MYfintec Broker Review 2018 – A Comprehensive Online Brokerage for Trading
With such a large number of online brokerages out there, it becomes incredibly difficult for people to select one. Whether you want to trade CFDs, cryptocurrencies, foreign exchange, stocks or commodities, you do need the assistance of a broker because they help in ensuring a smooth process. But, finding one is a major problem these days due to the variety of options available. Every brokerage you look at seems like the perfect one, but it is also true that scams happen in the market and you need to exercise caution when making a choice. MYfintec (myfintec.com) is one broker that will not cause traders any grief and they will not regret their decision of opting for this brokerage.
Even though MYfintec was established just 9 years ago, this online broker has rapidly established itself in the market and is becoming the choice of plenty of new as well as experienced brokers. Headquartered in Marshall Islands, New Guinea, KinLtd has created this platform for all traders and have provided them with plenty of incentives to use it for their trading needs. Sure, its newness and lack of experience in the market might be troublesome for some, but MYfintec is doing everything it can to assure people and show them exactly how committed it is to be one of the best brokers in the market.
How is it doing so? Myfintec is offering an ideal combination of features that is not available on any other brokerage thereby making it a complete package, which is difficult to resist. What can you find at the platform? Some of the highlights that traders will enjoy on MYfintec are discussed in detail below:
Obviously, the first thing you do when you have chosen a brokerage is sign up on it. This means you create an account. At MYfintec, the procedure is quite simple; traders are required to provide their names, email addresses, enter passwords and mention the currency they wish to trade in. You need to provide correct details in order to prevent any problems in your account verification, which typically requires you to provide proof of identity and address. If you have entered any incorrect information, it can make it difficult for you to withdraw your funds later on, which means being honest is the best bet.
Before your registration process is complete, you have to choose one amongst the wide array of account types that MYfintec has to offer on its platform. Traditionally, three options are available at most brokerages, but MYfintec has chosen to be more specific in terms of traders’ skills and experience levels. Therefore, you will find five account types to choose from and the options given are:
Basic Account: Signing up for this account means you have a minimum deposit requirement of EUR 500 and you can invest as much as EUR 2,500. Trading alerts and advanced charts are part of this account and trading signals are offered once a day. Twice a month trading sessions are available with 24/5 customer support and part-access to the education center on MYfintec. Leverage is nearly 10% and a loyalty bonus of up to 30% is given. Junior account manager can be used for two weeks.
Silver Account: The deposit requirement for this account starts at EUR 2,500 and goes as high as EUR 10,000. The features of this account are similar to that of the basic one, with the difference being in leverage, which is 20%, and trading sessions that are twice a week.
Gold Account: Opting for this account needs a deposit of EUR 10,000 minimum and EUR 50,000 maximum. Apart from the features of the other two accounts, Gold also gives you access to webinars and exclusive updates. You get complete access to the education center, signals are available twice a day, unlimited senior and junior account manager given and trading sessions are thrice a week. The leverage for this account is 30%.
Platinum Account: Starting with a deposit of EUR 50,000 and going as high as EUR 250,000, this account increases your loyalty bonus to 40%, gives trading signals three times a day, allows SMS trading alerts and also money management.
Diamond Account: While you need to put in at least EUR 250,000 if you go with this account option, there is no maximum amount that you can invest. Therefore, MYfintec gives you a loyalty bonus of up to 50% via this account. You get unlimited trading signals and leverage is also 50%.
MYfintec wishes to provide convenience to its users as much as possible. This is one of the top reasons why they have offered fast online deposit options. In addition, the platform provides support for multiple currencies to make it easier for traders to use this brokerage for their trading needs. You can operate your account in either Euros (EUR) or the Great Britain Pound (GBP), but the minimum amount that needs to be deposited is 500 for each currency. No fee is charged by MYfintec for this external transfer of funds, but it is possible that the bank may charge you for this service.
Traders should bear in mind that all transactions can be made to or from a bank account or a debit or credit card in your name and no one else’s. As far as joint accounts are concerned, they should have the name of the trading account holder mentioned in order to be accepted. Funding from your Visa or MasterCard is immediate whereas opting for wire transfer may take anywhere between 3 and 7 days to complete. Online deposit options like Neteller are also available.
Just like deposits, MYfintec also aims to make withdrawals simple and hassle-free for its users. The minimum amount that can be withdrawn, either through your debit or credit cards or bank account, is 100 EUR/GBP. There are some other options for online withdrawal like PayPal and Neteller that can be used as well. It takes three business days for payouts in case of online services and debit/credit cards whereas 7 to 10 business days are needed for successful wire transfers.
As far as withdrawal fee is concerned, MYfintec has tried to help traders in reducing their costs by offering them one free withdrawal per month. Additional withdrawals during this time period involve a process fee of EUR 25. Withdrawal processing may include some verification and MYfintec’s representatives get in touch if that’s the case.
This is of paramount importance for every trader in the market because of the stories you hear about scams and frauds that cost hundreds of thousands of dollars. MYfintec is aware of this concern and have invested considerable resources for protecting the data of their clients in every single transaction made on their platform. State of the art encryption is used and all sensitive data is protected by a 256-bit SSL encryption for ensuring complete security. A firewall is used for accessing and controlling the website’s system and routine checks are conducted by security experts. Passwords are also encoded and only account-holders know them.
Security of funds is also important for traders using MYfintec and here again, the brokerage has complied with their wishes. Rigorous accounting procedures are implemented and client accounts are segregated from the company accounts. They follow all international fraud regulations and have also implemented Anti-Money Laundering (AML) procedures. Since all transactions are encrypted, no financial data is compromised.
Every brokerage wishes to expand its client base so they can enjoy the benefits. While MYfintec wants the same, it has also introduced a Refer program to allow its existing clients to benefit as well. When these traders refer the brokerage to others, they get a 10% commission on the amount deposited by their direct referral. Hence, traders can end up making thousands of dollars in commission alone, as long as they invite people in their circle to use the platform. Moreover, if any of their referrals invite someone else, even then traders get a 3% commission on their deposit. People can make a fortune in this way and this is not something that other brokerages may be able to offer.
It is a fact that there are little or no barriers to entry when you wish to become a trader. Lots of people simply decide to enter the market as a hobby or for generating some extra income. However, the truth is that not even half of them can survive in the long term if they don’t possess any knowledge. MYfintec is aware of this reality and has established a complete education center on its platform. Here, new and existing traders can get access to informative and in-depth resources and courses that can enrich their knowledge and aid them in learning new skills and strategies.
Using Tradologic software, MYfintec is able to offer a seamless and lag-free experience to its users and helps them in achieving their trading goals and dreams.