In this MYteamFX review, we will glance over the broker’s license registrations and try to determine if they are legitimate or if they are nothing but a lie.
Furthermore, we’ll also try to find out as much as possible about the broker’s trading conditions and the ways they compare to their main competitors.
Due to the fact that MYteamFX is a relatively new brokerage, there’s a very limited supply of opinions to base assumptions on, therefore we will undertake the review on a first impressions basis and do some digging about the legal documentation.
Even though we may find some violations from the broker, we will still devote some time to discussing their trading methods.
Is MYteamFX legit? Do they have a license?
if we use the broker’s website as a source of information about licenses, it’s easy to say that they come across as trustworthy and reliable.
However, just a simple search on a regulator’s website will show that the MYteamFX scam is a definite probability. Why? Because the licenses that the broker claims it has are nowhere to be found on these websites.
To be exact, the MYteamFX website claims that the broker has a license from both the Cyprus Securities and Exchange Commission, as well as the Financial Services Commission of Mauritius. However, the moment you search the name, they’re nowhere to be found.
Furthermore, the website has a completely different statement about having a license from Vanuatu, which can also not be found on the relevant website.
Overall, it’s safe to say that MYteamFX Forex broker is an unlicensed offshore company. Because of this, we believe that this company is a scam.
The benefit of the doubt – trading conditions
Even though we’d stop the review with other brokers at this point due to issues with regulation, we feel compelled to give MYteamFX the benefit of the doubt, so we’ll be taking a good look at their trading conditions and seeing if they belong to a fraudulent company.
Remember, that should MYteamFX fraud turn out to be true, they should have extremely high minimum deposits while offering very enticing conditions for the traders.
The leverage we could find was 1:500 for veteran traders and 1:100 for beginners. Considering that veteran traders would never fall for such a blatant scam attempt, it needs to be said that 1:100 is not very enticing for beginners to start. But they may simply not be aware of what leverage stands for in the first place.
Even still, the 1:100 leverage is quite lower than the industry average of 1:400 or so.
The spreads are floating on the MYteamFX Forex broker platform, meaning that they can vary depending on market volatility.
Although this would be some sort of an advantage for veterans, that rely on lower spreads during volatile times, it’s a very hard situation for beginners to adapt to as the spread does not remain stable, thus calculation of profits is much harder.
There are three account types on MYteamFX. They’re all designed for different levels of traders. For example, the first type is obviously designed for beginners, the second type for slightly more experienced traders, while the last one is for veterans.
They all have different minimum deposits. But the lowest that can be found is $500 for beginners and the highest is $10,000 for veterans.
This is where most of the MYteamFX scam arguments come up. The $500 is $300 more than the $200 industry average, thus confirming most of the fears that we had about the company.
Should you trust MYteamFX?
No, our MYteamFX review clearly shows that the company is not trustworthy and does not have legitimate operational standards compared to most other Forex brokers in the industry.
Furthermore, they’ve blatantly lied about their licenses from two trustworthy regulators such as CySEC and the FSC.
Not having a license is one thing, but claiming to have one and lying about it is much much worse.