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The ever-changing value of foreign currency and the shits in the stocks present an opportunity for the traders to make some profit. There is a third possibility, Crypto-trading, that has emerged as a huge profit making opportunity over the past few years. MYfintec encourages Crypto trading along with other trading options…
It becomes difficult for anybody to take the risk of investing in a new market. Most of the experienced traders still stick to the Forex and CFDs. Binary Options have things easier for the beginners but MYfintec takes things to the next level.
Should you rely on this online trading platform? What do you need to consider? How legitimate is this broker and what do the existing clients say about MYfintec scam complaints? Today we are going to evaluate this promising broker by going through some important facts about the platform. Without wasting any time, let’s have a look at the company’s background.
We appreciate that you might not have come here to read the full review, you might just be looking for some specific information so to make things easier for you we’ve put together some quick navigation links below:
- MYfintec Background
- Is MYfintec Regulated?
- MYfintec Complaints
- MYfintec Withdrawal
- Is MYfintec a Scam?
- Our Verdict on MYfintec
- Get Your Money Back From MYfintec
- The Best Legit Way To Make Money
Kin Ltd. owns and operates MYfintec. The company is registered in the off-shore region; you guessed it right! It’s the Marshall Islands. 87414 is the registration number. But wait, this is only the registration of an off-shore company so don’t mistake it for a proper license or regulation.
The website doesn’t talk much about its legal status, instead, the content is more focused on generic information about the importance of Anti-Money-Laundering law and compliance. It talks about the requirement of the verification documents. We think that there is no need to repeat the withdrawal policy in the term and conditions. Anyways, the platform was launched a few months ago, i.e. May 2018. It offers indices, commodities, FX, stocks, and cryptocurrencies.
After going through the website, we noticed that the broker is more relying on Cryptocurrency and Forex trading.
MYfintec offers 5 trading accounts but the web content doesn’t specify the trading conditions for these accounts. The platform is based on TradoLogic and it doesn’t require you to download any software. There are 17 currency pairs, 16 indices, agricultural commodities and metals available for trading.
Is MYfintec Regulated?
MYfintec is NOT regulated. In addition, the company is being operated from an off-shore location and this is what erects the red-flag. No attempt has yet been made to acquire a license.
Moreover, the web design is below average. It looks more like a come&go brokerage platform. The platform is new and that’s why it hasn’t been detected by any regulatory authority so there are no public warnings against the company. But things might change in the coming months.
Some clients are already expressing their frustration about the pressure tactics used by the broker’s reps. The representatives keep luring the clients to deposit at least 500 currency units. There are also complaints about the intentional delay on the part of the account managers. They trick the traders into finalizing risky bids.
In addition, the phone numbers mentioned on the website are easily accessible. You have to wait for hours before your calls connect. If you try to connect via email, it takes weeks to get a response from the support team. In addition, if you want to complain against any issue, the support team simply expresses its inability to entertain.
MYfintec facilitates Wire Transfer and Credit/Debit Cards for withdrawals. In addition, it entertains 20 virtual payment modes such as eWallets and Bitcoin (only available on expensive account types).
We were surprised to see that 500 currency units are the minimum withdrawal for wire transfer. For credit cards, the minimum limit is 100 currency units. The first withdrawal of a month doesn’t cost anything but the following withdrawals during the same month cost 25 currency units per transaction.
Is MYfintec a Scam?
At the moment, we don’t want to pass a harsh comment but we can expect more and more MYfintec scam warnings in the near future. The platform is just 6 months old and the clients are complaining about the pressure tactics, tricky account managers, and faulty withdrawal failures. These signs are alarming. The platform is operating from an off-shore location so forget about the regulation and transparency.
Our Verdict on MYfintec
There is no real reason for joining this platform. If you are already registered with this platform then you need to stop depositing any further. Forget what has happened and try to protect whatever is left with you.
Get Your Money Back From MYfintec
Have you been scammed by MYfintec? Unfortunately it would not surprise us given that the broker is unregulated – but the good news is that you have landed in the right place to reclaim your funds.
Here at Stopping Scammers we have put together a free money reclaim guide which shows you exactly how you can get your money back from a binary options scam.
To date the guide has helped thousands of people to reclaim their funds & therefore if you have lost money to MYfintec then we are confident that the guide will also be able to help you too so we highly recommend checking it out if that’s the situation you’ve found yourself in.
The Best Legit Way To Make Money
If you follow our reviews here at Stopping Scammers then you’ll likely know that we do not advise trading, especially not with unregulated brokers like MYfintec – but you might be left wondering if we don’t recommend trading, what we DO actually recommend…
Well after publishing hundreds of investigations into various money making opportunities whilst many of them have been scams we have actually come across a number of legitimate opportunities too.
There has been 1 opportunity in particular though which has stood out from all of the rest and as a result we have named this particular opportunity our number 1 opportunity for working from home.
So if you are looking to build an income legitimately (without the risk that trading involves) then be sure to check out our number 1 recommendation by following the link below: