The Forex industry is definitely the number 1 when it comes to liquidity and the highest turnover. The trillion dollar-worth industry is attracting many interested parties who also want to see for themselves how the business works. Many have heard of trading from friends, acquaintances, but nothing compares to a personal experience. There is barely one person out there who has not thought about entering the appealing market. Once traders join the industry, it is hard to get out because they know that they can make big bucks if they figure out the right strategy. The market is especially convenient because different brokers offer different things and sometimes you can register with a $1 account with brokers who keep cent accounts. You do not have to invest large sums to be a part of the market. An average deposit varies from $100- $1000 and can be found with the majority of brokers. This Mayzus review is going to talk about this Cypriot broker who also offers an affordable deposit and the broker welcomes everyone to join them. Let us see what Mayzus offers in the review below.
Forex Brokers We Recommend
History of the Broker
Mayzus is a branch of the large Mayzus Investment Company Ltd. This company was earlier known under the name United World Capital Ltd, whereby now, the Forex company is known as LiteForex (Europe). The company registered with CySEC in 2008, but it did not join online trading until this very year. Most brokers started offering online services as soon as the online business took off, but we do not know why Mayzus waited for so long to go online. The name changes might sound a little bit strange, but it is not illegal. The broker is registered with CySEC, and it has been going all well between the broker and the regulator until this year. Namely, in 2016, CySEC fined the broker with 12,000 euros for non-compliance with the Anti-Money Laundering and Terrorist Financing Law. This law seems to represent a particular problem to brokers since Mayzus is not the first, and probably not the last, to be fined because of this particular law. We see that the fine is not high and as long as the CySEC people do not sanction the broker for more serious things like not meeting financial obligations, traders are safe.
The Mayzus broker offers a special platform which we have not seen yet in this form. The platform is called MICTrader MT4, which is the broker’s version of the world’s best-known platform MT4. The platform is convenient for STP promotions and real Forex. The MicTrader Multiterminal is also included in the offer for multiple account trading. Mayzus also offers the ECN convenient Currenex platform with no dealing desk. The best quotes can be accessed immediately thanks to the platform, but the platform is not free. The Mayzus MIC Atrader and MIC Itrader mobile apps which are suitable for all smartphone devices are also available with this broker. Check out these mobile apps for a unique trading experience.
When we see the platforms, it is no surprise that the broker offers various account types. These are:
- STP Mini ($100)
- STP Classic ($2,000)
- STP Platinum ($25,000)
- Currenex ($5,000)
The STP Mini offers variable spreads with a minimum trade size of 0.01 lot and a deposit of $100. Since it is an STP account, the commission per lot is $5, and pips are around 1.8 pips for major currency pairs. For Forex trading, the margin is enormous in comparison to today’s leverages. If you register with the STP Mini account you can optimize your trades with leverage 1:1000. For metals, indices, and CFDs, the leverage is significantly lower and does not exceed 1:100. The STP Classic is available at $2,000 with average spreads from 1.8 pips, whereby minimum spreads can be reduced to 1 pip, and the commission is only $2 per lot. Leverage remains the same, as well as other features. The Platinum account is yet for wealthy traders. The broker requires a $25,000 minimum deposit and in return traders get spreads as low as 0.8 pips and leverage 1:300. The commission is $5 per trade site. The STP Currenex account is also available at $5000 with a minimum trade size of 0.1 lot. Commission is only $3 per trade size and pips can go as low as 0.1. This account does not allow the option of expert advisors (auto- trading robots).
The broker offers the Mayzus welcome bonus of 20%. Opening an STP account yet can bring you in an 80% deposit bonus, but the bonus cannot exceed $5000. Mayzus seems to round up their bonus policy with a cashback bonus as well, varying from $2 to $10 per trade.
The broker offers the usual transaction methods for deposits and withdrawals, e.g. wire transfer, credit cards, Qiwi, OKPay, WebMoney, Skrill, Neteller, etc. the broker handles withdrawal requests within 24 hours and charges no commissions.
The customer support takes the standardized form with a 24-hour service; and a phone line, e-mail, and live chat option. If you should need anything, please contact the support team for help. According to customers’ feedback, there is no problem that the support team cannot solve.