MYFX Markets: Is it Legit or a Scam? This Review Will Tell You the Answer!

Is your trading experience with MYFX markets full of fund withdrawal denials despite repeated communications with its customer support team? Has the broker deleted all your profits? Did the broker accuse you of false trading strategy implementation while deleting your profits? There have been many such instances reported by traders against these activities online. In this MYFX Markets review article, we have shared some complaints. Take a look!

Investigating the Top Forex Trading Complaints Against MYFX Markets

A Large Capital Withholding Case Against MYFX Markets

A trader from Hong Kong highlighted that his deposits, profits and commissions when added rose to $240,000. The trader, while sharing the MYFX Markets review, expressed inability to change the situation after depositing. As per the trader, the USDCAD short order reached 1.335, while the long order stood at approximately 0.698. The trader conceded that the short and long order of the currency pair should propel the profit to 6.20 and 6.26, respectively. However, the trader reported failing to withdraw funds from the account. Check out this complaint below.

The Account Ban Upon Withdrawal, a Trader Claims

Another trader from Hong Kong made a revelation of an account ban upon a withdrawal request. Narrating the incident, the trader admitted to have deposited $3,000 and earned $5,000 in profits. As the trader applied for a withdrawal and tried to access the MYFX Markets login page on the MT4 platform, the attempt turned unsuccessful. Upon asking the account manager, the trader was reportedly informed of violating the terms and conditions laid down in the trading agreement. The trader felt the decision of banning his account was an alleged attempt to deny withdrawals. Read this complaint to know more.

MYFX Platform Accused of Blocking Withdrawal and Freezing the Account

A trader reported that after opening an account on MYFX and starting to trade the next day, he requested a $300 withdrawal. Shortly after submitting the request, the platform allegedly sealed the account, allowing the user only to view it without taking any actions.

When the trader contacted customer support, he was told the withdrawal was under audit, but no clear explanation was provided. Later, the platform sent an email claiming the trader had engaged in “straddling” trading and required him to sign a document agreeing to receive only the original funds.

The trader requested evidence for the accusation, but reportedly received no response from the platform. The complaint raised concerns about account restrictions, withdrawal denial, and lack of transparency from the platforms support team.

This negative MYFX Markets review screenshot further makes it clear for you to gauge the situation.

The Latency Trading Accusation Used to Delete a Trader‘s Profits

Adding to a list of scam allegations against MYFX Markets, a Portugal-based trader claimed that the broker deleted all of his profits earned through scalping in the name of latency trading. The trader claimed that the trades executed were through a legitimate scalping strategy. Upon contacting the customer support, the trader allegedly received vague responses and no concrete evidence suggesting the broker’s latency trading claims. Concerned by the overall experience, the trader shared this negative MYFX Markets review, urging users to stay away from this platform.

The Misuse of MAM Accounts

A Nigeria-based trader claimed to have two MAM accounts operated by two investment managers on the MYFX Markets platform. The trader revealed to have not been able to contact any of the customer care support team members. According to the trader, the live chat option was never live, phone lines remained unresponsive, besides arbitrary calculation of profits and splits, and the same were being withdrawn from the account to the managers account. On the other hand, own withdrawal requests were not getting processed, the trader claimed.

The screenshot below showcases a frustrated trader with the onset of this alleged trading incident.

MYFX Markets Review by WikiFX: The Broker‘s Regulatory Status & Score Update

Seeing all these complaints, you would understandably be asking - Is MYFX Markets regulated? The answer is Yes. It’s regulated in Seychelles. However, it carries an offshore regulation that does not protect traders to the extent provided by brokers associated with top-tier regulators such as the Financial Conduct Authority (UK) and the Australian Securities and Investments Commission (ASIC). Amid a loose regulatory status, the WikiFX team gave the broker a score of just 2.35 out of 10.

You should thus conduct a thorough investigation into the brokers regulation frameworks by researching credible verification platforms such as WikiFX. Download its updated app by scanning this QR code.