In this MYteamFX review, we will try to focus on the legality as well as the trading conditions of the brokerage. The internet has been spammed with rumors about MYteamFX potentially being a scam company, but that much needs to be investigated and determined if we want to make a conclusive decision.
Because of this, we will be dedicating quite a lot of effort to understanding where the broker is licensed, whether or not that license is still active and if they have the right of offering their services to specific markets.
However, despite what we may find with the licenses, we also need to take a look at the trading conditions to determine if they’re a worthwhile choice for both beginners and veterans. Overall, the MYteamFX rating will be calculated through their legitimacy, so let’s tackle that issue first.
Is MYteamFX legit? Do they have a viable license?
According to the information on the website, which is clearly displayed on one of the pages, MYteamFX has three licenses from different regulators.
These are the Cyprus Securities and Exchange Commission (CySEC), Mauritius Financial Services Commission (FSC) and the Vanuatu Financial Services Commission (FSC).
However, all it takes is a simple search on any of these regulators’ websites to find out this is completely false. On all CySEC and both FSC websites, searching the name “MYteamFX”, as well as their parent company “MYteamFX Holding Limited” comes up with no results. Furthermore, we saw a document from the Vanuatu Financial Services Commission that the broker has uploaded on the website and decided to test it against an actual certificate.
As expected, the MYteamFX scam rumor was confirmed, due to the certificate having a clearly fake stamp and inconsistent dates printed on it.
We would love to test any other claims for a license with CySEC and the Mauritius FSC, but the broker has no document regarding these regulators.
This is a serious issue for anybody already registered with MYteamFX as they’re in danger of losing everything they’ve already invested with the company. But let’s not jump to conclusions just yet. Although this is important evidence, we still need to take a look at the trading conditions that the company is ready to offer.
What if MYteamFX fraud isn’t real?
Now we need to take a look at MYteamFX as if the previous paragraph never existed. By this, we mean that we will disregard everything we’ve just found out about the broker’s license issues and look at them as if they were a normal, legitimate brokerage.
This is done in order to determine whether or not they’d be a worthwhile choice regardless of the licensing issues they currently have.
In order to do this, we need to find out about their maximum leverage, spreads, deposits, withdrawals, and various other aspects. Once we know this information, it will be time to bring the MYteamFX opinions into play and compare them to existing brokerages in the same markets.
The profitability is usually calculated through the combination of leverage and spreads. Although various other experts prefer to toss in the minimum deposits and fees in there as well, let’s focus on these very important tools first.
The maximum leverage offered by MYteamFX is 1:500 on veteran and experienced accounts. For beginners, that maximum only reaches 1:100.
Considering that the broker is rather new and will have to focus on new traders, it’s not as good of an offer compared to other brokerages in the markets.
When looking at the spreads though, it’s easy to get confused. MYteamFX claims to have floating spreads starting from 0.1 pips on major currency pairs.
However, our experience with floating spreads dictates that traders will rarely see anything below 0.8 pips for major currency pairs. Because of this, we need to deem the 0.8 pips spread as the actual rate as it’s the average from similar offers.
In conclusion, though, 1:100 leverage on 0.8 pips spread is definitely not the best offer. There are brokers that offer 0.1 pips with 1:300 leverage on multiple occasions, which brings down the MYteamFX rating quite a lot, even despite the already existing evidence on their licensing issues.
The platform accessibility is usually calculated through the minimum deposits and the withdrawal options. Unfortunately, though, MYteamFX withdrawals are shrouded in mystery as it requires a registered account to find out about the options.
The deposits, however, are clearly displayed in the account comparison, and to be honest, they don’t paint the brokerage as easily accessible in any way.
The lowest minimum deposit is $500 for the beginner’s account. And considering the options you get for it, it’s definitely “overpriced”.
Yes, it’s understandable that traders aren’t really paying anything for having an account as they can easily withdraw, but consider the markets this broker covers through the “licenses” it claims to have. $500 is usually the yearly salary in those countries.
Other minimum deposits are $1000 and $10,000 for more experienced traders. But even here, the conditions these people get are not worth the deposit.
We wanted to know if withdrawals come with any kind of fees, but as already mentioned, the information is only accessible to account holders.
Should you trust this broker? Is the MYteamFX scam real?
We need to now combine the trading conditions with the evidence we found out about the licenses, and to be honest, MYteamFX Forex broker is definitely not the type of company you’d be wanting to entrust your hard-earned funds to.
They’ve failed pretty much every major aspect of running a brokerage. Not only do they not have a legitimate license from a trusted regulator, but they’ve also lied about having it.
The broker does not offer cost-effective conditions to its users, thus branding itself as a lower-tier company compared to its competitors. Pair that up with licensing issues and you get a terrible choice all over.
In the end, it may be a bit abrupt, but we believe that MYteamFX does not deserve your attention and most definitely does not deserve your deposit.
It’s our recommendation to stay as far away from the company as possible.