Merit Forex Review

Alyaziah Hayat | March 25, 2022

Merit Forex is an offshore forex and CFD broker registered in the Republic of Vanuatu. The broker offers multiple trading instruments for trading on the MT4 and MT5 trading platforms for desktop, web and mobile. Additionally, the broker provides daily market news, trading signals and social trading services. The trading brokers review team did not find Marketrip to have the lowest spreads whilst the selection of trading instruments is limited compared to other brokers who offer hundreds of instruments.

Broker Pros / Cons
  • Access to trade on the powerful MT4 & MT5 trading platforms
  • Social trading is available via CopyTrade
  • Third-party trading signals are provided
  • Daily market news & analysis is available
  • Offshore regulation
  • Clients from USA & Switzerland are not allowed
  • High minimum deposit is required to open a trading account
  • Limited trading instruments
  • Spreads not the lowest


Merit Forex is an online forex and CFD broker with a commitment to create outstanding trading conditions and excellent brokerage services. The broker was founded in 2016 in the Island Republic of Vanuatu. The broker implements innovative trading technology to help ensure they can deliver reliable trade execution speeds.

There are over 80 financial instruments available for trading on the ever-popular MT4 and MT5 trading platforms. Merit Forex has partnered with top tier banks and financial institutions that supply the prices which displays on the trading platforms. The brand also route all client orders to its execution venue and only act as agents to clients’ trades.

Merit Forex offer some other services like One Billion signals, social trading platforms, market news and analysis. The broker boasts of 27,000 active user accounts and trades about 9,000 lots everyday.

Merit Forex Broker Features

Merit Forex Broker Features


Merit Forex is owned by ‘Merit Financial Services Ltd’ which is a company registered in the Republic of Vanuatu with the registration number 14787. It is licensed and authorized by the Vanuatu Financial Services Commission (VFSC).

All clients are verified using KYC principles which generally entails uploading a soft copy of the client’s ID card as well as a recent utility bill.

In line with the regulatory provisions, the trading platforms and website are protected by Secured Socket Layer (SSL) technology.

Merit Forex does not offer its services to clients from USA and Switzerland.


MetaTrader 4

MetaTrader 4 (MT4) is one of the most popular online trading platforms used all over the world by forex and CFD traders. It was developed by ‘MetaQuotes Software Corporation’ in 2005 and has received worldwide acceptance amongst forex brokers and traders because of its multiple features and capabilities.

The MT4 trading platform is available in 3 versions:

MT4 WebTrader

This version was built on html5 and runs on all modern browsers across all operating systems without needing to download or install any additional software. All the basic functions of the MT4 are available on the WebTrader. It can be accessed via a link from the Merit Forex website.

MT4 Mobile Apps

The MT4 has mobile trading apps developed for Android and iOS devices. The apps can be downloaded from the respective app stores free of charge. These are useful for monitoring the markets, chart analysis and trading on the go.

Merit Forex Mobile Trading Apps

Merit Forex Mobile Trading Apps

MT4 Desktop Platform

This is the flagship version of the MT4 platform that has the full range of features available on the platform. The application interface is intuitive and fully customizable to suit the trader’s individual preferences. The ‘Market Watch’ displays the ‘bid’ and ‘ask’ prices of all available instruments in real time. Live charts can be displayed in 3 chat styles over 9 timeframes. MT4 comes preloaded with 30 technical indicators and 24 analytical tools. It supports automated trading through the installation of software robots known as Expert Advisors (EAs). Perhaps, one of the most useful features of the MT4 platform is that its functions can be extended with plugin apps.  There are thousands of EAs, technical indicators and trading tools that have already been developed for the MT4. Traders can as well build their own apps or EAs from the MQL4 language using the MetaEditor programming interface that comes with the platform.

Merit Forex MT5 Platform

Merit Forex MT5 Platform

MetaTrader 5

The MetaTrader 5 (MT5) trading platform was developed by the same company, MetaQuotes Software Corporation. MT5 has similar interface, features and capabilities as the MT4 except that it has more functionality. For technical analysis, there are 3 chart styles that can be displayed on over 21 timeframes. It comes with 38 technical indicators which can be extended via plugin apps. 44 analytical tools and multiple order types come with the MT5.

Its features can also be extended via plugin apps developed in the MQL5 programming language. Traders can also automate their strategies using EAs built for the MT5 as plugin apps built for MT4 cannot run on MT5. It also comes as WebTrader, windows desktop application and Android/iOS mobile apps.


Copy Trading

This involves replicating the strategies of another trader by following their trades either manually or automatically via the MT4 or MT5 trading platforms. This feature comes with the platform, so, Merit Forex will only activate it for interested clients/investors. The traders can allow their trades to be followed for a commission. Clients who wish to invest can search and follow the trades of traders. It should be strongly emphasised that there are no guarantees on the performance of managed accounts and you should have a clear understanding of all the significant risks involved with trading online.

One Billion Signals

Merit Forex has partnered with ‘One Billion Signals’; a premium signal service that provides real-time signals on over 68 trading instruments including forex, commodities, indices and cryptocurrencies. The signals are delivered via iOS and Android apps. Again, there is no guarantee on the quality or results of these trading signals and signficant risks involved.

Weekly Outlook

This section of the brokers website gives a weekly analysis on selected instruments. It uses fundamental and technical analysis principles to analyze selected instruments to help identify potential market movements within the week.

Market Notes

This section gives updates on selected trading instruments and their analysis including support and resistance levels.

Merit Forex Market Notes

Merit Forex Market Notes

Market News

This section posts the financial market news as it breaks and is updated several times in a day.

Merit Forex Market News

Merit Forex Market News

U.S. Non-Farm Payrolls

This is the monthly statistics summation of payroll jobs as added or lost in the US economy. It is tracked by the Bureau of Labour Statistics (BLS). This report is very important in fundamental analysis. The report and analysis is presented monthly on the Merit Forex website. The analysis looks at the various instruments affected and the support and resistance levels generated.

Trading Blog

This section feature articles and expert opinions. However, the trading blog is unfortunately not regularly updated.


The education section of the Merit Forex website consists of some articles, FAQ and a trading glossary. The articles deal on fundamental topics in the forex and CFD markets. Some of the topics treated are: stock market, regulations, technical analysis, order types, day trading, types of charts, etc. The articles are short, precise and used colourful diagrams to illustrate its points. There are currently around 15 articles in total.

The trading glossary comprises of over 120 terms associated with the financial markets and their detailed definitions.

The FAQ sections looks at several questions that clients might want to ask. The questions are grouped into general, deposit, withdrawal and account verification.


Merit Forex offers the following instruments for trading online:

  • Forex 49
  • Indices 16
  • Commodities 2
  • Cryptocurrencies 10
  • Metals 8

This is a limited selection when compared to some of the best trading brokers who offer thousands of trading instruments across multiple asset classes.


Merit Forex clients have the option of choosing the MT4 or MT5 trading platform irrespective of the account type. There are 4 account types categorized based on trading capital and services available.

Here are the trading account types on Merit Forex:

Standard Account

The minimum deposit required to open the account is $250. The spread starts from 1.5 pips while the maximum leverage is 1:400. The minimum trade volume is 0.01 lots. A personal mentor is assigned to account holders.

EA Robot Account

This account is specifically designed for traders who wish to automate their strategies by using trading robots or EAs. The spread starts from 1.5 pips but leverage is given upon request. The minimum trade size is 0.01 lots and at least $500 is needed to open this account.

Gold Account

The minimum deposit is $1,000 and the minimum trade volume is 0.1 lots. The maximum leverage is 1:200 while the spread starts from 1.0 pip. Copy Trading and One Billion Signals premium subscription are available to Gold account holders.

VIP Account

This is the premium account that has all the services available. At least $10,000 is required to open this account. The spread starts from 0.4 pips but commissions are charged. The minimum trade size is 0.5 lots and the maximum leverage is 1:100. In addition to services enjoyed by Gold account holders, VIP accounts enjoy live educational sessions.

Islamic Accounts

Muslim friendly Islamic accounts that comply with Sharia law are available on request. Just contact your account manager or the client support desk.

Demo Accounts

Demo accounts are freely available on both the MT4 and the MT5 trading platforms. These accounts allow you to practice your online trading strategies using virtual funds and can be a good way to familiarise yourself with the brokers services.

Merit Forex Broker Account Types

Merit Forex Broker Account Types


The client support desk is available 24/5 to assist registered clients or prospective clients in any way they could. They can be reached via phone calls, email, contact us form, online chat, Skype or WhatsApp. You can also follow Merit Forex on social media; Facebook, Twitter, Instagram and YouTube.


Merit Forex will only accept deposits from the same source as the name on the trading account. The broker is proud to assert that it does not charge both deposit and withdrawal commissions.

Below are the payment options available:

Bank Transfer

The minimum deposit using this method is $1,000 and it takes 3-5 business days to complete. No third party transfers are allowed. A valid confirmation slip is required for verification purposes.

Credit/Debit cards

The cards accepted are the ones issued by Visa, MasterCard and Maestro. The minimum deposit is $250. Card deposits are processed instantly while withdrawals take 1-5 business days. All credit cards must be verified before it can be used. The verification is done by providing a soft copy of the front and back sides of the card.


The accepted payment options are Skrill and Neteller. Deposits are processed instantly while withdrawals take 1-5 business day before reaching the client’s account. The minimum deposit is $250


Clients who already own Bitcoins can use it for both deposits and withdrawals. If you do not have Bitcoins but wish to use it for payments, there is a link to buy Bitcoins with your credit card. The least deposit amount is $250.

Merit Forex Payment Options

Merit Forex Payment Options


To open a trading account with Merit Forex you can visit the brokers website and click on the ‘Create Live Account’ button which is located on the top right hand corner of every page of the website. You are prompted to start by verifying your phone number or email address. Input your email address and wait for the verification code. If you choose to verify by phone, enter your country code and your phone number, then wait for the sms code. Enter the four digit code to verify your email or phone number. Next, you are prompted to choose a trading platform; either MT4 or MT5. After choosing, you are presented a form, fill in your name, phone number, choose a password and click on ‘Register Real’.

Merit Forex Broker Registration Form

Merit Forex Broker Registration Form

A successful message is displayed and next, you are automatically logged into the clients’ area and prompted to make a deposit. At this juncture, you will receive an email containing your new account login details for the platform that you chose. You can also verify your account from this portal by uploading identifying documents. Once verified, you can make a deposit, verify your account, download the trading platform and commence trading online only once you feel ready to do so.


Compare Broker (vs Our Top 3 Brokers)
Broker FeaturesAvaTradeIGIC Markets
CountryAustralia, Ireland, South Africa, Japan, British Virgin IslandsAustralia, UK, USA, Switzerland, UAE, Singapore, JapanAustralia, Seychelles, Bahamas, Cyprus
Min. DepositMin $250 DepositMin $100 DepositMin $200 Deposit
CommissionFrom $0From $0From $0
InstrumentsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFsForex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs
PlatformsMetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, MobileMetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, MobileMetaTrader 4, MetaTrader 5, cTrader, Web, Mobile
TypeMarket Maker, STPSTP, ECN, DMAECN
FundingWire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, SkrillWire Transfer, Credit/Debit Cards, PayPalWire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
Visit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit Broker


Merit Forex is a trading broker that is located offshore and regulated by the VFSC, it provides digital security, verifies all clients and has put in place some measures to protect clients’ funds. The powerful and user-friendly MetaTrader platforms provided can be used by both new and experienced traders alike. There is a social signal service and Copy Trade service along with market news, analysis and other trading tools.

However, the range of tradeable assets is small when compared to some brokers who offer thousands. There are no individual stock/share CFDs or ETFs. The educational resources provided are limited whilst the minimum deposit is high when compared to the best brokers that give access to live trading with just $10 or less.

Furthermore, the VFSC may not be as highly regarded a regulatory authority amongst professionals when compared to CySEC, ASIC or FCA. Many experts would not trade with offshore regulated brokers as they cannot offer the same protection.

Merit Forex Logo

Min $250 Deposit

Merit Forex is an offshore Forex & CFD broker registered that offers multiple trading instruments for trading on the MT4 & MT5 trading platforms. The broker also provides daily market news, trading signals & social trading services.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

About the Author

Alyaziah Hayat
I had previously been forex trading for about 2 years and I now mainly focus on writing forex-related content. I also deal with cryptocurrencies and other financial assets in this industry. I've dealt with several brokers, assets, EA robots, and everything that this industry has to offer.

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