Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
mForex Pros & Cons
- 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.
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.
TU Expert Verdict
mForex demonstrates moderate stability and can suit certain traders. Its conditions are acceptable, and feedback is mixed but reasonable. In my own tests, it performed adequately, though it lacks the consistency of higher-rated companies.
Top-5 Brokers Traders Prefer
mForex User Reviews
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5-star
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4-star
33%
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3-star
67%
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1-star
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Commissions and Fees
Score:We evaluate brokers' fees and spreads by assessing the costs associated with Standard and ECN/Raw spread accounts, including commissions and spreads. Additionally, our evaluation considers extra fees such as deposit/withdrawal charges and inactivity fees. Learn the assessment criteria7 /10The trading and non-trading commissions of mForex have been analyzed and rated as having Medium fees, with a fees score of 7/10. Additionally, these commissions were compared with those of the top two competitors, OANDA and FOREX.com, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No deposit fee
- No withdrawal fee
- Inactivity fee applies
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of mForex with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, mForex’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
mForex Standard spreads mForex OANDA FOREX.com EUR/USD min, pips 0.2 0.1 0.7 EUR/USD max, pips 0.5 0.5 1.2 GPB/USD min, pips 0.4 0.1 0.9 GPB/USD max, pips 0.8 0.5 1.4 RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
mForex RAW/ECN spreads mForex OANDA FOREX.com Commission ($ per lot) The commission is the fee charged by the broker for trading one standard forex lot (100,000 units of the base currency). 3.00 3.5 5 EUR/USD avg spread 0.10 0.15 0.2 GBP/USD avg spread 0.10 0.2 0.4 Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with mForex. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
mForex Non-Trading Fees mForex OANDA FOREX.com Deposit fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, % The indicated amount does not include possible fees from payment systems and banks. 0 0 0 Withdrawal fee, USD The indicated amount does not include possible fees from payment systems and banks. 0 0-15 0 Inactivity fee ($, per month) 50 0 15 -
Is mForex Safe?
Score:We evaluate brokers' safety based on several key criteria. The highest value is placed on regulation, especially Tier 1 regulation, which ensures adherence to stringent standards set by top financial authorities like the FCA in the UK, CFTC in the US, CySEc and BaFin (EU) or ASIC (Australia). High scores are also given for participation in investor protection funds, which safeguard clients' funds in case of broker insolvency. Learn the assessment criteria8 /10mForex has a safety score of 8/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Negative balance protection
- Track record of less than 8 years
mForex Regulators and Investor Protection Abbreviation Full Name Country of regulation Investor Protection Fund Regulation Level Abbreviation KNF (Poland) Full Name Komisja Nadzoru Finansowego (KNF) – Polish Financial Supervision Authority Country of regulation Poland Investor Protection Fund Up to €20,000 per investor Regulation Level Tier-1 mForex Security Factors Foundation date - Negative balance protection YesVerification (KYC) Yes -
Account Types
Score:We evaluate a broker’s account offering by analyzing the range and suitability of available account types and how effectively they cater to different trader profiles and strategies. Our assessment covers the diversity of account options — including Standard, ECN/Raw, Cent, Swap-Free (Islamic), and VIP accounts — as well as the flexibility of trading conditions provided. Learn the assessment criteria.4.3 /10mForex offers the following account options: Demo, Standard, ECN/Raw spread, VIP.
However, it does not provide a Cent account, which can be a disadvantage for beginners looking to practice with minimal risk.
- Low minimum deposit
- Demo account
- Exclusive VIP account with enhanced trading conditions
- Micro lots are not available
- No Cent account
mForex account types vs top competitors mForex Trading.com Plus500 Standard YesYesYesECN/Raw spread YesNoNoDemo YesYesYesCent NoNoNoMicro NoNoNoSwap Free NoNoNoVIP YesNoNoManaged NoNoNomForex accounts trading conditions
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:
Account Type Description Standard A basic ECN account is suitable for both beginners and experienced traders. The fee for currency pair transactions is 0.0035%. Group training and standard support are available; VIP Account with reduced fees (0.0027%), access to individual training, and support from a personal manager. Designed for active traders with significant trading volumes and a professional approach to capital management. 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.
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Deposit and Withdrawal
Score:This section assesses the efficiency, speed, and affordability of brokers’ transaction processes, focusing on available methods, currencies, and fees. For further details, please refer to our data-focused methodology3 /10mForex received a Low score for the efficiency and convenience of its deposit and withdrawal processes.
mForex offers limited payment options and accessibility, which may impact its competitiveness.
- Low minimum withdrawal requirement
- No withdrawal fee
- Minimum deposit below industry average
- No deposit fee
- USDT payments not accepted
- Limited deposit and withdrawal flexibility, leading to higher costs
- PayPal not supported
What are mForex deposit and withdrawal options?
mForex offers a limited selection of deposit and withdrawal methods, including Bank Wire. This limitation may restrict flexibility for users, making mForex less competitive for those seeking diverse payment options.
mForex Deposit and Withdrawal Methods vs Competitors mForex Trading.com Plus500 Bank Wire YesYesYesBank card NoYesYesPayPal NoNoYesWise NoNoNoBTC NoNoNoWhat are mForex base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs. mForex supports the following base account currencies: PLN.
What are mForex's minimum deposit and withdrawal amounts?
The minimum deposit on mForex is $2,000, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact mForex’s support team.
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Markets and Tradable Assets
Score:The evaluation in this section is based on the TU methodology and reflects the total number and variety of tradable assets offered by the broker, including Forex currency pairs. It also considers the availability of passive income tools such as PAMM accounts, copy trading, and similar services. All information is obtained from publicly available sources and may change. Learn the assessment criteria5.8 /10mForex offers a limited selection of trading assets compared to the market average. The platform supports 100 assets in total, including 40 Forex pairs.
- Indices trading
- Copy trading platform
- 40 supported currency pairs
- Futures not available
- Bonds not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by mForex with its competitors, making it easier for you to find the perfect fit.
mForex Trading.com Plus500 Currency pairs 40 69 60 Total tradable assets The total tradable assets listed include all available instruments, including CFDs. Due to regional restrictions, certain CFDs may not be offered in some countries. For example, cryptocurrency CFDs are banned in the UK, and the U.S. has restrictions on CFDs. 100 69 2800 Stocks YesNoYesCommodity futures YesNoYesCrypto Cryptocurrency CFDs are restricted or prohibited in certain regions due to regulatory limitations. These include the United Kingdom, China, Egypt, the United States and Canada. YesNoYesStock indices YesNoYesOptions NoNoYesInvestment options
We also explored the trading assets and products mForex offers for beginner traders and investors who prefer not to engage in active trading.
mForex Trading.com Plus500 Bonds NoNoNoETFs NoNoYesCopy trading YesNoNoPAMM investing NoNoNoManaged accounts NoNoNo -
Trading Account Opening
Score:We evaluated Trading Account Opening at mForex by testing the registration process under real conditions, including opening an account and funding it with the minimum required deposit (but no less than $100). Our assessment considered whether onboarding was fully online, the average registration time, the speed of KYC verification, and how quickly traders could activate their accounts. Learn the assessment criteria.6 /10We successfully registered an account with mForex in 12 minutes. The KYC verification was completed within 2 business days. The minimum deposit amount at mForex is $2,000. The onboarding procedure works as expected, although there is room for improvement in speed and simplicity.
- Low minimum deposit requirement
- Fully online account opening process
- Fast registration time (up to 15 minutes)
- Account approval may require extra time depending on the documentation.
mForex account opening mForex Trading.com Plus500 Online Registration YesYesYesMinimum deposit $2,000 $50 $100 Mandatory KYC YesYesYesRegistration time (min) 12 20 KYC time (days) 2 2 3 Is mForex available in my country?
If you are a citizen of United States, the broker accepts clients from your country.
Please note that availability may vary due to regulatory requirements, so we recommend confirming directly with the broker for the most accurate and up-to-date information.
Account opening details
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.
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Customer Support
Score:We evaluated Customer Support at mForex by opening a real account funded with the minimum required deposit (no less than $100) and contacting support to measure response time under real conditions. Our assessment considered contact channels, response speed, multilingual support, and availability hours. Learn the assessment criteria5.5 /10Customer support at mForex is available, but response speed and service quality may vary. Some requests are handled efficiently, while others may require follow-ups.
During testing, response times were moderate, and communication depended on the complexity of the request. mForex provides basic support functionality but does not stand out in overall service performance.
InformationHotline 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).
- Round-the-clock phone support on trading session days
- Communication with company representatives in the Polish language
- No real-time online support
- Email responses may take up to 24 hours
To contact mForex, you can:
- Through the hotline.
- Email.
- 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 mforex@mbank.pl +48 22 697 47 74
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FAQs
How does mForex’s regulation and safety framework protect client funds?
mForex has a safety score of 8/10 and is regulated by the Polish Financial Supervision Authority (KNF), classified as a Tier-1 regulator, with investor protection up to €20,000 per investor. The broker also applies negative balance protection and mandatory KYC, although its track record is less than 8 years and the exact foundation date is not specified in the review.
What do reviews say about mForex spreads, commissions, and other fees?
According to the section, mForex’s overall fees score is 7/10, with low forex trading fees, tight EUR/USD spreads, and no deposit or withdrawal fees, but an inactivity fee of $50 per month applies. For Standard accounts, EUR/USD spreads typically range from 0.2 to 0.5 pips, while ECN accounts have an average EUR/USD spread of 0.10 pips plus a $3 commission per lot.
What account types does mForex offer and how do traders describe their key features in feedback?
mForex provides Demo, Standard, ECN/Raw spread, and VIP accounts, but does not offer Cent, Micro, or Swap Free accounts, which may be a drawback for some users. The review notes that Standard and VIP accounts share spreads and leverage up to 1:30, with VIP accounts offering reduced fees (0.0027% vs. 0.0035%) and additional services such as individual training and a personal manager.
How do reviews describe mForex deposit and withdrawal conditions and limitations?
The review states that mForex supports bank wire transfers with no deposit or withdrawal fees and a minimum deposit below the industry average, but does not accept bank cards, PayPal, Wise, or BTC. The minimum deposit is $2,000 and the minimum withdrawal is $1, and the limited payment options are described as reducing flexibility and potentially increasing overall costs.
What feedback is available on how to open a trading account with mForex?
The review indicates that mForex offers a fully online registration process that took 12 minutes in testing, with KYC verification completed in about 2 business days and a minimum deposit of $2,000. Applicants can confirm their identity manually or via the eDO app, submit two identity documents either online or at an mForex office, and the account is opened after document verification, although approval time may vary depending on the documentation.
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