MYFX Markets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this MYFX Markets Review.
MYFX Markets Review
The Broker is not good broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
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.
MYFX Markets Review Conclusion
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