MTrading is an unlicensed, offshore forex and cryptocurrency broker that offers South African investors several account types including demo, the infamous MT4 platform and both copy trading and social trading.
While this broker appears to have it all, our team knows it is never as simple as that. So, before investing any money, pull up your chair and read our full review and honest verdict of whether MTrading should be trusted or not.
MTrading offers two different account types that South African investors can choose from to begin their trades, as well as a free demo account for complete beginners.
The strange thing here is that the account with the bigger deposit appears to offer fewer overall features and even extra commission. It raises the question of whether or not MTrading has confused their two accounts – which is not exactly the sign of a professional broker.
Even so, the minimum deposit for both accounts is considerably less when compared to other brokers that often offer accounts that require up to $100,000 in deposits.
Both account types are listed below.
MTrading offers new South African investors the chance to practice trading entirely risk-free their demo account. This account is completely free and is perfect for testing out the broker’s platform and developing your trading skills before entering the real market.
With each demo account, MTrading offers South African users a balance of up to $10,000 in virtual funds and a quick-start guide to trading.
Trading Platform & Assets
MTrading appears to offer a variety of trading assets South African investors can choose to trade. Specifically, MTrading offers:
As for trading platforms, MTrading has the infamous MetaTrader4 (MT4) platform available for both PC/laptops and mobile devices for on-the-go trading. Both versions will need to be downloaded onto your device, as MT4 is a powerful platform that cannot run entirely web-based.
MTrading: Copy Trading
Copy trading is a very common type of trading for complete beginners. As the name suggests, it means you will be copying the trades of more professional investors using a “Signal Provider”.
As an existing customer of MTrading, you will gain free access to MQL5 Signals (an auto-trading community) which is fully integrated with the MT4 platform.
MTrading: Social Trading
Social trading is also available to South African investors, which works like social networks. Traders can share their ideas on a trading network which allows beginners to benefit from experts in the industry.
You can begin social trading directly from your MTrading account or through your MT4 platform. All you need to do is open a MQL5 account. You will then receive a confirmation email containing your MQL5 password. If you want to gain access through your MT4 platform, simply click on Tools – Options – Community Tab and enter a username and password.
It is important to note here that even though copy trading and social trading may sound ideal for beginners, it is never that straightforward, as experts can also make mistakes. Trading in general always entails some degree of risk, so copying an expert’s trades does not guarantee instant success.
Customer Support
South African users can reach the MTrading customer support team through email, phone, live chat, or the contact form on their website.
If you prefer to not reach out to them directly, you can always take a look at their FAQ section where they address all the main questions.
MTrading is owned and operated by ServiceComsvg Ltd, located on the first floor at the First Saint Vincent Bank Ltd. Building, James Street, Kingstown, St. Vincent and the Grenadines.
MTrading (ServiceComsvg Ltd) is incorporated under the registration number 24275 IBC 2017 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines.
They accept various payment methods, from credit card (Visa, Mastercard) and wire transfers, to alternative methods like Skrill and Neteller.
Upon careful review of this broker, we have concluded that MTrading should not be trusted. Even though the company is registered with The Financial Commission, it is not regulated under any entity, which is never a good sign.
Better be safe than sorry, which is why we always recommend licensed and award-winning companies like IQ Option South Africa.
