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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).
Pros
- Tether (USDT) is available for deposits and withdrawals
- Small spreads
Cons
- Few CFD products
- 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).
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
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