Heard of MYMA FXFP platform? Read review to know about this forex broker pretending to be legit.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
MYMA FXFP: What is it?
MYMA FXFP otherwise known as mymafxfp.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
What’s more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is MYMA FXFP Regulation Claim Genuine?
First of, MYMA FXFP presents an office address in London.
Bear in mind, the financial regulator saddles with the regulatory duty in the UK is called Financial Conduct Authority (FCA). FCA provides extensive information about each licensed broker.
To clear the doubts, we searched the register of the UK’s financial regulator, the FCA and it showed this broker is not authorized to provide investment services.
Next, MYMA FXFP claims to be “registered with multiple regulatory bodies around the world”, without however giving any further details as to which exactly those regulatory bodies might be
Furthering, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
MYMA FXFP Minimum Deposit
MYMA FXFP minimum deposit requires $50 to $100. This is a fair amount to start if only the broker is licensed.
For that, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
MYMA FXFP offers variety of trading account for clients. According to the account descriptions, the broker leverage is capped 1:500.
As for the broker funding methods, the broker payments with credit and debit cards as well as bank wire transfers and Bitcoins.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
MYMA FXFP Trading Software
MYMA FXFP claims to offer the popular trading platform MetaTrader 5 (MT5), but that does not change the fact that this broker’s financial services are questionable.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against MYMA FXFP Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that mymafxfp.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
MYMA FXFP located at mymafxfp.com appears like a genuine trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, this broker lacks one important indicator which is – it license. Following this, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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Last Updated on May 20, 2023 by Danny