MYN Capital is a Forex broker that claims over 10years of experience in the financial market. They provided a contact information in Mexico City.
MYN Capital advertises a metatrader platform and availability of over 200 tradeable instruments. They said to be an international broker with a client base of over 750.
The also promise personalized and unmatched level of high-quality service.
Should you trust MYN Capital?
The main reason why you should stay away from MYN Capital is because it is an illegal broker that is breaking the laws in almost any country.
It is said to be an international broker but it does not have enough licencing to solicit funds from almost any country. On top of this, it has been blacklisted by the Spanish watchdog for breaching international laws.
- MYN Capital is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the UK.
- Unlicensed brokers like MYN Capital do not have to report to a governing body. This means that if they scam you in any way, whether it be “glitches” or “malfunctions” causing server slippage in their system, or you go to make a withdrawal and they don’t process it (steal your money), you are out of luck. Beyond posting a bad review online, there is little you can do because these brokers have no legal authority to answer to.
- MYN Capital said to be registered with the financial regulator in Saint Vincent and the Grenadine (SVG) – something that does not make it a legitimate Forex broker.
- Bear in mind that unregulated brokers in general are completely uncountable for the way they handle your money, which makes any dealings with such entities extremely risky. Basically that is how people usually get scammed.
- To prove that MYN Capital is a scam, it has appeared in the warning list of the Spanish financial regulator due to their illicit operations, see below
Is MYN Capital Safe?
MYN Capital is considered not safe, as it is not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC, FSC in South Africa and the US CFTC.
The easiest way to check if a broker is licensed is by looking it up in the registry of the respective financial regulator – be it the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission, the Financial Sector Conduct Authority (FSCA). All of them keep such registers and they are publicly available.
MYN Capital is an unauthorized and illegal broker. Deposits with this broker are not protected, the company can’t legally offer its services in almost any country. It is a total scam.
How MYN Capital Works
You will notice how the scam broker works immediately you make a deposit to
their platform. Scammers will take deposits from you but never let you withdraw anything.
They will use many tactics to make you deposit more. When you ask for a withdrawal, scam brokers will present silly legal document and conditions that is out of the question as far as legit brokers are concerned. But it will just be a lie to get more money from you.
They will request that you send them more money while declining all your efforts to withdraw your deposits.
At this point, most people will realize that they have fallen victim to a classical Forex trading scam.
MYN Capital is a scam broker that is operating illegally from SVG. SVG laws are not adequate to oversea financial firms like the one operating MYN Capital.
What is worse, the broker has been blacklisted in Spain and they lie about almost everything on their website.