Beware! Mymafx 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.
Myma, or Mymafx, assures us that it is an established and proven forex broker. But upon careful inspection, we find that we are undoubtedly dealing with yet another online scam. In this review, we will take a detailed look at why you should never trust your money to Mymafx.
Mymafx Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. Licensed companies are also required to provide a comprehensive set of legal documentation.
On the Mymafx website, we find neither a company name nor a Customer Agreement or Terms and Conditions – although account registration requires agreement to these documents.
The name of the alleged company owner can only be found in the registration details of the trading software used by Mymafx.
It is alleged that the company Myma FXFP Ltd is based in London. But we do not find Mymafx among the financial service providers authorised by the UK regulator.
If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK.
Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.
Mymafx Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|Mymafx MT5||50+ indicators||✅||✅||❌|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Although generally unconvincing, MymafxM employs the most popular trading platform in industry, MetaTrader 5 (MT5).
It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.
It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4.
Mymafx Trading instruments
Mymafx claims to offer trading in forex, metals, indices, energy and other commodities. But as not stated, we have no reason to believe that this unlicensed website offers real trading.
Mymafx Spreads and cost of trading
Mymafx offers starter accounts with a very high spread from 2.5 pips, which is very disadvantageous for the trader.
Mymafx Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
Leverage for all account types reaches 1:500. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders.
Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
Mymafx Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Bank wire||2-5 business days||2-5 business days||$25+|
|Credit card||Instant||24 hours||Free|
|PayPal||1 hour||24 hours||2%|
|Skrill||1 hour||24 hours||2%|
|Neteller||1 hour||24 hours||2%|
|Crypto||24 hours||24 hours||Fee depends on crypto|
Mymafx advertises that it allows deposits and withdrawals with credit cards, wire transfer, Skrill and Neteller. But the deposit menu itself lacks these options.
Experience has shown that fake brokers routinely advertise conventional payment methods, but actually steer their potential victims towards cryptocurrency transactions. This not only guarantees them anonymity, but also deprives the defrauded of the option to request a refund or chargeback.
Mymafx Minimum deposit
Information on the minimum deposit required by Mymafx is conflicting. The account descriptions indicate an amount of 50 USD, but the FAQ section explicitly specifies the amount of 100 USD. In any case, it would be wiser and cheaper to open an account with a licensed broker.
Mymafx Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Mymafx||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Since Mymafx does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.