- Headquarter : Australia
- Regulation : Banco Central del Uruguay
Pros and Cons
- One-click trade executions
- User-friendly interface
- Ability to customize trades in multiple ways, to increase profits and minimize losses
- Support videos that address most user questions
- Forex Factory news integration
- License is “per computer”, not “per user”
- Works only with MetaTrader 4
MYFX is a unique Forex product that is designed to enhance the performance of the popular MetaTrader platform. For Forex newbies, MYFX simplifies the trading process by providing all relevant information in a clear, comprehensive way. News updates from Forex Factory are available from within the platform, but can be hidden if so desired, so as not to distract the trader when opening or closing a position.
Advanced Forex traders will appreciate the ability to customize each trade and to streamline their trading process with one-click executions that are ideal for the fast-paced trader.
The majority of the features presented by this Forex product are designed to create a smoother, more streamlined trading process. While some traders prefer the restraint offered by multi-level trade executions, MYFX highlights the efficiency of a quicker, smoother trading process. Among some of the features that we appreciated are:
One-click trade executions – If you trade Forex according to news reports, you’ll appreciate the ability to trade with one click, something which does not come standard in the MetaTrader platform.
One-click close trade – The fastest way to close your position when you’re ready.
Automate partial profits – While the standard MetaTrader requires traders to manually close a trade and to take the profits, MYFX allows traders to create custom profiles in which they can set limits of where which they desire to take profits, and when the trade reaches the set point, MYFX will automatically close the position. What we found more useful is that traders can set up to five limits at which to take profits, so that they can maximize their profits while focusing on other things. Equally useful is that the trader can also opt to leave a set percentage of the position open, for the chance of an additional profit.
Multi-trade manager – MYFX allows traders to manage different trades on the same currency pair simultaneously while easily keeping track of their different trades.
Flexible lot sizes – Traders can choose a standard lot size for all of their trades or can manually select a lot size for a specific trade.
Variable stop losses – Like lot sizes, stop losses can be set per trade or as a default number of pips, depending on the trader’s preference.
Clearly measured risk – The MYFX admin panel offers a host of useful information including the time that the position was opened, the current price, and the number of pips up (or down), but we were most enthused by the measurement of risk that helped us to put the trade in proper context and to make decisions accordingly.
Ease of Use
MYFX offers a free trial so that traders can see for themselves how useful the platform can be. Once the trial is complete, purchasing the license is equally straightforward. Comprehensive video tutorials make it easy for traders to install this Forex platform quickly and easily. Similarly, instructional videos guide traders how to use MYFX so that there is virtually no learning curve.
A view of the MYFX Forex platform
Second View of MYFX Platform
With so many features to discover, it may take a while for a trader to appreciate all that MYFX has to offer. Still, none of the features are particularly difficult to learn and we were able to quickly discover which offerings we liked and which we didn’t really need within our first few uses.
MYFX offers customer service by email only. We emailed them and received a helpful response in about 12 hours. Considering that the company is based in Australia (and we are not), we found this to be an entirely reasonable response time.
MYFX also offers the ability for self-help on their support page, by offering answers which are auto-filled based upon certain trigger keywords in your question. This useful tool can help you sidestep the need to email in your inquiry.
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