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MYFX Markets Review - Is it scam or safe?

MYFX Markets Review - is MYFX Markets scam or good forex broker?

RATING: 0 / 1 REVIEWS MYFX Markets
MYFX Markets is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

  

Trading Account/Platform Minimum deposit Min. trade size Maximum leverage Average Spreads (& Commission)
MT4 Standard $500 0.01 1:400 1.5 pips
MT4 Pro $1000 0.01 1:400 0.5 pips + $7 /lot round trip

 

MYFX Markets offers its clients two account types: Classic and Pro. The Standard account has the commission built in the spread whereas the Pro has a tighter spread but charges commission.  Both accounts offer leverage up to 1:400 and the opportunity to trade micro lots on the MetaTrader 4 platform.

 

In fact, the variable spreads offered by this broker are average – typical ones being around 1.5 pips or 1.2 (for Pro account, commission added) for the EUR/USD pair. In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts.  For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.

 

What is more, we find the minimum deposit of $500 comparatively high. Many well-regulated brokers require less. For example, one can open an account with leading FCA-regulated broker IG with just $1.

 

The Company. Security of Funds

 

MYFX Markets is an offshore broker offering trading in more than 50 forex pairs and various CFDs on the MT4 platforms. It allows most types of trading, including Expert Advisors (EAs), scalping and hedging.

 

According to the information on the broker’s website, the company operating the brand is registered by Mauritius Financial Services Commission and holds Category 1 Global Business License.

 

Although Mauritius is an offshore zone famous for their light-touch forex regulation, registered brokers must satisfy some prerequisites such as to have net tangible assets of at least MUR 1 000 000 (around EUR 25 000), and to keep client funds in segregated accounts.

 

Unlike with the FCA and other EU regulators FSC places little emphasis on compliance-checking, reporting and supervision and companies at not required to detail individual transactions.

 

Nonetheless, we searched both company names mentioned on the broker’s site (MyFX Markets Pty Ltd. and Morris Prime) and none of them returned results in the FSC’s register of licensees.

 

To cut things short, trading with an offshore (and/or unregulated) broker is a risky business and we generally advise traders to invest their money elsewhere. There are a number of reputable and well-regulated brokerages licensed in UK, Cyprus, or Australia for instance, where traders have certain level of protection and financial watchdogs apply strict requirements to financial providers.

 

Trading Platform

 

As most brokers, MYFX Markets offers its clients the most popular software in the forex industry - MetaTrader 4 (MT4), desktop, and mobile versions available.

 

The MT4 is a perfectly equipped trading terminal that allows users to trade in the financial markets. The platform provides all the necessary tools and resources to analyze price dynamics of financial instruments, including advanced charting tools, built-in indicators. The MT4 also allows users to create and use automated trading strategies (Expert Advisors).

 

Methods of Payment

 

Payment methods with MYFX Markets are limited to Bank Transfer & Credit Card. Currently MYFX Markets supports the following currencies for MT4 Accounts: USD, AUD, and JPY.

 

Conclusion

 

MYFX Markets is an offshore broker that provides online trading services in forex and CFDs and MT4 platform. However, we find the initial deposit it requires comparatively high, payment methods limited, and what is worse, it is not regulated. Here are, in a nutshell, the pros and cons of MYFX Markets:

 

Pros Cons
MT4 available Non-regulated offshore broker
High leverage levels available  Limited payment methods
Competitive spreads Comparatively high initial deposit required

 

Latest news about MYFX Markets
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Traders` reviews for MYFX Markets

Spread

Pros

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Slippage

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Requotes

Pros

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

MYFXMARKETS - 100% scam broker

MYFXMARKETS is a 1st grade scam broker and Bucket shop, without any physical location, anywhere in the world, they never let you profit, i traded with them, and made some decent profits and i received this below email from them today, after a long time; they accuse me of trading arbitrage, when i never used any ea to trade all this while, all my trades were done manually by my self in person and i never got any trades below 3 minutes, all my trades were long term trades, then to aviod paying me my profits, they accuse of doing arbitrage or hedgeing, this is a fat lie and a big scam broker, please stay off this broker, for your own good

MYFX MARKETS - Your Trading Account
Inbox
x

JPSupport
3:48 AM (10 hours ago)

to me
Dear Client,

After conducting an investigation on the trading activity of your account, we have reached to the below conclusion:

Account 700370 was trading on price disparities resulting from rare/occasional price latencies, mainly on Major currencies, with the purpose of benefiting from a possible pricing arbitrage/hedging to the Company's detriment.
This comes as a violation of our Trading Terms and Conditions to which the Client has to comply with before opening an account with the Company.

Considering that trades were entered at a significant wrong prices, MYFX MARKETS has decided to proceed as per below with immediate effect:

· Reverse positions that were generated as a result of execution under lagging/wrong prices

In addition please also note that the company reserve the charge an administration fee which at this points has chosen to waive, and you have the right to request withdrawal of your remaining initial deposit.

Should you have any questions, please feel free to contact us.

Regards,

MyFx Markets Customer Support

Description: Description: Description: Description: Description: email


MyFX Markets International Pty Ltd
Web: www.myfxmarkets.com

Any general advice in this electronic communication does not take into account you or your client's personal objectives, financial situation and needs. Before making any decision in relation to any investment, you must consider your objectives, financial situation and needs, read the relevant Product Disclosure Statement and consult your adviser. Any views or opinions expressed in this email do not necessarily represent those of MyFX Markets Pty Ltd. This email and the information it contains is confidential, legally privileged and exempt from disclosure under applicable law. Access to this communication by anyone other than the addressee is unauthorised and any other delivery, distribution, copying or disclosure is strictly prohibited and is not a waiver of privilege or confidentiality. If you receive this message in error, please notify the sender and delete it from your system. Morris Prime, whose trading name is Myfx Markets, is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius. The company's Category 1 Global Business No. is C115014181 and the company registration No. is C130207



They also claim to be regulated by the Financial Services Commission (FSC) of the Republic of Mauritius. The company's Category 1 Global Business No. is C115014181 and the company registration No. is C130207, which seems to be a BIG FAT LIE, AS THE FSC maritius when contacted cliams, that they do not regulate forex activities.

uzo 06/13/2018
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