Myfxmarkets.com is a fraudulent broker that is suspected to operate out of the eastern Caribbean Sea. The scammers are specifically hiding at Saint Vincent and Grenadines where they operate Myfxmarkets.com with impunity. Complaints such as refusal to process withdrawals are very common. For that reason, Myfx Markets fails to qualify for a place in our list of the best Forex brokers worth trading with.
MyFX Markets uses a set of marketing tricks to lures traders. They include the promise of fast execution, low spread and dedicated customer support. MyFX Markets does not have a minimum deposit requirement, which is why many traders find themselves signing up and sending the scammers any amount of money.
MyFXmarkets.com Review: They’re not licensed
The broker is incorporated as AXIS INC. They’re providing company registeration number on their website to fool traders.
However, incorporating a company is not the same thing as getting a Forex broker’s license.
Furthermore, the Saint Vincent and Grenadines is not a jurisdiction where financial regulations are taken seriously.
Apart from being an offshore location, there is no serious oversight authority that can enforce disciplinary action on wayward brokers like MyFX markets.
What MyFX Markets is offering
The platform offers MT4 and cTrader software, which are the industry standard. But this does not mean that Myfxmarkets.com is a legitimate broker.
As a matter of fact, MetaQuotes has been accused of being complacent with scams since a number of these fraudulent trading platforms are running their software (MT4 and MT5) yet they’re doing nothing to contain them.
The broker offers amazing spreads as a pair like EURUSD attracts 0.6 pips. What we’re not sure of is whether these spreads will be reflected in the real trading platform.
This is because Myfxmarkets is a bucket shop. Instead of offering investors a true ECN/STP trading environment, the broker is only interested in trading against their clients.
This means that even if you use the best EAs, education or trading signals, you will still lose money since these trading products only work well on trusted Forex brokers that don’t use underhand tactics.
Myfx Markets also provides leverage of up to 1:500. Be careful with brokers who entice you to go for big leverage as this is a trap to facilitate loss of your money as they take positions against you.
In their non-spreads account, they charge commission of $7 round trip. We’re not sure whether this is supposed to mean that they’re charging $7 per lot.
In terms of customer support, the broker is offering a contact phone number, 2 different emails and even a live chat.
However, we noticed that Myfxmarkets’ live chat is not always active. So customers will have to chat with a bot quite often.
What to do if you have been scammed by Myfxmarkets.com
The reality is that this broker will scam you since they lack a valid license and are operating in an offshore region just like Amymaxtrade. There are many cases out there of MyFX markets refusing to process their customers’ withdrawal.
Most of the time they steal your money and tell you that you were using arbitrage or hedging strategies to make money.
This is the evidence that you need to know that the broker is a bucket shop because if they are truly ECN, they need not to worry about your strategy.
Either way, the broker is a scam and you will need to request a chargeback if you have been scammed.
You should utilize the live chat down below or fill in the form in order to submit your case to a money recovery agency. If you qualify for a chargeback, the you will surely get your money back. 99% of cases are successful due to the procedures that this company follows until you get your money back.
Myfxmarkets.com does not care about your money or investment. Their professionally-built website is a face that hides a big scam behind the curtains.
You need to spare yourself the heartache by not signing up on their website. If possible, leave your feedback below this review so that we can continue to expose the evils that MyFX markets is up to.