Overview of Merritrade
Merritrade is a trading platform headquartered in Vietnam, operating for approximately 2-5 years. As an independent demo trading platform, it offers a unique experience that simulates real trading market movements without requiring any initial capital investment. The platform allows trading in Forex and Cryptocurrency markets with leverage of up to 1:200 and permits trading with minimum positions of 0.5 lot and a maximum of 10 lots. Merritrade is unregulated, but the website makes no mention of monetary use.
The platform enables investors to participate in Tournaments where they compete against each other, striving to achieve the highest equity during the tournament duration and earn prize money. Merritrade primarily focuses on providing an educational service, aiming to educate users about trading practices. Their offerings include access to educational content via YouTube and community support through Facebook.
Regulation
Merritrade operates as an unregulated trading platform, meaning it does not employ any regulatory authorities to oversee its operations. The absence of regulation implies that the company is not subject to the oversight and compliance requirements that regulated brokers typically adhere to.
Pros and Cons
Summarization of Merritrade Service
Merritrade serves as an innovative and gamified demo trading platform, designed to provide users with an engaging and immersive experience in the world of trading. Through its unique approach, Merritrade enables investors to simulate real market movements without the need for initial capital investment. The platform's main purpose is to offer a risk-free educational environment where users can hone their trading skills, analyze market trends, and develop strategies. By participating in Tournaments, traders compete against each other, vying to achieve the highest equity during the tournament's designated time period. This competitive element fosters a dynamic and challenging atmosphere, pushing users to refine their trading techniques and adapt to market fluctuations.
Two advantages of Merritrade's gamified demo trade experience are enhanced learning opportunities and incentivized participation. Firstly, the platform's gamification aspect adds an extra layer of excitement and motivation to the learning process. By emulating real trading scenarios and offering a sense of competition, users are more likely to stay engaged and committed to the educational journey. Secondly, the inclusion of tournaments with potential prize money rewards serves as a strong incentive for traders to actively participate and strive for better performance.
Market Instruments
Depending on the theme of the tournament, Merritrade offers trading in Forex and Cryptocurrency markets to practice trading.
Forex: Merritrade offers trading in the Forex market, providing users with the opportunity to trade various currency pairs in a virtual format. Forex tournaments are by far the most common type of tournament that takes place on Merritrade.
Cryptocurrency: Merritrade also allows users to trade in the Cryptocurrency market. Traders can explore the world of digital currencies and their price movements through the platform's gamified demo trading experience. Cryptocurrency trade tournaments are significantly more rare than that of Forex, but they still occur on occasion.
The following is a table that compares Merritrade to competing brokerages:
How to open an account?
- To make an account, the user should first navigate to the center of the page where the “Participate now” button is located. Press this to continue to the next page.
- On this page, the user will be prompted to sign-in, but as the user presumably still does not have an account, navigate to the bottom of the prompt to find the green “Sign up” button, which will transfer the user to the sign-up page.
- Last, the user should enter a valid email and then check the Privacy & Terms box in order to recieve a confirmation email. After confirming the email address, the user will be linked to a page to set a password.
- After this, the account creation process will be completed.
Minimum Deposit
Merritrade distinguishes itself from traditional brokerage platforms by offering a gamified demo trading experience without imposing any minimum deposit requirements. As an independent demo trading platform, users can access the platform and its features without the need to commit any initial capital.
Leverage
Merritrade provides its users with a leverage ratio of up to 1:200 within tournaments. This leverage allows traders to control larger positions in the market with a relatively smaller amount of capital.
Lots
Merritrade offers traders the flexibility to trade with different lot sizes, with a minimum position of 0.5 lot and a maximum position of 10 lots. The ability to trade with varying lot sizes allows users to manage their exposure to the market according to their risk tolerance and trading strategies.
Tournament Rewards
Merritrade commonly entices traders with attractive rewards by offering competitive prize pools of up to $1,000. Through its Tournaments, traders have the opportunity to showcase their trading skills and compete against each other for a chance to secure a winning position.
The reward pool extends generously, providing prize money not only to the top winner but also to competitors up to the 8th place. This incentivizes traders to actively participate and strive for excellence, heightening the excitement and engagement within the platform.
Trading Platform
Merritrade provides a user-friendly and accessible trading platform directly on its website. Upon creating an account, traders can access all demo environments seamlessly within the website itself. This streamlined approach simplifies the entire process for users, eliminating the need for downloading separate software or applications.
Customer Support
The customer support options offered by Merritrade include access to support via Facebook and YouTube, allowing users to engage with the platform and seek educational resources.
Facebook: Users can access customer support through Merritrade's Facebook page (https://www.facebook.com/merritrade), where they can potentially find assistance, updates, and engage in community discussions.
YouTube: Merritrade provides customer support through its YouTube channel (https://www.youtube.com/channel/UCITGvVMzFmbp0jGx-AjTyDA), where users can find educational content and potentially seek help or clarification on trading-related queries.
Conclusion
Merritrade is an unregulated trading platform that stands out with its unique approach as an independent demo trading platform. The company offers a gamified demo trading experience, allowing investors to explore real market movements without the need for initial capital investment with leverage ratios of up to 1:200 and a two different market instrument options. With a single demo account type, Merritrade simplifies the onboarding process, promoting accessibility for traders of various backgrounds.
FAQs
What distinguishes Merritrade from other trading platforms?
Merritrade offers a gamified demo trading experience for risk-free learning.
Does Merritrade provide customer support options?
Yes, Merritrade offers customer support via Facebook and YouTube.
What types of markets can users trade on Merritrade?
Users can trade Forex and Cryptocurrency markets on Merritrade.
Are there any minimum deposit requirements for Merritrade?
No, Merritrade does not impose any minimum deposit rates.
What leverage does Merritrade offer?
Merritrade provides leverage of up to 1:200.
