MelbourneFX (melbourne-fx.io) has been flagged by ASIC (Australia) for "Unlicensed". Related Investor Alert: https://moneysmart.gov.au/check-and-report-scams/investor-alert-list#!melbournefx-melbournefx-io-and-melbournefx-client-io--2855
Phones: +61281883542, +442039947534
Addresses: 121 Prodromou Avenue, Nicosia 2064, Cyprus This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: melbourne-fx.io.
I am in a dispute with MelbourneFX (melbourne-fx.io) over a trade that was clearly erroneous. The price shown was wrong, I closed at a profit, and they reversed the trade and took the money back. They said it was a system error. So I lose and they keep? Unacceptable.
Pros: Segregated accounts|Intuitive for beginners
Cons: Withdrawal takes 1-2 business days|Limited social trading features
My withdrawal request from MelbourneFX (melbourne-fx.io) has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Two-factor authentication|Copy trading available|Intuitive for beginners
Cons: No phone support on weekends
The mobile app from MelbourneFX (melbourne-fx.io) is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Segregated accounts|Personal attention|Regular updates|Copy trading available
Cons: Nothing significant
KYC with MelbourneFX (melbourne-fx.io) is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Professional team|Fast support response|Demo account available|Excellent charting
Cons: Withdrawal takes 1-2 business days|Limited demo account features
MelbourneFX (melbourne-fx.io) changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Personal attention|Detailed reporting|Demo account available|Competitive fees
Cons: Desktop app not available on Linux
MelbourneFX (melbourne-fx.io) advertises low fees but once you dig into the fine print, there are numerous charges that add up quickly. Inactivity fees, withdrawal fees, currency conversion fees - it all eats into your returns. I wish I had read the terms more carefully.
Pros: Intuitive for beginners|Automated trading options|Comprehensive tools
Cons: Spreads widen during volatile periods