MYFX Markets ReviewCategory: Reviews | Author: Trading Brokers | Date: January 23, 2024
MYFX Markets is a broker with a diverse range of trading instruments, and positions itself on a dynamic approach to addressing client needs. With access to over 50 FX pairs, cryptocurrencies, metals, and CFDs, traders have the opportunity to diversify their portfolios and navigate various market conditions. In this review, we’ll conduct a thorough analysis of MYFX Markets, exploring aspects such as their regulations, trading platforms, account options, platforms & tools, Educational resources, and so on. The overarching goal is to furnish you with an impartial overview, enabling you to make an informed decision about whether MYFX Markets aligns with your unique trading aspirations.
Pros & Cons
- Offers a wide range of trading instruments including forex, metals, energies, and indices
- Welcomes the use of EAs and plugins for algorithmic trading
- Offers both MetaTrader 4 and MetaTrader 5 platforms
- Provides a variety of funding methods including bank wire, Bitcoin, USDT (Tether), and credit card
- No minimum deposit required, making it accessible for traders with different investment capacities
- Lacks regulatory oversight, which could pose risks related to the security of client funds and transparency of operations
- Limited educational resources compared to more established brokers
- Does not accept funds from third parties, which could limit funding options for some traders
- The company's operational history and reputation are not as established as some other brokers
MYFX Markets stands as a comprehensive forex broker, offering a diverse range of trading instruments and flexible account types to accommodate various trading strategies and preferences. With access to over 50 FX pairs, cryptocurrencies, metals, and CFDs, MYFX Markets empowers traders to diversify their portfolios and capitalize on different market conditions. The broker presents four distinct account types – MT4 Standard, MT4 Pro, MT5 Standard, and MT5 Pro – each with its unique features tailored to different trading needs. Pro accounts offer lower spreads for a commission, while Standard accounts provide the advantage of zero-commission trading.
For enhanced capabilities, the MT5 accounts leverage the advanced features of the MetaTrader 5 platform. Facilitating seamless transactions, MYFX Markets supports multiple funding methods, including bank transfer, credit cards, and cryptocurrencies. The majority of payment methods are automated and instantaneous, enabling traders to commence trading promptly upon deposit processing. To ensure a reliable trading experience, MYFX Markets employs enterprise-grade hardware in their trade servers located in the NY4 & TY3 data centers in New York & Tokyo. Noteworthy is the broker’s openness to third-party Expert Advisors (EAs) & MT4/MT5 plugins for automated trading. This flexibility caters to traders who prefer automated strategies, enhancing the overall appeal of MYFX Markets for a diverse range of trading styles.
MYFX Markets is a forex broker that operates under the trading name of AXIS INC. The company is incorporated under registered number 24078IBC2017 by the Registrar of International Business Companies. They claim to have strict internal procedures and government regulation, and they assure that your funds are always safe with them. They also mention that they utilize enterprise-grade hardware in their trade servers in the NY4 & TY3 data centers in New York & Tokyo, and they have segregated funds and external audits. However, this does not provide the same level of oversight and investor protections as being regulated by financial authorities like the FCA, CySEC, or ASIC.
There is also no requirement for segregated accounts to keep client money separate from the broker’s operational funds. While MYFX Markets claims client funds are kept in segregated accounts and subject to external audits, this cannot be independently verified. Overall, the regulatory status of MYFX Markets is concerning given the lack of oversight.
However, it is also noted on their legal documentation page that MYFX Markets is not under the supervision of the JFSA (Japan Financial Services Agency).
Traders are advised to practice caution and thoroughly research a broker’s regulation before opening an account. There are many regulated brokers that can provide greater transparency and protection. Please see a list of regulated brokers for some alternative options.
Platforms & Tools
MYFX Markets offers a couple of well-known platforms and tools for trading:
- MetaTrader 4 (MT4): MetaTrader 4, offered by MYFX Markets, is a widely-used trading platform known for its user-friendly interface, robust charting tools, and support for automated trading through Expert Advisors (EAs). Traders can utilize a variety of technical indicators, graphical objects, and a comprehensive charting package to analyze the markets and execute trades. MT4 is available for download on both PC and mobile devices, ensuring traders can manage their positions at any time.
- MetaTrader 5 (MT5): MetaTrader 5 is the successor to MT4 and offers additional features such as more technical indicators, timeframes, and a more sophisticated strategy tester for EAs. MYFX Markets provides MT5 to cater to traders who require advanced trading functions and analytical tools. Like MT4, MT5 is also available on PC and mobile platforms, offering flexibility and convenience for traders on the go.
MYFX Markets offers a variety of tools to assist traders in their trading journey. Here’s a rundown of some of the key tools you’ll find:
- Real-Time Spreads: MYFX Markets provides real-time spreads for currencies, CFDs, and commodities, helping traders keep their trading costs low. This feature allows traders to monitor the spread costs in real-time and make informed trading decisions.
- Trade Servers: MYFX Markets utilizes enterprise-grade hardware in their trade servers in the NY4 & TY3 data centers in New York & Tokyo. This ensures fast and reliable trade execution, which is crucial in the fast-paced forex market.
- Third-Party Expert Advisors (EAs) & MT4/MT5 Plugins: MYFX Markets welcomes the use of third-party EAs and MT4/MT5 plugins for automated trading. This allows traders to automate their trading strategies and take advantage of market opportunities even when they’re not in front of their screens.
- Mobile Trading: MYFX Markets offers mobile trading across all major platforms and devices. This provides traders with the flexibility to manage their trades anytime, anywhere, ensuring they never miss a market opportunity
MYFX Markets provides educational resources to help traders become familiar with all the trading features and tools in the trading platform. This includes:
- Demo Account: MYFX Markets offers a demo account that replicates the live trading environment, including access to real-time spreads and execution speeds. This is a valuable educational tool as it allows traders to practice their trading strategies in a risk-free environment, learn how to use the platform, and familiarize themselves with the dynamics of the forex market.
- FAQ Section: MYFX Markets provides a FAQ section on their website that answers common questions about the broker’s services and the trading platform. This resource can help traders understand how to use the platform effectively and troubleshoot any issues they may encounter.
- Myfxbook Features: While not directly provided by MYFX Markets, Myfxbook offers a range of features that can complement your trading education. These include real-time analysis of your account, a trades journal to comment and attach files to each of your trades, a system search to browse through thousands of systems connected to Myfxbook, and hourly statistics to understand in which hours your system performs best. Please note that these features are offered by Myfxbook and not directly by MYFX Markets
MYFX Markets offers a diverse range of markets for traders to explore. Let’s dive into each one to see what they have to offer.
- FX Trading: MYFX Markets offers access to the foreign exchange market, where traders can buy and sell over 50 different currency pairs. This includes major, minor, and some exotic currency pairs, providing a diverse range of options for forex traders.
- Index CFDs: An index is made up of a group of shares and can be used to track the performance of a country’s economy, an exchange, or a market sector. MYFX Markets allows traders to trade index CFDs, enabling them to speculate on the overall direction of a market without having to pick individual stocks.
- Metals & Commodities: MYFX Markets provides trading opportunities in 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 allows traders to diversify their portfolios and profit from price movements in these markets.
- Cryptocurrencies: MYFX Markets also offers traders the opportunity to partake in the new and exciting world of cryptocurrency trading. Cryptocurrencies have become increasingly popular in recent years due to their potential for high returns, although they are also known for their volatility.
MYFX Markets offers four main types of trading accounts, each with its own unique features and benefits. Here’s a closer look at each of them:
- MT4 Standard Account: The MT4 Standard Account at MYFX Markets offers spreads starting from 0.6 pips and does not charge any commission. There is no minimum deposit required, allowing traders to start with any amount they feel comfortable with. The minimum trade size is 0.01 lots, and traders can access a variety of markets, including 50+ FX pairs, cryptocurrencies, metals, and CFDs. This account type also offers leverage of up to 500:1 for account balances up to 50,000 USD. This account type is suitable for traders who prefer the MT4 platform and want to trade without any commission.
- MT4 Pro Account: The MT4 Pro Account at MYFX Markets offers spreads starting from 0.0 pips, with a commission of $7 per lot (USD). Like the MT4 Standard Account, there is no minimum deposit required, and the minimum trade size is 0.01 lots. This account also provides access to the same markets and offers the same leverage. This account type is suitable for professional traders who prefer the MT4 platform and are comfortable with paying a commission for lower spreads.
- MT5 Standard Account: The MT5 Standard Account at MYFX Markets offers the same features as the MT4 Standard Account, but with the added benefit of the advanced features and enhanced capabilities of the MetaTrader 5 platform. This includes more technical indicators, additional timeframes, and a more sophisticated strategy tester for EAs. This account type is suitable for traders who prefer the MT5 platform and want to trade without any commission.
- MT5 Pro Account: The MT5 Pro Account at MYFX Markets offers the same features as the MT4 Pro Account, but with the added benefit of the advanced features and tools provided by the MetaTrader 5 platform. This includes more technical indicators, additional timeframes, and a more sophisticated strategy tester for EAs. This account type is suitable for professional traders who prefer the MT5 platform and are comfortable with paying a commission for lower spreads.
MYFX Markets offers a variety of convenient and secure methods for funding your account. This includes:
- Bank Wire: MYFX Markets accepts bank wire transfers, which are available 24 hours a day. This method is reliable and can handle large amounts, but it may take a few days for the funds to appear in your trading account due to the processing time required by banks.
- Bitcoin: Bitcoin deposits are also accepted by MYFX Markets and are available 24 hours a day. This cryptocurrency deposit method offers the advantage of fast and secure transactions, with the added benefit of low fees.
- USDT (Tether): MYFX Markets also accepts deposits via USDT (Tether), a type of cryptocurrency that is pegged to the value of the US dollar. Like Bitcoin, USDT deposits are available 24 hours a day and offer fast and secure transactions.
- Credit Card: Credit card deposits are another option at MYFX Markets, and like the other methods, they are available 24 hours a day. Credit card deposits are typically processed instantly, allowing traders to fund their accounts and start trading immediately.
Wrapping up our MYFX Markets review, it’s clear that this broker provides traders access to a range of markets including forex, metals, energies, and indices through the MetaTrader 4 and MetaTrader 5 platforms. They offer competitive spreads and execution speeds that appeal to scalpers and high-frequency traders. However, MYFX Markets lacks regulatory oversight, which could pose risks related to the security of client funds and transparency of operations. However, it’s worth noting that while MYFX Markets offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. For additional choices, we encourage you to explore our trading broker’s reviews.