What is the minimum trade size?
Does Myfx Markets have any trade restrictions?
MYFX Markets allows trading of micro lots (0.01 volume and 1,000 base currency) on both of the standard and pro accounts for all FX pairs. For all product specifications please refer to the Product Schedule.
What is the maximum leverage you offer?
MYFX Markets allows most types of trading, including Expert Advisors (EAs), scalping and hedging. Unlawful trading techniques are not permitted. Please see our Client Agreement for further information about unlawful trading techniques.
How do I close my MYFX Markets account?
Maximum leverage for an MT4 trading account with MYFX Markets is 1:500. You can submit a request to change your leverage in Client Office.
How can I change my account details?
Make sure all the trades in your MT4/MT5 account are closed and simply email the Customer Services team and they will process your request.
What is Cryptocurrency?
Let our Client Services team know via email what changes need to be made to your account by emailing email@example.com. If they require any further information they will contact you.
Where are Cryptocurrencies Traded?
Cryptocurrency is decentralised digital cash that is secured by encryption. It operates across a vast network of computers around the world and can be transferred to anyone. There are a number of different cryptocurrencies currently on the market. The original and most well-known one is Bitcoin which was launched in 2008. The other cryptocurrencies are called “altcoins” or alternative coins
What is the Leverage on Cryptocurrencies?
Cryptocurrencies are traded on a number of different exchanges around the world. These are not regulated exchanges and they are often registered in offshore locations. CFD assets are traded on the MyFXMarkets platform where liquidity providers provide the CFD to the trader.
What Cryptocurrencies can I Trade?
We offer cryptocurrency leverage of up to 5 times.
How do Lot Sizes Work with Cryptocurrency?
We offer the top 5 cryptocurrency pairs for you to trade on MyFXMarkets including Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum
Can I Withdraw my Coins?
Cryptocurrency CFDs do not operate in “Lots” as they do with Forex. When you trade a cryptocurrency CFD you are buying a contract that has a set amount of tokens in it. These will vary according to the coin so we encourage you to take a look at our cryptocurrency asset schedule.
Are Cryptocurrencies Risky?
When you are trading on MyFXMarkets, you are trading a CFD product that is a derivative of the cryptocurrency. You have not bought the coins but you have bought the rights to participate in price movements. Hence, you cannot withdraw any coins (unless you have funded in cryptocurrency).
Are Cryptocurrencies Regulated?
Cryptocurrencies are inherently more risky than traditional Forex. This is because they are a relatively new asset class that reacts more violently to price movements. Hence, when trading cryptocurrencies, your returns / losses are magnified (leverage held equal).
Cryptocurrencies are not fully regulated by any government. There are many exchanges that are unregulated by any government agency and will sell cryptocurrencies. MyFXMarkets, on the other hand, is a fully regulated CFD broker. When you trade CFDs with us, your investment can be considered safer than if you were to rely on an unregulated offshore exchange.