Key Takeaways

  • Accepts applications from Japanese residents.
  • Multiple funding methods (including BTC and USDT).
  • Free account deposits.
  • Leverage up to 500:1.


We start our MYFX Markets review with a quick analysis of the overall ratings given by our industry experts of this off-shore based CFDs broker.

MYFX Markets Overall rating

3.3
Ranked 204 out of 1759 (Forex Brokers)
Overall rating is derived from an aggregate of ratings in multiple categories.
Rating Weight
Real customer rating
3
Popularity
3.5
3
Regulation
2.0
2
Pricing rating
3.0
1
Features
Not rated
 1
Customer Support
Not rated
 1

MYFX Markets pricing: the broker scores 3 out of 5 for its average cost of trading and its entry-level accounts spreads. The starting spread for the EUR/USD, for example, on a Standard account is 1.0 pip (average 1.5 pip), with no trading commissions. Pricing improves slightly with the Pro account. Spread for the EUR/USD start at 0.0 pip (average 0.4 pip), but with a trading commission of $7 per round lot charged.

MYFX Markets regulations: the broker scores 2 out of 5, as the contracting entity is registered in Saint Vincent & Grenadines Islands. The SVG FSA does not regulate registered forex brokers, thus, MYFX Markets LLC is unregulated and fails to offer adequate retail traders’ protection mechanisms.

MYFX Markets’ popularity: the broker scores 1 out of 5. The MYFX Markets brand was established in 2013 and the broker seems to fail in capturing the attention of new traders, and several factors might be pointed out as the causes. Average pricing, a broker that is not regulated or simply, the lack of advertising.

MYFX Markets user rating: currently, MYFX Markets receives a neutral score, as we still don’t have any user feedback from verified traders with a real trading account.

MYFX Markets Regulation / Money Protection

2.0
Company Licenses & Regulations Segregated Client Money Deposit Compensation Scheme Negative Balance Protection Rebates Max. Leverage Retail Clients
MYFX Markets LLC
Saint Vincent and the Grenadines - SVG FSA
500 : 1

MYFX Markets Saint Vincent & Grenadines registration: MYFX Markets LLC, a trading name of Axis Inc., is an International Business Company entity registered in Saint Vincent & the Grenadines.

The company is authorised by the nation-island Financial Services Authority (SVG FSA) to operate as a financial services provider, under licence number 24078IBC2017. Unfortunately, forex trading brokerage activities are not licensed in St. Vincent and the Grenadines, thus, MYFX Markets remains an unregulated forex broker.

Client Money Protection

MYFX Markets complies with the highest safety standards regarding clients' funds, by offering segregated accounts. MYFX Markets client’s funds are kept fully segregated from the company's funds, in top-tier international banks.

Regulatory Deposit Insurance

MYFX Markets does not offer a client's deposit compensation scheme, as this entity is not regulated by any financial authority with an Investor Compensation Fund. Therefore, if MYFX Markets fails to meet its financial obligations, or in case of bankruptcy, clients will not be entitled to any financial compensation.

Negative Balance Protection

MYFX Markets does not offer an NBP mechanism to protect traders from negative account balances. Without this mechanism, clients of MYFX Markets are not protected from losses bigger than their original investments, in cases of extreme market volatility, and are liable to repay the negative balance to the broker.

MYFX Markets Cashback rebates

Get Cashback
We will beat any competitor offer!
Cash back rebates are paid per round turn lot unless otherwise specified. 1 Lot = 100,000 base currency units traded.
  Standard Pro
Forex0.30 PipsAUD$1.50 Per Lot
OtherNo Rebates Paid
Payment Options
Monthly Cash Back - Real Time Reports
Payments are credited and sent automatically by the 12th day of the month for trades where cashback has been accumulated between the first and the last day of the previous month. Real-time “reports” are posted on your profile dashboard: 1) for most MT4 accounts every 10 minutes; 2) for XM accounts every few hours; 3) and for all: MT5, IC Markets, ThinkMarkets & EightCap accounts (Crypto transactions are not included in Real-time reports) once daily.
  Standard
Forex 0.30 Pips
Other No Rebates Paid
Payment Options
Monthly Cash Back - Real Time Reports
Payments are credited and sent automatically by the 12th day of the month for trades where cashback has been accumulated between the first and the last day of the previous month. Real-time “reports” are posted on your profile dashboard: 1) for most MT4 accounts every 10 minutes; 2) for XM accounts every few hours; 3) and for all: MT5, IC Markets, ThinkMarkets & EightCap accounts (Crypto transactions are not included in Real-time reports) once daily.
  Pro
Forex AUD$1.50 Per Lot
Other No Rebates Paid
Payment Options
Monthly Cash Back - Real Time Reports
Payments are credited and sent automatically by the 12th day of the month for trades where cashback has been accumulated between the first and the last day of the previous month. Real-time “reports” are posted on your profile dashboard: 1) for most MT4 accounts every 10 minutes; 2) for XM accounts every few hours; 3) and for all: MT5, IC Markets, ThinkMarkets & EightCap accounts (Crypto transactions are not included in Real-time reports) once daily.

What are MYFX Markets rebates?

MYFX Markets rebates are a portion of the transaction cost that is paid back to the client on each trade, resulting in a lower spread and improved win ratio. For example, if your rebate is 1 pip and the spread is 3 pips, then your net spread is only 2 pips.

Many traders initially believe there must be higher costs elsewhere to compensate, however they soon find there is no catch and Forex rebates truly reduce the costs of the transaction and improve their bottom line.

How do MYFX Markets rebates work?

When you link a new or existing forex trading account to us the broker pays us part of their spread or commission profit for every trade you make as compensation for referring a customer to them. We then share the majority of our revenue with you, paying you a cash rebate for each trade you make as thank you for signing up with us.

Unlike some of our competitors your spreads will never increase as a result of using our service! The only difference is: as our client you earn extra cash per trade, making trading through us more profitable than opening direct with the broker. Founded in 2007, we are the original and leading provider of forex rebates. We pay rebates to over 100,000 accounts and traders love our helpful 24 hour live chat, telephone and email support.

How much MYFX Markets rebates can I earn?

Use our forex rebate calculator to estimate your MYFX Markets rebate earnings:

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Are MYFX Markets rebates a scam; do my spreads increase?

MYFX Markets rebates paid by legitimate rebate providers are not a scam, however scams do exist. The most common scam is a rebate provider that marks up the spread or commission in order to pay a higher rebate than competitors. Many brokers do allow a referring party, or rebate provider, to markup costs to traders they refer. Obviously this defeats the purpose of the service provided by the rebate provider and thus jeopardizes the viability of the rebate provider’s reputation and business, so a reliable provider wouldn’t consider this. Besides this, certain rebate providers may not pay on time, or not at all. This is why it’s important to choose a reliable provider.

When working with a trustworthy rebate provider, there is no ‘catch’. It is more beneficial to a trader’s financial position to work with a rebate provider than solely with the forex broker.

Are there any other benefits to signing up for MYFX Markets rebates?

It depends on the rebate provider. Due to our unique relationship with many brokers, we have often mediated between brokers and clients in order to help successfully resolve client issues, including clients who are having withdrawal issues. Brokers are often very fast to respond to us, since we typically have many clients with them. Our knowledgeable support team is available 24 hours per day in 8 native languages & 23 total languages for any questions. We also offer trading tools, calculators, reviews and a robust forex education section.

How are forex rebates paid?

Because we deal with so many traders in so many different countries and serve 23 languages we have to cover a wide array of options. Here’s what we offer:

Forex rebate options vary per broker:

Monthly cash back Payments are credited and sent automatically by the 12 of the month following the month rebates are earned in.
Spread or commission reduction The trader actually receives reduced commissions and/or spreads. This is an exciting option offered by some of our top brokers.
Paid direct to brokerage account Cashback is credited directly to the trader’s brokerage account, typically between 1-7 days after the trade is closed. This is another exciting options offered by some of our top brokers.

In the case of the ‘Monthly cash back’ rebate option, monthly payments can be paid via bank wire, Paypal, Skrill, Sticpay, China Unionpay, and Neteller. Some payment methods such as bank wire carries fees and often traders set a custom minimum payment amount in order to accumulate rebates and withdraw their rebates less often than monthly.

MYFX Markets Web traffic

Websites
myfxmarkets.com
Organic monthly visits 28,497 (100%)
Organic traffic rank 306 out of 1759 (Forex Brokers)
Paid monthly visits 0 (0%)
Total monthly visits 28,497
Bounce rate 58%
Pages per visit 0.65
Average visit duration 00:03:41.1390000

MYFX Markets Profile

Company Name MYFX MARKETS LLC
Categories Forex Brokers, Forex Rebates
Primary Category Forex Brokers
Year Founded 2013
Headquarters Saint Vincent and the Grenadines
Office Locations Australia, New Zealand
Account Currency AUD, JPY, USD
Support Languages Chinese, English, Japanese
Funding Methods Bank Wire, Bitcoin, BPAY, Credit Card
Financial Instruments Forex, Oil/Energies, Cryptocurrencies
24 hour support
Segregated Accounts
Islamic Accounts
Accepts Canadian clients
Accepts Japanese Clients
Non expiring demo
Trading API
Cent accounts
Negative balance protection
Social trading
Regulatory deposit insurance
Trailing stops
Bonuses
Interest on margin
Fixed spread
Variable spread
Originally established in 2013, MYFX Markets is a global retail broker built by traders for traders looking for a great 24-hour service, tight spreads and fast execution with minimal slippage.

MYFX Markets trading solutions are sophisticated enough for experienced traders, yet simple enough for novice traders. Whatever a trader’s background and experience, MYFX Markets proposes solutions to suit one’s needs and allows traders to trade several asset classes.

MYFX Markets offers online trading services in forex and several CFDs, including cryptocurrencies. Accounts can be opened in USD, AUD and JPY base currencies. Trading can be performed via the MetaTrader 4 (MT4) only, available on desktop and mobile versions. All trading styles, including automatic trading, scalping, hedge trading and swing trading are also allowed.

MYFX Markets Asset classes

MYFX Markets offers multi-asset trading on several instruments, including spot forex and CFDs on metals, energies and cryptocurrencies. The MYFX Markets’ MT4 platform is available also for mobile devices running on iOS and Android operating systems.

Currencies: 55+ pairs, including Minor and Exotic crosses.

Cryptocurrencies: 5 cryptocurrencies CFDs versus the USD, including the popular pairs BTC/USD, ETH/USD and LTC/USD.

Commodities: 4 commodities CFDs available for trading; 2 metals (Gold and Silver) and 2 energies (UK Oil and US Oil).

Indices: currently, MYFX Markets does not offer indices CFDs for trading.

Stocks: currently, MYFX Markets does not offer stocks CFDs for trading.

MYFX Markets Account types

  Standard Pro
Commission-AUD$7.00 Per Lot
Maximum leverage500:1
Mobile PlatformMT4 Mobile
Trading PlatformMT4
Spread TypeVariable Spread
Minimum Deposit2001000
Minimum Trade Size0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts
  Standard
Maximum leverage 500:1
Typical Spread 0.6-1.8
Trading platform MT4
Mobile platform MT4 Mobile
Spread type Variable Spread
Minimum deposit 200
Minimum Trade Size 0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts
  Pro
Commission AUD$7.00 Per Lot
Maximum leverage 500:1
Typical Spread 0.1- 1.0
Trading platform MT4
Mobile platform MT4 Mobile
Spread type Variable Spread
Minimum deposit 1000
Minimum Trade Size 0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

MYFX Markets offers up to two trading accounts, packed with the MT4 trading platform, the Standard account and Pro Standard.

The Standard account is offered with spreads from 1.0 pip (average 1.4 pip for the EUR/USD, for example) with no trading commissions, and a minimum deposit of $200. The MYFX Markets Standard account is the ideal solution for investors looking to trade the markets with just the bid and ask prices, with no extra charges.

MYFX Markets also offers an ECN modelling account, the Pro account, with better pricing. This account is offered with variable spreads from 0.0 pip (average 0.4 pip for the EUR/USD pair), but with an industry-average trading commission of $7 per round lot and an initial minimum deposit of $1,000.

Within MYFX Markets' range of accounts it is also worth mentioning the other account features offered by the broker:

Swap-free accounts for traders of Islamic belief are not available with MYFX Markets.

Social trading, including copy trading, is not offered to investors and signal providers.

MAM accounts (Multi-Account Manager) are provided by MYFX Markets for money managers, with a single centralised interface.

MYFX Markets leverage ratios are up to 500:1 for accounts opened globally (subject to jurisdiction).

MYFX Markets Demo account

MYFX Markets demo account gives users the chance to test the broker's pricing and execution on several asset classes, without risking any real money.

The demo account expires after 90 days (renewable on every login for another 90 days)

Virtual funds: up to $100,000

Leverage: up to 500:1

Trading instruments: forex, metals, energies, cryptos

Register for free and test your trading strategies, open a MYFX Markets demo trading account with no risk and no obligation now.

MYFX Markets Pricing

Account/Pricing Standard Pro
EUR/USD spread from 1.0 pip from 0.0 pip
EUR/USD commission 1 lot $0 $7
EUR/USD swap rate 1 lot (10-05-2022) n/a

Spreads and trading commissions

For our MYFX Markets price comparison table, we use the EUR/USD pair as the benchmark, for its popularity with traders and because it is also the most traded FX pair.

MYFX Markets Standard accounts spread starts at 1.0 pip (variable), and trading is commission-free.

MYFX Markets Pro accounts spread starts at 0.0 pip (also variable), and a trading commission of $7 is charged per round lot (100,000 currency units).

Rollover rates

MYFX Markets swap rates are not published by the broker on its website. As stated on its website "You can access our real-time swap rates through the MT4 trading platform.".Therefore, the only way to find out the current rollover rates with MYFX Markets is by opening an account (demo or real).

A 3-day swap rate is charged on Wednesday nights. Swaps are charged at triple the usual rate to incur weekend hold costs.

MYFX Markets Deposits / Withdrawals

MYFX Markets proposes its trading accounts, Standard and Pro, in a few base currencies. The broker accepts several funding methods, including the most popular cryptocurrency:

Account currencies: USD, AUD, and JPY.

Standard account minimum deposit: 200 USD.

Pro account minimum deposit: 1,000 USD.

Funding methods: Bank Transfer, Visa/MasterCard, Bitwallet, BitPay, BTC, USDT.

Deposit fees: MYFX Markets does not charge fees for deposits.

Deposit processing times: variable, from instant to 24 hours.

Withdrawal fees: from October 1st, 2016, MYFX Markets will cover all credit card fees (a saving of 0.9% – 3.89%). There is no fee for credit card withdrawal and 25 USD/AUD per transaction for bank transfer withdrawal.

Withdrawal processing times: variable, from instant to 48 hours.

Inactivity fee: MYFX Markets does not charge any maintenance or inactivity fees.

For more information, please visit the MYFX Markets deposits web page, or log in to your MYFX Markets Client Office.

MYFX Markets Popularity

MYFX Markets can be considered an average broker offering average trading solutions for the retail clientele. The broker is not the most popular with the trading community, possibly because of its overall trading costs (slightly higher when compared with other FX brokers).

Spreads are not very competitive, plus, there’s only one trading platform offered, and, also on the negative side, the lack of MYFX Markets educational material to help new traders in this highly volatile market. The broker doesn't offer anything regarding education, not even a weekly market outlook. Still, some of its features include:

Client safety mechanisms: segregated client money.

Pricing: variable spreads from 0.0 pip on the Pro accounts, no trading commissions on the Standard accounts, no fees for deposits, and deposits accepted in BTC and USDT.

Execution model: ECN/STP.

Trading education: none.

Customer support languages: Chinese, English, Japanese.

Overall, the lack of a regulator supervising this broker, the limited offering of trading assets, the availability of just the MT4 platform and the lack of educational materials, are all against MYFX Markets' popularity.

Still, on the positive side, the better spreads of the Pro account, merged with the attractive zero-fees on deposits policy and account funding with cryptos, position MYFX Markets on the top 40 brokers for popularity with traders opening a trading account in 2023.


MYFX Markets FAQs

Is MYFX Markets a regulated retail forex broker?

No, MYFX Markets is not a regulated forex broker. The broker is only registered and authorised by St. Vincent & Grenadines FSA to provide financial services. The SVG FSA does not regulate forex broker’s activities.

What is MYFX Markets' minimum deposit?

MYFX Markets’ minimum deposit is just 200 USD for the Standard account and 1,000 USD for the Pro account.

What is MYFX Markets' maximum forex leverage?

MYFX Markets' maximum forex leverage ratio for accounts opened with the SVG FSA registered entity is up to 500:1.

Can I earn rebates with MYFX Markets?

Yes, traders can earn rebates from trading with MYFX Markets. Please check the cashback rebates section.

What funding methods are accepted by MYFX Markets?

MYFX Markets accepts account deposits with bank wires, Visa/MasterCard, Bitwallet and BitPay.

What account currencies are available with MYFX Markets?

Investors can open a trading account in USD, AUD and JPY.

What trading platforms are available with MYFX Markets?

Investors can trade the markets via the MT4 platform only, available for desktop terminals, and iOS and Android mobile devices.

Does MYFX Markets offer Cent accounts?

No, MYFX Markets does not offer Cent accounts.

Does MYFX Markets have negative balance protection?

No, MYFX Markets does not offer negative balance protection. MYFX Markets clients can lose more than the account balance and be liable to pay back to the broker the negative balance.

Does MYFX Markets have regulatory deposit insurance?

No, MYFX Markets does not have any regulatory deposit insurance. The company is registered with a financial authority without such a protection mechanism.

Does MYFX Markets have swap-free accounts for traders of Islamic belief?

No, MYFX Markets does not offer swap-free accounts for traders of the Islamic religion.

Does MYFX Markets accept applications from residents in Japan?

Yes, MYFX Markets accepts applications from residents in Japan.

Does MYFX Markets accept applications from residents in Canada?

No, MYFX Markets does not accept applications from residents in Canada.

Does MYFX Markets allow scalping trading?

Yes, MYFX Markets allows scalping trading.

What is the MYFX Markets' execution model?

MYFX Markets’ execution model is ECN/STP.

Does MYFX Markets have mobile trading platforms?

Yes, MYFX Markets offers its clients the MT4 platform, available for mobile devices running on iOS and Android.

Does MYFX Markets have a trading API?

No, MYFX Markets does not have a trading API.

Does MYFX Markets pay interest on margin?

No, MYFX Markets does not pay any interest on margin.

What type of spreads are MYFX Markets' spreads?

MYFX Markets’ spreads are variable from 0.0 pip, for the Pro account.

MYFX Markets Real customer rating

4.0
(1)

MYFX Markets reviews by verified customers, cashback rebates, expert ratings, spreads & fees, leverage, demo accounts, downloads, trading platforms and more.

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Currently, we do not have enough data from MYFX Markets' verified customers, with a real trading account, to analyse and publish its client's feedback. We will update this user rating section soon.


Review sources

With an industry presence of nearly 12 years, CBFX is a leading IB broker of forex and CFDs trading accounts to all of the world's top brokers. One of CBFX’s primary missions is also to help the trading community in making informed decisions, by publishing accurate and unbiased content, supported mainly by primary sources.

The sources used for our MYFX Markets review may include government data and data supplied by the broker, or available on the broker's corporate website(s). We also use the analysis and rankings of our in-house industry experts, and the feedback provided by verified traders with a live account. The information on this MYFX Markets review page was also sourced from:

Saint Vincent & Grenadines Financial Services Authority website, MYFX Markets LLC, company details page.

MYFX Markets website, Trading Accounts, trading accounts comparison page.

MYFX Markets website, Trading Instruments, financial instruments specifications page.

MYFX Markets website, Help Centre, frequently asked questions page.

FXverify website, MYFX Markets user reviews by verified traders with a live account, reviews page.


Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. involves significant risks, including complete possible loss of funds. Consequently, trading is not suitable for all investors and traders. By increasing leverage risk increases as well. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.