Is MYFX Markets a Scam?

At FXCanary, our safety scoring is built on a rigorous, evidence-led methodology. We do not rely on marketing claims or glossy websites. Instead, we cross-check licences against official public registers, scrutinise real-user reviews from multiple independent platforms, and weigh operational transparency against industry best practices. Each broker receives a Scam Risk Score on a 0–100 scale, where lower scores indicate higher risk.

For MYFX Markets, our analysis resulted in a score of 48/100, placing the broker in the ‘Guarded’ risk category. This means that while the broker is not an outright scam, traders must exercise heightened caution. The score reflects a mix of concerning red flags—including an offshore regulatory setup, a significant volume of withdrawal-related complaints, and negative user sentiment—balanced by some positive feedback on execution and spreads. In this article, we dissect exactly what went into that score and what it means for anyone considering trading here.

MYFX Markets operates under a single licence, a Derivatives Trading License (number SD202) issued by the Financial Services Authority (FSA) of Seychelles. The FSA is a well-known offshore regulator, but its oversight standards are widely considered less stringent than those of top-tier bodies like the UK’s FCA or Australia’s ASIC. Crucially, Seychelles regulations do not mandate robust client-fund segregation in the same way that tier-one jurisdictions do, and there is no investor compensation scheme in place.

We verified the licence details against the public register, confirming it is currently active. However, the licence classifies the broker under ‘Offshore Regulation’, which means the entity is allowed to offer services to non-Seychelles residents but is not subject to the same local consumer-protection rules that apply to onshore firms. For retail traders, this translates into a higher risk profile, as recourse in the event of a dispute is limited.

Additionally, we note that MYFX Markets’ registered address points to the Union of Comoros, not Seychelles. This discrepancy between the regulatory jurisdiction and the physical incorporation location is a common offshore structuring tactic, often used to minimise tax and legal exposure. While not illegal, it raises questions about the ultimate accountability of the company.

One of the most critical indicators of a broker’s integrity is its willingness and ability to process client withdrawals promptly and without obstruction. In MYFX Markets’ case, our review uncovered 23 withdrawal-related complaints across various review platforms. While a number of clients report satisfactory experiences, the ratio of negative to positive withdrawal mentions is approximately 5:4—hardly reassuring.

Specific user accounts paint a troubling picture. One trader stated that they ‘applied to withdraw money’ but customer service claimed they were ‘trading abnormally’ and refused access to funds. Another reported that after making profits, the broker ‘deleted all my profits, claiming I was engaging in latency trading’. A third complained that ‘you can’t speak to a real person on the phone’ and that the broker ‘close all of your trades when you want to release funds’.

These reports are not isolated. The pattern suggests that when clients attempt to withdraw profits, the broker may employ terms-of-use clauses—such as bans on ‘latency trading’ or ‘abnormal trading’—as pretexts to deny payouts. While it is true that all brokers have terms against market abuse, the frequency of such justifications in complaints raises a red flag about the broker’s good faith.

Our analysis of user feedback across platforms reveals a deeply polarised client base. On Trustpilot, MYFX Markets holds a 2.9 out of 5 rating based on 40 reviews, while on Forex Peace Army the score drops to a dire 1.153 out of 5. The disparity suggests that satisfied users may be outweighed by those who have had severely negative experiences.

Looking specifically at the ‘scam concerns’ topic, we found 10 negative mentions and zero positive ones. One reviewer explicitly warns: ‘Scam broker stay away... both are just scamming’. Another describes the platform as ‘either offline or disconnected’ and laments that ‘all the money belongs to the platform as soon as it is deposited’. Such language, while anecdotal, appears consistently enough to warrant serious consideration.

On the positive side, some traders praise the broker’s fast execution, tight spreads, and responsive support. The order execution topic, for example, garnered 11 positive mentions against only 1 negative. This suggests that the trading infrastructure may be functionally sound—but that operational integrity breaks down when it comes to returning client funds.

It would be unbalanced to ignore the areas where MYFX Markets receives commendation. The broker offers popular platforms (MT4 and MT5) with a range of account types, including a PRO account with spreads from 0.0 pips and a $7 per lot commission. User feedback on execution speed and platform stability is largely positive, with many traders describing a smooth trading experience.

Several long-term clients have posted reviews stating they have traded for years without issues, citing fast deposits and withdrawals. The 8 positive withdrawal mentions include reports of profits being received the next day. For a segment of the user base, the broker appears to deliver on its promises.

Moreover, our research found no evidence of clone or impersonator websites targeting MYFX Markets’ brand—a point in the broker’s favour, as it reduces the risk of traders being deceived by fraudulent imitators. The broker has also been in operation since 2018, giving it a multi-year track record that outright scams rarely sustain.

When we weigh the evidence, MYFX Markets sits in a precarious position. The Seychelles regulatory framework offers minimal protection, and the volume of withdrawal-related grievances is hard to ignore. While the broker may work well for some, the risk of facing difficulties when cashing out profits is demonstrably elevated compared to brokers regulated in major financial centres.

FXCanary’s 48/100 Scam Risk Score is not a condemnation, but it is a clear warning. Traders should proceed only if they are comfortable with the offshore jurisdiction and prepared for the possibility that accessing their funds could become contentious. For most retail traders, especially those who prioritise capital safety, there are more secure alternatives available.

If you nevertheless decide to trade with MYFX Markets, there are several practical steps you can take to minimise your exposure. First, start with the smallest possible deposit—perhaps the $30 minimum on the Micro account—and test the withdrawal process early. Do not commit large sums until you have successfully completed a full deposit-and-withdrawal cycle.

Second, document every interaction. Keep records of all correspondence with support, including live chat transcripts and email exchanges. If a withdrawal is refused or profits are deleted, immediately request a written explanation citing the exact term of the client agreement that is being invoked. This documentation will be essential if you need to escalate the matter to the FSA or pursue a third-party complaint.

Third, be wary of bonus offers. While some users have had positive experiences with promotions, bonus terms often come with restrictive conditions that can be used to deny withdrawals. Understand all terms before accepting any bonus, and consider trading without them to avoid unintended entanglements.

Finally, stay informed. Monitor independent review platforms and social media for new complaints. If the volume of unresolved withdrawal disputes rises sharply, it may be time to withdraw your funds entirely and close the account. In the world of offshore brokers, vigilance is your primary defence.

MYFX Markets is not an outright scam, but it is a high-risk broker by any objective measure. Its offshore licence, opaque corporate structure, and the troubling pattern of withdrawal disputes place it firmly in the ‘Guarded’ category. While the broker may offer competitive trading conditions, those potential benefits come with significant strings attached.

Our role at FXCanary is to present the data and let traders make informed decisions. We encourage every reader to consider the full picture before depositing funds. In an industry where the safety of your capital is paramount, settling for anything less than top-tier regulation and a clean complaint record is a gamble that many will wisely avoid.