mForex offers over 100 trading instruments with leverage options of up to 1:30. The broker has a minimum deposit of PLN 2,000 and offers spreads from 0.2 pips. It provides trading with no daily swaps on over 50 instruments.
mForex; Company Information and Regulation
mBank Brokerage House, known as mForex, is an ECN broker with over 300,000 customers.
Founded on June 20, 1986, by Krzysztof Szwarc, mBank was Poland’s fourth-largest universal banking group regarding total assets and loans, and fifth by deposits as of September 2016.
The company is owned by Commerzbank. Key features of mForex:
- Regulated by the Polish Financial Supervision Authority (KNF)
- Zero daily swap on over 50 instruments
- MT4 support
- Over 100 trading instruments
mForex Key Specifications
The Forex broker utilizes the ECN model to avoid conflicts of interests with clients. Here’s a table summarizing mForex’s key offerings.
Broker | mForex |
Account Types | Standard, VIP |
Regulating Authorities | KNF |
Based Currencies | PLN |
Minimum Deposit | PLN 2,000 |
Deposit Methods | Bank Transfers, mTransfer, PayNow |
Withdrawal Methods | Bank Transfers |
Minimum Order | 0.01 lots |
Maximum Leverage | 1:30 |
Investment Options | None |
Trading Platforms & Apps | MetaTrader 4 |
Markets | Forex, Indices, Commodities |
Spread | From 0.2 pips |
Commission | Standard 0.0035% VIP 0.0027% |
Orders Execution | Market |
Margin Call / Stop Out | N/A |
Trading Features | Mobile Trading, No Daily Swaps, Training Course |
Affiliate Program | No |
Bonus & Promotions | No |
Islamic Account | N/A |
PAMM Account | No |
Customer Support Ways | Hotline, Email |
Customer Support Hours | Monday to Friday, from 7 am to 10 pm (GMT+2) |
mForex Broker Account Types
In this mForex review, we must mention that the company provides two trading accounts: Standard and VIP.
Features | Standard | VIP |
Min Deposit | PLN 2,000 | PLN 2,000 |
Max Leverage | 1:30 | 1:30 |
Min Order Size | 0.01 lots | 0.01 lots |
Spreads | From 0.2 pips | From 0.2 pips |
Commissions | 0.0035% | 0.0027% |
Market Analysis | Yes | VIP |
Training | Group | Individual |
mForex Advantages & Disadvantages
The broker offers individual care from a Forex market specialist to its VIP clients.
Let’s weigh mForex’s upsides against its downsides.
Pros | Cons |
Low commissions | Limited leverage options (1:30) |
Swap-free position holding on 50 instruments | Limited asset offerings (100+) |
MT4 support | No tier-1 licensing |
Educational resources | No promotional offerings |
mForex Account Opening and KYC
To open a trading account on mForex you must be above 18 and complete the ID verification procedure.
- Visit the broker’s official website;
- Click “Open an Account”;
- Indicate if you have an mBank account or not (we’ll continue without an mBank account in this guide);
- Choose data collection method (e-ID or manual);
- Select remote verification (for Polish citizens with a Polish ID card);
- Choose at the Brokerage Service Point (for foreigners with a passport);
- Fill out the personal information form;
- Provide front and back images of your documents.
mForex Broker Trading Platform
The company utilizes the robust MetaTrader 4 and provides access to the market through its web-based platform, mForex Web.
TradingFinder has developed a wide range of MT4 indicators that you can access for free.
mForex Commission and Fees
The broker offers competitive rates and low charges. Here is what you need to know about the mForex fee structure:
- No daily swaps on over 50 instruments
- Standard Commission: 0.0035%
- VIP Commission: 0.0027%
- Spreads: from 0.2 pips
mForex Broker Funding and Withdrawal
Efficient funding and withdrawal processes are crucial for a smooth trading experience. In this mForex review, we must mention that the broker’s payment methods are limited.
- Bank Wire Transfer
- Instant Transfers via mTransfer and PayNow (only deposits)
The broker charges no withdrawal fees for transactions above PLN 200.
Does mForex Offer Investment or Growth Plans?
mForex primarily focuses on providing a platform for self-directed trading and doesn’t offer any copy trading services or investment funds.
Trading Products
The company provides access to over 100 instruments across three asset classes, including the Forex market, indices, and commodities.
- Forex: Over 40 major currency pairs
- Commodities: CFDs on crude oil, gold, silver, copper, platinum, soy, sugar, cocoa, and coffee
- Indices: CFDs on global stock indices, such as DAX, S&P500, Nasdaq, DJIA, and WIG20
mForex Broker Promotional Offerings
Due to regulatory requirements, the company can’t offer traditional promotions like deposit bonuses or welcome gifts.
The lack of a comprehensive affiliate program is one of the biggest letdowns in this mForex review.
Customer Support
The broker provides support on weekdays, Monday to Friday, from 7 am to 10 pm (GMT+2) through various channels, including:
- Email: mforex@mbank.pl
- Hotline: +48 226974774
mForex Restricted Countries
The broker complies with sanctions imposed by the European Union, United Nations, and United States. mForex restricted jurisdictions:
- Cuba
- Iran
- North Korea
- Russia
- Syria
- Belarus
- Myanmar
- Venezuela
- Zimbabwe
- Nicaragua
- Sudan
- South Sudan
- Ethiopia
- Democratic Republic of Congo
- Central African Republic
- Lebanon
- Yemen
- Hong Kong
Trust Scores and Ratings
The broker is not featured on reputable websites like ForexPeaceArmy and Trustpilot, so we can’t comment on its popularity among traders and users.
However, the mBank Trustpilot profile’s rating of 1.4 out of 5 suggests the company has a poor standing among clients.
mForex Broker Learning Materials
The company provides a comprehensive education course in 3 steps, including basic trading concepts, introduction to indicators, and advanced analysis tools. Here are other learning resources on mForex:
- Online training
- Market comments and insights
- Videos and webinars
- Market reports
- mNews iOS app
You can check TradingFinder's Forex education section for additional resources.
Conclusion and Final Words
mForex provides access to 3 asset classes, including Forex, Commodities, and Indices. It supports mTransfer and PayNow as deposit methods. Bank withdrawals above PLN 200 incur no charges.