MYfintec Review Scam or Legit Forex Broker

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MyFintec Review – is it scam or safe?

MyFintec is a forex and CFD broker offering five account types on a web based platform. If you are considering opening an account with them be sure to read this review first.

Account type Min. deposit Max. leverage Spread s
Basic Account 500 EUR n/a n/a
Silver Account 2500 EUR n/a n/a
Gold Account 10 000 EUR n/a n/a
Platinum Account 50 000 EUR n/a n/a
Diamond Account 250 000 EUR n/a n/a

MyFintec Advantages:

CFDs on a variety of commodities and indices

MyFintec offers some 17 forex pairs, including some exotic currencies like Turkish Lira, Russian Rubla, South African Rand, Singapore Dollar and Hong Kong Dollar, as well as CFDs on commodities such as corn, wheat, sugar and coffee, spot metals like gold, silver, palladium and platinum, a number of stock, 16 indices, oil and natural gas. We were expecting to see crypto CFDs as well, but as there are non, you may want to check our list of brokers, offering Bitcoin CFDs:

Lack of regulation

MyFintec is owned and operated by Kin Ltd. – a company registered on the Marshal Islands. The Marshall Islands are a tiny atoll in the South Pacific, over a 1000 miles off the cost of Papua New Guinea.

International business companies can very easily be incorporated under the Marshall Islands law and that may even be done online. Corporate officers, directors, and shareholders may be of any nationality and live anywhere and the companies are not required to disclose the names of officers, directors, shareholders, or beneficial owners. On top of that corporate entities may act as directors, officers, and shareholders.

This the reason the US Department of State warns that the Marshall Islands offshore corporate sector is vulnerable to money laundering and other clandestine activities.

All that said, we should note as well, that it is laughable to talk about any regulation of the financial sector on the Marshall Islands, so basically MyFintec is an unregulated, offshore broker and that significantly erodes its credibility.

Regulation is crucial for the safety of any investment in the sector and well established financial authorities like the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) do provide sufficient security to traders.

Properly licensed brokers are obliged to follow strict fiscal and ethical rules, including to maintain a minimum capital adequacy ratio, to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital.

Under the FCA backed Financial Services Compensation Scheme for example, in case the broker goes under, traders can receive back up to 50 000 GBP of their capital. Similar compensation scheme with the CySEC in the Cyprus guarantees traders up to 20 000 EUR of their investment. Here you may check our list of brokers, also licensed by CySEC:

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MyFintec is an unregulated, offshore brokers with low credibility, which on top of that does not bother to disclose any information about the trading conditions they offer. As we already discussed, trading with unregulated companies involves a high risk to loose your money to scammers.

MyFintec Review

MyFintec

Reason to avoid: Offshore license

Listed Date: October 3, 2020

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Beware! MyFintec is a Non-Regulated broker. It is NOT SAFE to trade.

  • Company name: Kin Ltd.
  • Registration/license: Marshall Islands
  • Registration/license requirement: USD 2,000

MyFintec is a broker that offers trading Forex, CFDs on indices, stocks, commodities and cryptocurrencies. The company is owned and operated by the Kin Ltd., located in the Marshall Islands. The Marshall Islands is a popular offshore zone for the forex brokers as they can be easily incorporated under the countries law. It is even possible to register online without providing the names of the shareholders or directors of the firm. That is why this location is considered to be dangerous, as there are no guarantees that the company is legit.
MyFintec provides customer support numbers with British, Czech and Swiss country codes, which is usually a sign of the target destinations for the brokers, although MyFintec is not regulated in any of those countries.

Regulation is very important for the safety of the funds in the sector and well established financial authorities like the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) to provide sufficient security to traders. Check the list of the ASIC-regulated brokers here.

MYfintec Review: Scam or Legit Forex Broker?

Thanks to the abundance of trading options, even the smartest trader gets confused. This led to an increase in fraud schemes in the forex market. Following, we are going to review a forex broker, MyFinTec.com

We will assess whether you should trust it or not!

About MyFinTec

MyFinTec is a forex and CFD broker. The company offers 17 Forex Pair, commodities, metals, and crypto. It is a subsidiary of Kin LTD. The company is registered in Marshall Islands, New Guinea. The parent company was founded in 2009.

The broker offers excellent, great educational staff. It offers deep analysis for the trader.

What Does it Offer?

The company offers five different accounts. The basic account starts with 500 Euro. The company offers a web-based trading platform, known as Tradologic Trading Platform. It also offers an Affiliate Program. The company offers you a 10% commission on every direct referral.

It offers a user-friendly interface. The company uses 256-bit SSL encryption security. It offered reliable customer service 24 by 7.

MyFintec.com Issues

  • Lack of Information

The US Department of State warns against offshores companies because any own authority does not monitor them. The company isn’t very transparent with its users. CySEC, FCA does not authorize the company, and ASIC doesn’t have MyFinTec.com in their databases.

The company doesn’t even provide anything useful in their “About Us.” Even Worse, you won’t find anything about their team.

  • No MetaTrader 4

For some reason, MyFinTec.com choose to let go MetaTrader 4 in favor of a lesser known Trading Platform. The company instead opted for a Web-Based solution. MT4 used great charting tools and 50-in build market indicators.

There is no demo account, so you cant assess how it works before you invest your money.

The company also doesn’t bother to share anything about the trading condition, and what they offer. Firstly, they don’t offer any details about their spreads. The same trend follows with maximum leverage and trading commission.

This is a major red flag, and its possible the broker will limit the trading session to cut off trader’s profit.

Is MyFinTec Invest Legit or a Scam?

While we didn’t find anything wrong with things company during the first look, we were surprised to see our findings after we dug around. The Financial Markets Authority (FMA) issued a warning against MyFinTec.com! The company hides from the user, and (although no one cries about it being a scam) the trading options give the company plenty of room to scam you. So be careful!

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