MISHOV FOREX

Mishov Forex is a Turkey-based forex broker that was established on 23 July 2019. The company is registered at Sultaniye District, Dogan Arasli Blv., HAN PLUS BUSINESS CENTER, D187, Esenyurt, Istanbul, Turkey. The broker operates the website mishovforex.com and offers retail forex and CFD trading services primarily through the MetaTrader 5 (MT5) platform. Beyond its Istanbul headquarters, Mishov Forex also maintains contact offices in Denizli (Turkey), London (United Kingdom), Dubai (UAE), and Kabul (Afghanistan), as listed on its website.

It is important to note that Mishov Forex is not regulated by any financial authority. The broker has no licence on file with any recognised regulator, and traders should be aware of the elevated risks that come with trading through an unregulated offshore entity. The broker’s risk score from FXCanary is 43 out of 100, categorised as 'Guarded'.

Mishov Forex exclusively provides the MetaTrader 5 platform, a widely used multi-asset trading platform that supports forex, metals, indices, and commodities. According to the broker’s website, MT5 is offered to both demo and live account holders, with a focus on user-friendly interface and customisable features.

The broker lists 45 tradable symbols on its currency pairs page, including 37 forex pairs (covering majors, minors and exotics such as EURTRY and USDTRY), plus gold (XAUUSD), silver (XAGUSD), three US indices (NASUSD, SP500, DJI30), one German index (DAX30), and two energy commodities (crude oil and Brent). This range is typical for a retail CFD broker targeting traders interested in forex and global markets.

The broker’s website offers a single open-account form that allows users to select between a Real account and a Demo account. The form requires personal details in both Persian and English, an email address, mobile number, and a deposit amount. Applicants must also upload identification documents such as a national card, passport, or birth certificate. The form includes a field to specify whether the account will be handled by the individual, another person, or both, suggesting that corporate or third-party managed accounts may be supported.

Mishov Forex does not publicly list multiple account tiers or minimum deposit requirements on its website, and there is no clear differentiation between account types. Traders are prompted to indicate their intended deposit amount during registration, which may imply a flexible deposit structure.

Mishov Forex accepts a variety of funding methods, including bank wire transfer, credit cards (Visa, Mastercard), e-wallets (Neteller, Skrill, WebMoney, Perfect Money), and cash deposits in USD. Processing times for deposits and withdrawals are stated as 24 hours for most methods, with commissions varying by currency and payment type. Specifically, wire transfers in IRR (Iranian rial) and TRY (Turkish lira) carry 0% commission, while USD wire transfers incur a 1.5% fee plus SWIFT charges. USD cash deposits and withdrawals have a 2% commission.

The broker notes that there is no direct conversion between IRR and TRY, and that IRR transactions are only available to clients in Iran, while TRY transactions are restricted to Turkey. Cash USD services are available in multiple cities including Tehran, Istanbul, Dubai, Tbilisi, Herat, and Kabul. This geographic flexibility suggests the broker targets clients from the Middle East and Central Asia.

Mishov Forex appears to primarily serve retail traders from Turkey, Iran, Afghanistan, and other regions in the Middle East and Central Asia. The availability of Persian language support, the use of IRR and TRY as base currencies for deposits, and the mention of cash offices in Tehran and Kabul indicate a focus on these markets. The broker also offers support in English and has an office in London, but its unregulated status makes it unsuitable for traders seeking regulatory protection.

As an unregulated broker, Mishov Forex poses significant risks, including lack of client fund segregation, no recourse to a financial ombudsman, and no independent oversight. Traders should exercise extreme caution and verify all terms before depositing funds. The broker’s high-risk score (43/100) reflects these concerns, and FXCanary recommends thorough due diligence.