XAU Merlion Review – Legit Cambodian Broker With Average Service
XAU Merlion Review – Legit Cambodian Broker With Average Service

XAU Merlion is a Cambodian brokerage brand regulated by the jurisdictional regulator. Although the company itself is respectful of the ruling legal directive in the country, the licensing standards are different from those in developed areas. How that divergence affects investors and what are the potential risks is what our XAU Merlion review thoroughly examines.

Regulated by: SERC, FSC
Is This Company Safe? Although regulated, caution is advised due to lax regulation.
Known Websites: merlionfx.com


Have Warnings from: N/A
Registered in: Mauritius/ Cambodia
Operating since: 20-12-2019
Trading Platforms: MT4
Maximum Leverage: 1:100
Minimum Deposit: $50
Deposit Bonus: Not available
Trading Assets: CFDs on Forex, CFDs on Crude Oil, CFDs on Indexes
Free Demo Account: Available 
How to  Withdraw from This Company? Lax regulations don’t guarantee safe withdrawals! Contact us promptly for legal support in the process of payouts.

Offshore License Isn’t Trustworthy

XAU Merlion Financial Co., Ltd is regulated by SERC, while the other branch, Merlion Global, is regulated by FSC. While both companies own some sort of Forex license, they cannot be considered as safe as Tier 1 license holders. 

For example, the two basic conditions for a SERC license are the operating capital of $250,000 and security bond equivalent to 15% of the company’s capital. FSC is a known offshore regulator that also imposes low regulatory criteria which make their licenses worth no more than a piece of paper and not much different than faux service providers like Prime Asset Trade.

If you wish to establish proper fund protection, access to compensation plans and trade under transparent and risk-reducing conditions, you should choose a firm with a license from FCA, ASIC, FINMA, BaFin or CySEC.

Nations Of Service

The firm was incorporated in 2018. The merlionfx.com domain was launched some time later in 2019, as you may see from the WhoIs register. The broker offers their services in these nations:

  • Philippines 
  • Cambodia
  • Singapore
  • South Korea 
  • Saudi Arabia

The company holds a significant online presence. Besides the social network profiles on Facebook, LinkedIn, and TikTok, it also has a channel on the Youtube streaming platform. Additionally, it is active on the WhatsApp messaging service, which is more than enough to influence potential clients.

High Leverage, Hidden Costs

Trading on several financial markets is available under the maximum leverage of 1:100, as SERC notifies. However, FSA regulation guarantees the possibility of an even higher leverage ratio.

What makes the site not so credible is the $15 trading commission, which is too high, even for the claimed spreads starting from 0 pips. 

Evergreen Oak Capital is also known for promising seemingly cheap services, but none of their claims are true.

Unattractive Trading Tools

The XAU Merlion platform is promised to be the famous and world-wide appreciated MT4, but isn’t. Account opening process is awkwardly complicated and there’s no disclosure on trading instruments available. Let’s review each of these aspects.

Industry Standard Platform

The main trading platform is MT4, with which the majority of retail traders are familiar with. Many firms like XLTRADE use the software from the same family.

Although this is good news in its own regard, the conduct doesn’t offer any alternative. All of the features of this software are fully supported, including interactive charts, signals and trading robots.

Mobile App

The MT4 platform is fully compatible with all platforms and operating systems, including mobile devices. You may download it from Google Play or AppStore at any time. Since this is a generic version of the app, some additional configuration is necessary before you may use it with XAU Merlion.

Tradingview For Asset Preview

Instead of the site publishing correct information on available instruments, you can only look at the imported Tradingview bar at the top of the page. On the other side, SERC makes it clear that the license Merlion holds is intended for the purpose of trading:

  • CFD on Crude Oil (USOil, UKOil)
  • CFD on Index (AUS200, CAC40, CN50, DE30)

One Custom Account

The XAU Merlion account isn’t all that easy to acquire. You first have to open an individual or corporate Demo account, pass a detailed KYC and then activate a live trading account. This package is supposed to cost just $50, while even including negative balance protection, which nothing can guarantee.

Demo Testing Environment

XAU Merlion demo is provided by the MT4. It offers different leverage increments, and various initial fund options for virtual trading and testing purposes. The demo, however, doesn’t include the full selection of trading instruments that the brokerage offers, as only the Ferex majors are featured.

Trader Education

XAU Merlion education incorporates individual articles, and trading courses with a variety of topics. These include fundamentals and advanced lessons. While some video courses are available through the company’s Youtube channel, all of the videos are in Khmer language with no multilingual support.

Do Payouts Even Happen?

It is unclear which payment methods this shady brokerage accepts. A whole niche the site doesn’t discuss are the withdrawal conditions, fees and taxes. No separate document in the form of a Withdrawal Policy exists. 

You can’t entrust your funds to an insufficiently transparent service provider. If you experience issues with XAU Merlion withdrawals, please contact us immediately.

Inefficient Support Methods

Customer support is somewhat lacking with this platform. There are no live support options besides a single phone line in Mauritius. Clients are thus forced to use the support email, and cannot rely on prompt resolution with some urgent issues. For this reason we don’t consider the XAU Merlion support to be a reliable service.

XAU Merlion – Final Verdict

Despite the offshore licenses, investment schemes and trading platforms could easily abuse your trust and defraud you, for whatever amount of money. 

In the turbulent Forex world, where everyone is trying to earn their place, you have to be extremely careful who you choose as your medium. XAU Merlion isn’t a broker you could fully rely on, so contact us in case of any unpleasantries this firm may cause you.

FAQ Section

Is XAU Merlion Legit?

XAU Merlion is fully regulated, and holds SERC and FSC licenses. Should you encounter any issues with this broker, contact our legal experts for support.

What Is Minimum Deposit with XAU Merlion?

Minimum investment with this platform is $50.

Does XAU Merlion Have a Mobile Trading App?

XAM Merlion mobile trading is done through the MT4, which is fully compatible with all devices.

Should I Invest In XAU Merlion?

XAU Merlion presents some interesting features, like leverage up to 1:100. That said, they are based in a nation with loose regulatory standards. Always consider whether you can afford to take the risk before investing.


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