WikiFX Scam Alert: Beware of MYN Capital!!!

Investors who are still trading forex at MYN CAPITAL had better quit trading ASAP!!! Investors who have been deceived by this broker please contact WikiFX to help you recover your funds!!!

Let us start with the most important – MYN Capital (myncapital.com) was officially exposed as a scam by the Spanish regulator CNMV, which issued a warning against the brokerage on August 1th! You may check the warning on the screenshot below.

Investor alerts published by financial authorities serve as proof of fraud, so make sure to avoid any broker with a warning, including MYN Capital. It is a scam scheme created to steal money from unfortunate customers, so stay safe and do not trade with it!

Myn Capital was extremely inconsistent in its regulatory claims. According to its website, the broker is supposedly based in Mexico – and we are prone to believe that since their website was only available in Spanish. However, the broker clearly stated that it is licensed in St. Vincent and the Grenadines by the local financial authority SVGFSA.

There is a huge problem with this claim – namely, that the financial regulator of the country only supervised the banking sector and does not deal with forex brokers at all. No broker can be formally licensed in St. Vincent and the Grenadines, and there are no laws and requirements in the sphere of forex trading. Myn Capital is lying and trying to fool you into believing that the fact that they are incorporated as a company in St. Vincent and the Grenadines (it is fairly easy to set up a company) means that they are also regulated and reliable – which is simply not true.

Later on, the broker went on to suggest that it is governed by the laws of the state of New York which is simply ridiculous – there are very few brokers still operating in the US, and Myn Capital is definitely not one of them. US brokers are subject to some of the strictest laws in the world – for example, they have to maintain minimum capital of $20 million, more than anywhere else in the world. The NFA, one of the regulators responsible for licensing US forex brokers alongside the CFTC, keeps a thorough register of all licensed brokers – where Myn Capital did not show up.

Now let's search “MYN Capital” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX (https://www.wikifx.com/en/dealer/3277306685.html), MYN CAPITALcurrently has no valid regulatory license and the score is rather negative - only 1.00/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

WikiFX paid a visit to the broker‘s official website to learn more. The asset classes available for trading are the usual ones: Forex, Crypto, Commodities, Indices and Stocks, so nothing unusual there. However, the trading conditions are unfavourable. MYN Capital’s trading software is a basic Webtrader thats not trustworthy and cannot provide any advanced features whatsoever. The platform is poor, so with or without an official warning against MYN Capital, WikiFX would still advise against trading with the broker. Instead, WikiFX endorses MetaTrader4 and MetaTrader5 brokers as both MTs are industry leaders that have withstood the test of time.

The trading costs are surprisingly high – the EUR/USD spread is 3 pips, a rate 3 times worse than the industry standard of 1 pip or below. Hence, clients of MYN Capital will pay $30 per lot traded, while the typical price is around $10 or less. MYN Capital is overly expensive!

The trading risks are potentially high as leverage can reach 1:100. One of the few positive features is that MYN Capital allows leverage reduction, so customers can register an account with 1:20 leverage if they want to decrease risks. That said, WikiFX should remind you that MYN Capital is an exposed scam, so you shouldnt even open a Demo with it!

As for the funding methods, customers can choose between Bitcoin, Credit/Debit cards, PayRetailers and TRX. However, note that direct Credit/Debit card deposits are impossible as every transaction is processed by different e-wallets, ultimately meaning that chargebacks become impossible! MYN Capital apparently limits the refund options for clients, which is a scam sign nonetheless.

Also, we should note that the website was available only in Spanish, and to access the information, WikiFX had to use translation services. It‘s possible that WikiFX didn’t accurately assess some details, but the most important thing is that MYN Capital is an exposed scam, so even if there is slight imprecision in our review, its basically irrelevant.

In a nutshell, it's not wise to invest in MYN Capital. WikiFX reminds you that forex scam is everywhere, you'd better check the broker's information and user reviews on WikiFX before investing.

You can also expose forex scams on WikiFX. WikiFX will do everything in its power to help you and expose scams, warn others not to be scammed. In addition, scam victims are advised to seek help directly from the local police or a lawyer.

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!