mForex Review 2026

Logo mForex
Top Brokers Overview — United States
How we tested mForex

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

Editor at Cryptocurrency & Blockchain Department

mForex carries a higher degree of risk. My review and user feedback point to noticeable performance issues and limitations. It may be appropriate only for experienced traders who fully understand the risks and are prepared for potential instability.

mForex offers Standard, ECN, and VIP accounts, with MetaTrader 4 access to 40 Forex pairs, indices, metals, bonds, and commodities as CFDs. The broker is regulated by Poland's KNF, a Tier-1 authority, and investor protection covers clients up to EUR 20,000 per investor. Standard account spreads start at 0.2 pips, while ECN accounts charge $3 per lot and have average spreads of 0.10 pips. Automated strategies and hedging are permitted, and the broker charges no deposit or withdrawal fees.

Notable drawbacks include a $2,000 minimum deposit, a $50 monthly inactivity fee, bank wire as the only listed payment method, and no MetaTrader 5 or cTrader. The offering is limited to 100 instruments, and mForex lacks PAMM or MAM accounts and bonus programs. These conditions may not suit traders seeking broader markets, more payment options, or advanced platforms, while Forex-focused traders who value KNF oversight may find the account structure suitable.

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mForex User Reviews

Score:
The administration of the website shall not be liable for the accuracy of the reviews and does not have the technical ability to check the reviews for accuracy, as well as establish whether the authors of the reviews are indeed the customers of a specific company. To learn more about how the User Satisfaction score is calculated and how we apply the Customer Satisfaction Score (CSAT) methodology, please read the assessment criteria.
6.7 /10
3 total
  • 5-star
    0%
  • 4-star
    33%
  • 3-star
    67%
  • 2-star
    0%
  • 1-star
    0%
rusiru
2 years ago

The main drawback of mForex, for me, is the limited selection of assets, especially currencies. However, the broker suits me in other aspects. Withdrawals are always prompt, taking no more than a day from the request. Transfer fees are not deducted as I use mBank internet banking. My trades are not canceled without reason, except for margin calls. There are no requotes. The desktop platform works smoothly without extended delays. I paid $5 for my last transaction with the USD/CAD pair, a very low cost compared to other brokers. The website publishes insightful analytics, which I regularly use for market analysis.

saddakirankumar
2 years ago

mForex employs floating spreads and market execution. The platform is not significantly different from the standard MT4, except that it supports smart order functions. The absence of MT5 is still a drawback. There are only 100 CFDs, and trading is not available for stocks, cryptocurrencies, and ETFs. The currency selection is also limited, but the spreads and fees are acceptable. I opened my account at the company's office, not wanting to submit document photos online. The entire procedure took less than 20 minutes, even though I am not an mBank client.

brass
2 years ago

Not wanting to risk PLN 2,000, I initially opened a demo account with mForex. The spread sizes and execution speed suited me, so I transitioned to the real market. On it, the spreads are slightly higher than in the simulator, but just by a couple of pips. Regrettably, trading CFDs on cryptocurrencies isn't allowed, as I am increasingly interested in digital assets. Perhaps I'll have to find another broker for these purposes, but I will continue to use mForex for Forex market transactions. I've never had any issues with fund withdrawals, and the trading conditions are satisfactory.

  • 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 criteria
    7 /10

    The 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 IG Markets, 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 IG Markets
    EUR/USD min, pips 0.2 0.1 0.6
    EUR/USD max, pips 0.5 0.5 1.2
    GPB/USD min, pips 0.4 0.1 0.6
    GPB/USD max, pips 0.8 0.5 1.5

    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 IG Markets
    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 2.3
    EUR/USD avg spread 0.10 0.15 0.8
    GBP/USD avg spread 0.10 0.2 1

    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 IG Markets
    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 0
  • 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 criteria
    8 /10

    mForex 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 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
    Yes
    Verification (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 /10

    mForex 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
    • No Swap Free account
    • Micro lots are not available
    mForex account types vs top competitors
    mForex Plus500 OANDA
    Standard
    Yes
    Yes
    Yes
    ECN/Raw spread
    Yes
    No
    Yes
    Demo
    Yes
    Yes
    Yes
    Cent
    No
    No
    No
    Micro
    No
    No
    Yes
    Swap Free
    No
    No
    Yes
    VIP
    Yes
    No
    No
    Managed
    No
    No
    No

    mForex 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.

  • 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 methodology
    3 /10

    mForex 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
    • Bank wire transfers available
    • Minimum deposit below industry average
    • No bank card option
    • Wise not supported
    • Only major base currencies available

    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 Plus500 OANDA
    Bank Wire
    Yes
    Yes
    Yes
    Bank card
    No
    Yes
    Yes
    PayPal
    No
    Yes
    Yes
    Wise
    No
    No
    No
    BTC
    No
    No
    Yes

    What 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.

  • 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 criteria
    5.8 /10

    mForex offers a limited selection of trading assets compared to the market average. The platform supports 100 assets in total, including 40 Forex pairs.

    • Crypto trading
    • 40 supported currency pairs
    • Copy trading platform
    • Limited asset selection
    • Futures 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 Plus500 OANDA
    Currency pairs 40 60 68
    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 2800 129
    Stocks
    Yes
    Yes
    Yes
    Commodity futures
    Yes
    Yes
    Yes
    Crypto 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.
    Yes
    Yes
    Yes
    Stock indices
    Yes
    Yes
    Yes
    Options
    No
    Yes
    No

    Investment 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 Plus500 OANDA
    Bonds
    No
    No
    Yes
    ETFs
    No
    Yes
    No
    Copy trading
    Yes
    No
    Yes
    PAMM investing
    No
    No
    No
    Managed accounts
    No
    No
    No
  • 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 /10

    We 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
    • Fast registration time (up to 15 minutes)
    • Fully online account opening process
    • Account approval may require extra time depending on the documentation.
    mForex account opening
    mForex Plus500 OANDA
    Online Registration
    Yes
    Yes
    Yes
    Minimum deposit $2,000 $100 $0
    Mandatory KYC
    Yes
    Yes
    Yes
    Registration time (min) 12 10
    KYC time (days) 2 3 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.

  • 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 criteria
    5.5 /10

    Customer 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.

    Information

    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).

    • 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 safe is it to trade with the forex broker mForex?

mForex has a safety score of 8/10, which corresponds to a high security level in the Traders Union rating system. The broker is regulated by the Polish Financial Supervision Authority (KNF), offers negative balance protection, and clients are covered by an investor protection fund of up to €20,000 per investor.

What commissions and trading fees does mForex charge?

mForex has a commissions score of 7/10, with overall fees assessed as medium. The broker offers low Forex trading fees with tight EUR/USD spreads on Standard accounts (typically 0.2–0.5 pips) and RAW/ECN accounts with a $3.00 commission per lot and an average 0.10 pip spread on EUR/USD and GBP/USD, while also charging a $50 monthly inactivity fee but no deposit or withdrawal fees.

What do user reviews say about mForex?

mForex has a user satisfaction score of 6.7/10 based on 3 reviews, with 33% of ratings at 4 stars and 67% at 3 stars. According to user reviews, overall feedback is mixed, with no 5-star, 2-star, or 1-star ratings reported.

How do deposits and withdrawals work at mForex?

mForex has a low score of 3/10 for deposit and withdrawal efficiency, reflecting limited payment options and accessibility. The broker supports bank wire transfers, uses PLN as a base account currency, charges no withdrawal fees, and sets a minimum deposit of $2,000 and a minimum withdrawal of $1.

How can traders open a trading account with mForex?

Opening an account with mForex is fully online, with registration typically taking about 12 minutes and KYC verification around 2 business days. Applicants choose how to confirm personal data, provide two identity documents and a bank account number (or deliver documents to the office), and the account is activated after document verification, with a minimum deposit of $2,000.

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