MyFXMarkets Review

In this review of MyFX Markets, we will take a look at a relatively established regulated CFD broker coming to us from the Australia.

CFD brokers are fairly common, and one of the better known Australian CFD brokers is MyFX Markets.

They were created by FX traders for FX traders, but also offer trading opportunities in commodities, equities, and cryptocurrrencies. Leverage is generous and goes all the way to 400:1 for some products.

What most people really want to know though is whether this is a broker that can be trusted. We will answer that question first, and then go on to more specifics regarding the broker and types of accounts available.

By the end of this review you’ll know whether this is the broker that meets your needs.

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Overview

Websitemyfxmarkets.com
Minimum Deposit$200
Max Leverage400:1
Min Spreads0 pips
Support FeaturesEmail, Telephone, Online Chat
Demo AccountDemo
Deposit & Withdrawal MethodsVisa, Mastercard, Bank Wire, Cryptocurrencies, Alipay, Fasapay, Union Pay, STICPAY
Account CurrenciesEUR, GBP, USD, AUD, BTC
JurisdictionUK, Europe, Asia, Africa
Languages Available5
AssetsCommodities, Forex, Equity Indexes and Cryptocurrencies
RegulationsFinancial Services Commission (FSC)
Mobile TradingMT4 Mobile Application
FXaxe Rating
9.1/10

MyFx Markets Basics

As mentioned above MyFx Markets is a CFD broker with a focus on forex trading, but with an extensive list of other tradeable assets available of its platform. At MyFx Markets in addition to currency trading you’ll also find indices, commodities, and most recently cryptocurrencies.

The broker has been in operation since 2013, when it was launched in New Zealand. It has since moved its base of operations to Australia, but is licensed by the Financial services authority in St. Vincent.

MyFXMarkets Overview

Judging from the available public records and anecdotal evidence from users, this is a pretty clean broker. There haven’t been any major complaints we could find. It probably helps that they keep their operations and dealings quite transparent, saving users from ugly surprises.

We also like the fact that this is an ECN broker, which means they are not trading against their own clients. Instead they route their orders through a network of tier 1 liquidity providers, which includes major investment banks such as Goldman Sachs and CitiBank.

MyFx Markets Benefits

As experienced traders ourselves we’ve found several important benefits of trading with MyFx Markets.

Expert Advisors

As a broker offering MetaTrader 4 trading platform they also allow the use of Expert Advisors, which is ideal for forex and cryptocurrency scalping. These automated trading scripts are best for trading short term signals, and they can even trade for you when you’re away from the markets, ensuring you never miss any strong market moves. If you like you can even set these Expert Advisors to run 24/7 on a VPS.

Excellent Liquidity

Because the broker routes orders through tier 1 banks and liquidity providers there is always excellent liquidity. This avoids unfilled orders, and the liquidty providers include such names as Bank of America, CitiBank, Morgan Stanley, Goldman Sachs, Nomura, and JPMorgan Chase, among others.

Advanced Technology

MyFx Markets uses enterprise grade hardware in secure data centers located in Tokyo and New York.

MyFX USPs

World Class Support

Clients receive 24 hour support from a top-notch group of customer service professionals. In addition, clients can access dedicated account managers for a personal touch. Help is never more than a phone call or message away.

Licensed and Regulated

As a registered financial services company MyFx Markets is fully licensed and regulated. To achieve this regulation the company has passed a number of criteria that ensures client security and safety of funds.

In addition to the above benefits the broker has remained true to its focus on Australian traders and all AUD balances held with the broker can earn interest.

Who is Behind MyFx Markets?

MyFx Markets is the trading name of AXIS INC., a company that’s incorporated under registered number 24078IBC2017 by the Registrar of International Business Companies as a Category 1 Global Business operation. It has been licensed and is regulated by the Financial Services Authority of St. Vincent.

MyFXMarkets Company

Contact information is clearly visible on the Contact Us page of the brokers website, with the address listed as First Floor , First St Vincent Bank Ltd Building James Street, Kingstown ST. VINCENT AND THE GRENADINES.

They also have their business number clearly shown as +64 9 889 4022. Clients can also reach them via email at customer.service@myfxmarkets.com, and sales and marketing enquiries can be directed to the email partners@myfxmarkets.com.

Why an FSA License Important?

Just knowing that the broker is regulated gives a measure of safety since you know they needed to meet some minimum requirements in order to operate under the regulatory authority of the FSA. These requirements include:

  • Minimum Capital Requirements: One requirement is that the broker hold a minimum amount of capital in a segregated bank account to provide a safety net in the event of any unusual market events, such as a black swan event.
  • Regular Reporting: The broker is required to report to the FSA on an annual basis to renew their license. Part of this reporting includes meeting all the same requirements that were met when obtaining the license.
  • Background Checks: The parent company, AXIS INC, and the company directors have all gone through detailed background checks to ensure there is no shady dealings or unusual activities.

Since AXIS INC has obtained a license for MyFx Markets we know they have gone through the regulatory compliance steps and met all the requirements for FSA licensure. Aside from the comfort of knowing the company has met these minimum requirements you also know you have somewhere to turn if you have any complaints against the broker. When reports are received from clients the FSA takes them into consideration when renewing the license.

MyFXMarkets FCA

The FSA license allows MyFx Markes to offer their products and services in a number of global jurisdictions, including the Asia Pacific region, the Middle East, Africa, and Europe. Not included in the jurisdiction is the United States, and so clients from the U.S. are not accepted by MyFx Markets.

Important Considerations

Here are a few of the basic considerations you’ll want to keep in mind if you’re thinking of opening an accont and trading with MyFx Markets.

MyFx Markets is not an exchange. They are a CFD broker and that means you aren’t trading the actual assets. You are trading a derivative product which gets its value from the underlying price of the actual asset. When you buy a CFD you do not have ownership of the underlying asset.

This means you won’t be able to transfer cryptocurrencies into your own wallets, because you don’t own the actual coins. You are only trading based on the price action of the coins. Basically your profits or losses come from the prices of the CFD at the time of purchase and sale.

ECN Broker vs Dealing Desk

The CFDs you’re trading at MyFx Markets are leveraged financial derivatives. This provides them with certain advantages, as well as specific risks. Before getting involved in CFD trading you should know exactly what the advantages and risks are. You can learn more about this below.

MyFx Markets is an ECN (Electronic Crossing Network) broker, which means they are routing all your orders through their liquidity providers. At no time are they taking an opposite position against your trade as a market maker. This makes them different from a broker that operates a dealing desk. These brokers are able to trade against you.

ECN & Dealing Desk

All client funds are kept in segregated bank accounts, which is one of the regulatory requirements. This means client funds can never be used to fund the operations of the broker. In the event that MyFx Markets would go bankrupt or suffer some other financial distress the client funds would remain safe and intact.

As mentioned above MyFx Markets does not accept clients from the United States. There are other prohibited jurisdictions and you should contact MyFx Markets support if you have any questions regarding your own jurisdiction.

Cryptocurrency Trading via CFDs

While owning the actual asset being traded is beneficial for long-term investing, the CFD has some definite advantages when trading short term market fluctuations.

One of these benefits is that trading via CFDs avoids the sometimes complex and painful exercise of purchasing cryptocurrency and transferring them to your own wallet. It also avoids the potential for losing your private keys, and of being hacked and having your coins stolen.

With CFDs you can get exposure to this new and innovative asset class, without any of the hassles and risks that come with actually owning cryptocurrency. This is ideal for traders, and CFDs can also be used to make profits whether the price of the asset is rising or falling. Scalping works just as well in down markets as in up markets when utilizing CFDs.

Another benefit of using CFDs to trade cryptocurrencies is that CFDs offer leverage. While the leverage offered on crypto CFDs is smaller than leverage offered on other assets, it can still be used to magnify market moves. Leverage of cryptocurrencies at MyFx Markets is limited to 1:5, but forex pairs can be traded with leverage as high as 1:400.

Crypto MyFXMarkets

This means forex pairs can generate returns that are magnified 400 times. That can be both good and bad, depending on whether price move in your favor or against you. Risk management is key when using such large leverage. This is even true when trading cryptocurrencies with 1:5 leverage due to the extremely volatile nature of the cryptocurrency markets.

Many traders appreciate the lack of minimum capital requirements when trading CFDs. MyFx Markets allows clients to open accounts with as little as $200, and trades can be done for as little as 0.01 lots. Try doing that at a traditional crypto exchange.

There are no transaction fees or commissions involved in CFD trades. Instead the broker profits from the spread between the bid and ask prices, or the price you pay when buying and the price you receive when selling. These spreads vary based on the asset being traded, but they start as low as 0.1 pips on major currency pairs.

It’s possible to trade CFDs of five different major cryptocurrencies at MyFx Markets. These are Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH), and Ripple (XRP).

Risks Involved with Crypto CFDs

As you probably guessed from the section above there are risks associated with trading crypto CFDs. The most obvious of these is that the leverage available with CFDs makes it possible to maximize your losses and potentially wipe out your account with a single trade. This can be protected from by using stop losses on all your orders, which is something you wouldn’t get from many of the crypto exchanges.

Because cryptocurrencies are such volatile assets it becomes critically important that you do use stop loss orders whenever trading, even if you aren’t using leverage. A cryptocurrency can potentially move 10% or even far more overnight while you’re sleeping, wiping out your capital.

Leverage MyFXMarkets

Using the stop losses, which are orders that trigger when price hits a specified level, will limit any losses if a trade goes against you when you aren’t watching the markets.

Placing stop losses can be a skill all in itself, because you need to place the stop far enough from the current price to keep them from being triggered by usual market noise, yet close enough to limit your loss if price moves suddenly against you.

While the use of leverage is tempting, the best way to limit your trading risk is to avoid the use of leverage, or at least keep your leverage usage to a minimum. Using 5x or even 10x leverage can help increase your capital faster, but using 400x leverage is in many ways similar to gambling. It can be done, but requires extensive market experience and risk management to avoid a disaster.

Opening an Account at MyFx Markets

Opening an account at MyFx Markets is a quick and easy process that can be completed in under a minute.

Opening Account MyFX

For some traders the more complex and time consuming activity will be deciding what type of account to open. The broker does offer a Multi-Account Management account, but only those who need to manage multiple accounts, such as EA traders using multiple accounts, will need this type of account. For the rest of us the two account types are Standard and Pro.

I should also mention that the only trading platform available from MyFx Markets is MetaTrader 4 (MT4). This can be downloaded for free from the broker and comes in versions for Windows, Mac OS, Android, and iOS.

MyFx Markets Account Types

As mentioned above MyFx Markets has just two account types: Standard and Pro.
The Standard account is for those just getting started with trading. It has a low minimum deposit of $200, but still offers 1:400 leverage for forex pairs. Spreads are a bit higher with this type of account and average roughly 1.5 pips. Crypto spreads tend to be a bit higher.

MyFX Markets Accounts

The Pro account has the same 1:400 leverage, but comes with spreads that average just 0.5 pips. The lower spreads are because you are getting the raw spreads directly from the liquidity provider. Because of this there is also a $7/lot round trip commission charged on trades. It’s still a better deal for serious traders making larger trades. Pro accounts require a minimum deposit of $1,000.

MyFx Markets also offers a free demo account that can be used to test the platform and your trading strategies before risking real money. If you aren’t already an experienced trader then using a demo account is the way to get started.

Registering for a Demo Account

There’s a basic sign-up form on the MyFx Markets website you can use to sign up for a demo account. By entering your name, email, country, and phone number you’ll have access to the demo platform in under a minute. Then you’ll just need to download the MT4 platform to get started.

Once you download the MT4 software and open it you will select the Demo server and you can set the amount of virtual money in your account if you wish. Then go ahead and start trading your virtual money in the demo account.

Demo Account MyFX

When you’re ready to trade real money go back to click the Open Account button and choose the real money server. You also need to click the radio button for New Real Money Account. It will ask you to create login details for your real money account.

You will also be required to upload a photo ID such as a passport or drivers license, as well as some proof of residency document. This is necessary to satisfy the AML/KYC requirements of the licensing regulator. Those documents will be reviewed, which could take up to 24 hours, and once approved you can deposit to your account and begin trading.

Buying and Selling at MyFx Markets

Metatrader 4 is the most popular and well known forex trading platform, and that’s for good reason. Conducting trades on the platform is easy and straight-forward. You can enable one-click trading and enter orders by clicking straight from the chart. Or you can get a more detailed order entry by using the New Order button in the platform toolbar. This will allow you to choose an order type as well as set a stop loss or take profit level.

I do have to point out that when trading on the demo account you won’t have access to cryptocurrencies, indices, or commodities. Only the forex pairs are available in the demo account. That aside, the process for trading crypto is the same as trading forex pairs.

MT4 Trading Platform at MyFXMarkets

MT4 is so popular with forex traders because it has dozens of technical indicators preinstalled, and a mind-numbing array of additional perks such as the Expert Advisors mentioned above, other custom scripts, signal services, a live news stream, and more.

There’s no denying the technical charting capabilities of MT4 are unparalleled.

It’s important to also know that any positions held overnight will be charged a small “swap fee” which is effectively the difference in interest rates between the two currencies in a pair. In some cases this will mean a charge to your account, but in others it will result in a credit. It’s also worth noting that on Wednesday’s the swap charge is triple to account for weekends. You can find the swap fees in the MT4 platform under “Contract Specifications.”

Deposit / Withdrawal Fees

MyFx Markets does not charge any fees for deposits, however that doesn’t mean a third-party won’t charge you depending on the method being used to fund your trading account.

One example of this is banks, who will almost certainly charge you a wire transfer fee if using this method for depositing. Credit card funding is not subject to wire transfer fees and is almost certainly going to be free of fees.

Deposit / Withdrawal MyFX

The same is true for withdrawals. A credit card withdrawal is not going to incur any charges. However if you choose to do a wire transfer to your bank when you make a withdrawal you will be subject to a $20 processing charge from MyFx Markets. This is to cover their banking fees and is in addition to any fees your own bank might change.

There are also some small administrative fees you could run up against if you want to receive paper statements, or if MyFx Markets needs to recover funds from you.

Crypto enthusiasts will be happy to know that deposits can be made in cryptocurrencies through BitPay or Bitwallet.

Both deposits and withdrawals are instantaneous when using credit cards. When using cryptocurrency it can take up to an hour depending on network congestion. For bank transfers it can take up to three business days.

MyFx Markets Promotions

One of the fun aspects of MyFx Markets is the promotions they run at various times throughout the year. These can make trading more interesting, and can also help boost your account balance.

In the past they’ve run a promotion in conjunction with the World Cup in which traders were competing to see who could place the most trades. In 2019 they ran a similar promotion around the Chinese New Year.

MyFX MArkets Promotions

This promotion was set up as a raffle in which traders would receive 1 raffle ticket for every 5 lots traded. Later the raffle tickets were drawn and prizes awarded to the winning ticket holders.

Obviously you can’t count on promotions as your primary method for making money, but they can be fun and interesting.

Customer Support at MyFx Markets

There are several methods that can be used to get in contact with the customer service team at MyFx Markets. The Contact Us page has a form that sends an email message, or you can send an email directly to customer.service@myfxmarkets.com. There is also live chat available from the Myfxmarkets.com website. And it is possible to call them directly at +64 9 889 4022 (charges may apply).

MyFX MArkets Customer Support

One nice touch at MyFx Markets is that every client gets an account manager when they create an account. The account manager is there to answer any questions you might have, and to guide you through your trading experience at MyFx Markets. Depending on the type of account you selected you should be able to contact an account manager 24/5.

Client Security

As mentioned above, all client funds are kept in segregated bank accounts. This is done to provide protection to client funds no matter what happens to MyFx Markets. The segregated funds remain safe and out of the reach of the company or its creditors no matter what.

Clients can also feel secure in the knowledge that MyFx Markets was able to meet all the regulatory requirements to become licensed and regulated by the FSA in St. Vincent. While this regulation may not be as well known as Australia’s ASIC or the U.K.’s FCA, it has similar licensing requirements and is a useful regulation.

MyFx Markets themselves also provide client security and risk management via their data centers, where the most advanced hardware and software protections are kept in place. These data centers also ensure effective order execution at all times.

MyFX MArkets SSl

They also encrypt all communications with a full SSL layer that protects passwords, personal data, credit card and banking information from any snooping potential hackers.

Conclusion

Our evaluation of MyFx Markets found little to be concerned about. The broker is respected, honest, and trustworthy, and has maintained and grown its business for seven years already.

One of the great selling points for choosing MyFx Markets is the low spreads being offered, as well as the low minimum deposit that effectively removes the barrier to entry for new traders.

We were also happy with the flexible leverage on offer, and the micro-lot sizes available that makes it easier to scale in and out of positions. Of course that same leverage could create issues for those who aren’t ready to trade with leverage, or who aren’t able to control themselves when trading with leverage.

We found the customer service staff to be professional, and quick to respond, as well as knowledgeable about the platform and account requirements.

If we were to suggest improvements it would be to increase the number of cryptocurrencies available, and to begin offering CFDs on single stocks. Currently MyFx Markets does not offer any single stock CFDs and we think they’re missing out.

It would also be good for them to add an education section where traders can learn at least the basics of fundamental and technical analysis. Webinars are also very popular, and adding some webinars could go a long way in attracting new clients.

We always say it’s best to do your own research, and if you’re considering opening an account at MyFx Markets we would also say to do your own research. If you ask for our opinion though we feel like this is a solid broker with a good track record, and well worth using for CFD trading.

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