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MEXGroup.com / MexExchange.com (was IkonFx.com) Review Visit site

Updated: Dec 18, 2018
2.282 · 32 REVIEWS
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November 2018:  The FPA received an email from a lawyer claiming to represent Naser Taher, MEX Group Worldwide Limited and MEX Fintech Limited.  The email claimed that "Third Parties may be in contempt of Court if they knowingly assist in or permit a breach of this Order" regarding some posts a 3rd party made in the FPA's forums. There are posts at the FPA which were made by a 3rd party before the email arrived. The FPA does not assist or prevent 3rd parties from posting complaints.

The FPA is very disappointed to see another attempt by a MEX company to use legal claims to interfere with the ability of third parties to post.
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. 
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
MEXGroup.com / MexExchange.com (was IkonFx.com)

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Case IDFiledCase nameVerdict
2011-0622011-08-11Mike$ vs. IkonFxresolved

MEXGroup.com / MexExchange.com (was IkonFx.com) profile provided by MEX Australia, Sep 4, 2018

Hello traders,

I know this field is usually used for a company profile statement but for now I thought it would be best for me to post here for everyone to see.

My name is Tyson Calvo, I joined MEX Exchange Australia six months ago to lead their Sales Division here in Sydney. You can find a photo of me here to put a face to the name: www.mexexchange.com/about-us/company-profile/

I started my career in the retail FX market in 2010, working for one of the largest Australian owned brokers (Axitrader) and served a tenure of six and half years.

Thankfully, I have had some great mentors in my time who have taught me the core values of maintaining and building an FX firm with prosperous sustainability.

I understand that a broker’s online reputation is paramount to their growth; yet in saying that I respect this truly has to reflect the standard of service and integrity which the broker provides to the market. I am a firm believer that we as brokers don’t have a purpose without our clients, their value should always be appreciated as our client’s perception of us paves the way for our growth in the market.

With all this in mind, since joining MEX I have been laser focused on building MEX Australia’s product by offering transparency and performance, therefore ultimately improving trust and positive brand awareness for MEX Exchange Australia.
We have been investing in infrastructure and trading support via an array of new relationships with reputable providers.

I personally have been strategically creating marketing plans and sales funnels supported by helpful trading tools to improve our user experience.

To my regret, it seems that some users have not had the best ‘user experience’ for a range of different reasons.

Therefore I would like to put my hand up and step in to offer my availability to anyone that would to like to have a chat and provide me the opportunity to restore some faith and address any uncertainty that might be associated to MEX.

My email address is: t.calvo@mexexchange.com

Best regards,

Tyson Calvo
Sales Director - MEX Exchange Australia

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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.

More. Community discussion of this issue >>

Reply by MEX Australia submitted Oct 31, 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"

Jacob,
Brisbane, Australia,
Oct 23, 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.
Reply by MEX Australia submitted Oct 31, 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.

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.
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
fxtrader99,
Australia,
Sep 27, 2018,
Registered user

Voiding Trades at key GBP trading times

Trades placed in 3 time periods (2 minutes to 5 minutes) on September 5 were voided by Mex Australia removing several thousand dollars from my account. They had a problem with a liquidity provider who voided the trades if I've understood correctly, the only problems being during those key trading times relating to GBP/Brexit, otherwise there were no delays or voiding of trades. While I don't doubt the provider, not Mex, is the source of the problem I feel the company is still responsible to at least provide compensation for funds removed from accounts to at least match the profits made at brokers not experiencing the problem. Mex staff have assured me they will try to avoid such problems in future, but it does not make up for funds removed. While I'm sympathetic to their situation, a complaint has been filed with the Financial Ombudsman outlining the situtation hoping that a solution can be reached.
Mindaugas,
Lithuania, Lithuania,
Sep 24, 2018,
Guest

Mex Exchange - SCAM

Hello, I want to say something about this broker. I have an account with Mex Exchange. One day my EA made huge profits. And Broker cenceled it. After cnversation by email, after three weeks broker didn return my profits. I complaint it to Financial Ombudsman Service Australia (FOS). We will see how it ends.
My avice - get away from this broker!!!
gizzard,
Melbourne, Australia,
Sep 21, 2018,
Guest

Excellent customer service with Mex Australia

Similar experiences for me too dealing with the Australian office. Mex had been recommended to me but I was hesitant to use them as I had not heard of them and their reputation was worse than poor according to forums such as this.

I had a call from Tyson within minutes of applying for an account and thought "Oh no, another account manager that phones you each week to see how you and your trading are going". However, that proved to be the only call that I received. All other correspondence has been by email so they let you get on with your trading.

Deposits and withdrawals were as fast as any broker that I have dealt with and no holding them up while they check whether you really want to withdraw your money like some other brokers.

I only had 2 problems. A referral code I entered when I signed up didn't have any impact. I thought that I'd get a reduced commission rate but didn't. I never followed this up to see if I could get it adjusted.
The other was that the rollover/swap rates changed dramatically overnight without warning which impacted some carry trades that I had placed.

All in all, though, about the best broker that I have used.
Max,
Brisbane QLD, Australia,
Sep 21, 2018,
Guest

Highly recommended.

My name is Max and I have been trading in various different financial assets for the last 9 years and the last 4~5 years in Forex industry.

I have been fortunate enough to meet Tyson as my broker as I was starting my forex journey. Since the beginning my relationship with Tyson was great; he realistically managed my expectation with transparency, he was professional, valued his clients; and an extensive knowledge behind running the technical side of brokerage. This proved to be a valuable asset as having Tyson as my broker; as he understood what a trader might experience during his trading career and was there to help in the best way to suited to my needs.

When Tyson moved "MEX Exchange Australia" I contacted him to try out the new firm he had joined.

My experience when I started with MEX was excellent, all my application was processed quickly and I was up and online within 24 hours. I have been with many other brokers in my years of trading and MEX Exchange AU has to be on top of my list.

They offer competitive spreads across all the FX pairs, and lowest in commissions. The withdrawal and deposit processing times are almost instant (no other brokers I've come across can actually offer this) as long as you have NAB fast payment set up.

Lastly and most importantly is the customer service, Tyson personally handles my accounts I can always contact him on rare occasions when I have a problem and he is able to help very quickly and professionally. If you are an experienced FX trader yourself or just starting out, I can whole heartedly recommend them.
ferni,
Melbourne, Australia,
Sep 14, 2018,
Registered user

Good Customer support, good trading conditions

I've been trading forex for around 5 years in which I've tried a few different brokers, one key thing to look for is if they are regulated (I prefer ASIC regulated as I'm Australian). I came across Mex Australia early 2018 who are ASIC regulated and a holder of AFSL so decided to give them a try. At first, I was hesitant due to some of the history/other reviews, but I can honestly say I've only had good experiences.

Spreads are competitive with the major players in Australia, deposits and withdraws are processed same day. Tyson has been looking after me as a customer since I joined.

Customer service has been great, prompt help/responses. Will continue to trade with them while they continue the good service
Simon,
Melbourne, Australia,
Sep 12, 2018,
Guest

Mex Australia

I have been trading with Mex Australia for the last 6 months and have been impressed with the level of friendly service I have received from my account manager Tyson. My deposits and withdrawals are always filled quickly. I would recommend the current team at Mex Australia.
Jerry,
Australia,
Sep 6, 2018,
Guest

Genuine, honest broker with excellent execution & service! Highly Recommend!

I can see a lot of negativity towards Mex Exchange Australia on this thread, but I genuinely believe that the new Mex Exchange Australia owners and management team are now completely different to the problems of the past because I have only had very positive experiences with Mex since I started trading with them in March 2018.

I have always had my deposits and withdrawals processed very quickly and without issues regardless of the size of my withdrawals.

Their execution and spreads are comparable to the other bigger players in Australia, like IC Markets and Pepperstone and their customer service has been nothing but exceptional.

They have always been attentive to my needs and their Sales Director, Tyson, seems to understand what I want and he has always tried to accommodate my needs when reasonable.