Your capital is at risk.
MYFX Markets Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $200
- MetaTrader4
- MetaTrader5
- SVG FSA
- FSRC
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $200
- MetaTrader4
- MetaTrader5
- SVG FSA
- FSRC
Our Evaluation of MYFX Markets
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
MYFX Markets is a broker with higher-than-average risk and the TU Overall Score of 3.34 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by MYFX Markets clients on our website, Traders Union expert Anton Kharitonov recommends users to consider a more reliable broker with better conditions, as, according to reviews, many clients of this broker are not satisfied with the company’s work.
MYFX Markets offers comfortable conditions suitable mainly for professional traders.
Brief Look at MYFX Markets
MYFX Markets has been working in financial markets since 2014. It offers trading currency pairs, cryptocurrencies, CFDs on indices, metals, and oil with flexible leverage and no hidden fees. The broker is registered with FSRC (Financial Services Regulatory Commission | St. Kitts and Nevis) and SVG FSA (Financial Supervisory Authority | St. Vincent and the Grenadines).
- No deposit or withdrawal fees.
- Client funds are held in trust accounts with tier-1 banks.
- Tight spreads from 0 pips on the Pro account.
- Partnership program with rewards for referral trading.
- MAM accounts are available for passive investment.
- No cent account for trading with reduced risks.
- The broker is not licensed, it is only registered in offshore jurisdictions.
- Deposit and withdrawal methods are not diverse.
TU Expert Advice
Financial expert and analyst at Traders Union
MYFX Markets has provided brokerage services for almost 10 years and, despite the absence of licenses, is considered fair and transparent. The broker’s website contains detailed information on trading conditions that include fees, spreads, margins, and swaps. Its disadvantage is the lack of useful tools for comfortable trading, newsfeeds, analytics, and education. The broker’s advantages include competitive quotes, tight spreads on the Pro account, and fast order execution.
The broker offers two account types — Standard and Pro. Minimum deposits are $200 and $1,000, respectively. Leverage is up to 1:500 and order execution is market. Trading fees are subject to the account type and financial instruments used by traders.
Partners can connect to a program that implies rewards for trading of attracted referrals. Passive income options are copy trading and MAM accounts. Technical support is 24/7, prompt, and competent.
MYFX Markets Summary
Your capital is at risk. Your capital is at risk. 79.43% of retail investor accounts lose money when trading CFDs with this provider. MYFX Markets and its affiliates do not target EU/EEA/UK clients. It is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations. Please be aware that you are able to receive investment services at your own exclusive initiative only, ensuring you fully understand all the risks involved.
| 💻 Trading platform: | MetaTrader 4 and MetaTrader 5 (desktop, web, and mobile versions) |
|---|---|
| 📊 Accounts: | Demo, Standard, and Pro |
| 💰 Account currency: | USD, AUD, and JPY |
| 💵 Replenishment / Withdrawal: | Bank cards, bank transfers, Bitwallet, and crypto wallets |
| 🚀 Minimum deposit: | $200 |
| ⚖️ Leverage: | Up to 1:500 |
| 💼 PAMM-accounts: | Yes |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: |
From 0.6 pips on the Standard account; From 0 pips on the Pro account |
| 🔧 Instruments: | Currency pairs, cryptocurrencies, and CFDs on indices, metals, and energies |
| 💹 Margin Call / Stop Out: | 90%/50% |
| 🏛 Liquidity provider: | Large international banks |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market |
| ⭐ Trading features: | Hedging, scalping, and other trading strategies are allowed |
| 🎁 Contests and bonuses: | No |
MYFX Markets offers numerous financial assets regardless of the account type. Its clients can trade on classic MetaTrader 4, MetaTrader 5, or a web platform in the user account. Account currencies are USD, AUD, and JPY. When funding the account, conversion is made at the market price.
MYFX Markets Key Parameters Evaluation
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Trading Account Opening
To start trading with MYFX Markets, register a user account on its website and open a trading account. The registration procedure is as follows:
Click the “Open Account” button on the broker’s website.
Fill in the registration form and provide your first and last names, email, your country of residence, confirm that you are not a robot, and click the “Register” button.
In MYFX Markets’ user account traders can:
Additional features of MYFX Markets’ user account that allow traders to:
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Open demo and live accounts and change leverage;
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View the history of all financial transactions for a required period;
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View the website news and working hours of financial markets;
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Switch to WebTrader and download installation files of MT4 and MT5 for different mobile devices and PCs.
Regulation and safety
MYFX Markets is registered by SVG FSA under number 24078IBC2017 and FSRC under number 22021.
Advantages
- Client funds are held in segregated trust accounts with reliable banks
- It is impossible to change data in your user account without answering a secret question specified at the registration stage
- The company guarantees the confidentiality of personal data due to physical and electronic security measures
Disadvantages
- To withdraw funds, it is required to pass verification and upload documents with personal information
- Two-factor authentication is unavailable
- The broker has the right to retain funds or close the accounts of its clients if they are suspected of misconduct
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Standard | $6 | Yes |
| Pro | $0 | Yes |
The broker charges fees for transferring positions overnight.
TU experts have compared the average spreads of MYFX Markets, RoboForex, and Pocket Option. The results are provided in the table below.
| Broker | Average commission | Level |
|---|---|---|
|
$3 | |
|
$1 | |
|
$8.5 |
Account types
MYFX Markets has two account types that can be opened on any of the platforms available with the broker. Leverage is set when opening the account. It can be changed in the user account subject to the traded asset.
Account types:
A demo account can be opened on MT4 and MT5.
MYFX Markets provides profitable trading conditions with minimum spreads and flexible leverage.
Deposit and Withdrawal
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Only verified clients with confirmed identity and registration addresses can withdraw their profits.
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Withdrawals to crypto wallets are instant, while funds take 1-3 days to clear using bank cards or bank transfers.
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Fees for withdrawing funds by bank transfers and to bank cards are $25.
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Fees for withdrawing cryptocurrencies are subject to the blockchain and can be $3.5-$30.
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Withdrawals are made only with the same method used to make deposits.
Investment Options
MYFX Markets offers tools for active trading and provides passive income options. MAM accounts are integrated into MT4. Managers get access to all client accounts from their user accounts and can monitor statistics on investments and trades. Moreover, traders can connect to the copy trading service and earn from copying the signals of successful traders. Partners can participate in the IB (Introducing Broker) program with rewards for trading volumes of attracted referrals.
MAM accounts are the solution for investors and managers
The company offers MAM accounts. Investors choose managers who suit them on the profitability level, connect to their master accounts, and deposit funds. Money managers, as a rule, get the best conditions for trading directly with liquidity providers. Features of MAM accounts for investors and managers:
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Possibility to open any number of accounts free of charge;
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Real-time statistics update;
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Any number of traders can connect to a master account;
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Automated profit allocation among investors.
To become a trust account manager, fill in a form on the broker’s website and provide information on your trading experience. Upon positive results of the interview with the broker's representatives, the applicant is registered as a master account manager.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership programs from MYFX Markets:
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Introducing Broker. It’s an offer for individuals and companies that allows them to make income by attracting new clients. Rewards are accrued for referrals’ trading volumes. Funds can be withdrawn at any time by any available method.
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EA Vendor. The broker pays $1,000 to providers of trading robots. Applicants provide proven advisors, websites for their sales, and three resources with reviews of the software.
Introducing Brokers are provided with necessary technical support, various marketing materials, and 24/7 consulting. Client managers help to develop long-term relations with attracted referrals.
Customer support
Technical support is available 24/7.
Advantages
- Live chat is available for prompt communication with support
- Both clients of the broker and unregistered users can contact support in the live chat
Disadvantages
- No call back option
- When contacting support via a feedback form, the response may come within 24 hours or more
The broker offers the following communication channels:
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Phone;
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Email;
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Live chat;
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Feedback form.
Live chat and a feedback form are available in the user account for more prompt communication with technical support.
Contacts
| Registration address | MYFX Markets, First Floor, First St., Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines |
|---|---|
| Regulation | SVG FSA, FSRC |
| Official site | https://myfxmarkets.com/ |
| Contacts |
+64 9 889 4022
|
Education
The MYFX Markets website doesn’t have a section with educational materials. For brief information on trading instruments offered by the broker, visit the Products section, and to research certain administrative issues go to the FAQs section.
Since the broker doesn’t offer cent accounts, traders without proper experience are recommended to practice trading on a demo account with virtual currency and only then switch to live accounts.
Comparison of MYFX Markets with other Brokers
| MYFX Markets | RoboForex | Pocket Option | Exness | Eightcap | FxGlory | |
| Trading platform |
MetaTrader4, MetaTrader5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | MT4, MobileTrading, MT5 |
| Min deposit | $200 | $10 | $5 | $10 | $100 | $1 |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:30 to 1:500 |
From 1:1 to 1:3000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | 8.00% |
| Spread | From 0.6 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 2 points |
| Level of margin call / stop out |
90% / 50% | 60% / 40% | 30% / 50% | No / 60% | 80% / 50% | 20% / 10% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Instant Execution, Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of MYFX Markets
MYFX Markets offers fast order execution with minimum slippages, low fees, and 24/7 technical support. Liquidity providers are large banks and financial organizations, so clients receive the best trading conditions and competitive quotes. The company aggregates prices offered by providers, and its clients get the most profitable of them.
MYFX Markets by the numbers:
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10 years in the bank services industry;
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Spreads start at 0 pips on the Pro account;
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Technical support is available 24/7.
MYFX Markets is a broker for investment and trading
MYFX Markets offers two account types that significantly differ in fees. Spreads on EUR/GBP, EUR/USD, and GBP/USD are 1-1.5 pips on the Standard account and are some of the lowest with this broker. On the Pro account, spreads for these currency pairs are 0.1-0.3 pips. The broker minimizes slippage risks when the market is volatile and provides the best quotes of those offered by liquidity providers.
MYFX Markets provides numerous trading assets that include 55 currency pairs and cryptos. Leverage for trading currencies can be chosen when opening the account and ranges from 1:100 to 1:500. Maximum leverage for trading cryptocurrencies is 1:5.
Useful services offered by MYFX Markets:
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Trading hours. Changes to trading schedules on holidays are regularly posted in the user account.
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FAQs. This is the website page with popular questions regarding trading, finance, and accounts.
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Products. It is a section that describes available financial instruments.
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Platforms. This section provides a detailed description of MetaTrader 4 and MetaTrader 5.
Advantages:
A demo account is available to learn how to trade, practice strategies, and test trading conditions.
Technical support is available 24/7.
The broker’s website contains basic information about spreads, margins, leverage, and swaps.
All legal documents and registrar data are available to the broker’s clients.
Daily and monthly statements on trading accounts.
A demo account is valid for 90 days. However, it is prolonged for the same period each time you log into your user account.
User Satisfaction