MYteamFX is a relatively new Forex brokerage that claims to be operating within and outside of the European Union. This MYteamFX review will try to determine whether or not the brokerage is what it claims to be and whether their terms and conditions are in accordance with the market standards in the 21st century.
Consider that we will compare MYteamFX to the brokers under the license of a regulator this brokerage claims to have, therefore there’s quite a lot to discuss.
But first of all, let’s start off the review with a website review.
MYteamFX review – website navigation and transparency
First impressions matter and MYteamFX doesn’t really leave a good taste in our mouths after going through the website. The content allocation is quite vague and limited. It’s very hard to get your hands on relevant information such as the comparison of trading accounts, the legitimacy of licenses because there is no number attached.
Furthermore, the About Us page is very vague and talks about the goals of the company rather than their locations, approval ratings, opinions and etc.
It may seem unfair to lower the MYteamFX rating because of the website, but where else will the customers spend their time? Where else can they get relevant information?
But the website does not determine the legitimacy of a platform, we need to find out whether the broker can be trusted, and whether they’re on par with the existing competition. In order to do that, we need to take a look at more detailed information
MYteamFX regulation issues
The primary reason why we believe the MYteamFX scam rumors are true is due to their claims of having various regulations, but research confirming the opposite.
In the footer of the broker’s website, it is indicated that their parent company is licensed under the Cyprus Securities and Exchange Commission. But when searched on the regulator’s official website, there is no trace of MYteamFX ever possessing such a license. There isn’t even any data in the approved domains section.
Because of this, we need to add even more suspicion that this company could indeed be fraudulent. Even more, concerns are added when the FSC search for the license also comes up null. Yes, the broker also claimed to have a license in Mauritius, but a simple search of the name on FSC’s official website comes up with no results.
Trading conditions and account types
Every brokerage needs to have competitive conditions on trading financial assets on their platforms. These conditions are usually determined through the offered leverage, spreads and depositing methods. In order to solidify our MYteamFX fraud argument, we need to take a look at how they compete with the rest of the market both inside and outside of the EU, despite the fact that they don’t have a legitimate license.
To be honest, the competitiveness is immediately dissipated the moment you take a look at the maximum leverage, which is only 1:500 on pro accounts and 1:100 on beginners.
Although 1:500 is above the market average of 1:300, it needs to be considered that most of the leverage is relevant for beginners. If it was the other way around, then we’d consider as an asset, but unfortunately, it is not.
Next come the spreads, which are said to be a floating type starting from 0.1 pips on major currency pairs such as the EUR/USD. But knowing floating spreads, they’re likely to not go below 0.7 pips, which is still relatively okay compared to the leverage.
When it comes to the deposits though, MYteamFX Forex broker asks a little too much from its beginners as well as veteran traders. The first account requires a deposit of $500, the second $1000 and the third $10,000. Needless to say, this is way higher than the market average of $200 for beginners.
MYteamFX withdrawals and deposits
Unfortunately, the only way to see what withdrawal options are available, the trader needs to register with the company, which then takes quite a lot of personal information. Furthermore, the account isn’t truly opened unless the minimum deposit is transferred, thus putting the customer at unnecessary risk.
It’s obvious that withdrawals will be processed through Wire Transfer and Credit/Debit cards, but we believe that traders who make a deposit can kiss that money goodbye.
It might not be enough to solidify our concerns about a potential MYteamFX scam, but the arguments are there based on the information that could be found.
Can MYteamFX be trusted? Are they worth it?
As already mentioned, based on the information we could gather, there is a serious reason to believe that MYteamFX is not a legitimate brokerage.
The lack of license, paired up with barely competitive conditions is simply not enough to paint this company as something worth if for either beginners or veterans in our eyes.
MYteamFX does not qualify as a good choice for modern traders as of right now.