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MYfintec
Rating: Rated with 1 star
Binary Option Programs Award
Min. Deposit
$500
Min. Investment
Regulated Broker
No

MYfintec Broker Review

  1. MYfintec

    Launched in May 2018, MYfintec is an unregulated Forex and CFD broker offering trading in cryptocurrencies, traditional FX, commodities, indices, and stocks on a web-based platform. To find out about the trading conditions at MYfintec, including funding methods, support and account types, read our review below.

    MYfintec Special Features

    Customers can choose from 5 types of trading account at MYfintec, tailored to suit the trading objectives and experience of different traders around the world. Notably, there is no mention of trading commission or spreads for the various assets offered on the trading platform.

    MYfintec Basic Account

    • Initial deposit of between 500 – 2,500 EUR
    • Advanced charts
    • Trading alerts
    • Partial access to learning centre
    • Up to 30% loyalty bonus
    • Trading signals received once a day
    • Daily market review
    • Junior account manager for up to 2 weeks
    • 24/5 support
    • Twice monthly trading sessions
    • Leverage up to 10%

     

    MYfintec Silver Account

    • Initial deposit of between 2,500 – 10,000 EUR
    • Advanced charts
    • Trading alerts
    • Partial access to the education centre
    • Up to 30% loyalty bonus
    • Trading signals received once a day
    • Daily market review
    • Junior account manager for up to 2 weeks
    • 24/5 support
    • Twice monthly trading sessions
    • Leverage up to 20%

     

    MYfintec Gold Account

    • Initial deposit of between 10,000 – 50,000 EUR
    • Advanced charts
    • Exclusive updates
    • Webinars
    • Trading alerts
    • Full access to the education centre
    • Loyalty bonus up to 30%
    • Trading signals received twice a day
    • Unlimited access to junior and senior account managers
    • 24/5 support
    • Trading sessions three times a week
    • Leverage up to 30%

     

    MYfintec Platinum Account

    • Initial deposit of between 50,000 – 250,000 EUR
    • Advanced charts
    • Exclusive updates
    • Webinars
    • Trading alerts
    • Full access to education centre
    • Loyalty bonus up to 40%
    • Trading signals received three times a day
    • Unlimited access to junior and senior account managers
    • 24/5 support
    • Unlimited trading sessions
    • SMS trading alerts
    • Money management
    • Leverage up to 40%

     

    MYfintec Diamond Account

    • Minimum initial deposit of $250,000
    • Advanced charts
    • Exclusive updates
    • Webinars
    • Trading alerts
    • Full access to the education centre
    • Loyalty bonus up to 50%
    • Access to an unlimited number of trading signals
    • Unlimited access to junior and senior account managers
    • 24/5 support
    • Unlimited trading sessions
    • SMS alerts
    • Money management
    • Leverage up to 50%

     

    MYfintec Bonus

    Clients are offered a voluntary bonus (that can be refused) when they deposit to their trading account. The bonus is designed to provide additional leverage and liquidity to traders, and cannot be withdrawn from the account. However, the profits generated with the bonus can be withdrawn once the terms and conditions governing the bonus at MYfintec have been fulfilled. Typically, at MYfintec, customers must complete a trading volume that is 50 times the amount of the deposit and bonus, before withdrawing funds from the trading account. We recommend that customers consider the bonus requirements carefully before accepting any type of bonus.

    MYfintec Software Features

    Traders at MYfintec use the popular Tradologic web-based platform accessible directly from any interconnected device without software download. The platform is user-friendly platform and suitable for beginners in online trading, as well as advanced traders. Customers can choose from around 17 currency pairs, agricultural commodities, spot silver and gold, as well as 16 global indices. We were surprised to see that crypto CFDs are not offered on the trading platform. Many online retail traders prefer to trade in cryptocurrencies on trading platforms without owning the physical assets. Importantly, CFD crypto trading enables clients to profit from volatile markets, without running the risks of crypto ownership.

    MYfintec Customer Support

    Clients at MYfintec can contact customer support by telephone to numbers in the Czech Republic, in Switzerland and in the UK. Alternatively, clients can submit a contact form from the contact page, requesting a free call back at a convenient time. The working hours of the support team are Monday to Friday from 7 am to 7 pm GMT.

    Additional support is given by MYfintec through the Education Centre. Clients get partial or full access to the educational resources depending on the trading account type. We were pleased to see a trading academy with a vast number of video tutorials covering Forex and CFD trading in depth. Nevertheless, traders must be logged in to their trading accounts to access the training materials.

    MYfintec Payment Methods

    At the time of writing this review, customers at MYfintec could deposit via Visa and Mastercard, bank wire transfer and several other payment options in multiple currencies. The full list of payment methods is only visible at the time of registering a trading account with MYfintec and varies in each region in the world. However, trading accounts can only be maintained in EUR or GBP.

    Interestingly, we saw included in the funding options on the home page of the website, Bitcoin, Monero, Dash, Ethereum, Bitcoin Cash and Litecoin. After checking the deposit and withdrawal information pages, we saw no mention deposits made with cryptocurrencies. We could only assume that MYfintec may be planning to introduce crypto payments in the future as the company grows globally or gives information only to registered customers.

    The minimum deposit with bank wire transfer is €1,000 and the minimum withdrawal is €500. Credit card deposits must be a minimum of €250 and €100 for withdrawals. MYfintec does not charge fees on the first transfer of the month but a €25 fee is charged on additional withdrawals in the same calendar month.

    Importantly, withdrawals take up to 3 business days to process, and must be made to the same account and by the same method used to deposit to the trading account. It’s worth noting that fees may be charged by the payment providers and these are beyond the control of MYfintec. Moreover, every transaction made between MYfintech and clients, is fully encrypted used advanced 256-bit SSL technology, keeping funds as secure as possible. Additionally, deposited funds are kept in segregated funds in international banks, to ensure they are not used for MYfintec company business.

    MYfintec is owned and operated by Kin Ltd, a company registered in the Republic of the Marshall Islands with registration number 87414. The company is not licensed or regulated by any official supervisory authority but complies fully with international anti-money laundering regulations. Furthermore, in order to verify customers’ accounts, clients must provide scanned images of a government issued ID and proof of address with a utility bill or bank statement, before funds can be withdrawn from the trading account.

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