MyFintec Review

Is MyFintec Scam or Legit Broker?

MyFintec has been suspected as a scam broker. This broker is blacklisted by a 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.

What is MyFintec?

MyFintec is a broker that offers trading Forex, and 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 forex brokers as they can be easily incorporated under the country's 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.

MyFintec Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as BlackBullMarkets and HFM.

MyFintec Update

Our research showed that the MyFintech website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.