myFXplan offers its clients a single commission-free account type with variable spreads and leverage up to 1:500 on the MetaTrader 4 platform. In addition, the brokerage also provides account management services.
The Company. Security of Funds
Company Country Regulation
myFXplan Pty Ltd. Australia ASIC (Authorised Representative of EightCap)
myFXplan is a newly launched forex broker, offering trading in 16 currency pairs, indices CFDs and precious metals. It acts an Authorised Representative (CAR 001241758) of Australian brokerage and market maker EightCap. The broker’s website is not very informative, probably it is still unfinished, but we’ve assumed that trading conditions are the same as the ones offered by EightCap.
ASIC requires licensed financial services providers to meet certain capital requirements (at least $ 1 million) and to comply with various internal procedures for risk management, accounting and audits. Besides, regulated entities are required to report regularly to ASIC and to keep clients’ money in segregated accounts.
Australian FX broker regulation, however, does not include any compensation scheme in case a licensed company becomes insolvent.
Minimum Initial Deposit
Traders are required to deposit $100 in order to open an account with myFXplan, which is an average initial amount.
Average Spreads & Commissions
myFXplan offers variable spreads, and indicates as typical spread within the range of 0.9 – 1.6 pips on EUR/USD, which is average for the forex market.
By comparison, leading global brokerage IG (which holds an ASIC license, among others) offers average spreads of 0.8 pips on EUR/USD on its commission-free accounts. For further information, you may look up real-time spreads of 15 leading brokers here.
Clients of myFXplan may use high leverage ratios up to 1:500, which is a high ratio, yet a number of brokers offer similar or higher levels. Some jurisdictions cap leverage to significantly lower ratios than this (i.e. 1:50 in the US), because higher leverage involves greater risk of losses in excess of initial investments. By comparison, IG offers leverage up to 1:200.
myFXplan supports the most popular forex platform MetaTrader 4 (MT4). It is available as desktop, and mobile versions.
The platform offers ample features to traders of all skill levels: advanced technical analysis, flexible trading system, algorithmic trading and Expert Advisors (EAs), as well as back-testing capabilities.
Methods of Payment
myFXplan offers its clients the following methods: Credit/debit cards, bank transfer and e-wallets POLi, Skrill, and China UnionPay. It claims to provide same day withdrawals.
myFXplan is a Melbourne-based forex and CFD broker, which acts as an authorized representative of EightCap – a popular forex and binary options broker, licensed by ASIC.
MyFXplan Review Conclusion
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