MyTradeFx Review

About MyTradeFx

MyTradeFx (operating at domains mytradefx.biz and mytradefx.tech) is not regulated by any recognised financial authority. The UK’s Financial Conduct Authority (FCA) issued a warning on 9 March 2022 stating that MyTradeFx is “not authorised to carry out financial services or products in the UK” and advised to avoid dealing with it. The firm uses the name “MYTRADEFX” and claims an address at “22 Victoria Road, Little Baddow, Chelmsford, CM3 6ZQ” and a Telegram group “MyTradeFx_group” ().

No licences or regulatory approvals are found in the FCA’s Financial Services Register or in any public records. Companies House registration (claimed by MyTradeFx) is not equivalent to regulatory authorisation for financial services (). As a result, investor funds are not protected under the FCA’s Financial Services Compensation Scheme (FSCS) nor covered by the Financial Ombudsman Service ().

Additional reports label MyTradeFx as a scam. BrokersView categorises it as operating fraudulently without any regulation, advising that investors’ money is unsafe. The broker was flagged as a “SCAM” and was found to be unregulated (). On Trustpilot, user reviews describe MyTradeFx as a Ponzi scheme, warn against investing, and allege difficulties in withdrawing funds, suggesting fraudulent behavior ().

Pros and cons

Cons

• Unauthorised by FCA, warning issued on 9 March 2022 under name “MYTRADEFX” ()
• No regulation from any financial authority, unregistered in FCA register ()
• No protection from FSCS or Financial Ombudsman Service ()
• Flagged as scam/unregulated by third-party review site (BrokersView) ()
• Negative customer reviews alleging Ponzi scheme and withdrawal issues ()