MyTeamFX – Is it a Scam?

Website URL: https://myteamfx.com/

Founded: 2019

Regulations: Unregulated

Languages: English, Russian

Deposit Methods: Bitcoin

Minimum Deposit: $500

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, CFDs on Stocks, Indices, Commodities, Cryptocurrencies, and ETFs.

Trading Accounts and Conditions

MyTeamFX claims to be an internationally acclaimed broker with multiple awards. It also claims that if offers trading instruments that range from Forex currency pairs, CFDs on stocks, indices, commodities and cryptocurrencies, as well as ETFs.

The broker also offers its clients 3 different trading accounts from which to choose:

• Starter Account: you need to deposit a minimum of $500 to be able to open a Starter account.
• Professional Account: you need to deposit a minimum of $1,000 to be able to open a Professional account.
• Advanced Account: you need to deposit a minimum of $10,000 to be able to open an Advanced account.

The broker offers very high levels of leverage which are at a maximum of 1:500, as well as a decently low spread of 0.6 pips.

MyTeamFX – Advantages

To be fair to all brokers we review, we start with the advantages that they have to offer. After going through the entire MyTeamFX website, here is the single perceived advantage we were able to find for this broker:

• Range of Assets for Trading

According to the broker’s claims, it offers a wide range of trading instruments.

MyTeamFX – Disadvantages

The disadvantages, unfortunately, were a much longer and worrying list:

• Lack of Regulation

According to the information given in MyTeamFX’s website, the broker is owned and operated by MyTeamFX Holding Limited. This is a holding company for both MyTeamFX Global as well as MyTeamFX Limited.

The broker also claims to be authorized to trade in multiple jurisdictions, including Canada, Australia, Cyprus, Mauritius, Vanuatu and British Virgin Islands.

We investigated these claims. We checked the online registers of the Australian Securities and Investments Commission (ASIC), the Canadian Investment Industry Regulatory Authority (IIROC), and even the Securities and Exchange Commission of Cyprus (CySEC).

We were unable to locate any broker or company by the name of MyTeamFX in any of these registers.

Added to that, we also discovered that the license number that MyTeamFX has listed on its website actually belongs to another broker. The data on the CySEC shows that the broker’s so-called registry number belongs to a regulated broker called Orbex. And Orbex has nothing to do with MyTeamFX.

With all this information, we can see that this broker has lied about being regulated, which is a clear indication that it is a scam.

Plus500

$100

Minimum Deposit

Start Trading

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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.

 

AvaTrade

$100

Minimum Deposit

Start Trading

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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.

• Offering Trading Bonuses

MyTeamFX also offers trading bonuses, which is something that only shady brokerages do, since the facility has been prohibited in most regulated countries.

This is because trading bonuses are a trap used to divest investors of their money. They come with conditions that will not allow you to withdraw your funds unless you meet ridiculously high trading volume targets.

If you are unable to meet these requirements, the broker uses that as an excuse to cancel your withdrawal request. So, you end up not being able to actually get your hands on your own money.

• Only Payment Method is Bitcoin

MyTeamFX has displayed the logos of popular payment methods such as Visa and MasterCard. However, when we created an account and registered on this broker’s platform, we found that the only way we could make payments was through the cryptocurrency Bitcoin.

This is another seriously red flag because when you make payments using your Visa or MasterCard, you can reverse charges if required. However, if you make a payment using Bitcoin, it is a permanent transaction and you can never get your money back.

Added to that, a Bitcoin transaction is almost completely anonymous and cannot be traced.

• High Minimum Deposit Requirement

This broker also has a rather high minimum deposit requirement of $500. The industry norm for trading accounts is $100 – $250.

• Fake Awards

MyTeamFX claims that it has won numerous awards for its platform, however, on further investigation, we have found that this broker has not won a single award by any financial institution anywhere in Europe, Australia or Canada.

• Trading Platform

The trading platform that MyTeamFX offers is – to say the least – unimpressive. A basic, web-based platform, it is only suitable for the most inexperienced of traders.

The platform shows a few pending orders, and offers a small number of charting options, but that’s all. Such trading platforms are used by scammers.

• No Demo Account

The only way we were able to get the information about MyTeamFX’s trading conditions (which are very vague, as it is), is by opening a live trading account. This is because the broker does not offer a free demo account.

Most regulated traders offer a demo account so that prospective clients can test their trading platform, understand their trading conditions and experience trading before they commit real money.

Scammers, on the other hand, do not usually offer demo accounts so that clients are forced to open live accounts and deposit money before they can trade on their platforms.

Conclusion

After having gone through MyTeamFX’s website, investigated its numerous claims and tested its trading platform, we would strongly advise you not to make investments with this broker.

MyTeamFX is clearly a scam that is out to get your money. The broker has lied about being regulated by multiple financial agencies, its registration number, and its awards.

It also has unreasonably high minimum deposit requirements, offers trading bonuses and is a very poorly made trading platform.

All these point to a scam, so it would be in your best interests not to invest your hard-earned money with MyTeamFX.

MyTeamFX

3.5

User Experience

3.7/10

Payment Options

3.5/10

Security

3.4/10

Support

3.6/10

Reputation

3.4/10

Pros

• Range of trading instruments

Cons

• Not Regulated – Lied About Regulation
• Lied About Registration Number
• Offering Trading Bonuses
• Single Payment Method – Untraceable Bitcoin
• Lied about Awards