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MahiFX Opinions

  • #1
  • First Post: Mar 5, 2012 3:10am Mar 5, 2012 3:10am
Hi Folks.

There's a new broker around. It's called MahiFX.

What do you think about them ?

Regulated by ASIC and claiming they'll offer the "same" conditions the institutionals have....

Hmmm....can we trust them ?
  • #2
  • Mar 5, 2012 7:30am Mar 5, 2012 7:30am
Spreads look good, but the trading platform is poor in my opinion, especially the charting. Perhaps they didn't finish it yet?
  • #3
  • Mar 5, 2012 9:20pm Mar 5, 2012 9:20pm
Quoting mrjinks

Hmmm....can we trust them ?
I wouldn't

Quote
We’re a Market Maker, which means we set the rates and take on the risk ourselves

straight from their website
  • #4
  • Mar 6, 2012 12:53am Mar 6, 2012 12:53am
Quoting mrjinks
Hi Folks.

There's a new broker around. It's called MahiFX.

What do you think about them ?

Regulated by ASIC and claiming they'll offer the "same" conditions the institutionals have....

Hmmm....can we trust them ?
Never heard of them, do they offer MT4?
  • #5
  • Mar 7, 2012 1:35am Mar 7, 2012 1:35am
i Just tried it, very good prices. market orders are executed instantly
  • #6
  • Mar 7, 2012 2:59pm Mar 7, 2012 2:59pm
Their "Offices" are residential apartments. This does not bode well.
  • #7
  • Mar 8, 2012 1:30am Mar 8, 2012 1:30am
Thanks for your interest in MahiFX. We can assure you that MahiFX is fully regulated under ASIC. There was a major earthquake in Christchurch in Feb 2011, which means there are very few office blocks left in Christchurch now. Office space is predominantly residential.

This bares no reflection on the company and our activities and we take our ASIC requirements very seriously. The sole reason we selected NZ as our base and Australia as our regulator is because the co-founder David Cooney, a New Zealander, resides there, as do many of the team.

David Cooney was part of the team that created BARX, Barclays Capital's award winning FX platform. The MahiFX platform is an evolving product and we welcome feedback on functionality.

We invite you to try the platform for yourself with a free demo. As one reader points out, we do offer very aggressive spreads. There is also a new release in charting coming shortly which will have many of the features requested by our clients in the past few weeks. We look forward to evolving the platform further.

If you have any specific questions, feel free to contact us at [email protected].
  • #8
  • Mar 10, 2012 9:23am Mar 10, 2012 9:23am
What are your commission charges on 1million notional round-trips (each side)?

What are your deposit requirements?
"I made all my money by selling too soon"
  • #9
  • Mar 10, 2012 9:27am Mar 10, 2012 9:27am
Also, why do you charge clients to access their money? I'm aware some other brokers do it but that doesn't mean you should follow them especially as it wouldn't cost you a penny to transfer from a UK to UK account!

Quote
Charges
Quote

The following fee schedule applies to withdrawal requests made via bank transfer / wire and credit card:
Credit cards:2.5% for any currency
Bank transfer:no fee
Bank transfer fee
AUD15.00
CAD15.00
USD15.00
NZD20.00
EUR12.50
GBP10.00
JPY1200
"I made all my money by selling too soon"
  • #10
  • Mar 12, 2012 3:57am Mar 12, 2012 3:57am
Hi Bleek

Thank you for your interest in MahiFX.

MahiFX doesn't charge commission and there is no minimum deposit.

We make our profit entirely from the bid/offer spread.

MahiFX doesn't charge anything to withdraw funds. These charges come from our bank (NAB based in Australia) We would rather be explicit about these withdrawal costs than hide them in the form of commission or additional spread. This enables us to maintain our very competitive pricing.

More info on our spreads can be found here https://mahifx.com/spreads/
If you have any specific questions, feel free to contact us at [email protected]. or you can visit our FAQs page here https://mahifx.com/support/faq/
  • #11
  • Mar 12, 2012 7:39am Mar 12, 2012 7:39am
Quoting MahiFX
Hi Bleek

We make our profit entirely from the bid/offer spread.
Also from taking the other side of trades
  • #12
  • Mar 13, 2012 4:44pm Mar 13, 2012 4:44pm
Quoting grooler
Also from taking the other side of trades
It does say in their PDS that they are the counterparty to all trades. Isn't that true of market makers anyway?
  • #13
  • Mar 14, 2012 2:06am Mar 14, 2012 2:06am
Quoting grooler
Also from taking the other side of trades
Yes that's right. In any foreign exchange transaction somebody is always taking the other side of the trade.

We as a market maker only take the other side of a trade because we think its the most efficient means of allowing you to trade when you want.

In the natural order of things, we have some clients who wish to buy and some who wish to sell. We do our level best to provide the best bid to the sellers and the best offer to the buyers.

If a client buys or sells to us, we would like to then see another client take the other side of that immediately. As that doesn't always happen immediately we take on the risk so that a seller can be matched off with a later buyer. There is no interference in this process on our part.

We hope we have addressed your concerns

Regards

MahiFX
  • #14
  • Edited 10:09pm Sep 13, 2012 7:02pm | Edited 10:09pm
Any new updates from live traders with this broker?

Ok guys, I just opened a live account with MahiFX after a week of demo. The thing that attracts me at first is the ability to trade 1 unit of currency just like Oanda.

I submitted my documents around 9:00 PM today and 1 hour later, I got a reply that the account is ready for funding. I funded the account with $308 CAD through credit card and the amount instantly appeared in my account. CC transaction was 2.5% of the amount.

I will see how I feel about the broker until the end of the year. If I like it then I will add more funds early next year.

I will update this thread maybe every weekend and let you know of the pros and cons.
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Fear prevent possibilities, and so does Greed
  • #15
  • Sep 19, 2012 7:43pm Sep 19, 2012 7:43pm
Spread snapshot taken around 10:39 pm EST.
Attached Image (click to enlarge)
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Fear prevent possibilities, and so does Greed
  • #16
  • Sep 26, 2012 9:51pm Sep 26, 2012 9:51pm
Spread snapshot taken September 26, 2012 @10.45 pm EST.

Execution is fast for me. I am not a scalper, so I so not know what kind of speed an scalper is looking for MahiFx speed to be acceptable.
Attached Image (click to enlarge)
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Fear prevent possibilities, and so does Greed
  • #17
  • Sep 26, 2012 11:45pm Sep 26, 2012 11:45pm
Quoting xtrader101
Spread snapshot taken September 26, 2012 @10.45 pm EST.

Execution is fast for me. I am not a scalper, so I so not know what kind of speed an scalper is looking for MahiFx speed to be acceptable.

Scalping needs tight spreads end of.
Broker indicates they make the commission out of spreads so there will be a mark up.
Other brokers offer alternative fee structures rather than one.
Good luck
  • #18
  • Oct 2, 2012 4:07am Oct 2, 2012 4:07am
Xtrader101 – welcome to MahiFX and we are pleased to hear that you are enjoying the institutional level spreads execution speeds of the MahiFX platform, in addition to being able to practice scalping – a trading strategy that not all platforms provide for.

In terms of the cost of trading on the MahiFX platform, as a market maker we have cut out the middle man which means we can pass on better pricing to you. In most cases, this allows us to offer better prices than our competitors. We believe in transparency and as such do not charge any mark-ups, commissions or brokerage fees. There is no dealing desk and no re-quotes. All of the transaction costs to you of trading are included in the very tight spreads that we offer. We invite you to visit our online calculator that demonstrates just how much tight spreads really do matter - by comparing currency pairs and brokers. It can be found at: https://mahifx.com/spreads/

Feel free to contact us at [email protected] for any questions you might have.
  • #19
  • Oct 2, 2012 5:26am Oct 2, 2012 5:26am
I want to be clear that I am not scalping and not planning to do so. I am just showing here the spread and also commented on the execution that I think is highly acceptable to my trading style.

I do not know what kind of speed scalpers are looking for, so it would be better for them to check out MahiFx for themselves.
Fear prevent possibilities, and so does Greed
  • #20
  • Oct 17, 2012 7:56pm Oct 17, 2012 7:56pm
It's been weeks since my last update of MahiFx.

For a month of trading with microlots, I have no complaints. With my trading style, not a scalper), execution has been pretty good. Support was good when I called them up. No experience yet with withdrawal, so no comment on that.

I am not recommending MahiFx, i'm just stating here my experience. Trader should do their own diligence.
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Fear prevent possibilities, and so does Greed
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