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MYFX Markets Forex Broker provides real users with 3 positive reviews, * neutral reviews and 12 exposure review!

MYFX Markets Broker Review

2.34

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FCA Revoked

MYFX Markets Review 15

Latest All(15) Positive(3) Exposure(12)
Positive

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.

Romandic
2024-07-24
Positive
Top-notch Service at MYFX Markets: Trustworthy Broker with Renato Balliu's Expert Guidance

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.

Taraquan
2024-06-21
Positive

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.

紫葳
2023-02-24
Exposure
An unreliable broker

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.

yyyyyyyyy
2021-06-30
Exposure
Fraud platform even denied to have such a salesman

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?

FX3855606251
2019-08-04
Exposure
The platform threatened to turn to the authority without my agreement on their settlement

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.

FX3855606251
2019-07-03
Exposure
MYFX markets is a fraud platform

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.

FX3855606251
2019-07-01
Exposure
Myfx, give back my money!

I’ve got proofs. Be alert, people!

FX2344544292
2019-05-29

  

MyFX Markets 2025 Review: Everything You Need to Know

  MyFX Markets has garnered mixed reviews in the forex trading community, with some users praising its competitive spreads and trading conditions, while others express concerns over regulatory issues and withdrawal difficulties. This review synthesizes insights from various sources to provide a comprehensive overview of the broker's strengths and weaknesses.

  Note: It is essential to recognize that MyFX Markets operates through different entities in various regions, which can lead to discrepancies in user experience and regulatory oversight. This review aims to present a fair and accurate picture of the broker based on available data.

  

Ratings Overview

Category Score (out of 10)
Account Conditions 6.5
Tools and Resources 4.0
Customer Service & Support 4.5
Trading Experience 5.5
Trustworthiness 3.0
User Experience 4.0
Regulatory Compliance 2.5

  We evaluate brokers based on user reviews, expert opinions, and factual data from various sources.

  

Broker Overview

  Founded in 2013, MyFX Markets is a forex and CFD broker that primarily operates through the MT4 and MT5 trading platforms. The broker offers a diverse range of trading instruments, including over 50 currency pairs, cryptocurrencies, and various CFDs. While it claims to be regulated by the Financial Services Commission (FSC) of Mauritius, this oversight is often viewed as insufficient due to the lack of stringent regulatory practices typically found in more reputable jurisdictions.

  

Detailed Insights

  

Regulatory Environment

  MyFX Markets is registered with the FSC in Mauritius, but this regulatory body does not enforce strict compliance for forex trading, which raises concerns about the safety of client funds. Many reviews highlight that the broker has a history of changing its regulatory status, leading to questions about its overall trustworthiness. As per ForexPeaceArmy, users have reported issues with withdrawals and customer service, suggesting a lack of accountability.

  

Deposit/Withdrawal Currencies and Methods

  MyFX Markets supports multiple currencies, including USD, AUD, and JPY, for trading accounts. The broker offers several funding options, such as bank transfers, credit/debit cards, and cryptocurrencies like Bitcoin. However, withdrawal fees can be as high as $25 for bank wires, which is considered excessive compared to industry standards. According to TradersUnion, the withdrawal process can take 1-3 days, adding to the frustration for traders looking for prompt access to their funds.

  

Minimum Deposit

  The minimum deposit for opening a standard account is $200, while the pro account requires a minimum of $1,000. This is relatively accessible compared to some competitors, but the lack of a cent account for novice traders is a notable downside.

  

Bonuses/Promotions

  While MyFX Markets does not prominently advertise bonuses or promotions, it does have a referral program where existing clients can earn rewards for bringing in new traders. The absence of substantial promotional offers may deter some traders looking for additional incentives.

  

Tradable Asset Classes

  The broker offers a variety of asset classes, including forex, indices, commodities, and cryptocurrencies. While the selection is reasonable, the absence of single stock CFDs limits options for traders looking to diversify their portfolios. According to Asia Forex Mentor, the range of cryptocurrencies is also not as extensive as that offered by some competitors.

  

Costs (Spreads, Fees, and Commissions)

  MyFX Markets provides competitive spreads, with the pro account offering spreads as low as 0.0 pips, but this comes with a commission of $7 per lot. The standard account features wider spreads starting from 0.6 pips with no additional commissions. However, the overall cost structure has been criticized for being less transparent, with some users reporting unexpected fees.

  

Leverage

  The broker offers high leverage of up to 1:500, which can be attractive for experienced traders looking to maximize their potential returns. However, this high leverage also poses significant risks, particularly for novice traders who may not fully understand the implications.

  

Allowed Trading Platforms

  MyFX Markets primarily utilizes the MT4 and MT5 platforms, both of which are widely regarded for their user-friendly interfaces and robust trading tools. The platforms support automated trading through Expert Advisors (EAs), which many traders appreciate. However, the lack of proprietary trading tools or educational resources is a drawback noted in several reviews.

  

Restricted Regions

  MyFX Markets does not accept clients from certain regions, including the United States, which is a common restriction among many forex brokers. This limitation can affect traders looking for a global trading platform.

  

Available Customer Service Languages

  The broker provides support in multiple languages, including English, Chinese, and Japanese. However, user feedback indicates that response times can be slow, particularly when using email or the feedback form, leading to frustration among clients.

  

Final Ratings Overview

Category Score (out of 10)
Account Conditions 6.5
Tools and Resources 4.0
Customer Service & Support 4.5
Trading Experience 5.5
Trustworthiness 3.0
User Experience 4.0
Regulatory Compliance 2.5

  In conclusion, while MyFX Markets offers competitive trading conditions and a user-friendly platform, significant concerns regarding regulatory compliance and customer service persist. Potential traders should weigh these factors carefully and consider alternative brokers with stronger regulatory oversight and more robust support systems.