Merlion Global is a forex and CFD broker with roots in Cambodia and a corporate footprint in Mauritius. It targets retail traders across Asia with low minimums, regional support, and familiar platforms. Because broker choice can shape outcomes as much as market direction, we weigh regulation, execution, and client track record—not marketing—before assigning a rating. Based on our methodology (explained once below), Merlion Global currently falls into our Bronze Standard band. That means it meets basic regulatory tests and shows some operational strengths, but it lacks Tier-1 regulation and has mixed external signals that cautious readers should note.
This review unpacks what that rating means in practical terms. We start with regulation and safety, then examine market presence and reputation, followed by strengths and weaknesses. We finish with a verdict on who—if anyone—Merlion Global best fits.
Regulation & Safety
Who regulates Merlion Global?
Merlion Global’s materials state it is incorporated in Mauritius (Company No. C192249) and licensed there as an Investment Dealer, License No. GB22200775. The same presentation shows a Cambodian connection through XAU Merlion Financial Co., Ltd., which holds Derivative Broker License No. 015 from the Securities and Exchange Regulator of Cambodia (SERC).
We cross-checked these claims:
- SERC (Cambodia): SERC’s official listing of derivative brokers includes XAU Merlion Financial Co., Ltd., with contact details and references to its authorization, corroborating the license number shown in Merlion’s materials. SERC also posts periodic derivative market documents naming XAU Merlion Financial in operational lists.
- FSC (Mauritius): Merlion’s client agreement and website identify GB22200775 and the River Court, 6 St Denis Street, Port Louis address. While the FSC provides a “Register of Licensee” search, it does not expose a direct linkable record for this entity; however, Merlion’s own documents and multiple independent aggregators show the GB22200775 number, and the FSC confirms the Investment Dealer framework and its licensing criteria.
How we classify these regulators
Using our tiering, FSC Mauritius qualifies as Tier 2 (mid-shore): it issues genuine licenses, enforces AML/fit-and-proper standards and prudential rules, but it’s not as prescriptive as Tier-1 regulators on retail leverage and standardized disclosures. SERC Cambodia is also mid-shore under our Four Floor Tests (it licenses the activity, supervises a derivatives market, and publishes broker lists), but its public client-protection toolkit is thinner than Tier-1 frameworks. In short, Merlion Global operates under oversight that is real, but not top-tier.
Client protections that matter.
What should everyday traders expect?
- Segregated client money: Merlion’s own presentation states that client funds are kept in segregated accounts. That is positive, though we recommend viewing segregation as a baseline, not a guarantee.
- Leverage rules: Public materials and third-party snapshots indicate leverage up to 1:400—much higher than EU/U.K./Australia retail caps. Higher leverage increases the risk of rapid losses.
- Negative balance protection: We did not find a formal, broker-posted negative balance policy in Merlion’s legal pages. Some third-party reviews claim NBP is offered, but those claims are not authoritative. Treat this as unconfirmed.
Why this matters.
Tier-1 regulators such as the U.K.’s FCA or Australia’s ASIC hard-code retail protections like leverage caps, standardized margin close-out, and negative balance protection. Mid-shore regulators rely more on firm policy and case-by-case supervision. That difference shows up in day-to-day trading risk. If you are new to CFDs, the lack of Tier-1 oversight combined with high leverage warrants extra caution.
Bottom line on safety: Merlion Global clears our minimum regulatory bar (licenses exist and can be traced), but it does not meet Tier-1 standards. Its own documents help close the transparency gap, yet key retail safeguards—such as enforced leverage caps and verified negative balance protection—are not spelled out at Tier-1 levels. That profile sets the ceiling on our rating.
Trader Reputation & Market Presence
Footprint.
Merlion markets an Asia-Pacific presence and publicizes operations in Cambodia and Mauritius. Corporate and marketing items reference activity in the Philippines and other regional markets as well.
Independent signals: the good, the mixed, and the red flags.
- Positive/Mixed: Some review sites describe straightforward onboarding, familiar platforms (MT4; Merlion “Clear Pro Trader”), and low entry thresholds. These sources are not regulators and may reflect marketing; treat them as soft signals.
- Complaints: User review portals record scattered complaints about withdrawals and account locks. Individual posts are anecdotal but matter when patterns repeat.
- Regulatory and public warnings: In Malaysia, the Securities Commission (SC) placed Merlion Global on its Investor Alert List on March 15, 2024. An alert list does not prove wrongdoing but signals the SC believes the entity may be operating without authorization or engaging the public improperly. For Malaysian residents, this is a clear caution.
Execution transparency.
We did not find audited execution statistics (e.g., RTS-27/28 or independent latency/slippage audits). Absent verified data, we cap the execution score in our model and assume “industry-standard MT4 execution with limited public metrics.” That is typical for mid-shore brokers but falls short of best-in-class transparency.
Takeaway on reputation: The overall picture is mixed. Merlion Global is visible in its home region and posts policies and license numbers, yet it draws a Malaysian alert and sporadic client complaints. For casual traders, that combination calls for small starting balances, careful testing of deposits/withdrawals, and a strict personal risk plan.
Strengths & Weaknesses
Where Merlion Global looks competitive
- Documented corporate details: Public PDFs disclose company registration (Mauritius C192249) and license numbers (FSC GB22200775; SERC 015 via XAU Merlion). That level of disclosure exceeds many offshore-only peers.
- Familiar platforms & features: Support for MT4 and an in-house platform provides a low learning curve; copy-style features cater to newcomers who prefer signal following. (Treat copy trading carefully; it does not remove risk.)
- Segregated accounts (stated): Company materials say client money is held separately from operating funds. That reduces—but does not eliminate—misuse risk.
Where caution is prudent
- No Tier-1 regulation: Mid-shore licenses are real but lighter. Retail protections (e.g., leverage caps, standardized negative balance protection) are not embedded at Tier-1 levels.
- High leverage (up to 1:400): Attractive on paper, but it magnifies losses and margin calls. New traders should dial leverage down manually.
- Limited execution disclosure: No audited slippage/latency reports found; best practice would be to publish live or quarterly execution metrics.
- External red flag in Malaysia: SC Malaysia’s Investor Alert List entry for Merlion Global is a notable negative for regional marketing and permissions.
Overall Verdict
We classify Merlion Global as Bronze Standard under our ratings. Here’s why: Regulatory coverage exists, but not at Tier-1 level; execution transparency is limited; and reputation signals are mixed, including an investor alert in a key regional market. The firm does offer clear corporate disclosures and mainstream platforms, which helps new users get started. But because mid-shore oversight does not guarantee the same retail protections as the FCA, ASIC, or MAS, cautious portfolio sizing is essential.
Who might consider Merlion Global?
- Cost-sensitive beginners who need small minimums and basic MT4 access, and who will trade with minimal leverage while testing funding and withdrawals.
- Region-based users who want localized support and understand that recourse options differ from Tier-1 markets.
Who should look elsewhere?
- Safety-first investors who prioritize Tier-1 regulators and audited execution.
- Copy-trade followers who want strict guardrails, standardized negative balance protection, and detailed slippage reporting.
Relative to peers, Merlion sits below Silver-band brokers that pair at least one Tier-1 license with richer disclosures. It is above pure “registration-only” outlets that lack any meaningful licensing or publish little about operations.
Expert Review Notes (Staff Insight)
- Responsiveness & transparency: Merlion publishes AML/KYC procedures, a disclaimer, and client agreements with address and license references. That transparency helps—but the firm would score higher if it hosted a direct link or screenshot to the FSC registry entry, and if it posted a clear negative balance policy.
- Regulatory posture: The SERC listing confirms a real license via the Cambodian entity (XAU Merlion Financial). However, the Malaysian investor alert detracts from the regional compliance narrative and should be addressed publicly by the firm.
- Risk messaging: Marketing and third-party content highlight loyalty programs and accessible trading. We weigh those lightly compared with enforceable protections and verified performance stats.
Final Word
Merlion Global is not a “red flag” broker in our taxonomy; it holds real licenses and publishes more documents than many mid-shore peers. However, it also isn’t a gold-plated, Tier-1 name. If you proceed, think like a risk manager:
- Start small; test deposits and withdrawals.
- Keep leverage low; focus on risk per trade.
- Watch for clearer disclosures (NBP policy, execution stats).
- If you are in Malaysia, note the SC alert and consider local rules.
The Bronze rating reflects that balance—workable for careful, budget-aware beginners, but not our pick for readers who place regulatory strength and audited transparency at the top of the list.
