As MentorFX 's official website (https://mentorfx.com/) is unavailable at this time, we could only gather relevant information from other websites to present a rough picture of this brokerage.
General Information
MentorFX is an offshore online forex brokerage registered in Saint Vincent and the Grenadines, offering its clients a series of forex and CFDs trading services. MentorFX offers its clients a total of five trading account options, with a minimum deposit to invest with it of $250.
Concerning regulation, it has been verified that MentorFX does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.37/10. Please be aware of the risk.
Market Instruments
MentorFX hypes that it offers an extensive range of trading instruments, including currency pairs, as well as a series of CFD products on Precious Metals, Commodities, Stocks, Indices, and Cryptocurrencies.
Account Types
With the MentorFX platform, three types of trading accounts are available. MentorFXs trading accounts are categorized according to their minimum initial deposit requirements, including Standard Account, Premium Account, and VIP account.
The Standard Account, designed for all types of traders, especially beginners and regular traders, asks for an initial deposit of $250, which sounds acceptable. The Premium Account and t VIP account, more suitable for professional traders and traders with large volumes, require much higher initial deposits, of $5,000 and $10,000, respectively.
However, no demo account is available with the MentorFX platform.
Leverage
Trading leverage varies depending on trading accounts, ranging from 1:100 to 1:500. SinceMentorFX is an offshore forex brokerage under no restriction on leverage, thats why it offers generous leverage to attract investors.
Bear in mind that, leverage can magnify gains as well as losses. Inexperienced traders are not advised to use excessive leverage.
Inactivity Fee
According to MentorFX, if you havent traded for just a month, this brokerage house will charge you a $50 monthly maintenance and administration fee. This is unusual and ridiculous.
Trading Platform
What MentorFX offers is not the advanced MT4 or MT5 trading platform. Please be aware of the risk.
Deposit & Withdrawal
MentorFX does not its payment part clear, but it states that it will take them up to 10 business days to process the withdrawal request. This is much longer than most brokerages 24-hour process time.
Customer Support
MentorFX 's email and phone support services are available to traders with inquiries or problems related to trading. Contact details are listed below:
Telephone: +448704786973
Email: info@mentorfx.com
Risk Warning
Online trading in leveraged Forex and CFD instruments contains a high level of risk and may not be suitable for all investors.
Please note that the information contained in this article is for general information purposes only.
