MYN Capital – Are They a Scam?

Website URL: https://myncapital.com

Founded: 2021

Regulations: None

Languages: Spanish

Deposit Methods: Credit Cards, Debit Cards, Bitcoin, PayRetailers, TRX

Minimum Deposit: $10

Free Demo Account: No

Number of Assets: Not Specified

Types of Assets: Forex, Futures, Indices, Metals, Raw Materials

Trading Accounts and Conditions

MYN Capital has not given any information about the types of trading accounts they offer, so we can assume that they offer only one type of account to all their clients.

As for their trading conditions, they have not mentioned anything on their website. The information we have gotten comes from their Web Trader platform. The spreads for the EURUSD start at 3 pips and leverage ratios are set at a maximum of 1:100.

There is no information about commissions and fees.

MYN Capital – Advantages

We could not find any advantages in trading with MYN Capital.

MYN Capital – Disadvantages

Here are all the reasons why it would be a very bad idea to trade with MYN Capital:

• Unregulated Broker Blacklisted by the CNMV

The first and most telling sign of this broker’s scam is their lack of regulation.

The broker claims to be owned and operated by MYN Capital LLC and the address provided at the bottom of their home page is in Mexico.

However, when you check their About Us page, the broker claims to be based in St. Vincent and the Grenadines (SVG). The confusing information continues, as the broker, in their homepage footer, state that they are no regulated by the CFTC or the NFA, or by the FINRA or SEC. However, in their Terms and Conditions, the broker states that they are governed by the State of New York.

All this conflicting information tells us that we are actually dealing with an anonymous and unregulated entity.

This fact has not gone unnoticed by the authorities and MYN Capital has actually been blacklisted by one of the top regulators in the world, the CNMV (Comisión Nacional del Mercado de Valores), Spain’s financial authority. This regulator has issued a public notice that MYN Capital is operating in their jurisdiction as an unregistered firm. The warning by the CNMV clearly exposes this broker as a scammer.

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• Issues with Trading Software

A broker’s key offering to their clients is their trading software, which is why they ensure that they can offer only the best platforms the market has to offer. This means either the MetaTrader 4 or MetaTrader 5 platforms. These are the two best trading platforms in the world today, both created by MetaQuotes. They offer traders the use of a wide variety of tools and options to make trading much easier.

With MYN Capital, you not only don’t get the best, you actually get one of the worst trading platforms there is – the simplistic WebTrader. This platform is poorly designed with few tools and no advanced features at all. The most a trader can do is buy and sell using this platform.

Thus, even if this broker were regulated, we would still not recommend them to any trader – based on the quality of their trading platform.

• Poor Trading Conditions

Another issue that tells us that MYN Capital is not a trustworthy broker is their trading conditions.

First of all, the trading costs are much higher than industry averages. When we checked their trading platform, we found out that the EURUSD spreads were at 3 pips. The industry average is about 1 pip or even less. This means that you would be paying about $30 per lot that you trade – a very expensive proposition.

Next, the leverage ratios offered by this broker are also not quite legal. A maximum leverage of 1:100 is much higher than the 1:30 that is allowed in the EU member states (which is the location that this broker seems to be targeting).

And there is no mention of any minimum deposit requirement, commissions or fees.

The lack of clarity of trading conditions is yet another red flag that tell us that we cannot trust MYN Capital.

• Issues with Payment Details

We also have a lot to say about the payment options, withdrawals and deposits this broker has on offer.

First, while this broker has not mentioned any minimum deposit requirement, you can actually open an account with them for as little as $10 – if you use Bitcoin as a funding option. However, we cannot say whether the broker will allow you to trade until you have made bigger deposits.

Now, the funding methods on offer are: Bitcoin, Credit Cards, Debit Cards, PayRetailers and TRX. Here’s the catch: you cannot make deposits using your credit or debit card directly.

There is also no information about withdrawals or what fees this broker charges for deposits and withdrawals. When you actually look at the payment options, all payments are being routed through various e-wallets: credit card through bitcoin, credit card through BUSD, credit cards through Pago Digital and so on.

There is no way for you to make a direct deposit using your credit card.

If you carry out a transaction using a credit or a debit card and are scammed, then you have the option of filing for a chargeback and you have a chance of getting your money back. But the indirect route that this broker offers means that if you are scammed there is no way that you will be able to apply for a charge back, since you did not charge directly to your card. This is another way that this broker is trying to scam their customers. 

Conclusion

MYN Capital is another broker that has turned out to be a scammer. There is nothing about this brokerage that can be called trustworthy. It would be best to avoid this entity and find another broker – one that is appropriately licensed and transparent in their dealings.

MYN Capital

2.6

User Experience

3.0/10

Payment Options

2.6/10

Security

2.5/10

Support

2.1/10

Reputation

2.6/10

Pros

• None

Cons

• Unregulated Broker Blacklisted by the CNMV
• Issues with Trading Software
• Poor Trading Conditions
• Issues with Payment Details