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MYFX Markets Review
MYFX Markets trades only through Comoros and Seychelles licenses today, both light touch offshore regulators, and its own terms exclude Australian residents.
Min Deposit
$30
Spreads From
Around 1.0 pip mark up on the Standard account, from 0 pips plus commission on Pro
Max Leverage
Up to 1:1000
Platforms
MetaTrader 4, MetaTrader 5
Pros
- Holds two real offshore licenses, in Comoros and Seychelles, not an unlicensed operation
- Publishes a clear, detailed restricted country list on its own website
- Offers both MetaTrader 4 and MetaTrader 5 for retail trading
- No minimum deposit on its Standard and Pro account tiers
Cons
- No FCA, ASIC, or CySEC license backs this broker today
- Comoros and Seychelles both offer much lighter oversight than top tier regulators
- Leverage up to 1:1000 is far above what top tier regulators allow retail clients
- Australia, the US, Canada, and the whole EU are all on its own restricted list
MYFX Markets is the trading name of two linked companies, MYFX Group in the Union of Comoros and MYFX Group Limited in Seychelles. Despite the Australian sounding name, current company records show no Australian regulator behind the brand today.
The Comoros entity holds license number L15835 MYFX from the Union of Comoros Offshore Finance Authority. The Seychelles entity holds license number SD202 from that country's Financial Services Authority. Both regulators are considered light touch offshore bodies, with far less investor protection than the FCA or ASIC.
MYFX Markets also offers leverage up to 1:1000, a level only possible under light regulation. Its own terms list a long restricted country list that plainly includes Australia, the United States, Canada, and the whole European Union alongside places like Iran and North Korea.
Min. Deposit
USD 30
Max Leverage
Up to 1:1000
Spreads From
Around 1.0 pip mark up on the Standard account, from 0 pips plus commission on Pro
Platforms
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
