Today, we’ll share a broker who was doing a great job under two Tier 1 licenses. All until they lost both.
Our detailed MyFX Markets review will outline the broker’s current regulatory status, as well as the level of protection you have when trading. Don’t invest your money without all the information in your hands.
In fact, we were unable to find the alleged owner, AXIS Inc., in any database, meaning it’s another fictitious shell company. Worse, the broker’s disclaimer still points out MYFX Markets Pty Ltd as the owner, while their official address is still in Australia, according to the website.
Whatever happens with this investment firm, it’s essential to understand that you are not protected. If you lose your money, you won’t be able to get reimbursed from any compensation fund, and no authorities will be able to assist you.
MyFX Markets is a trading company claiming to offer financial services from Australia. While it was the truth in the past, the company owner was deregistered from ASIC register back in 2014, leaving the company unsupervised.
Our research shows that the company is still quite active and soliciting investors. The majority come from:
Since the firm is well-known and used to be regulated, people might still be keen on trusting them. Don’t let their old fame guide your current investment decisions. Your money is not safe!
Suppose there’s one good thing, that would surely be the MyFX Markets trading platform. The company offers both versions of MetaTrader, the most popular software among retail traders.
You can download both MT4 and MT5 and enjoy the perks of trading. However, some of the features are malfunctioning. For instance, you cannot access MT5 WebTrader, as the link is broken.
Yet, MetaTrader usually means safety and reliability. You can be sure that your trades will be executed quickly and that you’ll get all the right market prices. What’s not so sure is that you can withdraw your profit as no official regulator is supervising this investment firm anymore.
Of course, as with any MetaTrader, this one comes with mobile apps too. You will find links for Android and iOS directly on the broker site. Whatever device you use, you can be sure you won’t lose any functionalities you get with the desktop software.
This investment firm offers quite a solid range of tradable assets. But it doesn’t mean you should invest. Just look at the fellow SVG broker, OceanFX. They have a great range of trading instruments but are accused of fraud.
Yet, here’s the overview for the curious ones:
EUR/USD spread starts at 1.1 pips, which is exceptionally solid. It’s around the industry average. However, other commissions are not clearly listed, which is a significant disadvantage for investors.
There are four MyFX Markets account types on offer:
Besides the platform, trading costs are the main difference between a Standard and a Pro account. The Standard one has spreads and no commissions, while on the Pro account, there’s a commission of $7 per lot. The leverage goes up to 1:500 on all, against regulations.
A MyFX Markets Demo account is available for all who wish to test the system for free. However, you can do the same thing directly on the MetaQuotes website or with a regulated broker.
While we fully support offering its clients a trial account, we are also aware that you must provide your personal information to register. With unregulated brokers, this information can easily be misused or further sold.
There are a few different payment options that MyFX Markets accepts:
Depositing via crypto is the riskiest option, as these transactions are virtually untraceable. Once your money enters the blockchain, it becomes a part of it, and tracking one particular transfer becomes hard. However, it’s not impossible with the right tools and experts on your side.
As per MyFX Markets withdrawal, you must submit a request from Client Office, and the method must comply with the deposit one. Note that we’re unsure about payouts since the company lost its regulatory approval.
If you lost money by being scammed, it’s nothing to be ashamed of. Global Fraud Protection works with financial scam victims every day, assisting them with recovery.
Whether you use your card or crypto, we have chargeback experts and CipherTrace analysts ready to evaluate your case and find the best way to help. Book your free consultation today, and let’s begin!
MyFX Markets lost its regulations and currently runs unsupervised. If you cannot withdraw your funds from your broker account, we may be able to assist.
MyFX Markets provides its clients with access to both MT4 and MT5.
Yes, you can find the MyFX Markets Demo account once you register with the firm.
MyFX Markets lost its regulations and currently runs unsupervised. If you cannot withdraw your funds from your broker account, we may be able to assist.
MyFX Markets provides its clients with access to both MT4 and MT5.
Yes, you can find the MyFX Markets Demo account once you register with the firm.
The post MyFX Markets Review – MyFX Markets Is an Unregulated Company appeared first on Global Fraud Protection.
