(binned per thread starter's request) Beware of Merit Forex

Hi,

Just placing a warning on Merit Forex

I signed up for their service in April 19, just to have a go on high leverage, since they are not regulated in Europe and can provide 1:400. My goal was to replicate my trades done in Europe and see where it took me.

Problem is, i made a considerable profit with it. And when it came to withdraw it... serious problems were in place.

First their Customer Representative became very vague on their answers. Then she told me my mentor(they have mentors for each account, like a manager) would contact me, which happened and was awkward - He asked me to cancel my withdrawal request and to make a new one properly - (problem was that deposits needed to come out first)

Then the withdrawals where only possible by the same channel deposits were made. So I withdrew all of my deposits - Came clear with no Issues.

Then the real profits: they could only be withdrawn in Bitcoin (????). I had to find myself an e-wallet. Then asked for a good amount to be sent to me.

more than a week has passed then since my first withdrawal request.

Bitcoin transfer was made of only like 15% of what I requested. I asked why. They replied it would go like that until the global value.

I stay in contact with them every day. Almost two weeks have passed now. The balance of the account was already reduced in the amount of the withdrawal request, but I only have 15% of it...

Their answers are amateur to say the least. "The money has been sent" "These things take time to process(BTC????)" "Money is on its way"... When I ask them specific questions they always evade the answer...



Edit 22/10/2019: Just received another 15% today: 30% received so far.
Edit 23/10/2019: Just received 30% more today. 60% received so far... might have to delete the thread if 100% is reached soon.
Edit 24/10/2019: Received all 100%.

its name "merit" is enough evidence

Jomi,

I note your recent trade history is with the GBP/ JPY pair and is very short term.
Presume this is because the pair is very liquid and there are many movements to take advantage of intra-day.

I would like to ask you, what information feed or source do you use to identify sudden surges of strength/ weakness in that pair to inform your trade placement.
I am starting on my trading journey and developing an understanding on how professional traders function and their tools used.

Appreciate if you can share this with me.


Many thanks,
Kenny

KennyBoy02,

Thanks for your comment.

I actually have trades that last more than a week and I consider myself a swing trader, not a day trader.

I use mostly price action with momentum and volumes and of course support and resistance.

Its true, I only trade GBPJPY because it has a lot of volatility.

Appreciate you taking the time to respond, Jomi.

Please can you let me know what chart you use for analysing your prospective trade and what indicator do you use for assessing the momentum at that time?


Many thanks,
Kenny

tomorrow at 8:00 GMT try USDNOK--father of volatility

I use only MT4. No indicators. Candles and volume only.

Thankyou, Jomi,

What criteria do you use for your entry confirmation?
Do you look for an overwhelming bullish or bearish candle to confirm the trend direction, combined with a commensurate increase/ decrease in the volume?
Also what duration of chart do you typically look at to form these conclusions.
Appreciate you taking the time out to impart your knowledge on this.

Regards, Ken

hi tom
howlong do you trade forex ?