MYfintec Review Scam or Legit Forex Broker

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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?

MYfintec Review: MY Fintec is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currenciy pairs and cryptocurrencies. They have their address at Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960 and they are owned and operated by Kin Ltd.

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MYfintec TRADING PLATFORM

This broker uses the Tradologic trading platform for CFD, Forex and cryptocurrency trading.

DEPOSIT AND WITHDRAWAL METHODS

The available methods are Bank Wire transfer, MasterCard, Visa, bitcoin. The minimum deposit is $500

Is MY FINTEC LICENSED?

NO! MYFintec is not licensed. Therefore, no regulatory body is acting as a watchdog overseeing that they comply with best practices in the financial market.

SUPPORT

This broker offers support to its traders, they could be reached through phone calls or emails, whichever you prefer.

CONCLUSION

MY Fintec is an unregulated broker, this is a source of major concern. When trading forex, cfd and cryptocurrency we always recommend you use a regulated broker that is licensed to trade financial instruments.

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COMPARE WITH A TRUSTED BROKER

Fortrade

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 which makes client funds safe. They accept traders worldwide.. visit their official website

Do not trust this company – they are scam brokers. All over you to invest but when you want to withdraw, they disappear. Avoid at all costs, they are basically just thieves.

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RISK DISCLOSURE

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