About MYteamFX
Overview
MYteamFX is a Cyprus-based brokerage established on 11 October 2019, catering primarily to retail forex and CFD traders. The firm operates from its registered office in Cyprus and presents itself as a market maker (MM) in the industry.
Our assessment places FXCanary’s Scam Risk Score at 85/100, indicating a severe risk level. This score reflects significant concerns that traders should carefully consider before engaging with the broker.
Regulation
MYteamFX reports regulation by the Cyprus Securities and Exchange Commission (CYSEC) under a Market Making (MM) licence. However, the status of this licence is not clearly defined in available records, which raises questions about the firm’s current compliance standing.
A regulated broker is expected to operate with full transparency and active oversight. The lack of confirmed licence status is a notable red flag, as it may indicate that the broker is not effectively supervised or has ceased to meet regulatory requirements.
Account Types
The broker offers three account tiers designed to accommodate different trader profiles. The Starter account requires a minimal deposit of $500 and offers a maximum leverage of 1:100, making it suitable for beginners or those with limited capital.
The Professional account requires a minimal deposit of $1,000 and increases leverage to 1:500, appealing to more experienced traders seeking higher exposure. The Advanced account, with a minimal deposit of $10,000, also provides 1:500 leverage and targets high-net-worth clients.
Instruments
Details on the specific instruments offered by MYteamFX are not specified in available records. Typically, brokers of this type provide forex currency pairs, indices, commodities, and possibly cryptocurrencies. Without concrete information, traders are left to verify directly with the broker.
The absence of instrument details in official records adds another layer of uncertainty. Prospective clients should seek a clear list of tradable assets before committing funds.
Conclusion
MYteamFX presents as a Cyprus-registered retail forex broker with a leveraged account structure. However, the severe scam risk score and ambiguous regulatory status demand extreme caution.
Traders are strongly advised to conduct thorough due diligence, including verifying the CYSEC licence independently, and to consider only brokers with a proven track record of regulatory compliance and transparent operations.
Overview compiled by FXCanary from regulatory records and public data. full MYteamFX review