Mexem Review 2023: Scam Rating 3/5 | Read Before You Trade

Mexem is a relatively new brokerage platform that is as innovative as it presents itself. At a glance, the website’s animated effects make it seem super intuitive. But its minimal information on the internet has insisted us to create a well-researched Mexem Review 2023 for traders potentially looking to start with it.

While the broker’s existence in Europe dates back to 2016, it still fails to make a mark. But, considering its services & users’ reviews, we were slightly surprised & confused. So, we took to ourselves to test this broker to come up with a clear overview of whether it is a good fit for you.

In this comprehensive Mexem review 2023, we will delve into the key features and services offered by the broker, including its trading platforms, deposit & withdrawals, asset classes, fees, and customer support.

What Is Mexem & How Does it Work?

It is a social trading and multi-asset brokerage company that allows users to trade a variety of financial instruments, including stocks, options, futures, bonds, and ETFs. However, the platform has been limited to European traders since its inception in 2016.

Mexem’s main feature is its user-friendly and intuitive interface that makes trading accessible to people with little or no trading experience. In addition, the platform offers real-time market data, news, and analysis, as well as various tools and resources to help traders make informed decisions.

To start trading on the platform, you need to create an account, verify your identity, and deposit funds. You can then explore the platform, research various financial instruments, and start trading by either copying other traders or making your own trades.

Mexem Scam Report: Is It Safe To Trade With?

Mexem is a safe and trustable broker, having been regulated by the Cyprus Securities and Exchange Commission (CySEC) with license no. 325/17. Meanwhile, its derivative trading segment falls within the scope of the Regulation of the FSMA.

We are well aware that only regulation can’t justify whether a broker is a scam or safe. So, we took our research to the next level. Our fact-check team scrolled various online forums and communities to get insight into the platform’s legitimacy.

And our findings from Mexem Review 2023 revealed it is a well-positioned broker with a good reputation among its users. And it can be gauged by the fact that the platform has managed to secure 4.3/5 star ratings on Trustpilot. So overall, it is the safe & legal broker to trade with.

Has Mexem Scammed Anyone?

During our research for Mexem Review 2023, we scrolled down various online forums and talked with many online traders. While we discovered some common issues faced by the platform’s users, there was no one complaining about being scammed by Mexem.

The majority of the platform’s clients were satisfied with the services. However, some of them had complaints over its withdrawal policy.

Mexem Fee: How Much Does It Cost To Trade?

The platform offers free sign up and there are no maintenance charges too. At the same time, the fund deposits are free, but more than one withdrawal request per month may incur a flat fee of 1-10 Euros per transaction.

Meanwhile, the cost of converting currency equals 0.005% of the total amount being converted, with a minimum fee of 5 euros.

At the same time, the platform charges a commission, which varies depending on the instrument you choose to trade in. For instance, take a look at our detailed Mexem Fees Structure table below:

Assets	Commission	Stamp Taxes
Forex	0.005% – 0.15%	–
Stocks/ETFs	$0.005 – 0.12% per share	UK=0.5%, Ireland=1%
Stock & Index Options	0.5% – 4.5%	UK=0.5%, Ireland=1%
Futures Options	$3.5 – $2,000	–
Futures	$0.5 – $2,000	–
Mutual Funds	0.1%	–
Bonds	0.15%	–
Metals	0.0035%	–
Warrants	0.2%	–

From our point of view and findings from Mexem Review 2023, the broker is the best option for traders looking for low-cost trading platforms.

What Can You Trade On Mexem.com?

With MEXEM, you can have access to 135 markets across 33 countries and 23 currencies. This includes major stock exchanges worldwide, including those in Europe and North America, as well as exotic markets like Brazil, Australia, Hong Kong, India, South Africa, and Japan, which are not easily accessible through most other brokers.

The broker also provides the ability to trade all derivative instruments listed on the CME, including options on US stocks, which are challenging to trade through most European brokers.

Meanwhile, the list of available trading instruments include

ETFs
Bonds
Indices
Options
Futures
Mutual funds
Forex
Raw material
Warrants

What Are The Mexem Deposit & Withdrawal Conditions?

The conditions for funds deposits and withdrawals are according to the traders’ requirements. There are no charges on fund deposits and no minimum deposit requirements, meaning you can start trading on the platform for as low as $1.

However, during our research for Mexem Review 2023, we discovered a few flaws, including its limitations to bank transfer as a method for deposit and withdrawal. The platform should incorporate more payment options for convenience.

At the same time, the withdrawal cost, which typically ranges from $1 – $10 should be lowered. Overall, it offers good deposit & withdrawal conditions.

Does Mexem Offer Leverage Trading?

The broker offers a margin account option through which you can access maximum leverage of €2,000. Upon registering, you’ll have the option to select either a Cash or Margin account. With the margin account, you can trade with just a fraction of the funds, maximizing your financial leverage.

What Are The Account Types Available On Mexem?

The broker’s account options are available to both retail and institutional traders. While the broker offers a single trading account for Individuals, it can be upgraded to a Joint account. It also offers a free demo trading account.

The other account options available are nothing but no less than confusion. The corporate & asset management account includes

Family Office Account
Friends and Family Group Account
Small Business Account
Advisor Account
Funding Manager Account
Copyright Trading Group Accounts
Hedge & Mutual Fund Accounts

For more information on account types, we advise our readers to visit – www.mexem.com/account#individual, compare available account options and choose the one that suits them.

Mexem Sign-Up Process: How To Request A Live Trading Account?

The account opening process is entirely online and paperless. It typically takes less than 10 minutes to request for a new live account. Here’s how you can register on the platform:

Firstly, visit the official website and click on the ‘Open Account’ button.
Now, enter your mobile number and tap the ‘Let’s Go’ icon.
After that, fill out the registration form and upload additional documentation to verify your identity.
Now, you’ll need to select the type of account you’d like to open, such as a Cash or Margin account.
Once your identity has been verified and your account has been approved, you’ll need to deposit funds into your account.

What Trading Platforms Does Mexem Support?

The user interface and the trading platforms supported by Mexem are way too good and intuitive. However, the unavailability of MT4 & MT5 platforms may distress traders. Anyway, let’s discuss the features of available Mexem trading platforms.

Trader Workstation (TWS)

Available For Windows, Mac & Linux
Real-Time Monitoring
Easy-to-read Account window
Create Watchlists to monitor real-time market quotes
Real-time alerts based on price, time, margin and volume
Over 100 order types and algos.
Paper Trading

Mexem App

Option spread grid
Order Entry Wheel
Real-Time Monitoring
Easy-to-read Account window
Create Watchlists to monitor real-time market quotes
Real-time alerts based on price, time, margin and volume
Over 100 order types and algos.
Paper Trading

Is Mexem A Beginner-Friendly Broker?

Our Mexem Review 2023 revealed the broker is more focused on professional traders than beginners. Firstly, it offers limited access to the paper trading account and, most importantly, it lacks at offering educational material, which is the most common feature.

At the same time, its research tools listing is also limited to just Market News, Mexem TV, and Stock Analytics.

In our opinion, the platform falls short in offering good resources to its clients; therefore, we recommend choosing a more reliable option like Libertex. In addition, the broker offers a comprehensive set of educational & research tools.

What If Mexem Scam You?

While we didn’t find any scam-related complaints against the broker on the internet if you still think you have been scammed in any way, here’s what you can do:

Contact Mexem customer support to report the issue and try to resolve it.
Gather evidence to keep records of any relevant communication.
File a complaint with CySEC
Seek Legal Assistance From a Lawyer

How To Contact Mexem Customer Support?

The platform offers 24×5 customer support services to its clients through a dedicated FAQ section, email and phone line.

Our experience with the support team could have been better. The executive quickly responded to queries; however, they seemed confused over a few questions. But, overall, it was satisfactory.

Here are the available contact details of the Mexem broker:

NL: +31-202622685
BE: +32-35470144
Email: info@mexem.com

Final Verdict On Mexem Review 2023

As our analysis for Mexem Review 2023 comes to an end, we conclude this broker to be a good option for traders looking for low-cost trading platforms. The sign-up process is quick & hassle-free, the regulations are well in place and trading conditions are reasonable.

However, it lacks in offering advanced MT4 & MT5 platforms and educational resources. These standard missing features might be the reasons behind its declining popularity.

Therefore, if you think the broker doesn’t fit your requirements, we recommend you trade with a more reliable option – Libertex. The broker offers exceptional trading conditions alongside quick & hassle-free deposit & withdrawal conditions.

FAQs

Is MEXEM Safe?

It is a safe and trustable broker, having been regulated by the Cyprus Securities and Exchange Commission (CySEC) with license no. 325/17.

Which Broker Is Better For Beginners?

Libertex is the most suitable broker for beginners as it offers a good selection of educational material, along with access to $10,000 worth of virtual funds in the free demo account.