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MyFintec Review - is it scam or safe?

MyFintec review - Is myfintec.com scam or good forex broker?

RATING: 1 / 6 REVIEWS ForexBrokerz MyFintec
MyFintec is an offshore broker. Your money is not safe.

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MyFintec is a forex and CFD broker offering five account types on a web based platform. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Basic Account 500 EUR n/a n/a
Silver Account 2500 EUR n/a n/a
Gold Account 10 000 EUR n/a n/a
Platinum Account 50 000 EUR n/a n/a
Diamond Account 250 000 EUR n/a n/a

 

MyFintec Advantages:

 

CFDs on a variety of commodities and indices

 

MyFintec offers some 17 forex pairs, including some exotic currencies like Turkish Lira, Russian Rubla, South African Rand, Singapore Dollar and Hong Kong Dollar, as well as CFDs on commodities such as corn, wheat, sugar and coffee, spot metals like gold, silver, palladium and platinum, a number of stock, 16 indices, oil and natural gas. We were expecting to see crypto CFDs as well, but as there are non, you may want to check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

MyFintec Disadvantages:

 

Lack of regulation

 

MyFintec is owned and operated by Kin Ltd. - a company registered on the Marshal Islands. The Marshall Islands are a tiny atoll in the South Pacific, over a 1000 miles off the cost of Papua New Guinea. 

 

International business companies can very easily be incorporated under the Marshall Islands law and that may even be done online. Corporate officers, directors, and shareholders may be of any nationality and live anywhere and the companies are not required to disclose the names of officers, directors, shareholders, or beneficial owners. On top of that corporate entities may act as directors, officers, and shareholders.

 

This the reason the US Department of State warns that the Marshall Islands offshore corporate sector is vulnerable to money laundering and other clandestine activities.

 

All that said, we should note as well, that it is laughable to talk about any regulation of the financial sector on the Marshall Islands, so basically MyFintec is an unregulated, offshore broker and that significantly erodes its credibility.

 

Regulation is crucial for the safety of any investment in the sector and well established financial authorities like the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) do provide sufficient security to traders. 

 

Properly licensed brokers are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital. 

 

Under the FCA backed Financial Services Compensation Scheme for example, in case the broker goes under, traders can receive back up to 50 000 GBP of their capital. Similar compensation scheme with the CySEC in the Cyprus guarantees traders up to 20 000 EUR of their investment. Here you may check our list of brokers, also licensed by CySEC:

 

>>Forex brokers in Cyprus<<

 

Excessive minimum deposit requirement

 

With MyFintec you can open a Basic Account with 500 EUR, a Silver Account with 2500 EUR, Gold Account with 10 000 EUR, Platinum Account with a minimum deposit of 50 000 EUR and a Diamond Account with the stunning 250 000 EUR.

 

Have in mind that with most brokers you can open a standard account with less than 250 USD, while with some big players like FBS and IG you can start trading with just 5 USD or less.

 

Confusing information about the payment methods

 

On  MyFintec we see the logos of VISA, MasterCard along with the symbols of a  variety of crypto coins  – Bitcoin, Monero, Dash, Ethereum, Litecoin, Komodo, Ripple and Bitcoin Cash.

 

 

That made us believe the broker is accepting payments with all those coins. However, form the Deposit options section of the web page  we understand that they are accepting payments only with credit or debit cards an bank wire. 

 

No e-wallets, like SkrillNeteller and PayPal and no crypto coins accepted either. Still here you may check our list of brokers, where you can pay with Bitcoins. 

 

MetaTrader4 not supported

 

MyFintec is offering its clients some kind of a web based trading platform, but as they do not have a demo account we were not able to see and assess it. Still our experience shows such platforms rarely match the well established trading solutions like the MetaTrader4 – a classic platform, preferred by professional and beginner traders alike. 

 

MT4 has great charting tools and more than 50 in-build market indicators. However, perhaps the feature the platform is best known for is the option to run automated trading sessions with the help of specially designed trading bots – Expert Advisros, which by the way one can easily modify on a proprietary scripting language – the MQL4. Here you may check our list of brokers, also offering the  MetaTrader4:

 

>>Find other MT4 brokers here<<

 

No information about the trading conditions

 

MyFintec does not bother to disclose anything about the trading condition they offer  So we are not sure neither about their spreads, nor about the maximum leverage or the trading commissions. That is clearly a negative. 

 

Besides, it seems the broker is limiting the number of trading sessions a customer can have, in case he or she has not invested something like 50 000 EUR for a premium account. That is highly unusual. Take a look for your self:

 

 

Here you may also want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

MyFintec is an unregulated, offshore brokers with low credibility, which on top of that does not bother to disclose any information about the trading conditions they offer. As we already discussed, trading with unregulated companies involves a high risk to loose your money to scammers.

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Traders` reviews for MyFintec

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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MyFintec - Cannot withdraw my investment

I've just been informed I cannot withdraw any money as I did not meet some fine print, of which I was not informed of. "According to your bonus agreement you are unable to make withdrawals until you reach a certain volume trading"
Investment of $1250 euro, the broker made a small profit of $300 euro over 2 weeks. I cannot even withdraw $100 to see if I can get 'anything' back....

J Hogh 01/20/2019

Boetje pattirane

€250,00 gestort. Dagelijks door hen gebeld om €1000,00 te storten en dat zij het dubbele ervan gaan maken en daarmee gaan handelen. Heb dat niet gedaan. Sindsdien geen contact meer kunnen maken. Ze schijnen uit de aardbodem te zijn verdwenen. Lees wel dat mijn €250,00 inmiddels -€160,00 is geworden. Maar waarin dat gehandeld is kan ik nergens lezen. Had ik de tradersbeoordeling eerder gelezen dan was ik niet met hen in zee gegeaan. Kan deze mensen niet uitgefilterd worden? Ik raad mensen aan, bij Myfintec, NIET te investeren.


Translated by Google:

€ 250.00 deposited. Called them every day to deposit € 1000.00 and that they will make double of it and start trading. Have not done that. Have been unable to make contact since. They seem to have disappeared from the face of the earth. Please read that my € 250.00 has now become € 160.00. But I can not read where that act is. Had I read the trader's rating earlier, I would not have joined them. Can not these people be filtered out? I advise people not to invest with Myfintec.

Simon Pattirane 12/27/2018

Myfintec - Dragons Den

I was encouraged to invest £250 after seeing an ad by Dragons Den and making an enquiry. I was then telephoned daily and told I need to invest a further £2,500 to enable me to trade which of course I refused so guess I will lose the £250. Obviously a scam!

Sue Edwards 11/17/2018

Myfintec

They cleaned me out. I'm an idiot for not seeing this sooner and am now in danger of becoming homeless.
Do not invest your money here.. it's a scam.

Marion Cullen 10/11/2018

MyFintec scam - please read before investing

I was well and truly duped by this company. They contacted me after I'd viewed an ad about a revolutionary new Bitcoin investing product that had been tried on Dragon's Den (obviously part of the scam). The next thing I know, one of their extremely persuasive salesmen calls me up and convinces me to trial it and if I wasn't happy I could have my money back. He said the minimum investment was 500 Euros, which I eventually decided to put in.

The interface looks real. It even showed me 'making 200 Euros' in a week but when I decided to discontinue the trial and take my money out, they suddenly went very quiet. Emails, calls and even live chat refused to answer my questions and now, 2.5 months after putting through a withdrawal request, they still have my money. Essentially, they are thieves. Avoid at all costs.

Paul French 08/22/2018

Myfintec experience

Basically I think myfintec is the scam company, intially I registered one website and which is automatically link to myfintec and ends up with continuous calling from the myfintec staff.

He called me everyday and finally i deposited 250 Eur, and trust me, I don't know how they duduct my money. after that, I called me everyday twice and asked me to deposit my money.

When I decided to withdraw, and they i answer their phone and ask them return the money, they suddenly disappear,so far, more than 2 weeks, I haven't receive my money.

Pu Ling 08/07/2018
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