With continuously expanding Forex industry, there is the rapidly growing number of companies which offer their services to clients giving them the opportunity to invest. This kind of trade may be unstable, and it is necessary to take certain risks to make the profit. However, unregulated market and the companies which are not registered by law can create even more risks for clients that are eager to join this industry. Among the businesses that are not recommended, there is the following company Mercer Fx. This company meets many fraud complaints and even lawsuits, which further creates the negative atmosphere of clients towards this trading company. People are, usually, concerned with this type of trading, and they hope to find reliable brokers to help them trade their money. Mercer Fx´s last accusations create the scenario which clients are afraid of the most.
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Background and Regulation
Mercer Fx, also known as Mercer Capital (UK) is a company which is, apparently, listed on New Zealand’s Financial Service. However, since 2014 Financial Markets Authority (FMA) of New Zealand received many complaints concerning the Mercer Fx and since then the FPA recommends against doing business with Mercer Fx. Apparently, the founders had a lot of experience in the financial services. On the other hand, they probably even knew too much information in the field of manipulating the trading accounts of the customers and their money. However, the Mercer Fx employee David Bernstein said that they are preparing to take legal action against the FPA if the review with suspicious information was not removed. It caused many customers from all over the world to join these allegations against the credibility of Mercer Fx company. Further, the FMA was concerned that the websites which belong to Mercer Capital New Zealand and Mercer Capital Limited makes false statements concerning its registration on the Financial Service Providers Register (FSPR). There are proofs which confirm that the Mercer Capital New Zealand is not registered as a company in New Zealand. It is important to state that neither Mercer Capital New Zealand nor Mercer Capital Limited is registered on the Financial Service Providers Register.
Mercer Fx Trading Platform
However, if you are willing to neglect these accusations and take the risk, Mercer Fx offers different trading platforms like most popular MetaTrade 4, as well as Mercer Web Trader and Mobile Trader platforms.
Mercer Fx Account Types
Before the incident, this company offered different types of trading accounts suitable for the needs of many different traders.
- Standard account – for those who are willing to deposit the minimum of USD $1000. With this account type, you have the ability to make the most of you trading profits. The possibility of trade with over 36 currency pairs as well as Gold, Silver, and Indices is certainly a tempting offer. The maximum leverage is 1:200 with the minimum trade size of 0.01 lot.
- Pro account – Higher limits of deposit and withdraws
However, all these offers are on shaky legs, and therefore you should consider that you invest your money in more honest brokers.
They offer many promotions for those who use pro account, and, usually, if you attract more customers to use their services. It is is a particular advertising option, where you guarantee other customers it is safe to join. Unfortunately, many customers were tricked and became a victim of Mercer Fx, instead.
Many clients who were using the service of Mercer Fx complained that withdrawing the money was tough and that there are times when the broker could become aggressive in some way. If the clients suspect that they are involved in some illegal business, the broker would inform them that it was necessary to go through a business merger. One of the excuses was also that the previous manager has been terminated and that he is under investigation for fraud. These kinds of reasons became a pattern which customer noticed. There were no new managers, nor particular delays, except they were a part of a fraud. Victims say that they have reported the company after several requests for withdrawal of the money. None of these requests were responded in a positive way, and many customers had no other option but to inform the UK police, NZL Police, FMA, and FCA and finally, contact the Cyprus authority and notify them to do the relevant investigation and ban Mercer Fx in all countries.
Customer Service never provided any helpful information to the clients, who were often deceived and laid to directing them towards other sources to help them solve their issues. However, it is now a well-known fact that the customer service was also part of the conspiracy which had a terrible effect on many clients from all over the world.