Home Cryptocurrency MyFX Markets Review 2020: Safe Broker? Everything We Know

MyFX Markets Review 2020: Safe Broker? Everything We Know

by Gordon James

MyFX Markets is a broker that offers trading in multiple cryptocurrency markets. It also offers CFDs on stocks, indices, commodities, and more. The company was founded in 2018 by the former CEO of FXCM, which was once one of the largest online forex brokers in the world.

MyFX Markets is a cryptocurrency broker that offers a range of services. The company has been in the market for a long time and has been offering its services to both new and experienced traders.

MyFX Markets, headquartered in Sydney, Australia, is a worldwide Forex broker. In addition to New York, they operate offices in London and Dubai. They offer their traders a choice of 53 different currency pairings to trade with a leverage of up to 400:1.

MyFx Markets offers five cryptocurrency CFDs based on BTC, BCH, LTC, ETH, and XRP as its cryptocurrency assets. With that, the bitcoin industry’s cream of the crop is covered. As a consequence, it’s a possible destination for crypto traders seeking to profit from the asset class’s high volatility.

The firm is popular with crypto and forex scalpers first and mainly because of its EA-friendly nature. They’re also renowned for their extremely personalized client service.

This comprehensive MyFx Markets review shows you exactly what you can expect from this broker and its complete product line.

In addition, we’ve put up a tutorial on how to trade MyFx Markets. I’ll also offer you a few pointers to keep in mind while trading here.

What is MyFx Markets and how does it work?

MyFx Markets is a foreign exchange and contract for difference (CFD) brokerage that offers a diverse variety of tradable assets. A wide range of FX pairings, commodities, indices, and, of course, cryptocurrencies are among them.

The business began in New Zealand in 2013 and was originally headquartered there. Still subsequently relocated to Australia, although it maintains regulatory licenses in St Vincent and the Grenadines and the United Kingdom via the Financial Conduct Authority (FCA).

In terms of the brokerage’s reputation, it seems to be very good. On the many web forums that we visit, there are no significant concerns. They are also extremely open about their activities and have a dedicated phone number that can be called at any time.

MyFX Markets is an ECN broker as well. This implies they don’t trade directly with their customers and instead route all of their orders via a network of liquidity providers. Citibank, Goldman Sachs, and other financial institutions are among them.


MyFx Markets’ Advantages

MyFX Markets Review 2020: Safe Broker? Everything We Know

  • EAs are accepted by the broker. Given the popularity of cryptocurrencies and Forex scalping, this might be a marriage made in heaven. When trading short-term, powerful trends, EAs and auto traders are at their finest. Even if you are gone from your workstation, they will trade the markets for you. Many traders prefer to run their EAs on a VPS, which they can do 24 hours a day, seven days a week.
  • MyFx Markets offers excellent liquidity from the world’s leading banks and liquidity providers. JPMorganChase, Nomura, MorganStanley, Citibank, and Bank of America are among the suppliers.
  • MyFX Markets uses the finest enterprise grade hardware for trade execution, which is housed in sophisticated data centers in both New York and Tokyo.
  • Traders that keep their AUD balances with their broker receive interest. This shows that the brokerage has stayed true to its roots in Australia.
  • The broker provides 24-hour customer service as well as specialized account managers. These account managers may be reached at any time.
  • The MyFx Markets brand is owned by a registered financial services business. This implies that they have been verified by regulatory authorities and have fulfilled a set of minimum requirements.

MyFx Markets is a company that specializes in foreign exchange trading.

MyFX Markets Review 2020: Safe Broker? Everything We Know

AXIS INC is the firm that represents the corporate side of the MyFx Markets brokerage. The business is classified as a Category 1 Global Business operation by the local government. 24078IBC2017 is the company’s registration number.

The Financial Services Authority of St Vincent has licensed and regulated AXIS INC.

MyFX Markets’ address is clearly displayed in the contact us area of their website. It’s on the first floor of the First St Vincent Bank Ltd Building on James Street in Kingstown. You may also contact them at +64 9 889 4022, which is the number given for their business.

So, what does a license from the Financial Services Authority imply for MyFX Markets?

To put it another way, the broker had to satisfy a set of minimal requirements before it could begin functioning. The following are some of them:

  • Minimum capital requirements: The broker must keep a minimum amount of money in a segregated bank account as a buffer against any unexpected market movements.
  • Background Checks: To ensure that everything was above board, both the business (AXIS Inc) and the directors had to pass background checks.
  • Regular Reporting: Getting the license isn’t the only thing that has to be done. It must be renewed every year, and they must fulfill the same minimal requirements to keep their license.

AXIS Inc has fulfilled this minimal requirement since it has an FSA license. Apart from the peace of mind that comes with knowing this, you also have someone to turn to if you believe the broker has wronged you. When deciding whether or not to renew a license, the FSA considers input from traders.

In terms of coverage, the FSA license enables MyFX Markets to accept traders from a variety of countries. Europe, the Middle East, Africa, and the Asia Pacific area are among them.

There are, however, certain areas where merchants are not welcome, one of which being the United States.


Consider the following:

  • You are trading a CFD when you trade cryptocurrencies at MyFX markets. A Contract For Difference (CFD) is a derivative instrument whose value is determined by the price movement of the underlying asset.
  • You will not be able to get coins from the broker. You can only trade a CFD contract based on the price of a certain coin. More specifically, you trade the difference between your contract’s entry and exit values.
  • CFDs are leveraged financial derivatives, which have both benefits and drawbacks. You must be completely informed of the dangers and benefits involved. Here’s more on it.
  • MyFX Markets is an electronic communication network (ECN) broker. The term “ECN” stands for “Electronic Crossing Network,” and it refers to how your orders will be routed to a liquidity provider. An STP broker, on the other hand, will trade against you as the market maker.
  • The broker maintains trader funds in separate bank accounts in accordance with its regulatory requirements. This implies that your money is held in a bank account separate from the one used by the broker for day-to-day operations. This implies that even if MyFX Markets goes bankrupt, the money of its customers will never be affected. Creditors will not have access to them.
  • As previously stated, US traders are unable to utilize MyFx Markets’ services. There are a few more nations where travel is prohibited. We strongly recommend that you read their legal disclaimer.

Cryptocurrency Trading Using CFDs

CFDs provide a variety of benefits over purchasing the traded item outright. Buying cryptos is still a bit of a financial balancing act these days. That should not be the case, yet it is.

Buying and holding (HODLing) cryptos may be one of the least effective methods to participate in these markets.

CFDs provide you access to this fascinating asset class without the bother of owning it. You may profit from bear markets using CFDs. Short-term downtrends may be scalped in the same manner as uptrends. Please keep in mind that EAs aren’t the best choice for this.

Leverage is available with CFDs. Although leverage on crypto CFDs isn’t as great as it is on other assets, it is still accessible. On popular FX pairings, the maximum leverage at MyFx Markets is 1:400. This translates to a 400-fold increase in the size of your trading position.

MyFX Markets Review 2020: Safe Broker? Everything We Know

This leverage of 1:400 is more than what I’ve observed at other brokers. Obviously, this does not apply to cryptocurrency CFDs, which have a maximum leverage of 1:5. This is due to the fact that crypto CFDs have much higher volatility, making risk management on the broker’s end more difficult.

CFD trading is not constrained by minimum capital requirements or daily trade volume restrictions. Traders may create an account at MyFx Markets for $200. For all entrants, that is unquestionably affordable.

When you trade CFDs with MyFX Markets, you’ll be charged depending on the spread of the asset you’re trading. They will add a modest spread to the price that the liquidity provider brings into their books. This spread varies depending on the item, but it typically begins at about 0.1 pip.

You may trade Bitcoin, Bitcoin Cash, Litecoin, Ethereum, or XRP CFDs on MyFx Markets.


Risks of Crypto CFDs

Trading CFDs, of course, comes with its own set of dangers. The notion that leverage may potentially increase your losses is perhaps the most important of them. You may lose all of your money if you are not cautious and do not use Stop Losses to safeguard your position.

This is especially true for cryptocurrencies, which are very volatile. Occasionally, the asset may gap out of nowhere overnight, and you will be bombarded with margin calls.

So, how can you lower your risk?

Using sufficient stop losses is probably the greatest method to minimize the risk you encounter while trading CFDs of any type. When you start a trade, you may put these orders to minimize your losses if the asset moves against you.

You’ll want to make sure these positions are well-positioned to avoid being triggered by small moves while also preventing any losses that may deplete your money.

However, limiting your risk with lesser leverage may be your best option for limiting your losses from CFD trading. You don’t have to take a position with 400x leverage if you don’t want to. You may begin with lower leverage limits and gradually increase them.


How can I get started with MyFx Markets?

You must first determine which account type best suits your requirements before deciding to make the switch. Only MT4 is supported by the broker in terms of trading platforms. In that sense, your decision is straightforward.

MyFX Markets Review 2020: Safe Broker? Everything We Know

A Multi-Account Management option is available. Rank-and-file traders are unlikely to be interested in this option. It will, however, be appreciated by those who want to utilize EAs on numerous MT4 accounts.

The broker’s website provides a link to download MT4 for free.


Account Types at MyFxMarkets

There are two account types supported by the broker: a Standard Account and a Pro Account.

Obviously, the Standard one is the less expensive of the two. It just needs a $200 minimum deposit.

This account type offers typical spreads of 1.5 pips to those who choose it. 1:400 is the greatest leverage. The finest trading conditions are, of course, only applicable to Fx pairings. Cryptocurrencies have larger spreads and less leverage.

A $1,000 minimum deposit is required for the Pro Account. Traders may receive spreads of only 0.5 pips for that money. However, there is a fee of $7 each lot round way.

While the Pro account is more costly than the Standard account, it is always the best choice for serious traders.

Use the free Demo option before joining up for a real money account to get a feel for what it’s like to trade with MyFx Markets.


Registration

The registration procedure is very easy. You just need to enter a few personal information (such as an email address and a phone number) and the platform will be downloaded.

Simply run MT4 once it has been installed. Select File, then Open an Account in the top left corner.

MyFX Markets Review 2020: Safe Broker? Everything We Know

To continue, choose the Demo server and check the newsletter box. You may also choose how much virtual money your Demo balance will have.

After that, you’ll be able to trade in Demo mode.

Simply click the Open an Account button again and choose a real money server if you wish to make a real money deposit. Also, choose New Real Money Account from the drop-down menu.

You’ll need to input your real money login information before you can start playing.

You must return to the MyFx Markets site to create a real money account.

You must complete a registration procedure that is somewhat lengthier than the one required for a Demo account. It is, nevertheless, astonishingly fast and cost-effective. It does, however, require a significant amount of sensitive data.

MyFX Markets Review 2020: Safe Broker? Everything We Know


What is the best way to buy and sell at MyFx Markets?

MT4, being the most popular and widely used trading platform, makes trading extremely simple.

Trading may be done directly from the chart, but you can also utilize the New Order icon in the toolbar to obtain a more comprehensive picture of your position. Here you may choose your order type, as well as your SL and TP.

MyFX Markets Review 2020: Safe Broker? Everything We Know

It should be noted that the Crypto CFD option is not available in the Demo Account. It can only be used to trade forex pairs. Crypto CFD trading, on the other hand, operates in the same way.

MT4 comes with a plethora of pre-installed technical indicators as well as a bewildering array of functions. There’s a live news feed, as well as signal services, EAs, and custom scripts.

The platform’s charting skills are undeniable.


Customer Service at MyFxMarkets

The support team at MyFx Markets may be reached through live chat and email. [email protected] is the email address. On the Contact page, there is an email form as well as a handful of phone numbers. 

These are the phone numbers for Australia and New Zealand, respectively: +61 2 8006 8299 and +64 9 889 4022.

MyFX Markets Review 2020: Safe Broker? Everything We Know

When you open an account with MyFX Markets, the broker will assign you an account manager. This agent’s job is to assist you with any inquiries or concerns you may have about the broker. This agent should be accessible 24 hours a day, seven days a week, depending on the level of service you choose.


Security

As previously stated, the broker holds its customers’ money in a separate bank account, ensuring that your funds are safe regardless of what occurs with MyFX Markets. Even if they file for bankruptcy, the separated part guarantees that your money are safe from creditors.

Then there’s the regulatory license, of course. Despite the fact that the FSA in St Vincent is not as well-known as the FCA in the United Kingdom or ASIC in Australia, it is nonetheless a good regulator. Furthermore, MyFX Markets has been allowed to keep their license, indicating that they have fulfilled all of the criteria.

MyFX Markets Review 2020: Safe Broker? Everything We Know

You should also keep in mind that MyFX Markets has some very solid risk management safeguards. They utilize cutting-edge gear in some of the world’s most well-known datacenters. This guarantees that their marketplaces have the highest uptime as well as efficient execution.

Finally, all of their conversations are encrypted from a data security standpoint. They use complete SSL encryption, which ensures that your password, payment card information, and personal information are safe from prying eyes.


Last Thoughts

With a few last comments, I’ll wrap up my MyFX Market review.

Firslty, When it comes to their operations, I must say that MyFX Markets is quite open. They have phone numbers and office addresses, which is unusual in the broker business.

I also appreciate that they have a leverage of 1:400. This is more than I’ve observed at other brokerages, so traders will have more opportunities to profit on FX price movements.

Then there’s the customer service aspect, which I have to praise. They’re one of the few brokers that still provides us with a dedicated account manager.

Of course, there are a few disadvantages to consider.

To begin with, there aren’t many cryptocurrency CFDs available to trade here. Only the top 5 cryptocurrencies are available, which is very limiting.

Furthermore, having a larger variety of stock holdings would have been beneficial. If you want to trade stocks, you’re out of luck since you can only trade indices.

In any case, MyFX Markets offers a very friendly trading environment. If you’re going to trade CFDs, make sure you have a good risk management strategy in place.

Pros

  • MT4
  • Good leverage
  • Trading conditions are favorable.
  • Minimum deposit is low.
  • Outstanding Customer Service

Cons

  • Coverage of Cryptocurrencies is Limited
  • CFDs on a single stock are not available.

DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.

Rating of MyFX Markets

MyFX Markets Review 2020: Safe Broker? Everything We Know

Pros

  • Excellent Customer Service
  • Can Execute EAs
  • Spreads that are low
  • Have MT4

Cons

  • There are no tutorials or videos available.
  • Stocks are not available.
  • KYC is required in its entirety.

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