Visa, Mastercard, Bank Wire, Cryptocurrencies, Alipay, Fasapay, Union Pay, STICPAY
EUR, GBP, USD, AUD, BTC
UK, Europe, Asia, Africa
Commodities, Forex, Equity Indexes and Cryptocurrencies
Financial Services Commission (FSC)
MT4 Mobile Application
Before we consider using a new broker, we have to make sure that they operate their brand with a high degree of transparency. Hence, we look at all company information to make sure that they are fully regulated and easily reached.
As mentioned, MyFXMarkets is based in Sydney Australia. The company is officially called MyFXMarkets Pty Ltd. The company has CFD broker’s licence through Morris Prime which is based in the republic of Mauritius. Morris prime is located at Level 2, Raffles Tower Cybercity, Ebene, Republic of Mauritius.
They also have a partnership agreement with a broker in the UK that allows them to offer FCA regulated services. Their number is prominently presented on their site so you can call them on their Australian number: +61 2 8006 8299 or their New Zealand number: +64 9 889 4022.
We asked the broker about this dual licence question and they explained that it allowed the clients choice when it came to leverage. Recently, the implementation of ESMA in the EU has placed strict limits on CFD leverage. For example, the maximum leverage that one can get on a Forex CFD is 30:1.
Hence, regulated EU forex brokers would not be allowed to offer their traders leverage over this amount. However, there are no such leverage limits with a Mauritius licence. This means that for those traders who would want higher leverage, they could trade through the Mauritius licence.
If traders would prefer the lower leverage limits that comes with an FCA licence, then this is also an option. We found this intriguing and it allows clients to weigh up the pros / cons of either option.
As a CFD broker, MyFXMarkets will make money on the spreads between the buy and sell of the pair. They could also make a commission on “lots” that are traded by their larger clients.
They have a pretty transparent spread disclosure table on their site. They list the average spreads that they will charge based on the CFD pair that you are trading. As you can also see, these will differ depending on whether you are using a standard account or a pro account.
Another factor that you will have to consider when trading on MyFXMarkets is what is called the “Swap” rate. This is more commonly known as the “Rollover” rate and it is the interest that is charged on a position that is kept open overnight.
The swap rate is not fixed and is tied to the interest rate differentials in the two differen currencies. If you are logged into the platform you can get an idea of the swap rate from your MT4 dashboard.
The swap rate could either be seen as a charge or as a benefit depending on what you are long / short and what the interest rate differentials are.
For example, in the above image we have the swap rate of EURCAD from the platform. As you can see the swap rate is 0.17 for a long and -0.73 for a short. This means that if you are long EURCAD then you will have to fund the trade overnight with a swap rate of 0.17%. Alternatively, if you are short EURCAD then you will get a benefit of 0.73%.
Leverage at MyFXMarkets
When we visited MyFXMarket’s website, we saw that they offered 400:1 leverage. This is some of the highest leverage that we have seen in the market so were quite intrigued.
We wanted more clarity on their exact rate and leverage disclosures. They sent us a link to their detailed product schedule form. We could get a comprehensive overview of all of their fees, margin rates and product details in this form.
As you can see from the below margin requirements, there are three leverage levels that a trader can opt for. These are 100:1 (1% initial margin), 200:1 (0.5% initial margin) and 400:1 (0.25% initial margin). There is a standard maintenance margin of 1% that will be applied on all pairs.
We would suggest that if you are just starting out with MyFXMarkets that you would go with a slightly lower leverage and then work your way up. When you are trading on 400:1 leverage the risk of a margin call or negative margin is much more significant.
Funding and Withdrawals
When it comes to funding your account at MyFXMarkets, there are a number of options. You can use a standard bank wire, credit cards, bitpay, Alipay etc. If you wanted to deposit funds, you would head on over to the “Client office” section of the platform.
There are no charges on the side of the broker when it comes to inward payments. However, there may be charges that are applied from intermediary banks if you are wiring in your local currency. Similarly, if you are funding via credit card then your provider may charge a fee depending on who it is.
When you want to withdraw your funds, then MyFXMarkets will charge a fee depending on the method of payment you would like to use. Below is the fee schedule for withdrawal by method.
When we funded our account, we decided to use a wire. This was relatively straight forward and the funds arrived within 3 days (standard for SWIFT). In our case, there was no charges as we were sending funds in US dollars.
When withdrawing, they required us to show that the bank we were sending the funds to was indeed a bank in our name. This is because MyFXMarkets will not allow any form of third party or beneficiary accounts. Once we provided proof that the bank was in our name, we were able to withdraw our funds.
This took 4 days to process which is about standard in the industry. One thing to note is that the processing of these withdrawals can only be done during weekdays when their offices are open.
MyFXMarkets Customer Support
One of the most important requirements we have for a broker is how responsive and helpful their customer support is. Hence, we decided to test out the customer support at MyFXMarkets.
Unlike numerous other brokers or cryptocurrency exchanges, they provide you with a direct number into their customer support agents. They have numbers in Australia, New Zealand and more recently, London. We spoke to their agents in London and they were particularly helpful.
If you prefer to rather reach out to them online, you can make use of the online chat module that is powered by “Pure chat”. Sometimes for the more standard questions, this online chat option could be more efficient. It is also useful for those times that the customer support agents are not in the office.
Lastly, they also have dedicated email service and can be reached on firstname.lastname@example.org. Of course, if you are asking a question that is more general in nature then there is also a chance that someone else may have asked it beforehand. This is where the MyFXMarkets FAQs section will be particularly helpful.
MyFXMarkets is a Contract for Difference (CFD) broker. These are financial derivatives on the price of some underlying asset. They have a range of assets on offer from forex pairs to commodities, Equities and more recently, cryptocurrencies.
In terms of their forex pairs, they have over 100 pairs that you can trade. With each of these forex pairs, the contract size is 100,000 of the target currency (Lot). The minimum trade size for this is 0.01 lots whereas the maximum trade size is 10,000 lots. These markets are open for trading on weekdays from 00:02 – 23:59.
There are also a range of commodities and Equity indexes that you can trade on MyFXMarkets. Below is an example of their commodity assets that comes from their product schedule.
The only difference that you have to take note of with these products is their trading hours. As you can see, the commodities markets are not active for 1 hour every weekday whereas the index futures have unique trading hours. This makes sense as stocks do not trade continuously.
MyFXMarkets has also recently integrated cryptocurrency CFDs on their platform and will offer Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple. These have leverage rates up to a maximum of 5:1. While this is much less than their Forex pairs, one has to take into account how much more volatile cryptocurrencies are than other markets.
MyFXMarkets Trading Platform
Let’s move onto the most important part of any broker and that is the trading platform. MyFXMarkets operates on the MT4 platform. Most traders will be familiar with this platform but for those who are not, it is the most popular third party trading software on the market.
MT4 is also used by most professional traders who want flawless execution and the best trading tools on the market. Although the platform looks slightly intimidating for first time users, it is actually pretty easy to use once you get the hang of it.
While we have set up an MT4 account previously, it could be slightly intimidating for those newer users. However, MYFXMarkets say that they are willing to help all of those new traders who cannot set up their accounts. This comes as a free service upon opening the account.
The first step that they you will be require to do is to download the MT4 trading software from their website. Once you have installed it, you will need to insert your account details that were given to you by the customer support agent upon creating your live account. Below is a screenshot of the MT4 platform.
The MT4 platform is standard and will appear the same across numerous different brokers which is why it is loved by so many traders. Due to the fact that they are familiar with the platform, they can easily switch brokers without having to learn their way around a new interface. Hence, it is probably wise to learn to trade on an MT4 platform.
In the case of an MT4, there are just so many tools that we cannot cover all of them. For example, they have over 30 built in technical indicators and studies.
You can also make use of the MetaTrader Analytics Tools which help to determine trends, cycles and other pricing dynamics. There are over 32 of these on MyFXMarkets MT4 offering.
The MT4 platform is well known for the plethora of charting options. When you are able to combine this with the studies and indicators, you can craft the ideal trading strategy.
One more benefit of an MT4 platform is that you can make use of what are called “Expert Advisors” or EAs. These are basically automated trading scripts that you can run on your MT4 account. Unlike many of the scam robots that have been developed, with an EA you are in complete control of your account as well as the scripts that are run in your account.
These scripts are coded in a proprietary programming language for the MetaTrader platforms called MetaQuotes. It is also beneficial for you to learn how to produce your own scripts so you can create a highly unique and specialised algorithm.
Given that MyFXMarkets makes use of MetaTrader software, this means that you can also use their mobile applications. MT4 has an app for both iOS devices and for Android.
This is ideal for those traders who need to monitor their positions on the go and cannot always be behind their MT4 PC terminal. With these apps you can benefit from live pricing, past order history, real time charts as well as a handy spread calculator.
We downloaded the MT4 iOS app to give it a bit of test and place a few trades. While the app is no doubt handy, it is not as effective as trading tool as the full MT4 PC client. Apart from the fact that it is harder to chart with and is slightly slower than on the PC, mobile network speeds could also slow execution down.
With that being said, the MT4 mobile application is miles ahead of most of the other apps that are developed in house by other brokers. We have reviewed countless other mobile applications that have numerous software bugs and sometimes crash.
By taking a look at the reviews for the app on the apple app store, you can see that they are well regarded by the traders. 4.7/5 is a really good rating for an online trading application and most of those that we have seen have been below 4.
Promotions and Competitions
There are also promotion offers and competitions at MyFXMarkets.
On the promotion side, they have a 20% bonus offer. This is running until the end of this year and they are offering a deposit bonus for amounts between $200 to $10,000. If you are going to be taking a bonus, you have to make sure that you know all the terms that are attached to said bonus.
In this case, the bonus will no doubt come with volume requirements. This basically means that you have to meet a certain turnover in your account (number of lots traded) before you will be eligible to withdraw the bonus. Below are the bonus terms tied to this 20% bonus.
Unlike many of the other bonuses that were offered by unregulated binary option brands, these bonuses don’t come with any withdrawal restrictions on your initial capital. This is great as it means that the traders can still withdraw their initial deposit even if they have not met the bonus terms and conditions. The only amount that remains locked until the T&Cs have been met is the bonus amount.
There was also a world cup competition that was running for a while in the summer. This was a free competition where traders would get a cash back bonus depending on two factors: Where England was placed in the World Cup and how much trading volume they had accrued (in lots).
Lastly, MyFXMarkets runs regular trading competitions where their traders will go head to head against each other. These are also free to enter and require a minimum deposit of $150. This is great for those skilled traders who want to earn some cash back competing with their peers (not to mention bragging rights).
In the end, we come away from this review of MyFXMarkets generally satisfied with the broker. The fact that they are a fully regulated broker with the proper licences gave us a certain degree of comfort when opening our account there.
We also found them to be really helpful and answered all of our questions patiently. Moreover, given that it is an MT4 platform, one cannot really go wrong in terms of trading technology. The platform is seen as the gold standard in the world of professional traders.
They also have reasonable fees and are a completely transparent broker. This is often in short supply as brokers try to skirt regulations and operate with anonymity.
There are a few things that we thought they could improve however. We think that they could offer more in the way of commodity and cryptocurrency assets as this would give those traders more to play with should they join the platform.
We also thought that the MyFXMarkets.com website was slightly dated and in need of an overhaul. Although we were able to get all the information that we required, it was not well laid out in a user friendly manner. We mentioned this to them on the call and they said that they were in the process of updating it.
In summary, MyFXMarkets seems to be the ideal broker for those traders that are looking for a well-known platform run by a fully regulated and trustworthy broker. They should definitely be considered.