MDX500 review: Can this broker be trusted?
In today’s difficult economic situation, people are looking for new ways to increase their income. Your 9-to-5 job may no longer be enough to meet your expenses or you may want to make investments that can give you high returns. Are there any such opportunities available? This is when you can turn to the financial markets, which have become more accessible with online trading. With thousands of trading instruments that can be traded, there are investment opportunities for everyone and enables you to make the kind of returns you want, with minimum hassle and in a fraction of the time it usually takes through other methods.
It is true that trading in the financial markets is not without its risks, but the reality is that it is possible to minimize these risks and make it big. As long as you are committed to doing so, it will not be that difficult. One of the ways to can keep your risks under control is by choosing a legitimate broker for your trading needs. With the growing number of brokers in the market, it can be difficult to determine which one to trust and which one to avoid. You need a reliable broker that doesn’t cut corners and can offer you the best trading services you need for a profitable experience.
The only problem is that there are an excessive number of brokers in the market, which can cause confusion because most brokers appear very similar. Plus, they all like to make big claims, which makes it difficult to distinguish one from another. In order to get to the bottom of it, you have to take a close look at their services. This is also applicable to MDX500, a broker you will come across in your search. On paper, the broker appears to be an appealing one with all the right features and tools, but can it be trusted? Take a look below:
- Registration and licensing
The first thing you should look in a broker is their registration and licensing. MDX500 was established by BlueData OU, a company having its headquarters in Estonia. Therefore, it is an EU regulated firm that has been licensed and registered by the Financial Service Unit in Estonia and the Ministry of Economics. This ensures that it is a legitimate broker, but if you still have any doubts, you can take the license number on their website and run a check.
- Security infrastructure
In order to be able to trust a broker, you also need to know what kind of security infrastructure they have. The world of the internet is a dangerous one, as there are hackers and scammers ready to take advantage of the first opportunity to steal someone’s personal information or their money, for their own gain. Signing up with a broker means you have to deposit your funds and also enter confidential information, which leaves you vulnerable. Consequently, you need to ensure that you can remain secure.
To provide a safe trading environment, MDX500 has used advanced SSL (Secure Socket Layer) encryption for protecting all sensitive and confidential data they accumulate from their clients, along with website traffic. They also prevent identity theft by asking every client to provide identification documents to prove their identity and their address. As far as protecting your funds is concerned, the broker has maintained segregated trader accounts, so your funds are kept separate with secure and reputable banks.
- Asset selection
It is vital to know if the broker truly lives up to the claims it has made about its asset index or if it was just big talk. There are some brokers out there that do make promises of offering the best instruments for trading, but don’t really have much options to offer. MDX500 doesn’t fit that category because they are a Forex and CFD broker and has added an extensive range of assets to help their clients diversify their investment. Doing so can also cut down your risks significantly.
First, MDX500 lets you trade in the forex markets, which means there are plenty of currency pairs to trade. The broker also lets you trade a different kind of currency i.e. digital currency, such as Bitcoin, Litecoin and more. You can try your luck with indices, like Dow Jones, S&P 500 and Nasdaq. If not, there are commodities that you can trade, which can offer small, yet consistent profits.
- Trading Conditions
One of the most important things that you need to know about a broker is their trading conditions. These conditions have a direct impact on how much profits you are left with at the end of the day. They include the trading cost and fees you will incur when you use a broker’s platform. If a broker is vague about these conditions, it cannot be trusted because they might spring up hidden costs on you at any time or charge you high trading fees.
You will not have this issue with MDX500 because the broker is very open and transparent about their trading conditions. They do not charge any commissions from their clients, whatsoever, and have chosen to use spreads for making their profits. They are offering some of the lowest and tightest spreads in the market, which begin at 0.0 pips and go as high as 1.5 pips, depending on what account you open. The minimum deposit requirement of the broker is £250. As far as leverage is concerned, it gives you leverage as high as 1:30 to enable you to make bigger trades.
Final Verdict
You will also come to know that MDX500 offers its clients with a range of account choices and an easy registration process for their convenience. It should also be noted that they have given access to plenty of educational resources and learning materials for their clients. There are also trading tools and features that enhance your trading experience. The most prominent addition is that of customer support, which is accessible via multiple channels, making them a trustworthy broker.
