Despite offering Forex, commodities, stocks and indices, Myfintec continues to operate without a license. The broker offers 5 different types of investment accounts with a minimum deposit requirement of Euros 500.
In addition to this, Myfintec offers trading education, an account manager and signals depending on the account type. This Myfintec explains why you must never use the services of this brokerage.
Myfintec tells their clients that they are the leading broker company which provides the best possible trading experience to their customers.
Myfintec also touts flexibility, a range of assets that can be traded, friendly customer support, and the ability to appeal to traders of all levels.
You can deposit funds into Myfintec using Visa, MasterCard, Bitcoin, Monero and other altcoins as well.
They are offering bonuses starting 30% all the way to 50%. You must be aware of the trick here. Most shady brokers will trap you with a bonus so they can tell you that you cannot perform any withdrawal until you meet the minimum trading volume.
They know that most traders are not good enough to meet that goal. And even if they are extremely good traders, the shady broker will create artificial price spikes to make the good trader lose.
So at the end of the day, everyone losses their money simply because they were not able to successfully perform a withdrawal, thanks to a silly bonus policy which is detrimental to the customer.
On the website of Myfintec, there are 3 phone numbers which are from the UK, Switzerland and Czech Republic. This makes it clear that Myfintec broker is targeting clients who are based in countries that regulate this kind of trading on the internet.
There is a risk warning at the footer of the site, but nowhere did they mention regulation.
Also, when we look at the account types and features, some things don’t make sense at all. For example, Myfintec is stating leverage in terms of percentage rather than the standard ratio.
That is, they are giving up to 50%. In addition to that, they claim to offer money management for those who deposit 50,000 EUR and above.
I also see that they offer trading education and signals. I don’t know about the quality of education or signals which they are offering. So I cannot comment just yet. But the fact that there are so many wrong things with this broker means that we can’t trust them with our investment decisions.
Myfintec review – not regulated
Myfintec broker is owned and operated by a company known as Kin Ltd. The company is based in the Marshall Islands, situated in South Pacific, some 1000 miles off the cost of Papua New Guinea.
Generally, brokers that are situated in the Marshall Islands are not very reliable. This is why the US Department of State warned a while ago that companies based in this jurisdiction are prone to engaging in money laundering activities and other clandestine engagements.
In other words, they are not expressing confidence in brokers who operate here.
Now, many countries around the world where citizens are allowed to practice online trading will regulate the activity through a financial regulator or authority.
They need a license in the UK, Czech Republic and in Switzerland. In Switzerland, they need to be recognized by the main financial regular there called FINMA.
The reason why we must insist on regulation is because our funds need to be protected, just in case the broker goes bankrupt or disappears.
According to the rules of the FCA, traders can be compensated up to the tune of 50,000 GBP while CySEC (in Cyprus) guarantees up to 20,000 EURs.
But Myfintec is not regulated and yet they continue to target many countries with their products, let alone these 3 countries only.
Myfintec review: too big minimum deposit
A basic account can be opened for the price of 500 EUR. I’m sure you have seen that some accounts here, like the Platinum account requires 50,000 EUR.
Not only is this unfair, but it is also too risky to invest this much on a broker whose reputation is not good.
Keep in mind that there are many professional Forex and CFD brokers out there who allow their traders to open a standard account with much less.
Read this piece if you want to know which brokers they are.
Myfintec review: many complaints
One thing we have noticed is that there are many scam developers or marketers who are currently pointing customers to start using this broker’s service even when they know that Myfintec is not regulated.
No MT4 platform
This is the worst thing that can ever happen to a Forex broker. They’ve missed the point because they are running some sort of a web-based trading platform and there is no demo to test it.
MT4 platform is very user-friendly, professional and fun to use. Any broker who doesn’t have this platform is clearly not interested in attracting many traders to their platform.
Therefore, I’m not so sure whether Myfintec broker is interested in boosting their client base from now moving forward.
In addition to this, Myfintec broker does not tell us what trading conditions they are offering. There is no mention of spreads or anything related to trading conditions.
They also don’t talk about their fees or commissions related to trading on their platform. So this is yet another significant negative for Myfintec broker.
Myfintec broker is not a trusted broker. They are unregulated and based in an offshore destination which has been associated with scam Forex brokers in the past.
In addition to this, Myfintec broker does not want to disclose the trading conditions which they are offering.
Therefore, you should keep in mind that this is a risky broker to trade with, and there is no added advantage that you will get by ignoring these brokers and risking your capital with Myfintec broker.