mForex Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- PLN 2,000
- MetaTrader4
- Mobile application
- mForex Web
- mForex Trader (desktop)
- KNF
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- PLN 2,000
- MetaTrader4
- Mobile application
- mForex Web
- mForex Trader (desktop)
- KNF
Our Evaluation of mForex
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
mForex is a broker with higher-than-average risk and the TU Overall Score of 3.13 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by mForex clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
mForex is a Polish web broker under local regulations, distinguished by high reliability and reasonable trading fees compared to its competitors. While its geographical reach extends beyond Poland, it primarily focuses on serving Polish traders.
Brief Look at mForex
mForex is the brokerage arm of the banking conglomerate mBank, registered in Warsaw. With over 300,000 traders using its services, both residents of Poland and those from other countries benefit from its offerings. The parent company's operations are regulated by the KNF (Komisja Nadzoru Finansowego), and client assets are secured by the Bankowy Fundusz Gwarancyjny compensation fund. mForex allows trading in 40 currency pairs, as well as indices, bonds, metals, and commodities in CFD format. It embraces automated trading and other popular strategies. Recognized as the best broker at the Invest Cuffs Conference in 2019 and 2020, mForex stands out for the following reasons.
- Reliability of the parent company, operating under the supervision of the state regulator KNF;
- Modernized MetaTrader 4 platforms supporting the MQL programming language;
- ECN network for Forex and STP execution for all other types of trading instruments;
- Tight spreads starting from 0.2 pips for currency pairs and low transaction fees;
- No restrictions on automated trading and hedging;
- Instant order execution without requotes;
- Quality market research and newsfeeds with a focus on the Forex market.
- Traders need to deposit a minimum of PLN 2,000 to start trading;
- The broker does not offer popular investment solutions such as PAMM or MAM accounts, partnerships, or bonus programs;
- Trading is not available on more advanced platforms like MetaTrader 5 and cTrader.
TU Expert Advice
Financial expert and analyst at Traders Union
mForex is a brokerage division of the Polish commercial bank mBank, founded in 1986, with shares listed on the Warsaw Stock Exchange since 1992. Offering a limited selection of CFDs and currency pairs with leverage up to 1:30, mForex employs STP and ECN execution models, ensuring trading under fair and advantageous conditions for traders.
Hedging, expert advisors, scripts, and custom indicators are permitted.
The brokerage firm, mForex, diligently fulfills its contractual obligations, including timely fund withdrawals. In case a trader is dissatisfied with the quality of service and files a complaint with the compliance department, mForex commits to resolving it within 30 days. Additionally, any client has the right to approach the regulatory body KNF and request a review of complaints regarding the broker's actions.
mForex places stringent requirements on the initial deposit, with a minimum amount of PLN 2,000. However, these funds can be withdrawn (partially or entirely) or transferred to other accounts with the broker. The mBank, the managing entity of the mForex brand, offers Poland's most popular internet banking facilities with swift and low-fee fund deposits and withdrawals for its clients.
mForex Summary
Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. mForex and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | mForex Web, mForex Trader (desktop), and mobile applications for Android and iOS. All platforms are based on MetaTrader 4 |
|---|---|
| 📊 Accounts: | Demo, Standard, VIP |
| 💰 Account currency: | PLN |
| 💵 Replenishment / Withdrawal: | Bank transfers, exchange-traded accounts, instant transfers via mTransfer and Paynow |
| 🚀 Minimum deposit: | 2,000 PLN |
| ⚖️ Leverage: | Up to 1:30 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: | From 0.2 pips |
| 🔧 Instruments: | Forex, CFDs on indices, CFDs on commodities, CFDs on bonds |
| 💹 Margin Call / Stop Out: |
Retail clients – 100%/50% Professional clients – 100%/80% |
| 🏛 Liquidity provider: | Commerzbank, BNP Paribas, Morgan Stanley, Barclays, JP Morgan Chase, UBS, Goldman Sachs, and other major banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | No |
| 📋 Orders execution: | Market |
| ⭐ Trading features: | ECN for Forex, STP for other instruments |
| 🎁 Contests and bonuses: | No |
To activate a retail trader account, a minimum deposit of PLN 2,000 is required, while for companies, the minimum deposit is PLN 10,000. There is no need to maintain the balance at this amount continuously. Additionally, after the account is verified, a portion of the funds can be withdrawn or distributed among linked accounts. Each client can have up to 10 accounts, and the base currency is PLN. The available range of tradable assets includes 40 currency pairs and 60 CFDs on stock indices, commodities, and bonds.
mForex Key Parameters Evaluation
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Trading Account Opening
Creating an account on the mForex website takes no more than 15 minutes. The relevant procedures are as follows.
To create the account creation process, click on "Otwórz rachunek" (Open an account).
Subsequent actions depend on whether you have an account with mBank or mForex. TU experts have chosen the third option from the available list, initiating the registration process from scratch.
Next, indicate the method of confirming personal data — manually or using the eDO application.
Individuals must upload 2 identity documents and confirm the bank account number. When opening an over-the-counter account, it is not necessary to provide your taxpayer identification number (NIP). The broker requests only the PESEL number. Documents do not have to be uploaded online because you can bring them to the mForex office. The account is opened after document verification.
Regulation and safety
mForex is part of the banking holding company mBank S.A., regulated by the Polish Financial Supervision Authority (KNF) since 1995. KNF is a governmental body responsible for overseeing the operations of financial institutions in Poland, including banks, insurance and investment companies, pension funds, and more. All divisions of mBank S.A. operate in compliance with EU laws and regulations, such as MiFID, FATCA, RODO, PSD2, and others.
mBank S.A. participates in the Banking Guarantee Fund (BFG), established to protect depositors and ensure the stability of Poland's financial system. In case KNF decides to suspend a bank's operations or declare it bankrupt, investors in mBank S.A. will receive compensation from the BFG fund. An individual can receive up to EUR 100,000 in PLN.
Advantages
- Retail clients' accounts are protected against a negative balance
- mForex is part of a regulated banking holding company with a long history
- The compensation fund protects traders' investments.
Disadvantages
- Brokerage fees of major bank subsidiaries are higher than those of independent Forex brokers
- An account cannot be opened without identity verification
- No access to electronic systems and cryptocurrency transactions presents limited payment options
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | From $2 | PLN 0-10 |
| VIP | From $2 | PLN 0-10 |
For holding positions overnight, traders receive a premium (with a positive swap) or pay a fee if the swap is negative. Swap-free assets are also available. Overnight fee values are specified in the trading instruments' specifications.
The table below compares the average fees of mForex with its international competitors providing Forex and CFD trading services.
| Broker | Average commission | Level |
|---|---|---|
|
$2 | |
|
$1 | |
|
$8.5 |
Account types
To begin trading with mForex, open a standard account and deposit a minimum of PLN 2,000. Traders closing at least 200 lots in the previous month can upgrade to a VIP account. Standard and VIP accounts have the same spread levels and leverage up to 1:30. The accounts differ in trading fees and additional functions.
Account types:
Before using a user account, you can open a demo account on the MT4 platform with a virtual deposit of PLN 100,000.
mForex standard accounts are suitable for both experienced and novice traders due to low fees and access to trading micro-lots.
Deposit and Withdrawal
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Withdrawal requests made through the mBank application are processed within 45 minutes during the financial department's business hours, which are from Monday to Friday, 8:00 to 17:30 (GMT+1);
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Earned income can only be withdrawn to a personal (verified with a statement) bank account or to an exchange account. mForex prohibits electronic and cryptocurrency payments;
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A bank account can be opened in Poland or abroad. When using an mBank account, a commission of PLN 5 is charged if the requested amount is less than PLN 200. Withdrawals of larger amounts are processed without fee.
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The fee for withdrawal to accounts in other banks in Poland is PLN 10, and for international transfers, it follows the bank's tariff schedule.
Investment Options
mForex, a brokerage company, has revamped the MetaTrader 4 trading platform, integrating a modified version into its proprietary platforms. Nevertheless, the mForex Trader, like the original MT4, supports automated trading and the MQL programming language. This enables both novice and experienced market participants to develop a convenient passive earning model, reducing the need for active trading of financial instruments, or even eliminating manual trading if desired.
Automated trading at mForex:
MQL (MetaQuotes Language) comes in two versions: MQL4 is designed for use in the MetaTrader 4 platform, while MQL5 is for MetaTrader 5. Robots and advisors written in MQL can execute trading operations automatically, be used for strategy testing and optimization, and market analysis. MQL provides a wide range of functions and libraries for more complex algorithmic trading programming.
Using MQL, one can create the following types of programs:
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Custom indicators for market analysis. Once created, these indicators can be added to the basic indicators that are built into the MT4 trading platform;
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Scripts for executing specific actions based on predefined algorithms. For instance, a trader can write a program that closes specific or all trades when a set price level is reached;
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Expert Advisors (EAs). These programs can fully automate the trading process, involving not only market analysis but also order management without trader intervention.
mForex's trading platforms are compatible with programs using the market execution mode. The broker's website includes links to resources about MQL programming for beginners, including the largest Forex forum in Polish. Traders with VIP status can seek assistance with the installation and configuration of advisors and trading robots from their account managers.
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.
Partnership program of mForex:
mForex does not employ marketing strategies that involve rewarding existing clients for bringing in new traders or partners. The growth of the client base, brand recognition enhancement, and increased interest from potential users are driven by improving trading conditions and the company's active presence on social media and at events dedicated to financial markets.
Customer support
Hotline support is available 24/5 on weekdays. The offices in Warsaw operate from 9:00 to 17:00 (GMT+1). Email support is provided from Monday to Friday, 7:00 to 22:00 (GMT+1).
Advantages
- Round-the-clock phone support on trading session days
- Communication with company representatives in the Polish language
Disadvantages
- No real-time online support
- Email responses may take up to 24 hours
To contact mForex, you can:
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Through the hotline.
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Email.
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Visit the office.
Note: Before visiting the physical brokerage office, it is necessary to schedule an appointment through the hotline.
Contacts
| Registration address | mBank S.A., ul. Prosta 18 00-850, Warszawa, Polska |
|---|---|
| Regulation | KNF |
| Official site | https://www.mforex.pl/ |
| Contacts |
+48 22 697 47 74
|
Education
All available educational resources are presented on the website in the "Baza wiedzy" (Knowledge base) section. It includes a glossary of terms, educational articles, answers to common questions about Forex, and information about mForex services. The "Edukacja" section consists of short video tutorials on financial markets, and the broker provides an educational demo account.
In the "Szkolenia" (Training) section of the "Baza wiedzy", information about available courses and webinars is provided, and they are open to anyone interested. Additionally, users can find details about experts involved in creating educational content.
Comparison of mForex with other Brokers
| mForex | RoboForex | Exness | TeleTrade | Libertex | XM Group | |
| Trading platform |
MetaTrader4, mForex Trader (desktop), mForex Web, Mobile application | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | Libertex, MT5, MT4 | MT4, MT5, MobileTrading, XM App |
| Min deposit | $2000 | $10 | $10 | $10 | 100 | $5 |
| Leverage |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:30 for retail clients |
From 1:1 to 1:30 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.2 points | From 0 points | From 1 point | From 0.8 points | From 0.1 points | From 0.6 points |
| Level of margin call / stop out |
100% / 50% | 60% / 40% | No / 60% | 70% / 20% | 50% / 50% | 100% / 50% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | Yes |
Detailed review of mForex
mForex employs two execution models. Currency pair transactions go directly to the market created by the world's largest banks through the ECN network. For CFDs on other assets, the STP execution model is used, where mForex acts as an intermediary in transmitting orders from the client to an external market maker. Traders operate on advanced versions of MetaTrader 4, supplemented with smart order functionality. Additionally, they have access to the specialized mobile app mNews, providing news, market analysis, and expert commentary in the OTC trading field.
mForex by the numbers:
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Nearly 30 years of regulated operation;
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Over 300,000 clients;
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100 trading instruments;
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20 CFDs with no swap charges.
mForex caters to retail, experienced, and professional traders.
Clients are classified into retail and professional categories as per the European Union's ESMA regulations. Retail traders enjoy leverage up to 1:30 and protection from a negative balance, while professionals get higher leverage with potential negative balance risk. However, a retail client with trading experience at mForex can request Experienced status, allowing them to trade with negative balance protection and leverage levels that typically are only available to professionals.
mForex clients can use market (Buy and Sell) and pending (Buy Limit, Buy Stop, Sell Limit, and Sell Stop) orders, along with setting Stop Loss and Take Profit levels. It's possible to simultaneously open long and short positions on the same instrument if the free margin exceeds 100%. The maximum holding period for a position is 365 days from the opening date.
Useful functions of mForex:
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Comprehensive specification of financial instruments along with trading hours;
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Extension of Smart Orders in MT4 platforms for quick management of pending orders, viewing market depth, and news;
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The mNews portal and mobile app provide market analysis, professional commentary, and coverage of significant news events;
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Recorded webinars on its official YouTube channel;
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Daily confirmations of executed trades sent to the registered email address.
Advantages:
Protection from a negative balance for retail and experienced clients;
Individual training and personalized support for active traders;
Liquidity from major international banks;
VIP accounts with reduced fees and premium service;
Quick online or in-person account opening at mBank branches.
mForex offers modern execution models, eliminating conflicts of interest between the broker and clients, ensuring fast order processing, and trading at the best prices from liquidity providers.
User Satisfaction i