Mercuryo – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Mercuryo - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
Mercuryo offers its clients the following trading accounts:
- Trial: The deposit range for clients to use this account is from $50 to $250.
- Bronze: The minimum deposit for this account is $1,000.
- Silver: The minimum deposit requirement for this account is $5,000.
On its website, this broker claims that it offers spreads that are as low as 2 pips, however, when we checked their client platform it showed that the EURUSD spreads began at 3 pips. The maximum leverage offered by this broker stands at 1:400.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: www.mercuryo.co.com
Founded: 2019
Regulations: Unregulated
Languages: English, Russian, Polish
Deposit Methods: Credit/Debit Card, Wire Transfer
Minimum Deposit: $$50
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Forex, Stocks, CFDs, Commodities, Indices
Trading Accounts and Conditions
Mercuryo offers its clients the following trading accounts:
- Trial: The deposit range for clients to use this account is from $50 to $250.
- Bronze: The minimum deposit for this account is $1,000.
- Silver: The minimum deposit requirement for this account is $5,000.
On its website, this broker claims that it offers spreads that are as low as 2 pips, however, when we checked their client platform it showed that the EURUSD spreads began at 3 pips. The maximum leverage offered by this broker stands at 1:400.
Mercuryo – Advantages
The only good thing we found with this broker is that it offers support for the MetaTrader 4 trading platform. The MT4 platform is the world’s most popular trading platform since it offers traders a range of tools that make trading more efficient.
Mercuryo – Disadvantages
Given below is the list of disadvantages that we have found with Mercuryo:
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Unregulated Broker, Possible Clone Firm
Mercuryo claims to be owned by Mercuryo Invest Ltd which is licensed by the UK’s Companies House, the registrar of companies, and provides a license number (12332874). Being incorporated with the Companies House is not the same as being licensed to offer financial services in forex and CFDs. The only governing body that is allowed to issue licenses to forex and CFD brokers in the UK is the Financial Conduct Authority (FCA).
So, when we checked the FCA’s online register, the only licensed company we found with this name is Mercuryo.io, which is a Cryptocurrency wallet provider.
There are two conclusions we have reached after investigating this broker’s regulation status:
- Mercuryo is not a licensed forex brokerage
- This broker is trying to pass of as legitimate by piggy-backing on a legitimately licensed company which shares its name. A firm that tries to use another company’s credentials is known as a clone firm, and that is what this brokerage seems to be.
Trading with a broker that is unlicensed is dangerous since you are afforded no protection against losses or even broker bankruptcy. And if this broker is, in fact, a clone firm, then it is clearly a scam and should be avoided at all costs.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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High Spreads
Mercuryo offers its clients a trading spread that it claims starts from 2 pips. This is a lie because when we checked their trading platform, it showed that the EURUSD pair had a spread of more than 3 pips.
Either way, both the spreads are not favorable for traders since they make trading very expensive. Just so you know, the market average on spreads ranges between 0.5 pips and 1.5 pips.
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Unfair Fees and Charges
The first thing we noticed is that withdrawals are charged heavily. Wire transfers cost $50, credit cards cost $25 with an additional processing fee of $10, and e-payments cost $25.
Over and above this you will also be charged 10% of your withdrawal amount if you do not reach a trading turnover target of at least 200 lots. The same amount will also be charged is your account is not verified.
Another fee that this broker charges is a Dormant Account Fee. If you have not traded on your account for 6 months, then you will be charged 10% of your balance as a penalty.
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Withdrawal Clause on Bonuses
The first thing we noticed was that this broker has provided inconsistent information on the bonuses it offers. In the Account Types section of its website, Mercuryo states that it offers a Welcome Bonus of between 10% and 30%. However, on another page, the broker states that you will be given a 100% bonus on your first deposit (which is the same as a welcome bonus!). This discrepancy raises two red flags – the lack of consistency and the fact that this broker is offering trading bonuses.
Considering the fact that this broker (based on the languages it has on offer) offers its services to clients in Europe, Mercuryo shouldn’t be offering trading bonuses at all. This is because such bonuses are forbidden in the European Union.
But these are not the only things that bother us about the bonuses offered by Mercuryo. This broker also has a Non-Deposited Funds Clause. According to this clause, if you have accepted a bonus from them, then the only way you can withdraw funds related to this bonus is if you trade a volume of at least 25 times the bonus amount and the deposit amount!
This last condition is just ridiculous since that target is so high that most traders will never meet that condition. Therefore, traders will end up not being able to withdraw their funds at all.
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Very High Leverages
Mercuryo offers you a maximum leverage of 1:400, which is very generous. And if it had been a jurisdiction such as Australia, we would have marked such a high leverage ratio as an advantage. But this broker operates in Europe, where leverages are capped to 1:30. Therefore, the kind of leverage that this broker is offering is basically illegal!
Conclusion
We do not believe that Mercuryo is a broker that is safe to contract with. There are so many things wrong with them! The broker is operating without a proper license. And based on the information we gathered, it is possible this broker is a clone firm. Furthermore, its trading conditions are unfair as are its terms and conditions.
If you broker with Mercuryo, we believe that you will not see your money again. Therefore, we strongly recommend to all our readers and other traders that it would be best not to have any dealings with this broker.
Mercuryo
Pros
- MetaTrader 4 Platform Supported
Cons
- Unregulated Broker, Possible Clone Firm
- High Spreads
- Unfair Fees and Charges
- Withdrawal Clause on Bonuses
- Very High Leverages
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.