MEXGroup.com / MexExchange.com Review

2.225 • 37 REVIEWS
Formerly IkonFx.com Also multibankfx.com
Updated: Mar 28, 2024
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February 18, 2019:  There is a sealed court order regarding a number of posts about members of the MEX group of companies. Part of that order forbids any new posts which make certain claims regarding MEX.

The FPA is not equipped to determine which new posts and reviews are or are not in violation of this order. The FPA will also not run a review page or discussion thread that does not permit reviewers to discuss and question all aspects of a company.

For now, the FPA will not be accepting new posts about any MEX company or new reviews about any MEX company. How long this restriction lasts is up to the court.
December 2017:  The FPA has posted an open letter to the CEO of MexExchange.  This letter deals with a lawsuit threat from MexExchange against the FPA for displaying factual connections between Mex companies and Ikon companies.  CLICK HERE to see the letter and evidence of these connections.

The FPA questions the ethics of trying to hide facts by using legal threats. 

February 2019 Update:  This issue has been partially resolved.
2016:  There have been two more instances of forums abuse from MEXGroup. CLICK HERE to see the first one and CLICK HERE to see the second.

The FPA is sad to see that the bad behavior started under IKON has continued with MEx Group.

October 2010-October 2013:  Multiple Spamming Incidents in the FPA's forums by Ikon employees.

October 2014:  Ikon Fx has contacted the FPA and promises to keep employees from committing any further abusive actions.

October 2010: Another branch of the Ikon companies, Ikon GM, was fined by the NFA for using a virtual dealer plugin to cheat traders.  Click here for details.
Formerly IkonFx.com

Other websites of this company include MExExchange.com (Australia), MExGroup.co.uk (Europe),  Mex.hk (Hong Kong), and multibankfx.com.

IBs include forex.com.vn
2.225 • 37 REVIEWS

Recent User Reviews of MEXGroup.com / MexExchange.com

A
Alexsn
Ukraine,
Feb 5, 2019,
Registered user

I am happy with trading and services with Mex Group. Сompany completed withdrawal profits. Support service reliably answers by chat or by email.
W
walid197
UAE, United Arab Emirates,
Jan 29, 2019,
Registered user

Its very good company in forex related and you can deposit and withdraw fast and easy. go for https://multibankfx.com
B
Bahadur
China, Hong Kong (Inside the offices of MEX/MultiBank),
Jan 28, 2019,
Guest

MultiBank is good (and pays my salary)

I am working with MultiBank Group since 2014. Firstly I wanted to try and see if the lowest spreads they are offering is true. I started ECN trading with them and made good money in first 6 months. There were vew problems which their technical teams solved for me on time as their customer service is easy to access through live chat on their website. I don't know why this broker has been reviewed like thsi on this forum. It is my fifth year with them and I am quite happy with the results and my clients are also happy.
Forex Peace Army
Review moderation team note
5 Star Rating Removed.  Per FPA policy, this review has been set to Zero stars.

This review came from inside the Hong Kong offices of MultiBank/MEX.

The FPA does not appreciate the repeated spamming incidents in the forums and reviews by this company.
G
Greg
Melbourne, Australia,
Jan 14, 2019,
Guest

Very happy with MEX

I'm a Trader for a company that has been using with MEX Australia for a year now. Our clients deal with them on a daily basis and have always reported good experiences back to us.

Tyson handles our business and manages our clients with realistic expectations. He consistently demonstrates an unrivalled level of friendly and prompt professionalism.

So a big thumbs up, ask to deal with Tyson and you can see for yourself. =)

Regards,
Greg
M
maianhdung
Ho Chi Minh, Viet Nam,
Jan 11, 2019,
Registered user

The scammer broker !
Mr Naser, do you remember the DEMO CONTEST ? The winner did not reciev the price. MEXGroup delete all the videos and proves.
Please careful with this broker.
1 trader has found this review helpful
J
john
Mexico,
Jan 9, 2019,
Guest

They are scammers!!! They say they present no deposit bonus, but when I asked them for it they were gone. They have been offline since then and don't reply to my email any more. They are not a serious broker. Stay away from them if you don't want to lose your money.
M
Matjaz
Slovenia,
Dec 18, 2018,
Guest

Happy with services and get profits on my bank

I am trading with Mex for one year and I have made profits and they were withdrawal it. I am happy with them services until today.
C
chitak
Sofia, Bulgaria,
Oct 28, 2018,
Registered user

MexExchange AU cancelled profits of over 11000 EUR.... MEX BVI cancelled over $5000 more

MexExchange AU cancelled large amount of profit citing liquidity provider 'issues'. I am posting a more detailed description in the scam alerts folder.

But to summarize, I trade around volatile times, and MEX decided to cancel profits of over 11000 EUR without giving me a good reason, They simply said the LP did not honor trades, but I am trading with MEX not another entity.

This is wrong and I will be filing complaints with the regulator about this matter.

If you intend on making profits with this broker keep in mind they will cancel profits as they see fit.


MEX BVI cancelled profits for 6 months time frame, for no good reason

In September MEX cancelled profits of USD 5,882.80. The scam here is because the profits are basically almost all my profit going back to March 2018. I waited until now as I was slowly withdrawing my account balance from MEX so to not draw attention and be faced with more stealing of my money

Mex group simply said because I used a scalping system they're cancelling my profits. This is MEX BVI... But around the same time MEX AU(where I also have accounts) cancelled a large amount of profits as well, those two actions by MEX appear to be related. I am posting a more detailed complaint in the scam alerts folder and will be filing complaints with regulator.
C
Reply by MEX Australia submitted Oct 30, 2018:
Hi Alexander,

We can’t address the BVI entity as we are a separate operation. However will gladly address all enquiries related to MEX Australia.
Therefore we kindly refer you to our detailed reply with regards to this unfortunate situation.
We think our reply is being missed here. So we thought it's best to repost our reply for your reference:

"Hello MEX Traders,
Our intention of this post is to honor the statement which our Sales Director posted in the ‘company profile’ section on FPA, by professionally responding and defending the upcoming reputation of MEX Exchange Australia.

Therefore, we felt the need to chime in on this post as it only seems fair to elaborate with sincerity on the full scenario for public acknowledge.

MEX Australia is constantly optimizing our infrastructure to improve the user experience for our clients and its disappointing to read unilateral statements on a very unfortunate infrastructure issue that we as firm experienced along with our clients via a 3rd party provider.

As we use a significant amount of 3rd party services and technology, we like any business can experience issues from time to time.

Due to an LP experiencing a significant ‘time’ delay in their price feed for all GBP pairs, MEX was notified that we would have all trades voided that were executed during the delay.
This means ‘Trade Losses as well as Profits’. Unsurprisingly, traders are not requesting for their trade losses to be reinstated, nevertheless we provided ALL enquiring clients a significant amount of evidence for our clients to review. Such as tick data with price and ‘time’ stamps for all GBP pairs, bridge tickets from our bridge provider and separate tick data with no price delay for our valued traders to review for themselves.

We are a price ‘taker’ as we are ‘taking’ the price from liquidity providers who are ‘making’ the price. Ultimately, our clients face us and we face our liquidity providers, evidently facilitating a very unfortunate ripple effect down the line.

OTC FX pricing can be complicated at the best of times. So an easier analogy to use might be for example, say there is a Wholesale Car Dealer providing cars to a Retail Car Dealer who is then selling services/products to public consumers/end users.

Now, if the Wholesaler Car Dealer had an issue/fault with their products that they provided to the Retail Car Dealer who was then selling those products to public consumers/end users, these faults or issues may not be noticed until it reaches the end user.

Due to this fault the Wholesaler Car Dealer would then ‘recall’ those cars from the Retail Car Dealer who then ‘recalls them from the end user.

Now some users may have been able to purchase the same ‘type’ or similar car from another retail shop without having that issue or fault as that Retail Shop was using a deferent Wholesaler.

So in this this real life trading situation, the Wholesaler is the ‘Liquidity Provider’ the Retail Shop is ‘MEX Exchange’ and the end users are the ‘MT4 traders’. I know this analogy may not be an ‘exact’ comparison but it does provide more clarity and another side of the coin.

Evidently, the decision our LP made was to void ALL trades that were executed within those time frames, which means a lot of trade losses as well as profits, conveniently clients don’t mention trade losses being voided.
Traders were not negatively affected, remediation involves ‘netting off’ any trades placed it those timeframes to be ZERO, meaning no one will be better or worse off.

MEX is a customer focused business, we are constantly striving to exceed our customer’s expectations, as a consequence of this unfortunate event we understand that some customer’s may feel that we have failed to meet their expectation and no one is more disappointed about this than us.
However we assure the current and prospective clients of MEX that this focus has not, and will not change and MEX have taken the feedback and subsequent remediation of this situation with the seriousness it deserves.
As far as individualized situations, we are more than happy to professionally discuss them outside of the forum in more detail.
Best regards,

MEX Exchange Australia"

J
Jacob
Brisbane, Australia,
Oct 22, 2018,
Guest

Mex Scam

All these reviews from Australia are obviously fake. Mex exchange/Mex group is possible the worse broker I ever encountered. All the operations are actually done in China and the office in Australia serve only as face for clients. What they actually offer is the same old B-Book model.
J
Reply by MEX Australia submitted Oct 30, 2018:
Dear Jacob,

We would like to reassure you that all of our positive reviews are 100% real clients of MEX Australia and genuine reviews. We are not a scam trying to wrongfully do clients.

We encourage you to please review our reply to the post below of ‘Dave.Yellow.’ and of course contact us anytime if you have any questions or concerns, we are here to help.

Kind regards,

MEX Exchange Australia.

D
Dave.Yellow
Singapore,
Oct 15, 2018,
Registered user

MEX voided our trading profits made on 5 September 2018

MEX voided our trading profits made on 5 September 2018. We wish to emphasize that all our trades on GBP pairs were legitimate trades based on market price action to the UK Brexit. Similar trades were placed and honored by other brokers. However, MEX told us that they voided our trades because their liquidity provider (LP) voided their trades. This is rather absurd because we were made liable and to suffer for something which we did not commit and which was not even our fault to begin with. For a sizable amount of trading profits, there was neither any compensation offered by MEX nor any offer to adjust the traded prices to an acceptable level. MEX has failed to protect its clients' interest and resorted to outright cancellation of clients' hard earned profits to protect itself. In addition, MEX's replies to our complaints were generic and makes us wonder if they took our complaints seriously.
D
Reply by MEX Australia submitted Oct 18, 2018:
Hello MEX Traders,

Our intention of this post is to honor the statement which our Sales Director posted in the ‘company profile’ section on FPA, by professionally responding and defending the upcoming reputation of MEX Exchange Australia.

Therefore, we felt the need to chime in on this post as it only seems fair to elaborate with sincerity on the full scenario for public acknowledge.

MEX Australia is constantly optimizing our infrastructure to improve the user experience for our clients and its disappointing to read unilateral statements on a very unfortunate infrastructure issue that we as firm experienced along with our clients via a 3rd party provider.

As we use a significant amount of 3rd party services and technology, we like any business can experience issues from time to time.

Due to an LP experiencing a significant ‘time’ delay in their price feed for all GBP pairs, MEX was notified that we would have all trades voided that were executed during the delay.
This means ‘Trade Losses as well as Profits’. Unsurprisingly, traders are not requesting for their trade losses to be reinstated, nevertheless we provided ALL enquiring clients a significant amount of evidence for our clients to review. Such as tick data with price and ‘time’ stamps for all GBP pairs, bridge tickets from our bridge provider and separate tick data with no price delay for our valued traders to review for themselves.

We are a price ‘taker’ as we are ‘taking’ the price from liquidity providers who are ‘making’ the price. Ultimately, our clients face us and we face our liquidity providers, evidently facilitating a very unfortunate ripple effect down the line.

OTC FX pricing can be complicated at the best of times. So an easier analogy to use might be for example, say there is a Wholesale Car Dealer providing cars to a Retail Car Dealer who is then selling services/products to public consumers/end users.

Now, if the Wholesaler Car Dealer had an issue/fault with their products that they provided to the Retail Car Dealer who was then selling those products to public consumers/end users, these faults or issues may not be noticed until it reaches the end user.

Due to this fault the Wholesaler Car Dealer would then ‘recall’ those cars from the Retail Car Dealer who then ‘recalls them from the end user.

Now some users may have been able to purchase the same ‘type’ or similar car from another retail shop without having that issue or fault as that Retail Shop was using a deferent Wholesaler.

So in this this real life trading situation, the Wholesaler is the ‘Liquidity Provider’ the Retail Shop is ‘MEX Exchange’ and the end users are the ‘MT4 traders’. I know this analogy may not be an ‘exact’ comparison but it does provide more clarity and another side of the coin.

Evidently the decision our LP made was to void ALL trades that were executed within those time frames, which means a lot of trade losses as well as profits, conveniently clients don’t mention trade losses being voided.
Traders were not negatively affected, remediation involves ‘netting off’ any trades placed it those timeframes to be ZERO, meaning no one will be better or worse off.

MEX is a customer focused business, we are constantly striving to exceed our customer’s expectations, as a consequence of this unfortunate event we understand that some customer’s may feel that we have failed to meet their expectation and no one is more disappointed about this than us.
However we assure the current and prospective clients of MEX that this focus has not, and will not change and MEX have taken the feedback and subsequent remediation of this situation with the seriousness it deserves.
As far as individualized situations, we are more than happy to professionally discuss them outside of the forum in more detail.
Best regards,

MEX Exchange Australia