FXmyTrades is an investment scam masquerading as a brokerage. This broker uses all of the dirty tricks that the majority of fake brokers use as a means of separating their victims from their money.
Traders should stay far away from this brokerage as it is not regulated and, predictably, does not provide functional trading software. Instead, what FXmyTrades offers once you log in is a market tracking chart which is available for free with a simple google search.
This, along with the ridiculous $500 minimum deposit, is enough reason to stay away from such a broker.
Regulation and Safety of Funds at FXmyTrades
This broker claims to be based in the UK, a very well-regulated market by a tier-one regulator (the FCA).
In our research on this broker, we have not been able to find anything to substantiate the claims that they make on their website which is now offline.
That is to say that there are no records of this broker or any other going by this name in the FCA database.
We do not recommend depositing any funds to brokers that are this anonymous. There are many risks involved and the payoff is non-existent.
It is exceedingly common for scam brokers to make claims about being regulated by top-tier regulators. Luckily this is something that any trader can check by searching the database of the regulatory body in question via their website.
Why Is Trading With Offshore Brokers Dangerous?
Trading with offshore brokers is incredibly dangerous for a number of reasons, all stemming from the fact that they are completely unregulated.
Meaning that none of the rules and regulations put in place by regulators in order to protect traders from predatory practices are followed by these brokerages.
Due to the lack of regulation, these brokers can and do require payments only in untraceable cryptocurrencies. In the case of paying with crypto, it is virtually impossible for a victim to get their money back as the payment is anonymous.
Offshore Brokers’ Tricks to Get Money
Offshore brokers tend to all follow a similar path towards separating their victims from their hard-earned money. They run a series of social media ads that lead victims to a website that offers a get-rich scheme in exchange for an email address or other form of contact information.
At this point, they continuously spam the victim with increasingly tempting offers until the victim gives in and makes a deposit. In the case of FXmyTrades that would be $500.
Some scammers are satisfied with the initial sum they have taken from their victims. Others go above and beyond and do what is known as the 20% withdrawal fee/false profit fee.
A withdrawal fee of 20% and false profit
A common trick used by scam brokers that traders should be aware of is the percentage-based withdrawal fee that can be applied to profits.
The way this works is the broker manipulates the trading software to make it look as if the trader has made a huge profit.
Then the scammers inform the trader that there is an upfront fee that is based on a percentage of the profit that the trader has made.
These fees can be as high as 20% of the massive (and inflated) profit. This is a last-ditch effort to squeeze a little more money out of a victim before they cut their losses.
Trading Platform Offered by FXmyTrades
A commonality amongst investment scams has become setting up a flashy website that promises a revolutionary trading platform that will make trading so easy that anyone can do it and earn untold amounts of money.
If this sounds too good to be true that’s because it is. Scammers like this often do not even provide a functional trading platform for their victims.
FXmyTrades adds insult to injury by providing a market tracking chart for its users. Those who want to get into trading should look for a legitimate and regulated broker that provides an industry-standard trading platform such as MetaTrader4-5.
Although, be warned that providing a legitimate platform is not enough to qualify a brokerage as safe.
Deposit and Withdrawal Options
These brokers’ unfounded claims predictably extend even to their deposit and withdrawal options. FXmyTrades claims that traders can deposit their funds in a variety of ways:
- Bitcoin cash
It turns out that using any of the online payment processors such as PayPal is impossible, leaving traders with the least safe payment option, that being cryptocurrency.
In terms of making a withdrawal, this broker does nothing to outline a possible withdrawal method. This is logical as the broker does not provide a trading platform, therefore there can not be any profits that would be subject to withdrawal.
Often, scam brokers put a great deal of effort into elaborating on the deposit process but forget to mention the withdrawal process. This is a huge red flag.
Recommended Forex Brokers
Finding a regulated broker that meets your needs can be difficult. This is why we have compiled a list of 6 legitimate brokers, all of which we have reviewed in detail.
The brokers listed below have accessible minimum deposits, use industry-standard trading platforms (or individually created platforms up to par with industry standards), and most importantly comply with the regulations of tier-one regulators.
Each of these brokers has its strengths and weaknesses, but they are all safe and suitable for different kinds of traders.
|FXTM Broker||Cyprus, UK, Kenya, and Mauritius||4.5||10$ USD||Forextime.Com|
|OctaFX Broker||SVG and Cyprus||4.4||100$ USD||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus, and SVG||4.7||100$ AUD||FpMarkets.Com|
|XM Broker||Belize, Australia, and Cyprus||4.7||5$ USD||XM.Com|
|HFM HF Markets Broker||SVG, Cyprus, and South Africa||4.3||5$ USD||Hfm.Com|
|FBS Broker||Belize, Australia, and Cyprus||4.85||1$ USD||FBS.Com|
FXmyTrades has pretty much checked off every item on the scam broker list. The first item on this list is regulation, which this broker does not have. The second item is the trading platform, which of course they do not have.
The third red flag on the investment scam list is the deposit and withdrawal system. Generally, we advise traders to look for a broker that accepts credit cards and wire transfers, as these are the safest payment methods because they allow for chargebacks and recalls.
We also advise traders to avoid any broker that pushes them towards paying in crypto, which is exactly what this scam brokerage does.
The final nail in the FXmyTrades coffin is the lack of a system for withdrawing funds. This means that from the get-go the broker does not intend to make a withdrawal possible for any reason, as they do not have a system in place for this process.
FAQs About FXmyTrades Broker
Is FXmyTrades a Good Broker?
FXmyTrades is as far from a good broker as one can be as they do not provide a platform that is able to facilitate trades.
What Is The Minimum Deposit for FXmyTrades?
The minimum deposit that this brokerage requires is $500.
How Long Does it Take to Withdraw From FXmyTrades?
Making a withdrawal from this scam broker is impossible as they do not outline a withdrawal process.