Score
MYFX Markets
United Kingdom|5-10 years| https://www.myfxmarkets.com
Website
Rating Index
MT4/5 Identification
MT4/5
Full License
MYFX-US01-Live
Influence
C
Influence index NO.1
Japan 4.97MT4/5 Identification
MT4/5 Identification
Full License
JapanInfluence
Influence
C
Influence index NO.1
Japan 4.97Contact
Licenses
Licensed Institution：MYFX MARKETS PTY Ltd
License No.：795679
Single Core
1G
40G
1M*ADSL
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
Basic information
United Kingdom
Account Information
Formal full license MT4/5 traders will have sound system services and follow-up technical support. Generally, their business and technology are relatively mature and their risk control capabilities are strong
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Website
myfxmarkets.com
Server Location
United States
Website Domain Name
myfxmarkets.com
Website
WHOIS.GODADDY.COM
Company
GODADDY.COM, LLC
Domain Effective Date
2011-05-16
Server IP
35.155.153.6
Company Summary
| Myfx Markets | Basic Information |
| Registered Country/Region | United Kingdom |
| Regulations | N/A |
| Tradable Assets | FX Trading、Index CFDS、Metals & Commodities,、Crypto Currencies |
| Account Types | MT4 Standard Account, MT4 Pro Account, MT5 Standard Account, MT5 Pro Account |
| Minimum Deposit | $200 |
| Maximum Leverage | 500:1 |
| Minimum spread | from 0.0 pips |
| Deposit & Withdrawal | Bitwallet, Bank Wire, Bitcoin, USDT Deposit, and Credit Card |
| Trading Platforms | MetaTrader 4, MetaTrader 5 |
| Customer Support | Phone, Email, Live chat, |
| Education Resources | N/A |
General Information
MyFX Markets is a broker that was founded in 2013. MyFX Markets is registered as Milson's Fintech which is incorporated in the republic of Mauritius. While it offers an extensive selection of market instruments, including over 50 currency pairs, cryptocurrencies, metals, and commodities, it operates without regulatory oversight.Traders can choose from different account types, each offering unique features and trading conditions.
Myfx Markets offers a maximum leverage of 500:1 across all account types. This allows traders to control larger positions in the market with a smaller capital investment, but it also increases the risk associated with trading. The brokerage provides advanced trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5), known for their comprehensive charting tools, technical analysis capabilities, and automated trading options. Deposits and withdrawals can be made using various methods, including Bitwallet, bank wire, Bitcoin, USDT deposit, and credit card.
Is Myfx Markets Legit or a Scam？
Myfx Markets is registered in the United Kingdom but operates without any licensing or regulation from regulatory authorities. As an unregulated entity, it does not fall under the supervision of any regulatory body. Traders should be aware that engaging with an unregulated broker carries inherent risks.
Market Instruments
Myfx Markets offers a wide range of market instruments for traders to choose from. Here are the categories of market instruments available:
FX TRADING: Myfx Markets provides a comprehensive selection of currency pairs for foreign exchange (FX) trading. Traders can participate in major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as numerous minor and exotic currency pairs. FX trading allows investors to speculate on the price movements of different currencies and take advantage of market fluctuations.
INDEX CFD'S: Myfx Markets offers Contracts for Difference (CFDs) on various stock market indices. Traders can trade popular indices such as the S&P 500, NASDAQ, FTSE 100, and DAX 30. Index CFDs enable traders to speculate on the overall performance of a specific stock market index without owning the underlying assets. This provides an opportunity to profit from both rising and falling markets.
METALS & COMMODITIES: Myfx Markets allows traders to trade precious metals and commodities. This includes popular metals like gold and silver, as well as commodities like oil, natural gas, and agricultural products. Trading metals and commodities provides diversification and the opportunity to profit from price movements in these markets.
CRYPTO CURRENCIES: Myfx Markets also offers trading in cryptocurrencies, including popular options like Bitcoin, Ethereum, and Litecoin. Traders can take advantage of the high volatility and potential profitability of the crypto market. Cryptocurrency trading allows investors to speculate on the price movements of digital currencies without actually owning them.
Overall, Myfx Markets provides a diverse range of market instruments, including FX trading, index CFDs, metals and commodities, and cryptocurrencies, catering to the different trading preferences and strategies of its clients.
Pros and Cons
Myfx Markets offers several advantages, including a wide range of market instruments for trading, flexible account types, high maximum Leverage, advanced trading platforms (MT4 and MT5), and multiple customer support channels for assistance. However, it's important to consider the drawbacks, such as the lack of regulatory oversight as an unlicensed broker, which poses inherent risks to traders. Furthermore, the absence of educational resources on the official website may limit learning opportunities for traders. Conducting thorough research, practicing responsible trading, and seeking education from external sources are crucial to mitigate the risks associated with trading on Myfx Markets.
| Pros | Cons |
| Diverse Market Instruments | Lack of Regulation |
| Multiple Account Types | Limited Educational Resources |
| User-Friendly Trading Platforms | High Minimum Deposit Requirements |
| Customer Support | Commission Charges |
| Maximum Leverage: Up to 500:1 |
Accounts Types
Myfx Markets offers a variety of account types to satisfy different trading needs and preferences. Here are the details of the four account types available:
MT4 STANDARD ACCOUNT: This account type features a starting spread of 0.6 pips with no commission charges. The maximum leverage offered is 500:1. Traders using this account type can access the popular MetaTrader 4 platform.
MT4 PRO ACCOUNT: The MT4 PRO account offers a starting spread of 0.0 pips, making it a favorable choice for traders seeking tight spreads. However, there is a commission charge of $7 per lot traded. Similar to the MT4 Standard account, and the maximum leverage available is 500:1. Traders using this account type also have access to the powerful MetaTrader 4 platform.
MT5 STANDARD ACCOUNT: Myfx Markets provides the MT5 Standard account with a starting spread of 0.6 pips and no commission charges. The maximum leverage offered is 500:1. Traders opting for this account type can utilize the advanced features and enhanced capabilities of the MetaTrader 5 platform.
MT5 PRO ACCOUNT: The MT5 PRO account offers traders a starting spread of 0.0 pips, similar to the MT4 PRO account. It also charges a commission of $7 per lot traded. The minimum deposit requirement and maximum leverage offered are the same as the other account types, providing a maximum leverage of 500:1. Traders using this account type can take advantage of the advanced features and tools provided by the MetaTrader 5 platform.
Although the account table of this broker clearly states that there is no minimum deposit requirement, the FAQ section states that the minimum requirement for a Standard Account is $200, while the Pro Account requires a minimum of $1000. It is advisable to confirm the specific information with their customer service for accurate details.
How to Open an Account？
Opening an account with Myfx Markets involves several steps to ensure a smooth and efficient process. Here is a general overview of the account opening procedure:
Registration: Visit the Myfx Markets website and navigate to the account registration page. Provide the required personal information, such as name, email address, and phone number. Create a unique username and password for account access.
2. Account Type Selection: Choose the preferred account type that aligns with your trading needs and objectives. Consider factors such as leverage, spreads, and commissions when making your selection.
3. Submit Documentation: Complete the verification process by submitting the necessary identification documents. This typically includes providing a valid ID (such as a passport or driver's license) and proof of address (such as a utility bill or bank statement).
4. Account Funding: Deposit funds into your trading account. Follow the provided instructions to select a deposit method, such as bank transfer, credit card, or cryptocurrency. Ensure that you meet the minimum deposit requirement specified for your chosen account type.
5. Account Activation: Once your documents and funds have been verified, your account will be activated. You will receive confirmation and login details to access your trading account through the provided trading platform.
Leverage
The Standard and Pro Account each come with a leverageof 500:1. In this respect, MyFX Markets is different than other brokerage firms. Most of the time, brokers will either limit your leverage as you deposit more funds (to minimize risks) or, conversely, increase the buying power when an experienced trader has a sizable account balance (therefore, incentivizing them to transfer more capital). MyFX Markets takes a middle ground by giving different accounts the same leverage. The minimum deposit requirements are $200 and $1,000 to open a Standard and Pro Account, respectively. No information about the minimum deposit per transaction is provided.
Trade Size
MyFX Markets has 0.01 lots as the minimum trade size and 50 lots as the maximum trade size.
Spreads & Commissions
t Myfx Markets, the spreads and commissions vary depending on the account type. The MT4 STANDARD ACCOUNT and MT5 STANDARD ACCOUNT offer a starting spread of 0.6 pips with zero commissions. This means that traders using these accounts can enjoy pricing without incurring any additional commission charges. On the other hand, the MT4 PRO ACCOUNT and MT5 PRO ACCOUNT feature a starting spread of 0.0 pips, which provides traders with tighter pricing. However, these accounts do charge a commission of $7 per lot traded.
Trading Platform Available
Myfx Markets provides traders with advanced and user-friendly trading platforms, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
MetaTrader 4 (MT4) is a widely recognized platform known for its comprehensive charting capabilities, technical analysis tools, and automated trading options. It offers a customizable interface, allowing traders to tailor their trading experience. With MT4, traders can access a vast range of financial instruments, execute trades with precision, and utilize expert advisors for automated trading strategies.
MetaTrader 5 (MT5) builds upon the features of MT4 and introduces additional functionalities. It offers an enhanced interface, improved charting tools, and expanded order types. MT5 also allows traders to access a wider range of markets, including stocks, futures, and options, in addition to Forex trading.
Deposit & Withdrawal
Myfx Markets offers deposit and withdrawal options for its clients. The minimum deposit requirement for the Standard Account is $200, while for the Pro Account, it is $1000.
Traders can choose from a variety of deposit methods, including Bitwallet, Bank Wire, Bitcoin, USDT Deposit, and Credit Card. For withdrawals, traders can submit a withdrawal request from their Client Office. It's important to note that funds can only be sent back to an account that is registered under the same name as the trading account. For instance, if the trading account is in the name of a company, withdrawals can not be processed into an individual's account.
Customer Service
Myfx Markets is committed to providing customer support to its clients. Traders can reach the customer support team through multiple channels. They can contact the support team via phone, ensuring direct and immediate assistance with any queries or concerns. Additionally, traders can reach out via email, allowing for detailed communication and timely responses. For quick assistance, Myfx Markets also offers a live chat feature on its website, enabling traders to engage in real-time conversations with support representatives. With these various communication channels, Myfx Markets ensures that traders receive prompt and efficient support to address their trading needs.
Conclusion
Myfx Markets is a UK-based brokerage offering a wide range of market instruments, including currencies, cryptocurrencies, metals, and commodities. It operates without regulatory oversight, posing inherent risks. The broker provides different account types with maximum leverage of 500:1, and advanced trading platforms (MT4 and MT5). Traders can access customer support via phone, email, and live chat. However, the absence of regulatory oversight and educational resources on the official website should be taken into consideration.
FAQs
Does Myfx Markets offer a demo account？
Yes, Myfx Markets offers a demo account that allows clients to practice trading in a risk-free environment with virtual funds.
What trading platforms does Myfx Markets offer？
Myfx Markets offers two trading platforms, including MetaTrader 4, MetaTrader 5. Clients can choose the platform that best suits their trading needs and preferences.
What is the minimum deposit required to open an account with Myfx Markets？
The minimum deposit required to open an account with Myfx Markets is $200 for Standard Account and $1000 for Pro Account
Does Myfx Markets offer any bonuses or promotions？
Yes, Myfx Markets has previously offered promotions and bonuses to its clients. As of now, the specific promotions have expired.
What is the maximum leverage offered by Myfx Markets？
The maximum leverage offered by Myfx Markets is 1:500.
Keywords
- 5-10 years
- Suspicious Regulatory License
- MT4 Full License
- MT5 Full License
- United Kingdom Appointed Representative(AR) Revoked
- High potential risk
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Japan
The contact information of the "Contact Us" section you want to spread is as follows. Address: 1a Wakeling Avenue, Te Atatu South, Auckland, 0610, New Zealand Tel: +64 9 889 4022 Email: customer.service@myfxmarkets.com The address is Auckland, New Zealand. Checking this address in Google Street View, it looks like a residential area, as shown in screen 1 below, but it is not very, but I think this address does not actually exist for foreign exchange traders. In addition, after checking the registration of New Zealand as a financial institution, it was found that the registration of the financial institution has been cancelled on the New Zealand Financial Service Provider Registration (FSPR) website. Registration was cancelled on May 9, 2015. Screen 2 If you check the legal person registration from here, it also seems to be considered deleted (registration cancelled). The deregistration time is June 20, 2017, which is more than two years after the deregistration of the financial institution. Screen 3 The reason for the cancellation of registration is not stated, but I think the contractor who received the cancellation of registration is not credible.
Exposure
2021-06-30
FX3855606251
Hong Kong
Please refund my withdrawal asap.Yongjie Yang ,a salesman of the platform and opened the account for me.After cheating me more than $200 thousand,he was denied by the platform.If they didn’t admit you,then what will you do after you deposited in the platform.The first screenshot shows that the platform denied to have such a salesman.I reserved the recording with the so-called legal staff.Can yoube serious before lying?Or your job is to lie?
Exposure
2019-08-04
FX3855606251
Hong Kong
The platform called me and said if I disagreed with their settlement, they would turn to State Administration of Foreign Exchange (it means that the platform will surrender itself to justice). See attachment.
Exposure
2019-07-03
FX3855606251
Hong Kong
MYFX markets is either offline or disconnected. My capital, profits and commissions added up to 240,000 dollars. It seems that all the money belongs to the platform as soon as it is deposited, and I can do nothing to change the situation. USDCAD short order reached at around 1.335, and USDCAD long order at around 0.698. USDCAD short order should take profit at 6.20, and USDCAD long order at 6.26. There are over 200,000 dollars in my account, unable to be withdrawn. My account was closed too. Be careful everyone!The platform told me over the phone that with few customers in China, they weren’t afraid of me and would not give my capital back.
Exposure
2019-07-01
FX2344544292
Hong Kong
I’ve got proofs. Be alert, people!
Exposure
2019-05-29
一点就暴富
Hong Kong
My MT4 account is 88000200. They said I violated their rules although all my orders were manual orders over several minutes. Obviously, this is a dealing-desk broker since they won’t let me withdraw and banned my account for no reason. Later they found more excuses to ask me to wait. At first when I was getting to know the platform, the customer manager said I can withdraw on Myfx Markets with no limits. I deposited $3000 and earned $5000. In Saturday, I applied for a withdrawal and the customer manager told me at Monday morning that the request is in process. However, at that very afternoon, I failed to log in to my MT4 terminal and found myself banned. I asked the customer manager and the service, who said I violated their rules and it is under checking which will take 1 or 2 weeks to give me reply. But the thing is, they banned my MT4 account and backstage account for no reason, saying that I violated their rules. Obviously they just didn’t want me to withdraw. They told me the head in office is in off hours when I asked them again. But they’ve got another office in Shanghai. Can I just call Shanghai police and let them arrest these people? I looked up online and found that actually Myfx Markets is a white label of FIXI, which has closed. I wonder if they rejected my withdrawal request as they are about to abscond. I called Shanghai police and reported to FCA them and their transaction channel. Here are the proofs. Stay away from this broker.
Exposure
2019-05-29
FX2229959655
Hong Kong
I applied to be a salesman at Myfx Markets in April 2018. I have pulled my previous customers into here,they making losses and profits. But at the end of the year, the platform's parent company, FXIX, went bankrupt, and many people wanted to withdraw money. Since the dealing-desk parent company collapsed. The platform was to lay off some employees and the boss claimed to do business in Australia.Actually,he was just to abscond to Australia. It owed me 2 months of commissions,up to hundreds of thousands of money, and 2 months of salary, saying that if I didn’t work for it,I wouldn’t get my commission.So I have to rent a room around Nanjing Road in Shanghai to maintain my clients.This single room became the office of the so-called Myfx Markets office in Shanghai. I was both customer service and salesman during that time, asking the boss for salary and commission.The boss said that it would be handed to me as long as the asset was audited. He told me that such a large platform wouldn’t treat me badly,asking me to work hard.But I have never believe.I just want to withdraw all my clients’ funds.The boss said that the client’s funds are too large to be transferred immediately,while it has not arrived yet for half a year. The day was uncomfortable,clients chasing debts.I showed the chatting with clients to the boss.Claiming to control risk,he sealed all clients’ accounts and MT4 with the reason of illegal trading.I was pulled in both directions.Exposing this,I just want to get my part and clients’ fund back.Hope boss of the platform not act this way and investor stay away from it. Everyone can see that there are a lot of complaints on WikiFX and Foreign Exchange 110. Clients are threatened to delete these exposures,or they will never get their money.The person in charge, Yuan Shuofang and Hu Zhiqiang. My name in Myfx Markets is Yang jie Real name: Yang jie Mobile phone：13764516945 QQ：114249465628
Exposure
2019-04-04
FX2089518254
Hong Kong
There is a limitation on letter.So I sent the screenshots,Please have a look.
Exposure
2019-04-04
玖贰²⁰¹9
Hong Kong
On March 11st,I opened an account and began to trade next day.On the other day,I applied for the withdrawal of $300.the platform sealed my account,allowing me to look.I argued with the customer service,why you ban my account?What’s the reason for declining my request?They just explained that it was in audit and their email sent on 20th couldn’t account for anything.On 26th,they sent me the email again,saying that I was straddling,and I must sign a document,which only give back the fund.I responded,asking for evidence.Nobody has replied to me till now! What platform it is?
Exposure
2019-04-01
绿光
Hong Kong
The customer service of Myfx Markets claimed that deposit and withdrawal is unlimited,while giving no access to withdrawal now.I traded in Myfx Markets and made profits,applying to withdraw money.But the customer service said that I was trading illegally.How could be?All my orders were operated by myself,held for several minutes at least several minutes.Just because I made a profit? I couldn’t log in my account because of invalid background.Hope you stay away and avoid being cheated.Hope WikiFX help me take back my hard-earned money.
Exposure
2019-03-26
一点就暴富
Hong Kong
I closed MT4 and background accounts when I earned money from trading on Myfx Markets praud platform. MT4 account:88000185, all the single is more than a few minutes or manual single said I illegal transactions, but it not given profit stated is fraud platform bet please stay away from it, there is no evidence to seal in advance, I will find any reason to shout me wait 1 to 2 weeks when just beginning to understand the platform customer manager said Myfx Markets traded without any restrictions can be withdraw, the gold $2800 profit more than $3400 week 6 proposed capital Monday morning then asked customer manager said the money has been waiting to audit accounts, but at noon login MT4 and background have been closed also can't log in,Ask customer manager and customer service directly say I violate trade LP is checking me to violate trade to need to wait 1 to 2 weeks answer, but premise does not have evidence to say I violate trade to still close me MT4 and backstage directly, make clear is profit does not withdraw.How ask headquarters said Australia has been off work, but the office is in Shanghai, if I was police took the police directly to Shanghai office directly to catch black platform, ascertained that Myfx Markets is wo to AR FIXI parent put brand, but the parent company have closed, is going to run the platform, did not give me a gold in Shanghai directly claim FCA and directly report to the police they pay channels, please exchange your third eye chakra can help investors, below is the figure of evidence, please stay away from the fraud platform to make money
Exposure
2019-03-26
victor
Hong Kong
I traded on Myfx Markets and earned. Last Friday I applied for a withdrawal, but they said I violated their rules, although all my orders were manual orders over several minutes. Now they banned my account. This is a scam platform.
Exposure
2019-03-26
Romandic
Mexico
MYFX Markets is the real deal! They offer tight spreads and generous leverage, giving traders like me the edge we need to succeed in the market.
Positive
07-24
Taraquan
Kazakhstan
Very Happy with the attention! Always kindly calling by Renato Balliu who gave me trust and be secure about all this broker. Amazing MYFX Markets, a lot tools and very easy to understand! Totally recommend broker! Thanks.
Positive
06-21
紫葳
India
Well no words for Myfx Markets, Why? It is perfect! Flexible trading leverage up to 1:500, no minimum deposit required, low minimum deposit. An amazing point is that demo trading environment is same as the real trading environment.
Positive
2023-02-24