Forex trading or foreign exchange or trading of the foreign currencies represents the global and the decentralized market where people are able to trade currencies from all over the world. Forex trading market is the biggest and the most liquid market in the world and one of the facts that testify to previous statement is the fact that the trading volume on a daily basis exceeds staggering $5 trillion. Similarly to the stock trading, Forex trading market has grown over the years and the title of the biggest market did not come over night. Since trading with foreign currencies has become so popular in all parts of the world, many brokers have appeared that offer services for the clients that will enable those clients to conduct the trade of the foreign currencies more successfully. Besides that, these Forex brokers provide their clients with the analysis of the market which was not easy to do before these brokers appeared. This review will deal with one such broker. This review will attempt to present the reader with the most important information in regards to the background and the regulation of the MeritKapital broker. Besides that, this review will also provide the reader with the information about the types of accounts that the broker is providing as well as with the banking options available to the client and several other important pieces information.
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Background and Regulation
One of the most important factors for clients in determining whether or not certain Forex broker is reliable are the data about the registration and regulation. Since this Forex broker is operating in all parts of the world, including the United Kingdom it had to register and regulated by two different regulation agencies and those are:
- Cyprus Securities and Exchange Commission or CYSEC
- Financial Conduct Agency or FCA located in the United Kingdom
In 2006, MeritKapital became registered in Cyprus with the Cyprus Securities and Exchange Commission that enabled this broker to become present in the global market and to offer their services to people all over the world. Operating under the registration number 189316 and CIF Licence number 077/06, MeritKapital provides their clients with the team of financial experts that provide clients with all necessary information for the successful trading of foreign currencies. Throughout the years, MeritKapital was awarded with many different awards that established them as a respectable name in the business of foreign exchange. Knowing the regulations that the government of the United Kingdom has imposed on all Forex broker that want to operate on the territory of the United Kingdom, MeritKapital Forex broker had to obtain the license from the Financial Conduct Agency. Besides obtaining the license for conducting business in the UK, MeritKapital also had to fulfil all requirements that the Agency imposed. Besides all of that, MeritKapital became subject to the FCA inspections and reports. This Forex broker is registered in the United Kingdom under the name MeritKapital UK. Besides being registered and operating in Cyprus and the United Kingdom, MeritKapital also has opened the branch of the company in Riga, Estonia.
One of the biggest problems in regards to the MeritKapital broker for Forex trading is the fact that their official web site does not provide sufficient information about the company as well as many other aspects that the client might use when conducting the Forex trade. One such aspect that is lacking information is the type of platform that MeritKapital broker is using for conducting the trade as well as for the analysis of many different aspects important for the traders and the results of the trading.
MeritKapital Account Types
MeritKapital Forex broker is providing their clients with the standard set of the accounts that the clients might choose when signing up with this Forex broker. The lot sizes that this Forex broker is providing for their clients are the standard lot sizes that can be found with many similar brokers. The maximum leverage that the MeritKapital provides for the clients is 100. The minimum amount of the deposit that this, MeritKapital, broker is demanding from the clients is 100 USD which is once again a standard amount that can be found with many other Forex brokers.
MeritKapital does provide their clients with the opportunity to use the demo account in order to test the broker and to see what this broker is offering to their clients. MeritKapital has provided their clients with the opportunity to use the demo account for 30 since the activation as well as the size of the demo deposit of $10,000.
One of the biggest issues that the clients had with this Forex broker is the fact that as it appears until the moment of the writing of this review, MeritKapital is not providing their clients with any kind of bonuses. While many other Forex brokers will provide at least welcome or certain types of depositing bonuses, it appears that MeritKapital has not included this option into their offer. Consequently, a lot of Forex traders might not decide to use this broker due to the very reason that this Forex broker will not provide them with the bonuses.
Just like many other broker for Forex trading in the market today, MeritKapital provides their clients with the opportunity to use many different banking options that include electronic transfers as well as the many credit and debit card. However, the most popular banking option that MeritKapital broker for Forex trading is providing to their clients are the credit and debit cards among which are VISA, MasterCard, Visa Electron and many others. These banking options can be used by clients in order to deposit the funds into their accounts as well as for withdrawing those funds on their personal accounts.
One of the most important aspects that every broker for Forex trading must provide to their clients is the customer support. However, whether or not the customer support service is available for the MeritKapital clients is not familiar because there is no information that indicate that the MeritKapital customer service is available to their clients 24/7. However, the customer support service can be reached through several methods that include phone, Fax and e-mail.