Mt. Cook Financial
Offers Horrible Trading Experiences
Mt. Cook Financial is a boutique brokerage services providing company. A boutique brokerage service company is a relatively small-sized broker service providing organization. It specializes in personalized services and thus has a limited product portfolio. It works on a special clientele base only. While the company is not functional at a large scale, the lesser-known brand name adds to the worry of the investors. It is always advised to go by the company’s reputation while investing.
Mt. Cook Financial is a financial service provider by Atlantic Pearl Limited, which stands dissolved as if now. It is now held under the Mt.Cook Group of Companies. It is cited to be operating in an agency model capacity only.
Mt. Cook Financial is headquartered in Sydney, Australia. It is regulated under the Australian Securities and Investments Commission ASIC. The other branch offices are regulated under South Africa Financial Services Board (FSB) and Vanuatu Financial Services Commission (FSC). Let us, first of all, clear the illusion of regulation by three different bodies.
ASIC is Australia’s corporate regulator body which acts independently. While ASIC jurisdiction is to Australian clients only, its duty is the enforcement of financial services laws by the companies operating in the continent.
In the year 2017, the Financial Sector Regulation (FSR) Act was incorporated as a law in South Africa. Due to the FSR Act, the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) were formed. South Africa FSB stands dissolved as if now and little can be drawn about the company’s regulation with its superseding agency.
My Mt. Cook Financial review has found that the Vanuatu Financial Services Commission (FSC) is liable for the regulation of banking and financial services in the region of Vanuatu itself.
The company thus is concluded to be an offshore regulated agency. As explained above, the regulation merely does not make a company safe to trade with. You are strongly advised to check the regulation of the company, the regulation of body details and its jurisdiction.
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The company is working in an agency model that provides STP-ECN and STP-DMA services. It is into forex, CFDs, metals, etc.
The company has no options in trading accounts. However, you may opt for a demo account but must complete the exercise before it gets expired.
The single account is provided by the company which can be STP or DMA type. The minimum initial investment is $5,000 which is considerably high. The maximum leverage of 1:100 also gets increased in most of the cases. An amount of $5,000 is very high as compared to other service providers considering it an agency itself. The risk involved in funds trading and exponentially fewer profits incurred makes it the worst-case scenario. Also, the spread is very tight and commission fees are charged according to the trading trends.
PAMM accounts with specialized account managers are also available with the company. Needless to say, along with high initial investment, you have to spend extra dollars for the same.
Thus, the company only targets a smaller section of investors i.e. the institutional traders and the professional traders. Mt.Cook Financial is not suitable for amateur traders. If you want to learn trading while implementing your investment strategies, it is not a good option for you.
Their Trading Platform
Like many other brokers, Mt.Cook Financial provides services on the Meta Trader 4 platform.
MT4 is undoubtedly the best CFD trading, futures, and forex trading platform available in the market. It is developed by a US-based technical giant, MetaQuotes Software Corporation. Every user has access to complete the analytical power of the platform without any additional costs. The built-in programming language allows you to develop customized indicators and automated trading solutions. It is easy for traders to change brokers over MT4 without adjusting to the new interfaces. Demo account with full access to services creates a user friendly environment for the first-timers as well.MT4 is supported by almost all desktop and mobile application software.
Mt. Cook Financial, unlike its competitors has not kept the platform user-friendly but has added specific configurations. Trades are entered through Meta Trader GUI’s.
Social Trading Services
The company also offers two products in social trading services. Myfxbook’s auto trade and Zulu. These services copy the best trader deals.
Myfxbook’s auto trade requires a minimum investment of $1,000 to start your account. While you are fed with a huge amount of data on myfxbook’s auto trade, there is no option to filter out the list of the brokers. For example, if you are in the US and are looking for US-based brokers only, but you have to go through all of the available brokers. Also, brokers do charge an extra commission per trade using myfxbook’s auto trade. This information is not available clearly on the platform so the trader has to contact each broker differently to get information on the commission charges.
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Zulu trade has a considerable amount of inconsistent signal providers. There is a risk while copying the trades of any person using your demo account. You may be simulating using your capital funds. The signal providers on Zulu trade are not vetted by the company. Another drawback is the constant need for observation required and it is not a user-friendly platform especially if you are a fresher in trading.
Modes of Payment
Mt. Cook Financial accepts bank wire, Neteller, China Union Pay for depositing the funds. While withdrawing your funds, you have to pay a fixed fee of $25 which is not genuine. Customers have to pay to withdraw their funds. Response time is also slow as compared to competitors. No more options for depositing or withdrawing the funds are available.
The company claims to provide live chat, email, and support to US and EU clients over the phone as well.
Social Media Presence and Website
Our Mt.Cook review is not able to find any working social media accounts of the company. The investment industry thrives on the online reputation of the company. While it boosts user engagement, it engages the customers to check the previous user’s experience and can share their opinions as well.
There is no awareness of the brand on any social platform.
Not an Attractive Boutique
Being a boutique brokerage agency, the minimum initial investment limit is very high as compared to the facilities provided with the account. The customized services can’t be bought at extremely high prices.
Mt.Cook Financial is not regulated in the E.U., the U.S., and the U.K. Thus trading with an offshore company becomes a risk involving high funds.
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Out of the options available for trading platforms, best is the most accepted and used Meta Trader platform only. More options with an actual comparison between the choices can help the investors to choose the best for their trading styles.
The company charges considerable amounts as commission against various services and the products are specific only for professional traders.
Withdrawing your funds using the bank wire channel from Mt.Cook attracts an additional fixed cost of $25. There are limited options for depositing and withdrawing funds. Credit cards, Debit cards, Bank transfers, other e-wallets are not available.
My Mt. Cook Financial review didn’t find them satisfactory. Being an offshore broker, license terms are not cleared on the website and it targets a particular customer segment only. The withdrawal fees, commission charges, minimum initial deposits, are relatively high. It is recommended not to fall prey to short term profits while risking your funds with Mt.Cook Financial.
The commission and payment charges are too high. They have kept their licensing details ambiguous to deceive traders.
- Not Regulated in the EU, and the US
- High Minimum Deposit
- Greedy Commission
- Excessive Transaction Fees