Customer Support and Assistance

How do I change my password on MT4 and MT5?

To update your password on MetaTrader 4 (MT4) or MetaTrader 5 (MT5):

1. Log in to your trading account on the MetaTrader platform.
2. Navigate to “Tools” > “Options” > “Server”.
3. Under “Change Password,” enter your current password, your new password, and confirm the new password.
4. Click “OK” to save changes.

Keep your new password secure. For assistance, contact customer support at customer.service@myfxmarkets.com.

What should I do if I forget my account password?

Use the ‘Forgot Password’ option on MyFXMarkets’ website to reset your password for the client portal. If you forget your trading platform password, contact customer support at customer.service@myfxmarkets.com.

How can I access my trading history and statements?

Your trading history and statements are available directly within the MetaTrader platform. Additionally, you will receive daily statements on active trading days and a monthly statement via email.

When is customer support available?

Customer support is available 24/5 during market hours to address your queries.

Does MyFXMarkets offer promotions or bonuses for traders?

Promotions and bonuses are periodically available. Check MyFXMarkets’ website for the latest offers and their terms and conditions.

Can I change my account type after opening it?

You cannot change the account type; however, you can adjust the leverage settings.

How do I close my MYFX Markets account?

To close your account, ensure all trades are closed, then email the Customer Services team for assistance.

How do I change my account details?

For changes to your account details, contact the Client Services team at customer.service@myfxmarkets.com. MyFXMarkets will guide you through the necessary steps.

How often will I receive account statements?

You’ll receive daily trade confirmations on days with trading activity and a monthly statement on the first day of each month.

Go to MyFXMarkets Official Website

Account Setup and Registration

What documents are required for account verification?

Account verification requires a valid ID, proof of address, and potentially additional financial documentation.

How do I open a trading account?

Visit MyFXMarkets’ website, select ‘Open Account,’ and follow the prompts to complete the registration process.

Does MYFX Markets offer demo accounts?

Yes, MYFX Markets provides demo accounts to simulate the live trading environment, allowing you to practice with real-time spreads and execution speeds without risk.

How do I open a demo account?

For MT4:

1. Download MT4 from the website.
2. Go to “File” > “Open an Account”.
3. Select the appropriate server (e.g., “MYFX-US01-Demo”), fill out your information, and agree to the terms.
4. Follow the prompts to receive your demo account details.

For MT5:

1. Register for a demo account via the link provided on MyFXMarkets’ website.
2. Follow the instructions in the confirmation email to download and log in to MT5.

How long does the demo account last?

Demo accounts expire after 90 days but will automatically extend for another 90 days upon login.

Go to MyFXMarkets Official Website

Funding and Withdrawals

What is the minimum deposit amount?

The minimum deposit is $200 or its equivalent in your chosen currency.

What currencies can I use to deposit funds?

You can deposit in several major currencies, including USD, AUD, JPY, EUR, and GBP, particularly for bank wire transactions.

How do I withdraw funds?

To withdraw funds, submit a request through the Client Office. Please note that withdrawals can only be made to an account bearing the same name as your trading account.

Can I withdraw cryptocurrencies directly?

No, when trading CFDs on cryptocurrencies with MyFX Markets, you are speculating on price movements rather than owning the actual coins. Therefore, withdrawal of physical cryptocurrencies is not possible.

How do I deposit funds?

To deposit funds, log into your Client Office, navigate to the ‘Account Transaction’ tab, select ‘Deposit’, choose your account, and follow the instructions to use one of the available funding options.

Go to MyFXMarkets Official Website

Order Execution and Trading

What is slippage and how does it affect my trades?

Slippage occurs when the actual execution price differs from the expected price, usually due to rapid market movements, affecting the outcome of trades.

Are there restrictions on scalping or high-frequency trading?

No, MYFX Markets does not impose restrictions on scalping or high-frequency trading strategies.

What’s the difference between a market order and a pending order?

A market order is executed immediately at the current market price, whereas a pending order is executed when the market reaches a predetermined price.

How can I set up stop-loss and take-profit orders?

You can set stop-loss and take-profit orders while opening a trade or by modifying an existing position in your trading platform.

How do I place a trade?

Log into your trading platform, select an asset, enter the trade size, and choose to buy (go long) or sell (go short).

Go to MyFXMarkets Official Website

Financial Markets

What are CFDs?

CFDs, or Contracts for Difference, are derivatives that allow you to speculate on price movements of various assets like stocks, commodities, and indices without owning the underlying asset.

What is Forex trading?

Forex trading involves buying and selling currencies on the global foreign exchange market.

How many currency pairs are available for trading?

MYFX Markets offers over 55 currency pairs.

What cryptocurrencies can I trade?

You can trade five leading cryptocurrency pairs: Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum.

Are cryptocurrencies risky to trade?

Yes, cryptocurrencies are considered riskier than traditional Forex due to their volatility and relative newness, which can lead to more pronounced price fluctuations.

Where are cryptocurrencies traded?

While cryptocurrencies are traded on various global, often unregulated exchanges, cryptocurrency CFDs are traded on the MYFX Markets platform.

What is a cryptocurrency?

A cryptocurrency is a decentralized digital currency encrypted for security, functioning across a global network, allowing for peer-to-peer transactions. Bitcoin is the first and most well-known cryptocurrency.

Go to MyFXMarkets Official Website

Regulation and Compliance

Are cryptocurrencies regulated?

Cryptocurrencies themselves are largely unregulated, though the exchanges they are traded on may operate without formal governmental oversight. MYFX Markets, however, is a regulated CFD broker, providing a more secure framework for trading these assets.

Who is MYFX Markets and are you regulated?

MYFX Markets is a trading name for AXIS INC, registered under the number 24078IBC2017 with the Registrar of International Business Companies, adhering to strict regulatory standards.

Go to MyFXMarkets Official Website

Risk Management and Leverage

What risk management tools are available?

MyFXMarkets offers tools like stop-loss, take-profit, and trailing stop orders, which you can set up at trade initiation or add to an existing position. For pending orders, options include Buy Limit, Sell Limit, Buy Stop, Sell Stop, and on MT5, Buy Stop Limit, and Sell Stop Limit.

What is leverage and how does it work?

Leverage allows you to control a larger amount of the market with a smaller initial capital, increasing both potential gains and losses.

What is the maximum leverage available?

The maximum leverage offered by MYFX Markets for both MT4 and MT5 accounts is 1:500.

What is the leverage available for trading cryptocurrencies?

MyFXMarkets offers leverage of up to 5 times, or a 20% margin requirement, for cryptocurrency trading.

Are my funds safe at MYFX Markets?

Yes, client funds are held in segregated trust accounts at reputable financial institutions, separate from MyFXMarkets’ operational funds, ensuring safety and transparency.

Go to MyFXMarkets Official Website

Trading Conditions and Spreads

Does MyFXMarkets offer managed accounts or investment services?

Yes, MYFX Markets offers Managed Account (MAM) and Percentage Allocation Management Module (PAMM) services, enabling Money Managers to oversee and manage trading accounts for investors efficiently.

Can I trade on weekends or during holidays?

MYFX Markets provides trading services from Monday through Friday. Please refer to MyFXMarkets’ website for specific trading hours during public holidays.

Are there any restrictions on hedging positions?

No, there are no restrictions on hedging positions at MYFX Markets.

What is the difference between a micro, mini, and standard lot?

• Micro lot: 1,000 units of the base currency.
• Mini lot: 10,000 units of the base currency.
• Standard lot: 100,000 units of the base currency.

What is a swap rate and how is it calculated?

A swap rate is the interest rate differential between two currencies involved in a forex pair. It is calculated based on market conditions and the size of the position held overnight.

What are the trading hours for Forex markets?

Forex markets operate 24 hours a day, from Sunday 22:00 GMT to Friday 21:59 GMT, noting an adjustment to 22:00 BST during daylight saving time.

Are there any fees for trading?

MYFX Markets offers commission-free accounts (Standard Account) and commission-based accounts (Pro Account). Spreads and overnight financing (swap) charges may also apply.

How do lot sizes work with cryptocurrency?

Cryptocurrency CFDs differ from traditional Forex as they involve contracts with specific quantities of tokens. The quantity varies by cryptocurrency, detailed in MyFXMarkets’ cryptocurrency asset schedule.

What is the minimum trade size?

The minimum trade size for FX pairs is a micro lot, which is 0.01 of a standard lot, equating to 1,000 units of the base currency.

Does MYFX Markets have any trading restrictions?

While MYFX Markets allows the use of Expert Advisors (EAs), scalping, and hedging strategies, MyFXMarkets prohibits any unlawful trading techniques. For details on these restrictions, please see the Client Agreement.

Go to MyFXMarkets Official Website

Trading Platforms

What are the benefits of using a VPS for trading?

A Virtual Private Server (VPS) offers several advantages for Forex traders, including:

• 24/7 Uptime: Ensures your platform is always online, avoiding missed opportunities.
• Low Latency: Located near major trading servers to reduce execution delays, crucial for algorithmic trading.
• Security: Provides robust measures against local threats like malware.
• Stability: Offers a consistent trading environment.
• Remote Access: Access your platform from anywhere.
• Reduced Slippage: Fast execution reduces risks of price changes during order placement.
• Multi-Trading: Run multiple trading platforms or strategies simultaneously.
• Backtesting and Automated Trading: Ideal for continuous trading strategies and testing.
• Scalability: Easily increase resources as trading needs grow.
• Reduced Power and Internet Dependency: Trading continues even if local power or internet fails.
• Data Backup: Ensures your trading data is safe.
• Isolation: Your activities are not affected by other users on the server.

What is a VPS and how can I use it for trading?

A VPS, or Virtual Private Server, hosts your trading platform on a remote server, ensuring uninterrupted trading without the limitations of your local computer.

What is the difference between MT4 and MT5?

MT4 (MetaTrader 4) is tailored for Forex and CFD trading, renowned for its ease of use and robust functionality. MT5 (MetaTrader 5) builds on MT4 with additional features like more time frames, asset classes, and advanced financial trading tools.