MYfintec – Forex Broker Review
MYfintec is an FX / Shares / Indices and cryptocurrency trading broker for traders around the globe that has been a market leader since 2009, when it began as a as a venture capital fund manager. Since 2012 it has been open to the public and many traders from around the world enjoy trading on MYfintec website.
Minimum Deposit and Commisions
The minimum deposit is only 500 USD or EUR. The minimum order volume is from 0.01 lot with the same step. Spreads start from 0.8 points on EUR / USD on 4-digit. Leverage is available up to 1:500, depending on the balance of the deposit. The size of quotations up to 5 characters the execution of the market with possible slippage, especially on high volatility.
Execution of orders occurs without a commission. No restrictions on the installation of stop / limit orders, no restrictions on the use of advisers. The only limitation is that the maximum number of active orders should not exceed 200. I consider the number of instruments for trading to be a pro with this broker, especially for currency pairs – a total of 24 pairs.
Of the remaining instruments only CFD contracts are available that are good for professional traders. In total, 48 CFDs are offered (including CFD for indices and shares and also cryptocurrency).
Opening a real trading account is a little time consuming but it is also the most secure way to deposit funds with any broker. For opening a real account and depositing funds you will need to fill in different sub-sections related to personal data, financial information, employment, educational levels, etc. The whole dossier. In principle, there is nothing complicated, but it will be necessary to use some of your printer ink.
To open an account with MYfintec, you need to send a scan of your passport (1 and 2 spread + residence permit), scan an additional document (passport or driver’s license), and send a scanned signed contract. To get the contract, you need to click the “Get a contract” button. The usual PDF-file consisting of 2 pages is downloaded. It contains all the data that I filled out when opening a trading account. Documents need to be printed, in the end it is necessary to put the date of filling, name and surname (in English) and your signature. After that, the documents need to be scanned back to the electronic format. Be ready for this. If you don’t have a scanner, I think you can use a camera or camera phone. You will also need a working printer of course.
In the MYfintec trading platform, traders will find both the usual classical tools for trading CFDs, and also some new tools. The developer of the MYfintec trading platform (TRADOLOGIC) offers the investor the choice of 8 different skins (variations of the interface and the location of the charts, tools with coloring in mind). It’s no secret that comfort for the trader and speed of analysis (convenience of the arrangement of the elements) is above all. And a variety skins can satisfy any person.
Secondly, the platform itself is attractive with its simplicity: for successful trading it is enough to choose an asset, type of trade and make a bid. Assets are standard: metals, raw materials, currency pairs, stock papers, indexes, cryptocurrency and more than 150 instruments.
If you are a newbie trader this platform may not be the best platform for you, but if you are a intermediate of professional trader MYfintec is a good broker to trade with, being trustworthy and advances with a plethora of assets and a strong platform.