deposit:
- $20
Trading platform:
- JForex
- MetaTrader4
Attention!
This brokerage company is on the Blacklist. Working with companies on the Blacklist carries high risks of losing your money. We continuously monitor the Internet in order to identify new scams aimed at defrauding traders, and categorically do not recommend working with companies on the Blacklist.
We advise traders to choose reliable and trustworthy licensed companies from among top brokers of our rating:
Summary of MTBankFX Trading Company
The MTBankFX broker is a subsidiary of MTBank. It offers three account types for individuals, namely Trader, Major Trader (trading is carried out on JForex), and MT4; trading is only available on MetaTrader 4. Accounts differ in trading conditions. For example, on the Trader account, the spread reaches 1.8 pips, but there is no trading fee, while on MT4, the spread is only 0.4 pips, plus there is a floating fee ranging from 0.014% to 0.0205%. Regardless of the account type, traders have access to more than 1,000 financial instruments from such groups as currency pairs, stocks, bonds, indices, precious metals, and futures contracts for oil, cryptocurrencies, and commodities. The minimum deposit is $20, which is the same for all accounts. Withdrawal fees are determined by the withdrawal channel and can be $0 or $25. The broker offers basic training and a range of analytical tools, such as an online chart, a market summary, and a calendar of events. There is a typical referral program.
👍 Advantages of trading with MTBankFX:
- The broker’s client can open one of three live account types, which differ in trading conditions and are suitable for traders with a certain skills level;
- Spreads are floating and competitive, and fees on all accounts are below the market average. Also, there are no fees for deposits or withdrawals to an MTBank card;
- The broker has an objectively low entry threshold, that is, the minimum deposit is only $20, JForex and MT4 trading platforms are available, and registration of the user account takes several minutes;
- Traders are not limited in trading opportunities, they can work at night, transfer positions overnight, hedge, and scalp. Creating strategies on MQL is available for the MT4 account;
- Traders' funds are kept separately from the company's equity, withdrawals take no more than 24 hours from the submission of the request, and the broker’s activity is 100% transparent;
- The broker offers many special tools for technical and fundamental analyses, and there are all kinds of calculators and indicators, online charts, and news;
- MTBankFX has developed its own copy trading service. Also, it offers a referral program with attractive bonuses as an additional income option.
👎 Disadvantages of MTBankFX:
- There are no withdrawal fees when using an MTBank card, but for clients of other banks, only transfers with a $25 fee are available;
- Technical support is represented by a call center, email, and live chat, but it works only on weekdays and is not available on weekends;
- The broker offers only basic training, so experienced traders will not find any useful materials for themselves. Moreover, the website's collection of articles has not been updated for more than a year.
Geographic Distribution of MTBankFX Traders
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Investment Programs, Available Markets and Products of the Broker
Most brokers focus exclusively on active trading without offering any investment solutions. But traders who work with MTBankFX have the opportunity to earn passively.
Copy trading
The copy trading service is integrated with the main platform, so you can access it from your user account. The copy trading mechanism is based on experienced market participants broadcasting their transactions to other traders, and they copy orders to their own accounts, but with a different amount. If the trade is losing, everyone loses their funds. If the signal provider makes a profit, investors also earn in accordance with the invested amount. The provider keeps a small percentage of investors’ profit. MTBankFX offers a general rating and transparent statistics of signal providers.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Referral program
Each registered client receives a personal link, which can be posted on any website or forum, or sent via email and instant messengers. A trader who follows this link and registers on the broker’s website becomes a referral of its owner. The referral brings the link’s owner a 20% fee for each transaction. Traders can have any number of referrals. The bonuses accumulated in this way are paid out at the beginning of the following month to the specified payment details.
Note that income from the referral program is not completely passive. To earn substantially, you need to be active on the web, communicate a lot with colleagues, and best of all, have your own popular blog.
Trading Conditions for MTBankFX Users
The minimum deposit of MTBankFX is the same for all accounts. Leverage depends on the asset. The maximum trading leverage of 1:100 is available for currency pairs; for precious metals, it does not exceed 1:50; and for commodities, it is 1:30. The exact leverage for a particular financial instrument can be found in the relevant FAQs section, as well as in the trader's user account. The broker’s technical support works 24/5, that is, it is available only on weekdays.
$20
Minimum
deposit
1:100
Leverage
24/5
Support
| 💻 Trading platform: | JForex and MetaTrader 4 |
|---|---|
| 📊 Accounts: | Trader, Major Trader, and MT4 |
| 💰 Account currency: | USD |
| 💵 Replenishment / Withdrawal: | MTBank cards and bank transfers when dealing with other banks |
| 🚀 Minimum deposit: | No |
| ⚖️ Leverage: | Up to 1:100, subject to the asset |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | 0.4-1.8 pips |
| 🔧 Instruments: | Currency pairs, stocks, indices, bonds, precious metals, and futures contracts on cryptocurrencies, oil, and commodities |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | No |
| ⭐ Trading features: |
Three live account types and a demo account; Integrated copy trading service; Support of several trading platforms; Competitive spreads; No restrictions on trading styles; Technical analysis tools are available. |
| 🎁 Contests and bonuses: | No |
MTBankFX Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
| Trader | $18 | $0 or $25 |
| Major Trader | $4 | $0 or $25 |
| MT4 | $4 | $0 or $25 |
Transparency of the fee policy is one of the key advantages of MTBankFX. Traders always know exactly what their trading costs will be. But here it is important to evaluate the fees of brokers in comparison, this will give a clear idea of how favorable the conditions are for a particular platform. In the table below, TU provides average values for MTBankFX and its closest competitors.
| Broker | Average commission | Level |
| MTBankFX | $8,6 | Medium |
| RoboForex | $1 | Low |
| Pocket Option | $8.5 | High |
Detailed review of MTBankFX
MTBankFX was created on the foundation of one of the most popular banks in the Republic of Belarus, which has existed for more than 30 years. This allowed the platform to immediately receive sufficient investments and a powerful technology stack to open access to leading international markets for its clients. The broker uses tier-1 liquidity providers and ECN technology to provide traders with clean market quotes and fast order executions. The speed of operation of all infrastructure components is one of the strengths of the company. For example, many competitors take up to 5 days to withdraw funds, but MTBankFX guarantees to withdraw the client's profit within 24 hours. The efficiency of technical support was also noted.
MTBankFX by the numbers:
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The minimum deposit is $20;
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Over 1,000 financial instruments;
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Leverage is up to 1:100;
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20% bonus from referrals’ fees.
MTBankFX is a broker for trading in various markets
There are many platforms that focus on a specific group of assets, these are usually currency pairs. There are also brokers offering instruments from two or three groups. For example, stocks and indices can be added to currencies. Some platforms provide only CFDs. Of course, these approaches exist, but it is always better for a trader to have access to a wide variety of assets. This is important because the choice allows traders not to limit themselves, and to use any strategies and methods. In addition, the more instruments there are, the more diverse the investment portfolio is, and this is one of the main ways to diversify risks. MTBankFX provides trading assets from eight groups, and this is mentioned in almost every review of the broker.
Useful services offered by MTBankFX:
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Copy trading. Traders can become signal providers or investors. Providing signals is an opportunity to earn extra money, while being an investor allows you to secure passive income and learn from professionals;
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Indicators. Upon request, traders can receive market technical analytics from the broker in the form of indicators for entering a trade. The only condition is to have at least $100 on your trading account;
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Calendar of events. It displays key events from the world of politics and economics that can affect the quotes of certain assets.
Advantages:
Three account types, each with its respective trading conditions;
Competitive spreads, low trading fees, and leverage up to 1:100;
Traders can work on JForex or MT4, including their mobile versions;
The broker acts 100% transparently, and all fees are known in advance;
Simple website interface and intuitive user account;
Withdrawals to any bank account take no more than 24 hours;
The broker does not set limits on trading strategies;
Technical support responds promptly and competently via all communication channels.
Guide on how traders can start earning profits
If a broker offers several account types, it makes sense to carefully study their trading conditions and choose the one that suits your requirements best. At the same time, it is logical to start with a demo account, which is needed to get acquainted with the platform and also allows you to work out trading strategies. The Trader account is universal, it has a rather high spread, but a fee is charged only for trading stocks. Major Trader will be optimal if you trade quite actively and you need a more individual approach from the broker. The MT4 account is aimed at those who are used to working with this popular trading platform. These are the most general recommendations, so traders should focus primarily on their strategy and their own vision of the market.
Account types:
Investment Education Online
Traders are interested in getting access to all kinds of training, guides, and webinars. They need to study new trading methods and strategies and learn from the experience of their colleagues. Otherwise, they will not be able to keep up with the market, to successfully predict the movement of quotes, and their transactions will increasingly become unprofitable. Fighting for the loyalty of traders, many brokers offer traders educational materials. On the MTBankFX website, they are collected in a separate tab called “Training”.
MTBankFX offers its clients a fairly large amount of information. These materials are especially important for novice traders. Experienced market participants may also find something useful, but there is not much in-depth material.
Security (Protection for Investors)
The only asset guarantee for traders when working with a broker is regulation. Usually, brokers are regulated by some specialized international organization like Financial Services Authority. But MTBankFX is a bank-based company whose work is fully controlled by the state authorities of the Republic of Belarus. This means that the platform works transparently and always fulfills its obligations to clients.
👍 Advantages
- Traders can contact the broker’s technical support
- Possibility to address the Ministry of Finance of the Republic of Belarus
👎 Disadvantages
- Traders cannot address international regulators
Withdrawal Options and Fees
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If traders work on demo accounts, they do not receive real profit, as they trade with virtual funds;
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When making successful trades on a live account, the broker's client receives a profit that replenishes the account balance;
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Traders can at any time submit a withdrawal request in the user account on the broker's website;
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If funds are withdrawn to an MTBank card, no fee is charged; transfers to other banks cost $25;
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In most cases, withdrawal requests are processed within 24 hours.
Customer Support Service
The simplicity of the website, the intuitiveness of the user account, and the detailed FAQs help traders to navigate the platform, but they still can face situations that they cannot resolve on their own. At this point, a prompt and competent response from technical support is important. MTBankFX’s support is represented by a multi-channel call center, email, and live chat. It works 24/5. Advice is always detailed and competent.
👍 Advantages
- Unregistered users can contact the broker’s support
- Specialists are available at night
- Prompt response during business hours
👎 Disadvantages
- Traders cannot contact support on weekends
- Sometimes managers do not work on holidays (relevant notifications are posted in the newsfeed on the website)
Whether you are the broker’s client or intend to become one, you can contact technical support through the following communication channels:
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call center;
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email;
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live chat on the website and in the user account.
The broker has its official profiles on Instagram, Facebook, YouTube, and other social networks. Subscribe to them to keep up-to-date on the company’s news.
Contacts
| Foundation date | 2020 |
| Registration address | CJSC "MTBank", 10 Tolstoy Street, Minsk, Republic of Belarus |
| Official site | https://www.mtbank.by/mtbankfx/ |
| Contacts |
Email:
mtbankfx@mtbank.by,
Phone: +375 (17) 229 99 95 |
Review of the Personal Cabinet of MTBankFX
To start trading with MTBankFX, register on its official website, verify (confirm) your personal information, and open an account. Follow the below process.
Go to the broker's website. In the main block, click the "Open an Account" button, which is highlighted in red.
Enter your first and last names, phone number, and email. Agree to the terms of service by ticking the box. Click the “Continue” button.
Select your country of residence from the list. Specify the type of document that is proving your identity. Enter your date of birth in the appropriate field. Indicate if you have an MTBank card. Select the account type and type of training from the options provided. Agree to the rules of the website by ticking the box once again. Click the “Continue” button.
Indicate your personal information and exact address. Describe your trading experience and income by answering simple questions. In the final block, indicate your occupation. Tick the box agreeing to the processing of personal data and click the "Continue" button.
You have almost completed the registration, now it is necessary to verify your information. To do this, upload scans/photos of the required documents, following the instructions on the screen. Click the “Submit” button.
You have created your user account, but you do not have access to it yet. It is necessary that managers review your application and check the verification data. Usually, it takes no more than one day. You will be notified by phone or email.
Features of MTBankFX’s user account:
Users have access to detailed information about their open accounts with details on transactions.
Traders can have several accounts, which are opened and closed in their user accounts;
Deposits and withdrawals are made through the user account.
The referral program tab displays a list of referrals and payments on them.
The copy trading platform requires a separate user account (to create this, go to the appropriate section).
We constantly monitor the Internet for the emergence of new fraudulent schemes to deceive traders. We have been collecting data about scam brokers for more than 10 years and we think we know every dishonest company in the market. Below we have collected for you the information about the scammers from the List of SCAM Brokers.
Articles that may help you
FAQs
Why has MTBankFX been placed on the Forex Broker Blacklist?
Possible reasons:
• multiple complaints have been filed against MTBankFX by traders claiming the broker failed to fulfil its obligations, including process withdrawals;
• the website of MTBankFX is down, not updated or operates with clear errors and some features are not available;
• MTBankFX has been blacklisted by the regulatory authority, and a warning has been published on the regulator’s website.
What should I do if MTBankFX got blacklisted and I still have money in my account?
Don’t panic right away. First, try to find out the reason why MTBankFX got blacklisted. The situation may be temporary. Contact Traders Union client service for details. If the situation is critical, try to withdraw money. The best way to do it in parts, so that the broker does not suspect that you want to withdraw your entire balance and close the account.
What should I do if I cannot withdraw my money from MTBankFX?
If your broker refuses to process withdrawals under various pretexts, your algorithm of actions is as follows:
• Get a clear response from the broker’s Support Service with reference to the clauses of the Terms of Use (User Agreement). Save your correspondence and download the transaction history from your account.
• With a full package of documents, appeal to the following organizations: the broker’s regulator or corresponding law enforcement agencies. If you make your deposit with a bank transfer, try to initiate a chargeback request.
• Share your situation on traders’ forums, add the broker to blacklists of various websites, as it will help others avoid the mistake.
Is there any chance to recover my money if MTBankFX is a scam?
On rare occasions, yes, for example, if the broker was a member of a compensation fund, or upon a court’s ruling.
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