While appearing perfectly legitimate, we’d like to discuss certain things about FXMeridian broker. Namely, the website doesn’t disclose account types for their EU brand, but only offshore ones.
They fail to display the initial deposit on their main page, while other relevant terms are spread through various website pages.
Our complete FXMeridian review will elaborate on all this and more until you have a good understanding of what kind of financial intermediary we’re talking about.
FXMeridian is a site owned and operated by two companies – Ever Financial AD and Global Clearing House. The first one is based in Bulgaria and operates under the license of FSC. The same company runs several other brands, including VoyaFX. The second firm is registered in Vanuatu under VFSC approval.
Now that we’ve elaborated on FXMeridian regulation let’s explain what it means to you. First of all, Bulgaria is an EU country, meaning the broker complies with ESMA directives. Hence, the leverage is limited to 1:30.
However, an offshore entity doesn’t need to follow stringent rules, so we can get leverage up to 1:100 by registering our account in Vanuatu.
Additionally, offshore regulations belong to a Tier 3 zone and are the loosest ones. While dully licensed, FXMeridian simply doesn’t evoke trust.
XMeridian is operated by two companies – one accredited by the Bulgarian FSC and the other one based offshore under the license of VFSC. The company has some concerning reviews regarding handling customers’ trades.
Our research shows that FXMeridian mainly operates in the following countries:
FXMeridian’s website has been active since the 14th of June, 2015, according to the GoDaddy WHOIS database.
Once we checked FXMeridian reviews, we found a warning on Trustpilot. The website stated that they had removed a number of fake positive reviews uploaded by FXMeridian or people they paid.
When a legit broker uses such deceitful tactics to entice retail traders, there’s a big question about its legitimacy. Further, some of the current reviews express issues with the broker handling trades in a bad way, resulting in loss of funds.
We were quite disappointed when reviewing FXMeridian’s trading platform. The company offers a basic WebTrader with several charts, indicators, and economic news updates. They claim to provide a social trading feature, but we couldn’t find it within the browser-based platform.
Licensed firms often go for third-party software, such as MT4, MT5, or cTrader. These are by far the best of the best in the trading industry, with millions of users on a daily basis. However, FXMeridian doesn’t offer anything more than an upgraded TradingView chart.
The company offers a proprietary mobile app for Android and iOS devices. It should be noted that the app is based on WebTrader and has all the same features.
Therefore, if you hoped for any advanced strategies, you won’t be able to apply them here.
FXMeridian allows trading in the following instruments:
The offer is rather limited and cryptocurrency trading is not enabled. Therefore, it’s another big drawback to consider before investing your hard-earned money.
Here we come to another odd thing. FXMeridian account types are only listed for an offshore entity owned by GCH. The EU entity doesn’t have designated accounts, regardless of which country you are trying to log in from. So, here’s what we have:
The Gold account brings in daily signals, while the Platinum one allows access to personal portfolio building, 24/5 account manager support, and a single event live session.
In their T&C, the company stated that the initial deposit is $100 for all clients. Since these T&Cs belong to an offshore entity, we cannot confirm the same stands for EU customers.
Negative balance protection prevents customers from falling into debt towards the broker. It ensures that once your account balance reaches zero, it will automatically close.
While most legitimate brokers offer this safety measure, FXMeridian doesn’t mention it. While you may have this feature, we see it as a terrible business practice not to be transparent about it.
Another feature that most legitimate brokers have is a risk-free account. With it, you can test the system and not pay a single penny. Once again, FXMeridian disappoints.
We were unable to place any trades before uploading personal documents and depositing the initial sum. Therefore, the FXMeridian Demo account is not available, so you’ll have to pay the money first and then ask questions.
The brokerage doesn’t specifically list the payment methods available for FXMeridian withdrawal. However, their T&C indicate that if the customer used a debit/credit card or an e-wallet, they would have to pay a 4% processing commission.
According to MiFID directives, brokers must be completely transparent with their customers in terms of fees, costs, and other relevant information. The lack of withdrawal procedure details makes us uncomfortable, and we believe you feel the same way.
Being able to withdraw your funds and trade in the proper manner is of utmost importance. If, by any chance, you have issues with FXMeridian or any similar investment organization, contact Global Fraud Protection.
FXMeridian is a Bulgarian-based brokerage with an offshore entity. In case of any potential withdrawal issues, allow us to evaluate your case.
FXMeridian requires an initial deposit of $100 for customers to start trading.
The brokerage gives bonuses to customers who open their accounts with an offshore entity.
FXMeridian doesn’t offer its customers a risk-free Demo account.
FXMeridian is a Bulgarian-based brokerage with an offshore entity. In case of any potential withdrawal issues, allow us to evaluate your case.
FXMeridian requires an initial deposit of $100 for customers to start trading.
The brokerage gives bonuses to customers who open their accounts with an offshore entity.
FXMeridian doesn’t offer its customers a risk-free Demo account.
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