Beware! MyTeamFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
MyTeamFX opens with high hopes, yet it misleads traders into thinking that it is legit. The broker offers a EUR/USD spread of 0.4 pips which is a superb value but suspicious for this type of broker. Furthermore, we were given a maxed out leverage of 1:500. Read the entirety of the review and decide if you should invest at MyTeamFX.
MYTEAMFX REGULATION AND SAFETY OF FUNDS
The footer of the website claims a bold allegation that the broker is regulated by the renowned Cypriot financial watchdog CySEC, as well as the Mauritius Financial Services Commission. In the website’s License section, we were presented with a Certificate of Principle’s License from the Vanuatu Financial Service Commission, alleging that MyTeamFX is authorized by them as well.
We immediately turned towards the official databases of regulated entities of each of the aforementioned regulators to verify these strong assertions. As we feared, there were no results for a “MyTeamFX” anywhere on the websites. These irregularities expands to the fact of the missing legal documents, that even once we registered, we were unable to access. Clearly, MyTeamFX is completely UNREGULATED, and therefore a risk to all traders that chose to invest in it!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
MYTEAMFX TRADING SOFTWARE
Once we registered, a process that was incredibly simple, we were presented with a very underwhelming trader that suits only the basic need of most novice traders. Beyond that, it is hopelessly useless. There are pending orders, and some chart options but that is the bulk of it. We urge users, both new and advanced to stick to the one and only MT4 which has over and over again proven to be the only true trading terminal out there.
MYTEAMFX DEPOSIT/WITHDRAWAL METHODS AND FEES
The only way that we, as registered clients, were able to proceed with depositing was by means of bitcoin, which is an untraceable payment methods, ideal for illicit brokerage firms. As for a minimum deposit, we could not find any info.
Users have to not that the broker has not include a withdrawal option anywhere on its client dashboard, leading us to believe that users cannot withdrawal at all. As for any withdrawal (and for that matter, deposit) fees and other specific conditions, the broker unsurprisingly has left us in the big unknown.
We strongly advise traders to only deposit the minimum deposit, or better yet- not deposit at all! As for the withdrawals, scammers are known to either deny such requests, or impose incoming and unexpected charges.
How does the scam work?
The most common type of scamming is in fact a very simple scheme that involves multiple level of commitment from both the victim and the fraudulent broker. In the following section we will dive into the individual elements that make up this scenario.
Users of the net will be lured or intrigued by the countless ads that float around the internet, mostly on popular websites such as social media hubs. These ads promise fast money, and are accompanied either by images of luxury or made up testimonials. Clicking on them redirects users to a so called robo-scam website such as xxx or xxx, where a simple registration process will require from you a telephone number and email address. We assure traders, that once these details have been shared, they will shortly get a call from the broker or brokers, on whose ad you just “stumbled”; this is when the game begins. The voice on the other end of the line will urge you to deposit in their broker some $250 (approximately), by reassuring you of the possibilities of profit, and the like.
Should you deposit, the initial scammer has just earned a hefty commission from this deposit. Now it’s time for the senior scammer to talk you into depositing more, by claiming that the only way to increase profits is to deposit more and larger sums. These second level frauds are great talkers, charismatic and influential, twisting their lies to sound like the absolute truth.
At some point or another, the trader will inevitably start suspecting something, and will want to withdrawal his/her funds.
At this point, the con artists will delay the withdrawal process by persuading you to wait, or by referring to their legal documents that cover specific withdrawal clauses- excuses vary from broker to broker This delaying process is crucial to them, for trader have a limited time to file for a chargeback with their respective bank. Once the chargeback time frame runs out, traders will have lost their money for ever.
What to do if scammed?
VISA and MasterCard users will be happy to know that have extended their charge back request period to 540 days for when online scams occur. In case a chargeback is unavailable for some reason, the next immediate route is to cancel your credit card ASAP.
Those of you who deposited using VISA and MasterCard wil be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
If any bank details have been shared, like banking pass or security code, traders should be aware that scammer will most certainly attempt to drain your account. In such a case, immediately block the account or change the password.
We also urge users to be very careful with the so called “recovery agents” that promise to recover lost money from unlicensed broker. They charge a fee for their alleged services, and will unquestionably not recover any previous deposit, basically scamming you a second time.
