MyForexFunds Review: Should You Trade With This Broker?
Investing in forex can be quite profitable. However, amidst legit brokers, there are tons of unscrupulous ones who are out to con investors of their hard-earned money. Before committing your funds, you need to know whether you are dealing with a legit broker. Is MyForexFunds a safe trader? Read this in-depth MyForexFunds review to answer this question and more.
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Here’s all you need to know about MyForexFunds.
What Is MyForexFunds?
Established in July 2020, MyForexFunds (MMF) provides services, programs, and information for traders investing in forex, CFDs, and commodities markets.
MyForexFunds is present in more than 120 countries and has more than 40,000 traders. The broker claims that it has a trading volume of 100 billion in a month. They also claim to execute more than 3 billion notional of their monthly volume.
If you trade with MMF, they have multiple products to fit your level of expertise, especially for professional traders. While all this sounds legit, is it the honest truth. Let’s examine some of the features to determine this.
MyForexFunds offers multiple product options to choose from based on your experience level as a trader.
If you have basic experience, you can choose the Rapid account. This account type allows traders to see how prop firms work, has low entry costs, and investors can get paid as they earn experience. The Evaluation account is for experienced traders. This account option has a quick 2 phase evaluation, profit split for up to 85%, and generous limits.
On the other hand, if you trade full-time for a living, they have the Accelerated account. According to the company, this account has an industry-leading profit split and speedy upscaling.
According to their website, MMF accepts payments via debit card, visa card, and cryptocurrency. However, they also accept bank transfers.
Is MyForexFunds Regulated?
Based on the information on the website, there’s no proof that any regulator regulates MMF. Their FAQ section claims that the company is not a broker but rather a proprietary firm; therefore, they don’t require any regulation.
Companies that are not regulated raise more questions about their legitimacy.
Signs That MyForexFunds Is Not a Legitimate Broker
What’s off about this company? Let’s take a closer look.
No Official Address
A quick check on the company’s website, you’ll notice that there’s no official registration, no physical address, or contact number. It claims to be registered in Canada, but there’s no clear information about this. MMF only operates with a website which is a major red flag. Trading with such a company is quite dangerous because they don’t have any contact information in case you need assistance; therefore, you could easily lose money.
Numerous Customer Complaints
The internet has ons of multiple negative comments about how MyForexFunds is a scam. From customers losing money to the inability to contact customer care for assistance, MMF appears to be a scam hiding behind a well-designed website.
Based on Forex Peace Army reviews, some customers had their accounts closed by the company, and they couldn’t access their funds.
On reputable review site Trustpilot, the company has a high rating of 4.8, which is suspicious due to claims of paid reviews. For a company with so many issues, these ratings clearly indicate that there are lots of fake reviews. Trading with such a company is not safe for your finances.
There are also several comments from customers who have lost money to this trader on this site. The most common complaints include;
- Issues with their servers.
- Traders losing their money with no refunds.
- Accounts are getting a daily loss limit.
- They are not honoring payout requests.
- Poor customer service.
There’s no information to show that this proprietary firm is regulated. While they claim that they don’t need regulation because they are not a broker, that raises more questions. Any company dealing with any sort of financial service should have a valid license and some form of regulation to protect customer funds.
Therefore, if you choose to invest your funds with this firm, you’ll jeopardize your cash.
MyForexFunds has a disclaimer on the website that states that they don’t solicit funds from traders in Canada; they do so on their own volition. However, there’s no proof that an existing, legitimate company exists.
In addition, they allow traders to open accounts with them unless you are located in Iowa, Arkansas, Missouri, and Mississippi. These restrictions could be due to the fact that they are not a legitimate company.
If you check the MMF website, the company promotes the available account types. However, there are no details about how investors can trade or which accounts to use. A legitimate company would provide key information about how to trade to help the customers grow their funds. However, MyForexFunds is vague and offers no clear direction to investors who want to use this platform.
In addition, there’s no information about who owns the company. It becomes hard to identify the actual owner without registration and legal regulation. This makes the company appear more suspicious.
MyForexFunds Review Verdict: Is MyForexFunds Scamming Investors or Is It Legit?
From this information, it’s clear that MyForexFunds has not been entirely open. The company started operating in 2020 and has no exact address or form of ownership. The website is packaged to entice unsuspecting investors.
However, a deeper look at the customer comments shows that you are highly likely to lose your cash to this unregulated company, and it will not be easy to reach customer support.
MyForexFunds is a scam and should not be trusted.
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