Is MyFintec a scam or a legit broker?

MyFintec has been suspected as a scam broker. This broker is blacklisted by the well-known regulatory authority and should be avoided. MyFintec is owned by Kin Ltd. which is an offshore company registered in the Marshall Islands.

The Marshall Islands is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as MegaTradeFX, Finbitex and more.

About MyFintec
🗺️ Registered inMarshall Islands
🗺️ Type of LicenseOffshore License
🛡️ Is MyFintec safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

MyFintec is a broker that offers trading Forex, CFDs on indices, stocks, commodities and cryptocurrencies. The company is owned and operated by the Kin Ltd., located in the Marshall Islands. The Marshall Islands is a popular offshore zone for the forex brokers as they can be easily incorporated under the countries law. It is even possible to register online without providing the names of the shareholders or directors of the firm. That is why this location is considered to be dangerous, as there are no guarantees that the company is legit.
MyFintec provides customer support numbers with British, Czech and Swiss country codes, which is usually a sign of the target destinations for the brokers, although MyFintec is not regulated in any of those countries.

Conclusion

Regulation is very important for the safety of the funds in the sector and well established financial authorities like the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) to provide sufficient security to traders. Check the list of the ASIC-regulated brokers here.

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