Abstract：If you are considering depositing funds with MYFX Markets, you need to pause and read this safety review immediately. While many brokers operate with high standards of transparency, our analysis of the data suggests MYFX Markets poses significant risks to retail investors.
If you are considering depositing funds with MYFX Markets, you need to pause and read this safety review immediately. While many brokers operate with high standards of transparency, our analysis of the data suggests MYFX Markets poses significant risks to retail investors.
The most critical indicator of a broker's reliability is its WikiFX Score. In the case of MYFX Markets, the platform has received a surprisingly low score of 2.35 out of 10. This score is a “Warning” level rating, indicating that the broker lacks sufficient regulatory authority and has triggered multiple risk algorithms. A score this low typically correlates with a high probability of withdrawal issues, poor customer service, or regulatory blacklisting.
This review will break down exactly why MYFX Markets earned such a poor rating, analyzing their offshore regulation and specific government warnings issued against them.
Regulatory Status and License Check
The primary purpose of a forex broker review is to determine if your funds are safe. With MYFX Markets, the regulatory environment is complex and leans heavily towards “High Risk.”
The Offshore Regulator: FSA Seychelles
According to the regulatory data, MYFX Markets (operated by MYFX Group Limited) holds a license from the Financial Services Authority (FSA) of Seychelles (License No. SD202).
While this is technically a valid license, traders must understand the distinction between “Tier 1” regulation and “Offshore” regulation. The FSA in Seychelles is considered an offshore regulator. Unlike the FCA in the UK or ASIC in Australia, offshore regulators generally have:
- Lower Capital Requirements: Brokers don't need to hold as much capital in reserve to operate.
- Looser Oversight: Audits are less frequent and less stringent.
- Limited Investor Compensation: If the broker goes bankrupt, there is often no government-backed compensation scheme to recover your lost funds.
Because MYFX Markets relies on this offshore license, they are not legally required to offer negative balance protection or segregate client funds in the same strict manner as top-tier European brokers. This means that in the event of market volatility or insolvency, your capital is at a much higher risk.
Regulatory Blacklisting: The BAPPEBTI Warning
The most damning evidence against MYFX Markets comes from the Commodity Futures Trading Regulatory Agency (BAPPEBTI) in Indonesia.
According to official regulatory disclosures found in our database, BAPPEBTI has flagged MYFX Markets in a mass-blocking of illegal commodity futures trading websites. The regulator explicitly stated that these entities were conducting business without a valid local license and, in some cases, characterized operations as “gambling under the guise of trading.”
When a government agency places a broker on a blacklist or blocks their domain, it is a critical warning sign. It suggests that the broker is soliciting clients in regions where it is not authorized to operate. For a trader, this means if you have a dispute with MYFX Markets, the local government cannot help you, and the offshore regulator in Seychelles is unlikely to intervene in cross-border disputes.
Exposure: High Volume of Complaints
A low WikiFX score usually creates a pattern of user dissatisfaction, and MYFX Markets is no exception. While we do not have the specific text of the most recent cases in this report, the aggregate data is alarming.
In the past three months alone, WikiFX has received 9 formal complaints regarding MYFX Markets.
For a broker of this size, receiving nearly a dozen complaints in a single quarter is a significant “red flag.” In the forex industry, complaints usually revolve around two specific issues:
- Withdrawal Delays: Users requesting their money back and facing endless excuses, “system maintenance,” or silence.
- Slippage and Manipulation: Users noticing that trades are closed at prices that do not match the broad market, causing artificial losses.
When a broker combines offshore regulation with a high volume of recent complaints, the likelihood of it being a scam or an unsafe platform increases exponentially.
Trading Software: The Only Positive?
If there is one standard aspect of MYFX Markets, it is their software choice. The broker offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These are the industry standards for forex trading, known for their charting capabilities and support for automated trading (EAs).
However, traders must not confuse software quality with broker safety.
- The Trap: Scammers often purchase legitimate White Label licenses for MT4 or MT5 to appear credible.
- The Reality: Even on a legitimate platform like MT5, a dishonest broker can manipulate spreads, widen leverage to dangerous levels, or freeze price feeds.
The presence of MT4/MT5 does not negate the fact that the broker has a low safety score of 2.35. It simply means the interface you use to lose your money looks professional.
Hidden Risks of Low-Score Brokers
Beyond the visible complaints and regulatory warnings, trading with a low-score broker like MYFX Markets carries hidden financial risks that many beginners overlook.
1. Lack of Segregated Accounts
Top-tier regulators require brokers to keep client money in a separate bank account from the company's operational funds. With offshore brokers, there is a risk that your deposit is mixed with the company's money. If MYFX Markets faces a lawsuit or financial difficulty, they could legally use your deposits to pay their debts.
2. No Jurisdiction for Legal Action
Since MYFX Markets is headquartered in Seychelles, taking legal action against them is nearly impossible for the average trader. You would need to hire a lawyer in Seychelles and navigate their legal system. The cost of legal fees would likely exceed your deposit.
Conclusion: Is MYFX Markets Recommended?
Based on the evidence—specifically the WikiFX Score of 2.35, the offshore regulatory status, and the active regulatory warnings involved—we strictly advise against trading with this broker.
Verdict: High Risk / Avoid
The combination of being blacklisted by BAPPEBTI and having a surge of recent user complaints suggests that MYFX Markets is not a safe environment for your capital. There are hundreds of brokers with scores above 7.0 that are regulated by top-tier authorities like the FCA, ASIC, or NFA. There is no reason to risk your funds with a low-rated offshore entity.
Protect your capital. To find a safer alternative or to check the live status of this broker to ensure you aren't dealing with a clone, download the WikiFX App today.
