Read our Myforexfunds review to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a myforexfunds.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So Myforexfunds is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about Myforexfunds in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section. Also, when these people change their website they tend to call the old clients, so if they call you from a new website please write it down on the comment or let us know it by contacting us. That would be really appreciated by us and families all over world. Also if you get phone calls from other companies please put the name of these companies also in the comment or send it to us. We will expose them too.
Myforexfunds Review Conclusions
Making the Myforexfunds review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our Myforexfunds review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
I recently had an experience, I had 3 accounts so I made 3 bad reviews reported on the trust pilot website and even they made the trust pilot remove the reviews.
Genuine review, last account number 141953
First of all, the scam is real, 2 accounts closed for no reason, 3rd they said it was a breach, but the breach wasn’t listed anywhere on the site. I was due for a payout and was about to pass the phase.
When they showed me within the site where the breach was, it still was not clear to a person who is new to trading or new to a funded account. I actually had to wait hours and hours, so I researched on google and found the breach within 3 other companies staright away, which was clearly defined.
I sent them the wording that I found, which was clear and understandable to all traders, not like subtle wording which can be taken, either way, they are completely misleading customers
They quickly added the wording I sent them on their site and said that I was to blame!
I went further and asked them are you regulated?
Reply: We are regulated and registered and they sent me a link
The company is owned by the very same broker they use for the platform (traders global)
So I checked to see if Traders global registered, they don’t even have a website, they don’t have a license, so, I am not a full-on experienced trader, but does this mean they get a commission from spreads as well as charging people for an account, as well as getting the profit share? not sure if they benefit from slippages, but 100% they have constant server issues which are a constant problem
So maybe it’s a coincidence that volatility days, the server goes.
Next question: A registered business should have some kind a governing body, what is your and what is your grievance policy?
Reply: This is it, you complaint has already been to the higher management
So I told them, I have not complained yet, this is a dialogue whereby I disagreed with the violation based on being misled.
Reply: Still no
Customer support is a constant problem – they hide when issues are going down, they take a long time to reply, and have zero respect for the trader who is losing trading time or days, its not uncommon to see people complain it’s taking up to 7-10 days to fix things.
The way they talk is that they are doing you a favor, and they are not regulated what they send to customers – I’ve had about 59 emails going back and forth, it was constant “school playground” stuff, complete no respect for how they talk or how they delay
What if their salary was stopped for 7-10 days, how would they like it?
Regulation – I since found out that any person or company offering forex services has to be registered AND to be a member of the Canadian securites. They are in a financial service environment, the product is a finance product. There is no way they can boast 40,000 members, 100 new clients per day, 1 billion monthly volume without being regulated?
They have no KPIs and they have a cycle of the same problems since they opened, instead of fixing them, they paper over the cracks.
On the website it says they don’t need to be regulated, they use company money. Wait a minute, isn’t the company owned by the unlicensed broker that they use?
Another thing, they are in a trust pilot battle with their own clients.
Within discord support where you see the real issues, the clients open admit and advise others, write a bad review on “Trustpilot”, so in anticipation, co-incidence or convenient, a number of 5-star reviews come up, one-liners and random. Bot the type of reviews you would get from an honest client. If someone takes the time to review, good or bad, they would not be as “cheesy” maybe, one or two, but not dozens.
Also, very smartly, the 5-star reviews are aimed at specific negative problems that they encountered, and these people write a 5 star positive to counter the bad review.
It must be a company or something, however, now Trust pilot cannot be trusted!
Overall, they need to be governed, it is absurd and horrific how they are dealing with people, the amount of money they are handling without an ioata of regulation or KPIs.
I encountered a strange problem with this company, as I paid $84 to pass the 10,000 test with my bank card, and I passed the test successfully, but I made mistakes and exceeded the limit for the daily loss, and my account was suspended, and I took the test amount again, which is 76 A dollar with my bank card to try to pass the test again, and I failed because my circumstances were difficult because my daughter was sick, and the third time, which was last Monday, I tried to pay the amount of 76 dollars to pass the test again, but I encountered a problem that the bank card was rejected and I contacted the Department of Support and I was told that I try to pay without deducting any amount of $ 84 and that the site has a problem, even though this company says that you have the right to pay the amount of $ 76 instead of $ 84 in case you fail the test, and here was the surprise as my friend opened an account to choose a test $10,000 and I lent him my bank card which I tried to pay in advance and it was accepted into his account this time.
Summary: This company only accepts the discount the first time you want to take the test, and then refuses any bank card you want to take the test with with the discount.
My forex funds is a big time scam