This is to make sure that they are maintaining the required standards.Īpart from knowing that the broker has to complete these steps, it is also helpful to know that there is someone to turn to in case of any issues.

Ongoing Checks: Once the broker has their licenses, they have to send yearly reports to the regulator.

Regular Reporting: The broker has to keep regular reporting records conducted by an external and independent auditor.

Background Checks: The broker will have to go through a number of background checks both at the corporate and director level.

Capital Reserves: Before a broker can obtain a license from the regulator, they have to demonstrate that they have significant reserves in place.

The FSC requires brokers to meet a number of minimum requirements before they can obtain these licences. There are a number of benefits that come with a broker that has a regulation over those that do not. They have a Category 1 Global Business No. MyFX Markets has a regulatory licence from the Financial Services Commission in the republic of Mauritius. In order for us to determine how safe they are, we have to take a look at their internal security protocols as well as their global regulations.

This is perhaps one of the most important questions that you will have of any broker. The most prominent of these is the United States. They take traders from around the world and have translated their website into 4 languages in addition to English.ĭespite this though, there are a number of regions where they do not accept traders. MyFX Markets is expanding their global business operations and have recently opened an office in Dubai and the United Kingdom. They use the MT4 platform and give their traders leverage of up to 400:1 on low ECN spreads. They are a Contracts For Difference (CFD) broker which offers a total of over 100 different assets to trade. Even though the company is registered here, the operational team is based in Sydney. Their address is at Level 2, Raffles Tower Cybercity, Ebene, Republic of Mauritius. They are registered as Milson’s Fintech which is incorporated in the republic of Mauritius. MyFX Markets is a broker that was founded in 2013.

Exceeded limit of 400 fx assets