Comprehensive Review of Mirrox

Mirrox is a brokerage company that provides traders access to financial markets using both margin and spot trading. The broker offers its clients educational resources, analytical support, risk management tools, and swap discounts. Despite being regulated by the low-tier regulatory body known as M.I.S.A., customer reviews are predominantly negative, raising many questions about whether the company is a scam or not.

Highlights

Key Trading Features

Mirrox targets both novice and professional traders, offering multiple account types with different spreads, although no unique privileges are promised for any particular account type. The broker promotes account types such as Classic, Silver, Gold, Platinum, and VIP. The minimum deposit required to start trading on the platform is $250.

The leverage for all account types is set at 1:400, which is far above what regulators in countries like the United States (CFTC), Australia (ASIC), the UK (FCA), and Singapore (MAS) have set. In addition, the trading conditions of the dealer are such that a 100% margin call and a 20% stop-out level are in place, which might be considered less than ideal by more conservative traders. Swap discounts on all accounts, except the Classic account, is an advantage, but a rather minor one. The spreads vary from 0.9 to 2.5 pips.

The main issues with the broker’s conditions of partnership are connected with the broker’s partnership terms are related to the use of CFDs, high leverage, and discrepancies between the declared and actual services. The spread differentiation and risk management tools, as well as additional services, also look rather poor or do not correspond to what is stated on the website.

Overview of Available Trading Instruments

We highlight Mirrox’s trading instruments, which cover access to a wide range of financial assets: currency pairs, indices, cryptocurrencies, metals, and commodities, but the exact volume is not clearly presented in the data and does not seem to be available across the entire spectrum within this platform, as its functionality seems limited.

While CFDs are popular for short-term trading, they are highly volatile and speculative products. Moreover, statistics indicate that more than 80% of CFD trades result in losses for traders.

Trading Platform Analysis

Mirrox claims to offer a range of options for its clients, from a web terminal to a mobile app. They advertise its platform as customizable, with a range of features to help traders make informed decisions, including analytical tools and direct access to customer support.

The mobile app, which is still in testing, can be downloaded only from an unknown source via Firebase. Furthermore, the broker does not indicate what operating systems the application supports, and potential clients cannot get an idea about its usability.

The web terminal itself also doesn’t help. It is badly optimized and offers low liquidity, further contributing to a poor user experience. For traders who require a robust and efficient trading environment, these issues can be frustrating and even lead to delays or execution errors that can hurt trade results.

Additional Services

Mirrox advertises several additional services that are meant to enhance the trading experience. These include free professional support, training content for beginners, an economic calendar, as well as access to Trading Central, a well-established provider of market analysis tools. The broker also advertises deposit protection features and risk management tools, although these services are often marketed separately from the trading accounts themselves.

Mirrox also has a referral program promising its partners more analytical tools, a personal support agent, and free educational materials.

Fee Structure

Another major issue is the Mirrox fee structure; they seem to be quite secretive when it comes to how much commission they charge for every trade. In their account type comparison chart, they don’t even bother to mention the specific fees for each tariff.

A monthly account maintenance fee of $10 is charged. The FAQ section on the broker’s website states that they reserve the right to charge additional fees for transactions, currency exchange, and account services, but the exact amounts are not disclosed.

As for deposits, there are no fees charged, but withdrawal fees are high. The withdrawal charge is 3.5%, and wire transfers attract a fixed fee of $30. These are pretty high fees compared to the industry’s standard and can eat into any profits that traders may make. Also, the broker has an inactivity fee policy. If there are no trades on an account for some period, a certain sum is charged. For instance, if no trades are placed within 1-2 months, the fee charged is $100, while longer periods attract increased penalties. After 12 months of inactivity, the account will be deactivated and the balance will be canceled.

Legitimacy of Mirrox

Mirrox is officially regulated by the M.I.S.A. — a tier-3 regulatory body. While it does mean that there’s some sort of oversight over the company, it isn’t really a reputable authority. Many brokers with less-than-good practices choose to obtain licenses from low-tier regulators like M.I.S.A. so they can appear legitimate and avoid more stringent requirements set by high-tier regulatory bodies like the CFTC, ASIC, or FCA.

Furthermore, it has come to light that Mirrox operates under a different brand name, Capital Crest, under which it has received negative reviews. The company’s website also lists a fake address for its headquarters, adding to the suspicion surrounding its operations. Additionally, Mirrox does not provide services to residents of the European Union, the UAE, or GCC countries, which further limits its reach and credibility.

Company History

The exact date of the company’s founding can be traced back to the domain registration and license issuance, indicating that Mirrox began operations in early 2024. This short history raises concerns about the company’s stability and raises questions about its track record. The lack of information on the official website about milestones and any details regarding the date of its establishment makes it quite challenging for potential clients to get an idea about its legitimacy and reliability.

Conclusion

Mirrox is a broker that offers, for the most part, CFD trading as an investment product. The dealer is highly speculative, with high risks involved, especially since most of the client’s trades executed happen to be unprofitable with spreads higher than expected, while additional services do not stand at the level promised by the company. Despite being licensed, the regulator under which it operates has low credibility and many of the broker’s claims are either misleading or untrue. For these reasons, we do not recommend investing or trading through this platform.

Weighing the Pros and Cons

Common Questions