Beware! MyTradeMate 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.
MyTradeMate claims to be “a distinguished recipient of awards in the forex and commodities brokerage sector”.However, our attempts to find evidence of this have been unsuccessful. MyTradeMate is not a legitimate forex broker at all and we are sure that the purpose of this website is to scam inexperienced people out of their money. Let’s take a detailed look at why it’s in your best interest to stay away from MyTradeMate.
MyTradeMate 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|
When you visit the website of a legitimate broker you can expect to find clear and detailed information about the company that owns and operates it, where it is based and what regulatory regimes it is subject to. But MyTradeMate is completely anonymous – neither the website nor the text of the Terms and Conditions mention a company name. The documentation lacks any specific information and does not meet the standards for such mandatory documentation.
It lists a contact address in Switzerland, which is undoubtedly fake – an anonymous website cannot operate as a broker in a regulated jurisdiction.
There is no licensed broker in the Swiss financial regulator FINMA’s database using MyTradeMate’s trading name and domain.
Financial authorities in the Canadian province of Alberta have spotted MyTradeMate’s fraudulent activity and blacklisted the website.
If you have decided to invest in financial instruments you have a choice of much more trustworthy options. Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Exchanges Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds. In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK.
MyTradeMate Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
MyTradeMate promises the popular MetaTrader 5 (MT5) software, but there is no link on the website to download the platform.
We have not been able to verify if any trading software is available. The reason for this is that account registration requires a promo code. Financial scammers sometimes prefer to handpick their potential victims through social networks and online forums, which is why they do not allow free registration. Genuine brokers allow easy Demo account creation.
You could always use the services of a regulated broker, the vast majority of which offer clients MT5 or the still very popular MT4. This will enable you to use the advanced features of these platforms without fear of being scammed. These platforms are preferred by the majority of brokers around the world because of their powerful automated trading capabilities, including Expert Advisor bots and customised scripts for backtesting trading strategies.
MyTradeMate Trading instruments
MyTradeMate does not have the legal authorization, and probably not the software, necessary to facilitate trading in financial instruments. The trading offered by this type of fake brokers is completely fictitious.
MyTradeMate Spreads and cost of trading
MyTradeMate does not provide information on the price paid by the client, nor on most other trading parameters.
Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.
MyTradeMate 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||❌||❌||❌||❌|
MyTradeMate advertises a high leverage of 1:400, which is also proof that it is not a regulated forex broker.
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.
MyTradeMate Deposit and withdrawal methods
Due to our inability to register an account, we were unable to ascertain what payment methods MyTradeMate uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.
MyTradeMate Minimum deposit
This fake broker requires a minimum deposit of 5,000 USD. With as little as 50 or even 5 USD you could become a client of an established and regulated broker.
MyTradeMate Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|MyTradeMate||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 MyTradeMate 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.