Mymafx – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Mymafx - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://mymafxfp.com
Founded: 2023
Regulations: Not Regulated
Languages: English
Deposit Methods: Bank Wire, Credit Card, PayPal, Skrill, Neteller, Cryptocurrencies
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: Unspecified
Types of Assets: Forex/Currencies, Metals, Indices, Energies, Commodities
Trading Accounts and Conditions
Mymafx offers their clients the following types of trading accounts:
- Raw ECN: The minimum amount to be deposited is $5000. Spreads start from 0.0 pips. Commissions are $5 per trade. Leverage is 1:500.
- ECN Classic: The minimum amount to be deposited is $5000. Spreads start from 0.2 pips. Commissions are $7 per trade. The leverage is 1:500.
- Trader Account: The minimum amount to be deposited is $100. Spreads start from 1.5 pips. No commissions are charged. The leverage is 1:500.
Margin calls for all accounts are 20%. Scalping, hedging and robot trading are allowed. The minimum deal size is 0.01 and the maximum is 500.
Mymafx – Advantages
The single advantage that Mymafx has is that this broker offers their clients the use of the world’s most popular trading software – the MetaTrader 5 platform. This software is loaded with a massive number of features and tools, making trading intuitive and easy. This is a software that is designed in such a way that even novices will not struggle to use the platform. And pro traders will enjoy the vast range of tools at their disposal.
We need to point out that just because Mymafx offers such a world-class trading platform doesn’t mean that we would recommend this broker. They are still scammers – even with this offering.
Mymafx – Disadvantages
Mymafx is a scammer and this is how we know:
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Lies About Regulation
The first thing we check for when reviewing a broker is whether they are operating legally. This means verifying their corporate information as well as their regulation information. Regulated and legitimate brokers make sure that this information is clearly presented on their website, and that everything they claim can also be easily verified.
Mymafx presents us with a UK address. And the website is copyrighted to Myma Fx Ltd. in 2023 (but the broker claims to have been in operation for more than 5 years now!). There is no contact number provided; all we have is a generic email address with which to contact them. And if you really want to get in touch with them, you can fill in the contact form in this broker’s Contact Us page.
Being based in the United Kingdom means that a broker falls under the jurisdiction of the Financial Conduct Authority (FCA), the country’s financial regulator – and one of the premier regulators in the world. Therefore, this broker would need to be authorized by the FCA. We checked the regulator’s online register to see if Mymafx was indeed regulated by them.
Mymafx is not listed with the FCA at all! And since this broker has not provided any other regulation details, we can say for sure that Mymafx is operating illegal and is a scam operation.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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No Legal Documents
Regulated brokers need to present their legal documents clearly and in great detail, covering every single aspect of their terms of service, their offerings, and their policies. These documents constitute the contract between traders and the broker. And so, it is critical that they be present for all visitors and clients to see on their website.
Mymafx does not have legal documents at all, but the broker expects you to agree to their terms while registering for an account! This is a clear sign of their scam. Scammers bank on the fact that most of us will blindly click on the I Agree button without checking for or even reading the legal documents. Thus, once you have agreed to their terms without checking their legal documents, they can easily scam you, and there is no authority that can help you get your money back after that.
This is why it is so important to take the time to read through these legal documents before you register and invest with a new broker.
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Issues with Trading Conditions
While Mymafx has the world’s best trading software on offer, their trading conditions are quite questionable.
The broker provides us with very contradictory information with something as basic as their minimum deposit. In one section, the broker states that the minimum deposit is $50, and in another $100, but in the account types section, it is a massive $5,000! This lack of clarity is the first red flag.
Then, the broker states that their spreads are low and start from 0 pips. However, when we checked the platform, we found out that the spreads for the EURUSD (the benchmark currency pair) started at 2.5 pips. This is extremely high – much higher than industry standards. Added to that the commissions per trade are also extremely high, which means that trading with this broker would be exorbitantly expensive – not advantageous to the trader at all!
The leverage is also an issue. At 1:500, it is much higher that the market average. It is also very risky. But most importantly, it is illegal in the UK. The UK, the EU and Australia do not allow for leverages higher than 1:30 (other strongly regulated jurisdictions have similar limits). So, this leverage offered by Mymafx is illegal.
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Issues with Payments
On their website, Mymafx claims to offer multiple payment options: Bank Wire, Credit Cards, PayPal, Skrill, Neteller, Cryptocurrencies. The broker also provides us with the processing time for deposits and withdrawals for each of these payment types.
However, when you check the payments section, the only way to carry out transactions is by cash! We did not attempt to make a deposit so we do not know if this payment method actually works, but this lie is another sign of this broker’s scam.
And finally, we do not know anything about their withdrawal requirements.
Conclusion
Mymafx is a scammer and cannot be trusted.
Mymafx
Pros
- MetaTrader 5 Platform Offered
Cons
- Lies About Regulation
- No Legal Documents
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.