MyFX Markets Review: Forex Broker Overview
MYFX Markets is a reliable online forex broker that offers fast execution, low spread, and less slippage online trading broker services. The broker provides open access, transparency, and fair competition for all market participants, and it offers foreign exchange, index, metal, and commodity trading.
MyFX Markets is a relatively well established CFD broker that is based in Sydney, Australia.
They give their traders the opportunity to trade a number of different markets such as cryptocurrencies, Forex and Commodities with leverage all the way up to 400:1.
Yet, are they a safe broker and can they be trusted?
In this MyFX Markets review, we will take an in-depth look at this broker and give you what you need to know. We will also give you some top tips to make the most of your trading.
MyFX Markets is a broker that was founded in 2013. They are registered as Milson's Fintech which is incorporated in the republic of Mauritius.
Their address is at Level 2, Raffles Tower Cybercity, Ebene, Republic of Mauritius. Even though the company is registered here, the operational team is based in Sydney.
They are a Contracts For Difference (CFD) broker which offers a total of over 100 different assets to trade. They use the MT4 platform and give their traders leverage of up to 400:1 on low ECN spreads.
MyFX Markets is expanding their global business operations and have recently opened an office in Dubai and the United Kingdom. They take traders from around the world and have translated their website into 4 languages in addition to English.
Despite this though, there are a number of regions where they do not accept traders. The most prominent of these is the United States.
Is MyFX Markets Safe?
This is perhaps one of the most important questions that you will have of any broker.
In order for us to determine how safe they are, we have to take a look at their internal security protocols as well as their global regulations.
MyFX Markets has a regulatory licence from the Financial Services Commission in the republic of Mauritius. They have a Category 1 Global Business No. which is C118023066.
There are a number of benefits that come with a broker that has a regulation over those that do not. The FSC requires brokers to meet a number of minimum requirements before they can obtain these licences. These include:
- Capital Reserves: Before a broker can obtain a license from the regulator, they have to demonstrate that they have significant reserves in place. They need to have 350k EUR in reserves.
- Background Checks: The broker will have to go through a number of background checks both at the corporate and director level.
- Regular Reporting: The broker has to keep regular reporting records conducted by an external and independent auditor.
- Ongoing Checks: Once the broker has their licenses, they have to send yearly reports to the regulator. This is to make sure that they are maintaining the required standards.
Apart from knowing that the broker has to complete these steps, it is also helpful to know that there is someone to turn to in case of any issues.
MyFX Markets has also implemented a number of other safety protocols that protect clients.
MyFX Markets also has segregated bank accounts for their clients. This means that they keep their client funds in a bank account that is separate from the main broker operations.
Why is this important?
Having a segregated account means that no matter what happens with the broker, your funds are kept safe. So, even if MyFX Markets was to go under or into liquidation for whatever reason, your funds are kept safe.
No Dealing Desk
As an Electronic Crossing Network (ECN) broker, MyFX Markets merely matches client orders with those of external liquidity providers. This means that they don't operate a dealing desk and will never trade against their clients.
They also have to source this liquidity from the most reliable pools of liquidity. MyFX Markets makes use of some top tier liquidity providers. This ensures that their clients are getting the best market quotes and that their orders are being executed as quickly as possible.
Assets & Leverage
There are numerous different assets that you can trade at MyFX Markets.
They have Forex, Equities, Commodities and cryptocurrencies on offer. You can get a complete list of all of the assets in their product schedule. However, here is a handy overview of some of their main trading pairs:
- Forex: You have over 100 different forex pairs. These include most of the majors and a number of minors.
- Index CFDs: You can trade a number of international indices. These include markets in the US, UK, Australia China and more.
- Commodities: Reasonable selection which includes Oil, Cocoa, Copper, Natural Gas, Soybean etc.
- Metals: Number of precious metals that you can trade including Gold, Silver, Platinum and Palladium
- Crypto: Top 5 Cryptocurrencies which include Bitcoin, Litecoin, Ethereum, Ripple and Bitcoin Cash.
Note?: Markets are only open at certain times. Take note of these in the product schedule
This seems to be a pretty reasonable selection of assets. However, there are no single stock CFDs on offer which is unfortunate. There is also a relatively limited range of cryptocurrencies compared to some of the larger crypto exchanges.
The instruments that you are trading at MyFX Markets are CFDs. These are leveraged derivatives that are traded on the margin. This means that you are trading with borrowed money and your capital is only a fraction of the position.
Given that the capital that you put down for the position is only a mere fraction of the entire position, it means that you are taking on a substantial leverage. At MyFX Markets your leverage factor can go up to a maximum of 400:1.
Of course, this is only the max leverage that can be achieved on some Forex pairs. Max leverage will differ according to the asset that you are about to trade. For example:
- Forex: 400:1
- Index: 100:1
- Commodities: 100:1
- Crypto: 5:1
So, while there are attractive leverage levels for Forex and the other pairs, it is quite low for the likes of Cryptocurrencies. If you would like to trade these with more leverage then you can always check out 24option.
It is also important to mention that the max leverage that you are allowed in Europe will differ. This is because ESMA (European Regulators) have set a cap on leverage for European traders at 30:1.
Caution⚠️: Leverage is a double-edged sword. Be sure to practice adequate risk management when placing trades
You should also be aware that there are levels as which MyFX Markets will institute a margin call. This is when they will get in touch with you and ask you top up your account. They have set this at 90% of account equity.
There is also a "liquidation" level that is set at 20%. If your account equity is to reach this level then they will close the position on your behalf and seek funds back from you.
You can calculate your account equity by using the following formula:
Equity = (Account Balance + / - Unrealised Profit)/(Margin Requirement)
MyFX Markets Fees & Spreads
As an ECN broker, MyFX Markets makes their profit based on the spread of the trading pairs. This is the difference between the bid / ask.
Given that they are using some of the best liquidity providers in the industry, these spreads were quite thin. The exact spread that will be charged depends on the assets you are trading as well as the account that you are on.
For example, if you are trading on the "Pro" account, you are getting the raw market spreads straight from the liquidity provider. The "Standard" account has slightly wider spreads of about a pip on top of that. Below are some indicative Forex spreads (pips)
As you can see, the spreads are generally quite low. It is important to point out that this is indicative and will be different when you are trading on the platform.
While the Pro account does have a lower spread to trade, there is a "lot" commission that is charged on the number of lots that you trade. This is $7 per round trip (buy and sell).
As with most other Forex brokers on the market, you will be charged a "Swap" fee / rebate. You can think of this as an overnight "fee". This is in order to make up for the difference in interest rates between the two pairs.
Note?: On Wednesday nights you will be charged a 3 day swap fee in order to make up for the two days on the weekend.
The Swap fee is dynamic and is constantly changing. You can access this information in the MT4 platform. All you will need to do is head on over to the platform and then click on "Contract specifications". Below is the specification on USDCAD
With this, if you go long USDCAD then you will have to pay a Swap fee of 1.92 pips. However, if you were to short the pair then you would get a rebate of 6.48 pips.
Deposit / Withdrawal Fees
When it comes to deposits, MyFX Markets will not charge you any fees. However, you may incur third party fees that will depend on the way you decide to fund the account.
For example, if you are going to fund via wire transfer, there may be intermediary banks that will charge you a Swift fee to route the funds. Your own bank may also charge you a fee for the transfer.
However, if you fund your account through their credit card funding option then you are unlikely to incur any fees. This is the same for a deposit as it is with a withdrawal.
If you are going to be withdrawing funds through a wire transfer, then you will be charged a flat rate of $20 by MyFX Markets in order to cover their banking fee. If this is an issue then there are other withdrawal methods that you can consider.
Finally, there are a few small administrative fees that you may incur if you choose to receive paper statements or if they have to try and recover any debt from you.
There are three different account types that you can make use of at MyFX Markets. These are their Standard and Pro Forex accounts and their Crypto account.
The main ways that these accounts will impact on your trading is how they differ according to the spreads on the assets as well as the types of assets that you can trade.
Below is a breakdown of the main differences between these accounts:
For all of these accounts, you can trade micro lots. This means that you can trade a minimum lot size of 0.01 Lots.
Also worth noting is that all of these have been optimised for running Expert Advisors (EAs). They have no issues if you want to run your own EAs and trade the markets 24/5.
The main difference between the Forex accounts and the Crypto only account is that the latter gives you more flexibility while trading crypto. This has the direct ECN connections to the crypto liquidity providers.
Whether you will decide on the Pro or Standard when trading Forex really comes down to your trading preferences. If you are a more active trader then you could consider the Pro in order to lock down those lower spreads.
MyFX Markets Demo Account
Why risk funds at first if you can first test out the trading platform for free?
MyFX Markets has a no obligation and unlimited demo account. These are accounts that come with demo funds that you can trade on to your heart's content.
The benefit of these demo accounts is that they give you a good idea of how live trading on the platform will be. They allow you to observe the spreads that you will get as well as develop and refine your own EAs.
Note ✍️: One thing that demo accounts cannot replicate is the "slippage" on the accounts
If you want to set up a demo account you can sign up for it at MyFX Markets. They will top up the account with the demo funds. You can top this up as many times as you need to and there is no time limit on this demo account.
MyFX Markets Trading Platform
As mentioned, MyFX Markets makes use of the widely popular MT4 trading platform.
This is well known in the industry and has been used by millions of traders around the world. It is also the primary platform that has been installed by Forex and CFD brokers.
MT4 is a MetaTrader platform that has been developed by the MetaQuotes company. It has been developed specifically for professional traders and has the tools and functionality in order to satisfy most traders.
Below is the standard MT4 interface on MyFX Markets. On the left you have your respective markets; in the middle you have your charting areas and at the bottom you have all your order history / current orders.
MT4 is a great platform for those traders that like to use technical analysis to inform their trading. This is because of all the charting features as well as other studies that you can overlay.
Moreover, the MT4 program is "widgetised". This means that you can detach the charts and position them according to your own preferences. For those traders who like trading with number of screens, this functionality helps a great deal.
The MT4 trading platform also has its own programming language. MQL4 allows you to code your own Expert Advisors. This means that you can develop bots and algorithms to trade the markets even when you are away from the desk.
The platform is available on a number of different devices and operating systems. You can trade on a PC, Macbook or through your browser on the website version.
We would suggest that you opt for the PC / Mac software over the web version as execution is that much more effective. This is because you are connected directly to the trading server and don't have to work through the website server first.
Of course, for those traders that are on the go and can't be at their PC the whole day, there are mobile alternatives.
MyFX Markets Mobile App
MyFX Markets does not have their own mobile app unfortunately. This means that you will have to do any sort of account administration in your mobile browser.
However, because they use the MT4 software, you also have access to the MT4 mobile application. This is the most popular trading application that is currently on the market and has over 20m downloads across iOS and Android.
The app has most of the basic features that you will find in the PC versions. For example, you can chart the markets as well as overlay them with indicators. You can also place numerous technical studies (although it will look very cluttered).
You can download the App for free from the iTunes store as well as Google Play. If we take a look at these stores you can see all the ratings that users have been giving. They appear to be quite positive:
So, should you use the mobile app?
We would always encourage the use of the desktop version. This is just because of the difficulty that comes with charting on a mobile screen. Moreover, you could face delays in execution that come from using mobile networks. Of course, if this is your only option then it is the best app to do it on.
Funding / Withdrawals
It is pretty easy to fund your account at MyFX Markets. However, before you can do this you will need to complete their KYC requirements. This is different to most other brokers who ask their clients to do this only on the withdraw phase.
Once you have done this, there are a range of funding options that you have at your disposal.
- Bank Wire: Through their accounts at Commonwealth Bank of Australia
- Credit Cards: They take most of the major credit cards
- Bitcoin: They use BitPay as their crypto payment processor
- MyBitWallet: Well known web wallet in Singapore
- STICPay: Another Web wallet
- China Union Pay: Easy payment option for Chinese Traders
- FasaPay: Simple payment processor from Malaysia
- AliPay: Another payment option for their Chinese traders
How long the transfer will take really depends on the method that you decide to use to fund your account. A bank transfer will take about 1-3 business days depending on where your bank is located.
Note ✍️: You are not allowed to make third party transfers from an account in someone else's name
If you are using a credit card it should be instantaneous. If you are using Bitcoin it should take between 30mins - 1 hour as it has to clear on the blockchain. All of the web wallets should be instantaneous.
Two of the most notable missing methods above are Neteller / Skrill. This is unfortunate as most traders have accounts at these web wallets.
When it comes to a withdrawal, it is pretty simple to do and you have most of the same options that you have to fund (barring Bitcoin).
If you wanted to withdraw your funds then you will need to navigate to your account administration section. Here you have an option for banking and where you can push a withdrawal request.
As is the case with funding, the speed of the withdrawal will depend on the method that you decide to use. Perhaps the fastest method will be through a credit card. If you are going to be using a wire then it will take 2-3 business days.
Credit Card Note ?️: If you funded with a credit card and made a profit, MyFX Markets will refund your initial deposit to the card and the balance through another method
We opened an account at MyFX Market and did a test on the withdrawal. The wire was pretty smooth and arrived in our account within 3 days (being based in Europe).
MyFX Markets Customer Support
This is something that can make or break a trading experience. Hence it is one of the main criteria that we look at when we are deciding on a broker.
How does MyFX Markets stack up?
Well, for one they have standard email support options. This can be reached on [email protected]. When we were dealing with our KYC documents, they were quite helpful and professional. We were able to get approved in 1 day.
Note ✍️: Regulation means that they have to complete KYC on you and verify you. They will need a copy of an ID as well as a proof of address
In this case we dealt with their operations team in Sydney and given time difference, it took a bit longer than we would have liked. However, since they have opened a support team in the UK this could make it a lot more efficient.
If you want to get hold of someone in their team quickly then the best method is perhaps through either their live chat feature or through a dedicated phone number. MyFX Markets can be reached on +64 9 889 4022.
We called their number in order to test how responsive they were and they answered almost immediately. Of course, you should take note of their office hours (Syndey Time).
If you had a simple question that was more general in nature then you could always take a look at their FAQ section. These cover most of the standard questions that you may have of the broker.
MyFX Markets also runs a number of promotions which could add to your trading experience.
For example, last year during the Soccer World Cup they ran their "World Cup" promotion. This saw traders competing against each other in how many lots that they can trade.
They had a similar promotion at the beginning of this year with the Chinese New Year. This ran from February to March and was structured as a "raffle". You would get a raffle ticket for each time you traded 5 lots. These were then drawn and some traders won prizes such as an iPhone XR.
These promotions come and go but one that has remained permanent is the "refer a friend" promotion. With this referral scheme, you can get $25 for each confirmed trader that you bring onto the platform.
You will have to get a link from MyFX Markets which you can then use to refer your friends / followers to the broker. If they deposit the minimum $200 then MyFX Markets will credit the funds to your account.
While this is a nice top up to your account if you do refer someone, we think that the referral commission is quite low. If we were to compare it to other brokers, we will see that it is markedly more than this.
Areas For Improvment
We could not complete a MyFX Markets review without going through some of the things that we did not like and that warrant improvement.
Firstly, we would have liked to have seen more in the way of asset coverage. For example, there are no single stock CFDs which means that you cannot trade your favorite companies. It would also be great to see more cryptocurrencies on offer.
Secondly, we think that the limited funding / withdraw options are a bit unfortunate. This is especially true given that users have to pay a $25 admin fee on wire withdrawals. It would have been great to more web wallets for example.
We also were slightly disappointed to see that there were no educational materials or webinars. This is usually something that is pretty common at other larger brokers such as Pepperstone. They are always a great way to help traders navigate the markets.
Finally, there are none of the other standard tools and features that are offered by other brokers such as IC Markets. These include thing such as MT4 plugins, copy trading services, trading analysis or VPS deals.
Our MyFX Markets review found them to be an honest and respectable broker that have stood the test of time. Their low spreads on numerous different Forex instruments was a great selling point for us.
Moreover, their flexible leverage parameters as well as micro-lot sizing made our trading experience that much more effective. It was also a nice touch that their customer support was always responsive and effective.
Of course, there are a number of things that we did not like. However, these can be improved on relatively easily so one would hope they could implement this relatively soon.
So, should you consider MyFX Markets?
We woudld encourage you to do your own research but based on our analysis, we think that they are indeed worth a try.
Warning ⚡️: Trading CFDs is very risky. Make sure that you practice adequate risk management and never invest more than you can lose.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.