Merakifx (www.merakifx.com) is a contract-for-difference (CFD) broker, whose domain was registered on November 11, 2021. This broker primarily targets retail and institutional clients, offering trading services in financial derivatives such as forex, indices, stocks, commodities, and ETFs. It does not provide services in jurisdictions where it might violate local laws or regulations.
Corporate Registration Information and Regulatory Status
Information publicly available on the Merakifx (www.merakifx.com) website claims that the broker is registered in multiple countries and has obtained licenses from several regulatory bodies including the Australian Securities and Investments Commission (ASIC) (Trading Point of Financial Instruments Pty Limited), Cyprus Securities and Exchange Commission (CySEC) (Trading Point of Financial Instruments Ltd), Belize Financial Services Commission (IFSC) (Merakifx Global Limited), Cyprus Securities and Exchange Commission (CySEC) (Merakifx Limited), Mauritius Financial Services Commission (FSC) (Merakifx Global Limited), and DFSA (Trading Point MENA Limited).
Upon investigation, it was found that neither the Belize Financial Services Commission (IFSC) nor the Mauritius Financial Services Commission (FSC) have any company named Merakifx Global Limited. Additionally, the Cyprus Securities and Exchange Commission (CySEC) also does not have any registered company named Merakifx Limited. Furthermore, regulatory information of some companies mentioned on the Merakifx website has been plagiarized from the reputed broker XM's website.
Therefore, Merakifx (www.merakifx.com) is essentially a scam website without any corporate entity or regulatory oversight.
Trading Instruments
Merakifx offers a variety of financial derivative trading products, including forex, indices, stocks, commodities, and ETFs.
- Forex: The forex market is the largest and most liquid financial market in the world, involving the trading of different currencies, such as USD/EUR and GBP/JPY. It attracts both speculators and hedgers aiming to profit from or mitigate risks associated with currency fluctuations.
- Indices: Stock indices represent the comprehensive performance of a group of stocks within a particular market or sector. They reflect the overall market performance. Common indices include the S&P 500, DJIA, and NASDAQ Composite. Investors can trade index futures or index funds.
- Stocks: Stocks represent part ownership in a company. Investors buy company stocks to become shareholders, benefitting from dividends and stock price appreciation. The stock market can be divided into domestic and international markets, where investors can choose individual stocks or diversified portfolios.
- Commodities: The commodities market involves the trading of physical goods such as gold, silver, oil, natural gas, wheat, and coffee. Commodity investors trade through futures contracts or spot transactions. This market is influenced by various factors including supply and demand, geopolitical events, climate changes, and global economic conditions.
- ETFs: Exchange-Traded Funds (ETFs) are investment funds traded on stock exchanges, tracking the performance of specific indices, commodities, bonds, or a basket of assets. ETFs combine the trading features of stocks with the diversification benefits of mutual funds, enabling investors to diversify their holdings and minimize risks associated with individual assets.
Account Opening
The steps to open an account with Autu Securities are as follows:
- Visit their official website and click the "Trade Now" button on the homepage to access the account registration page.
- Complete the form with your name, phone number, email, and password, then submit your application.
- Once the application is approved, you can log in, deposit funds, and start trading.
Trading Accounts
The Autu Securities website claims to offer five types of trading accounts: Starter Account, Premium Account, Ultimate Account, Swap-Free Accounts, and Islamic Accounts. However, details regarding spreads, trading leverage, margin levels, trading commissions, minimum/maximum trade volumes, maximum open positions/orders, and minimum price increments are not disclosed.
Trading Platform and Deposit/Withdrawal Methods
AutuSecurities claims to provide users with the cTrader trading platform, available in both desktop and mobile versions. The broker supports deposits and withdrawals via credit card or bank transfer.
Summary
Traderknows alerts investors that Merakifx (www.merakifx.com) is a fraudulent website that has stolen official information from the reputable broker XM. Investors are advised to choose brokers that are transparent, strictly regulated, and reputable to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected Fraud" on Traderknows.
