor FX uses the WebTrader trading platform. This trading platform is extensively used by a wide range of traders around the world. It has a simple user-interface, making it easy for anyone to navigate. You don’t have to download any software when using the WebTrader platform as it is compatible with any browser as long as you have an internet connection. Due to its compatibility, you can use the Mentor FX webtrader on computers and mobile devices, making it perfect to trade even while on the move.
You will also gain access to a wide range of trading resources using the WebTrader platform. The daily news section is available to keep you up to date with the latest events in the markets. The WebTrader platform also offers visual trends, live analysis, and charts so you can easily keep track of the price movements of the assets. It is multi-lingual, which means you can switch to any language that suits you. With just a click, you can see your pending orders, open new trades, close trades, and check the price alerts on your Webtrader platform.
Mentor FX Trading Resources
Mentor FX grants users access to a wide range of trading resources. The educational materials on Mentor FX are designed to help both new and advanced traders learn more about the financial markets. The Forex Essentials page discusses the basics of trading and what terms stand for. This is the perfect page for new traders to learn the meaning of specific terminologies. It also shows users how to place orders, check their pending orders, close trades, employ risk management techniques, and more. With the help of the educational materials, you can learn the basics of financial markets trading.
Mentor FX also has several other trading tools available to traders. The news section contains the latest news and market analysis as they happen. That way, you can follow the events and make accurate trading decisions. You can watch these events via the live TV feature on the platform. The price charts are in real-time, and they display the prices of the assets over a wide range of periods. You can get trading signal alerts from Mentor FX and they share the top market gainers and losers with their clients. The price charts also have several tools and indicators, such as the RSI, MACD, Bollinger Bands, EMA, WMA, and more.
Banking – Deposits and Withdrawals
Mentor FX has maintained a simple yet efficient payment system on its platform. You can deposit or withdraw funds from Mentor FX using any of the following options: MasterCard, Visa, Maestro, and Bank Transfer. The MasterCard and Visa methods are the most widely used options by traders due to their versatility. However, for traders who find it hard to use credit and debit cards, they can use the bank transfer option.
The minimum deposit amount on the Mentor FX platform is Euro/USD/GBP 250. The maximum amount allowed per credit card each month is EUR/USD/GBP 30,000. However, traders can use multiple credit and debit cards to deposit funds into their account. For wire transfer, the minimum deposit sum is EUR/USD/GBP 3,000. Mentor FX doesn’t charge deposit fees, but your financial institution could charge you for such transactions.
The minimum amount for withdrawals using bank transfer is EUR/GBP/USD 500. However, there is no set limit for credit card withdrawals. Keep in mind that you are required to verify your account before you are allowed to withdraw. Mentor FX sends funds to the authenticated credit card and bank accounts used by traders to deposit funds. Mentor FX will not send funds to expired cards or unverified sources. The withdrawal request for credit cards is processed instantly but it takes roughly five business days to process bank wire withdrawals.
Mentor FX Customer Service
The customer support team at Mentor FX is very active and readily available. You can get in touch with them 24/5, via many channels. You can contact them via the live chat feature on the site, by sending them an email, or via phone calls. Regardless of the communication channel used, Mentor FX’s support team responds quickly to customer requests and to solve their problems as soon as possible. You can visit the FAQ section if you need quick answers to some basic questions.
Final Word – Is Mentor FX the Right Broker For You?
Mentor FX has been a leading online forex and CFD brokerage platform since 2017. The platform provides traders access to the cryptocurrency, forex, stock, commodities, and indices markets. They are regulated and authorized by the FSA, with their compliance to the MiFID II regulations allowing them to provide services to customers across Europe except for the UK. You can trade assets on the WebTrader platform available on Mentor FX. The robust security system and excellent customer service imply that you can trust Mentor FX to provide you with exceptional services. Both deposits and withdrawals of funds are easy, thanks to their simple banking system.
If you wish to enjoy a simple platform that grants you access to several financial markets, then Mentor FX is the best option for you. Register with Mentor FX today and start trading cryptos, FX pairs, stocks, indices, and commodities.
Overall Rating: 9/10