MahiFX was established in 2010 and is regulated by ASIC (Australia). It is a new online retail foreign exchange (FX) trading business based in New Zealand with offices in London. MahiFX operates as a market maker providing continuous, dealable FX rates to retail customers that wish to trade on a margin/leveraged basis.
Due to CFTC regulations MahiFX is unable to accept account applications from residents of the USA or its citizens, and there is no Islamic account available. MahiFX offers customers the same spreads FX institutional traders have access to with no added extras, no minimum deposits and no minimum trade size.
Although there is no minimum deposit required to open a MahiFX account, your account balance will limit the amount of trades you can execute. The maximum trade size with MahiFX is generally 5 mio units of the left hand side currency, but this varies by pair and timezone.
This broker supports the following trading platform:
- The MahiFX platform By Mahi FX
MahiFX provides demo accounts for practice for a 30-day period. Under certain circumstances, they will authorise an extension. However once signed up to a MahiFX live trading account you will have access to an on-going practice account to try out new strategies with virtual funds.
A wide range of account currencies is available for clients of MahiFX: AUD, JPY, GBP, NZD, USD, CAD, EUR. MahiFX offers a maximum 50:1 leverage which this broker believes is sufficient to meet the needs of the majority of the traders, particularly given the efficiency provided by their cross margining.
Moreover, there are fixed charges for withdrawing funds from account, they are dependent on the currency and your credit card. There are restrictions on the maximum amount you can transfer from your credit card: the maximum single deposit is 15,000 units of base currency and there is a monthly limit of 45,000 of base currency.
MahiFX frequently publishes tables with the base spreads across all time zones, data showing what percentage of time they meet their target spreads in the 7 day spread data table.
The MahiFX platform supports its clients with a wide range of educational tools and resources for traders of all experience and skill levels, traders will have access to learning resources that include webinars, video tutorials and community discussion forums as well as free access to news feeds.
MahiFX online trading platform is supported 24 hours 5 days a week by a professional customer support team via phone and email in English.