Mirrox Broker review

Mirrox is a forex broker platform established in 2024, with its headquarters located at P.B. 1257 Bonovo Road, Fomboni, Comoros. Although relatively new, it caters to traders of all experience levels. The broker is regulated by the Mwali International Services Authority (MISA), which adds a layer of credibility by ensuring compliance with financial security and transparency standards.

Operated by Capital Crest Ltd, Mirrox has made a name for itself in the CFD trading industry. The platform provides access to more than 160 CFD assets across various markets, including forex, commodities, indices, shares, metals and cryptocurrencies. With leverage available up to 1:400, traders can take advantage of a range of opportunities.

Mirrox claims to be built on principles of innovation and client care, offering a variety of modern trading tools, educational materials, and strong customer support. Its goal is to make financial markets accessible and to help traders navigate them effectively. This Mirrox forex broker review will cover everything you need to know about Mirrox to determine if it is the right choice for your trading needs.

Supported Countries

Mirrox is a global forex broker that provides services to traders across various regions, allowing clients from numerous parts of Africa, Latin America, the Caribbean, the Pacific Islands, and Asia to access its platform.

However, Regional Restrictions apply, and Capital Crest Ltd does not offer its services to residents of the European Union or to any other jurisdiction where such distribution would be contrary to local laws and regulations. Additionally, Mirrox is unavailable in several countries, including the U.S., Canada, and other restricted regions.

Customer Service Rating

Despite being a newer platform, Mirrox has already gathered a fair number of reviews online. On Trustpilot, it has 27 reviews, earning a solid rating of 4.4 out of 5 stars. Many users praise the platform for its user-friendly experience, with one reviewer sharing that they received a phone call shortly after setting up their account. Others mention that the account setup was straightforward, and the verification process was fast. The platform’s range of trading tools also received positive feedback, with users finding them well-suited to their needs.

Customer support is another area where Mirrox has been commended. One review highlighted the quality of the service, noting that responses were timely and helpful. Traders also appreciated the low spreads, variety of account types, and perks offered for each account option.

However, not all feedback has been entirely positive. Although Mirrox has not received any one-star reviews, some users did mention a few drawbacks. For example, one person experienced slow loading times on the platform, while another was frustrated by the limited payment options based on location. 

Mirrox Forex Trading Platforms

Mirrox provides a modern WebTrader platform designed for traders of all skill levels. 

• Mirrox WebTrader: The WebTrader platform delivers a smooth and user-friendly trading experience. With high-speed access to the markets, it features advanced charting tools, instant price alerts, and one-click trading tools. Since it’s web-based, there is no need to install any software, and traders can access their accounts from any device with an internet connection. The platform is built to suit traders at all levels, offering an easy-to-use interface and powerful analysis tools. It includes over 60 analytical features, such as various charts and technical indicators, for detailed market study. Users can customize the platform according to their trading style and receive real-time updates to stay on top of market movements. Additional features include real-time rate streaming, stop-loss and take-profit options. WebTrader can be accessed from any browser, enabling traders to manage their accounts conveniently while on the move.

Trading Denominations on Mirrox

Mirrox gives its clients the option to set up their accounts in five different currencies: EUR, USD, JPY, INR, and KRW. While this selection is broader than what some brokers provide, traders who prefer more variety might still find it limiting. There are other brokers in the market that offer account denomination options in over 10 currencies, catering to a wider range of preferences.

Company Structure

Mirrox forex broker, operated by Capital Crest Ltd, is a privately owned company that began operations in 2024. With its headquarters in the Comoros Union, the brokerage serves both beginners and experienced traders. The Mirrox website supports multiple languages, making it accessible to an international audience. The WebTrader platform is built for ease of use, featuring simple navigation, technical analysis tools, and various order execution options. The broker uses an STP (Straight Through Processing) execution model, providing direct access to the market.

The broad range of assets available allows traders to manage multiple investments within a single platform, which is particularly helpful for newcomers. Mirrox ensures secure transactions with advanced encryption and hosts its trading servers in a SAS 70 Certified Area. However, as a newer broker, it does not yet display any awards or recognitions on its website. 

Mirrox Licenses and Regulatory Compliance

Mirrox is regulated by the Mwali International Services Authority (M.I.S.A), under license number BFX2024064, and claims to follow international best practices.

Mirrox Customer Protection

As a regulated broker, Mirrox is expected to uphold high standards of financial security and transparency. One key practice that boosts its credibility is the segregation of client funds, keeping them separate from the company’s operational accounts. This measure helps protect clients’ money, even if the company faces financial difficulties.

Traders also benefit from negative balance protection, which shields them from significant losses during sharp market movements. To ensure data security, Mirrox uses advanced encryption technology for safe transmission between servers and clients. Additionally, the trading servers are located in a SAS 70 Certified Area, further enhancing the platform’s commitment to safety.

Customer Service

Mirrox provides several ways for clients to contact support. Traders can reach out via email at [email protected], use the live chat feature, or call the support line at +44 7701 426264. There is also a contact form available on the website. For quick troubleshooting, a FAQ page offers self-help resources to address common issues before contacting support.

Customer support is available 24/7, ensuring that clients receive prompt assistance whenever needed. Additionally, the support team speaks multiple languages, making it easier for traders from various regions to communicate effectively.

Trading Information

Mirrox provides a seamless and powerful trading experience across various financial markets, offering simple and affordable trading terms. The margin for each open position is calculated based on the leverage used, while spreads are measured in pips, reflecting the cost of opening a position and varying by instrument. Traders can find the value of a pip for all instruments by accessing the Trading Platform through their accounts.

There is a mandatory stop-loss and take-profit requirements include a margin call set at 100% and a stop out at 20%. Automated trading strategies are not permitted, and there is no access to U.S. stock trading or international stock trading as non-CFDs. Additionally, social trading and copy trading features are not supported, but hedging is allowed. Available trading tools include RCI, Average True Range, and Fibonacci indicators. 

It’s important to note that Mirrox charges certain fees. After one month of inactivity, an inactivity or dormancy fee is applied, which varies based on the duration of inactivity: $100 for 1 to 2 months, $250 for 2 to 6 months, and $500 for 6 to 12 months. These fees are charged in the client’s currency at the current exchange rate. If there is no client-initiated activity for 12 months, the account is classified as dormant and archived.

Additionally, a maintenance fee of $10 (or its equivalent) is charged monthly, regardless of any transactions on the account. Swap fees are charged daily for positions rolled over, with an exception for Wednesdays when it is charged three times to account for the weekend swap. Mirrox can change its fee structure at any time, as noted in its General Fees document. These fees can significantly increase the cost of trading with this broker, potentially making it less suitable for clients who prefer lower fees.

Mirrox Forex Leverage

Mirrox offers a maximum leverage of 1:400 for its clients, but the exact leverage available depends on the type of asset being traded. For forex pairs, the leverage is set at 1:400, while it’s 1:200 for metals like silver and gold, indices, and commodities. When trading stocks or equities, the leverage is lower at 1:5.

Traders should keep in mind that while high leverage can increase potential profits, it also raises the risk of larger losses. Being aware of the risks involved is crucial when using leveraged trading.

Deposits and Withdrawals

Deposits

Mirrox offers several ways for traders to fund their accounts. Clients can deposit money using credit or debit cards, wire transfers, and various alternative payment methods. The minimum deposit for all accounts is $250 or its equivalent in other currencies. It’s important to note that Mirrox does not charge any fees for deposits, but traders should check with their bank or payment provider for any potential third-party charges.

The time it takes for deposits to process can vary depending on the method used, with transactions typically taking anywhere from a few hours to two days. To comply with international best practices and anti-money laundering regulations, Mirrox does not accept transfers from third-party accounts. All deposits must come from accounts in the trader’s name.

Withdrawals

Withdrawals from Mirrox can be made using the same methods available for deposits. To request a withdrawal, traders should log in to their accounts, navigate to the “Withdrawal” section, enter the desired amount, and submit the request. The minimum withdrawal amount is $10 for credit cards and $100 for wire transfers. For e-wallets, any amount that covers the fee is acceptable.

For fully verified accounts with at least one open trade, the first withdrawal is free. However, accounts that are not fully verified or do not have any open trades will incur a withdrawal fee of $10 (or its equivalent based on account currency). Subsequent withdrawals will attract a fee of 3.5% for credit cards, debit cards, and e-wallets, while wire transfers incur a charge of $30 (or equivalent based on account currency).

Typically, withdrawals take about 8 to 10 business days to process, depending on the bank’s processing times. Traders can cancel their withdrawal requests as long as they have not been processed yet. Even with open trades, traders can still request withdrawals, provided there is enough margin in their accounts to cover the withdrawal. However, Mirrox reserves the right to reject withdrawal requests for reasons such as insufficient balance, low margin levels, failure to meet the minimum withdrawal amount, or missing documentation.

Mirrox Trading Education and Training

The Mirrox website offers an education section tailored for beginners who need basic knowledge about trading Forex and CFDs. It also includes market data and resources for traders of all experience levels, making it appealing for newcomers who want to learn quickly and practice their skills.

Available educational resources include introductory and advanced courses, eBooks, live signals, technical analysis, and a glossary of trading terms. An educational center is also available, but access is restricted to Mirrox account holders, even if you only open a demo account.

For research, traders can use various tools like the Economic Calendar, Trading Central, chart analysis features, and risk management tools, which help enhance their trading strategies.

Conclusion

Mirrox forex broker claims to provide a comprehensive trading experience with various features to accommodate traders of all levels. The broker’s WebTrader platform comes with a user-friendly interface, advanced charting tools, and accessibility across devices. However, unlike some other brokers that offer multiple platforms like MT4 or MT5, Mirrox exclusively uses WebTrader, which may limit choices for those who prefer different trading software.

The account types cater to diverse trading needs, offering five options with varying spreads and benefits, plus a demo account for practice. Leverage of up to 1:400 is available, although it varies across asset classes. This can enhance trading opportunities but also increase risks, especially for inexperienced traders.

Geographic availability is mixed; Mirrox serves a wide range of countries across Africa, Latin America, Asia, and the Pacific but does not accept clients from many European countries, the U.S., Canada, and a few others due to regulatory restrictions. Account holders can choose from five currency denominations (USD, EUR, JPY, INR, and KRW), providing some flexibility, though not as much as brokers offering more options.

In terms of deposits and withdrawals, Mirrox supports various methods, including cards, wire transfers, and e-wallets, with a minimum deposit of $250. While the broker does not charge fees for deposits, withdrawal fees may apply based on the method and account status.

The regulatory framework of Mirrox includes licensing from the Mwali International Services Authority (MISA). Customer protection policies include fund segregation and negative balance protection, adding layers of security for clients’ funds.

For trading instruments, the broker offers a selection of over 160 CFDs, including Forex, stocks, indices, commodities, metals, and cryptocurrencies (CFDs only). While the range covers essential markets, some traders may prefer brokers with a larger selection.

Mirrox also provides trading education and research resources, such as courses, eBooks, live signals, and analysis tools. Access to some educational materials may require an active trading account, making it a useful but limited resource for newcomers.