MyFinso is a forex broker that has allegedly being in existence since 1994. In the review below, we take an in-depth look at the features myfinso.com allegedly offers. This review basically answers the question is MyFinso Legit? The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about My Finso Forex Broker.
Table of Contents
MyFinso Trading Platform
After going through My Finso Forex website, we found that the website looks professional, and well-designed and doesn’t overly on extravagant designs. We also discover that this broker doesn’t support the MT4 or the MT5 trading platform but web-based platform. They offer assets such as Forex CFDs, Indices, Stocks, and Precious metals
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Their About us page claims that they have been in the markets since September of 1994. They claim that they wanted to expand their sphere of interest after reaching the turnover of 165 Billion USD IN 2016, after being on the markets for 22 years.
MY FINSO Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
After thoroughly checking we discovered that this broker has
MyFinso Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The website states that customers can deposit with credit card, debit card, wire transfer, SEPA transfers, e-wallets and Crypto
There is a $30 withdrawal fee for each transfer.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal.
Is MyFinso Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
This website gives two addresses one in the UK and one in Germany.
So in order to ascertain if this broker was licensed, we had to check several regulatory bodies. We checked the Hungarian Central Bank (MNB or Magyar Nemzeti Bank), FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others. At the end of our search we didn’t find any licensing information concerning this broker.
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Accounts
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
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BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
We wouldn’t recommend using this forex brokerage, we are not impressed with the vague information they have provided.
In conclusion, we wouldn’t advise or recommend you to trade with myfinso.com as they don’t give any valid information concerning if they are a regulated broker.
My Finso Forex Broker is likely a platform run by scammers, trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.