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MYFX Markets

MYFX Markets is a Forex broker founded in 2014. Being a white label of reliable AxiTrader approved by the Australian Securities and Investments Commission (ASIC), MYFX Markets is supervised by the St. Vincent and the Grenadines Financial Services Authority (SVGFSA). As it is an AxiTrader white label service, it is known as a reliable Forex broker.

It is not actively running promotions except in specific areas and is not well known worldwide. Service expansion is also mainly in Japan, which is the main market, so services for the global market may be somewhat unsatisfactory.

The biggest feature of MYFX Markets is reliable execution and highly competitive spread. The spread of MYFX Markets is set smaller overall than other companies, and it is prefered by scalping traders who prioritise small spreads. There are two types of accounts provided by MYFX Markets: Standard account with STP and Pro account with ECN. The average spread for Pro account, which is suitable for scalping traders, is USD/JPY 0.2pips and EUR/USD 0.2pips, and the transaction fee is equivalent to $ 3.5 (USD) per lot. One of the reasons for its popularity is that the spread of the Australian dollar pair is small because the parent company is an Australian entity.

The disadvantage of MYFX Markets is that there are few bonus programs and campaigns held by MYFX Markets itself. In addition, there are not many CFD product lineups, so it can be said that it doesn't offer many unique services when compared with other companies.

The cryptocurrency CFD, which offers six major products such as Bitcoin and Litecoin, has an advantageous spread compared to other overseas Forex brokers. A unique feature is that you can deposit and withdraw in Tether (USDT).

Official Website

Pros

  1. Tether (USDT) is available for deposits and withdrawals
  2. Small spreads

Cons

  1. Few CFD products
  2. Few bonus programs

Operating Company

Company name:
AXIS INC.
Head office address:
First Floor, First St Vincent Bank Ltd Building James Street, Kingstown ST. VINCENT AND THE GRENADINES
Financial supervisor:
St. Vincent and the Grenadines (SVGFSA)
Founded:
2014
Capital:
Undisclosed

Customer Service

Website language:

[Asia] Japanese, Simplified Chinese, Malay
[Europe and America] English

Trading platform:
MetaTrader4/5
English support:
Email, Support Chat, Phone
Business hours:
(365 days) 10:00 pm - 7:00 am (GMT)
Email address:
[email protected]
Phone number:
(+64) 9-889-4022

Trading Rules

Roll over:
0:00 (Server time)
Margin call:
When the margin maintenance rate falls below 90%
Loss cut:
When the margin maintenance rate falls below 50%
Matched order:
Permitted
EA restrictions:
None
Request for additional margin:
None (If the margin becomes negative, zero cut will be performed)
Funds management:
Managed in a segregated bank account
Bankruptcy compensation:
Full deposit compensation is guaranteed

Conditions for Each Account Type

Trading platform:
MetaTrader4/5
Brokerage model:
[Standard] STP method
[Pro] ECN method
Spread method:
Variable spreads
Trading account currency:
Japanese Yen, US Dollar, Australian Dollar
Maximum leverage:
1:500
Initial minimum deposit:
None
Lot size:
100,000 units
Minimum order size:
0.01 lot
Maximum order size:
1,000 lots
Maximum open orders:
10,000 lots
Instruments(symbols):

[FX/Currency Pair]: 47
[CFD/Metals]: 5(*1)
[CFD/Indices]: 10
[CFD/Energy]: 2
[CFD/Cryptocurrencies]: 5

Available trading hours:

Monday 0:00 am - Friday 11:59 pm (Server time)

Transaction fees:
[Standard] None
[Pro] $ 3.5 (USD)(*2)
Account maintenance fee:
None
Holding multiple accounts:
Permitted
GMT time difference:
[MT4/MT5] Daylight saving time: +3 hours, Winter time: +2 hours

(*1)2 CFD/Metals are tradeable with MT4.

(*2)The fee is per order (One way).

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