Myfxbook Review

MyFxBook LogoMyfxbook was launched in 2009 by two Israeli brothers – Alexa and Pavel Rekun – who were still in their teens as the idea for the platform was being developed. The idea behind this platform is to create a social trading community which can be utilised by both experienced and first-time traders.

The site allows traders to learn as they go by joining in community discussions and following veteran traders to see what kind of trades they are making. Although membership of Myfxbook is free, should you choose to sign up with one of the many listed brokers commission will be payable on trades.

Facts & Figures:

  • Name: Myfxbook
  • Year Founded: 2009
  • HQ: Israel
  • Founders: Alex & Pavel Rekun
  • Fees: Varies according to broker used

How To Trade

Myfxbook is effectively a social trading site built around a community of online traders. Simply enter a username, email address, create a password and you will receive a confirmation email notifying you that you have signed up. It is possible to trade with a demo account, but if you are interested in real money trading then you will need to join one of the 40 or so brokers affiliated with Myfxbook. In order to help with this decision you can go to the Reviews section of the website where other users have left reviews of the brokers available.

Promotions & Welcome Bonus

Myfxbook is a free-to-join social community which is linked to 40 plus online forex brokers. As a free site, there are no welcome bonuses or similar promotions on offer. Myfxbook has run sponsored competitions in the past with cash prizes running into thousands for the most successful trader.

These contests are based on both demo and live trading, but unfortunately there has been no competition for over a year so it seems as though this feature may no longer be active. The good news is that by going to the Forex Broker Promotions page you can find the latest offers and bonuses from various brokers affiliated with the site. These offers range from deposit or cash bonuses to gifts, free courses and advisors, contests and rebates.

Educational Resources

As a social trading site, some of the most informative and helpful tips come from the very active online community. Here you will find reviews of brokers, strategies and suggestions on trading. The Help section of the site offers information on a variety of subjects related both to the site and to forex trading in general.

MyFXBook FrontpageThe Economic Calendar provides up to the minute information on any news which may have an impact on markets, with that impact rated as being low, medium or high. Visit the Reviews section of the site to find out what your fellow traders think about brokers, advisors, signal providers, trading platforms and more.

Trading Tools

Myfxbook offers a wide range of different tools and indicators to assist forex traders to maximise their profits. There are member-created charts which provide information on specific markets along with heat maps to let customers know which currencies are strongest and weakest at a given moment. The most followed systems on the site are Turtle EUR and GPS Robot FXChoice 100K, with both of these far ahead of the competition. The Autotrade feature allows users to subscribe to trading systems and hopefully use these to lock in profitable trades.

Security

Because there is no fee to join Myfxbook, there are no concerns about security of funds. Instead, the funds will be held by whichever broker you choose to trade with and so you should check out their licences and security arrangements prior to making your first deposit.

Personal data is kept secured by the use of the latest encrypted software, so that no third-party will be able to access customer accounts. Of course it is up to the individual to keep their login details secure and to use complex passwords which cannot be easily guessed by somebody trying to access your account.

Fees

Myfxbook does not impose any fees or charges upon its customers, as this service is completely free. The company makes money by displaying ads on the website and so there is no cost to the user. It should be noted, however, that the brokers listed on the site will invariably charge per trades made with them.

Commission varies from one broker to the next, but customers can expect a fee of around one pip per trade on average. There are around 40 brokers to choose from on the site, so with a little investigation you will be able to locate the best and cheapest options.

Customer Support

First port of call for any queries about Myfxbook should be the FAQ section, where major recurring questions are answered. The Help section is even larger and covers broader issues such as information on charts, trading platforms, and currencies. Should you need further advice or information then it is possible to contact the site via webmail. Simply enter your details and the support team will respond ‘as soon as possible’ according to the information on the contact us page.

Conclusion

ApprovedMyfxbook offers a social network for traders, where an active community can pool their knowledge to find the best brokers and best trading options. Either create a demo account or choose from one of the 40 brokers attached to the site and start trading for real money.

The Autotrade feature allows users to find successful forex trading systems. Overall, Myfxbook offers a wealth of information to those new to trading as well as more experienced traders. The focus is on forex markets, and it is free to join Myfxbook and see what their site has to offer.

Is this your final decision?

We suggest you visit one of the most popular trading platforms instead!

 

Open Free Demo Account
General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

Pros

  • Excellent choice of brokers
  • Good mobile apps
  • Unlimited demo account

Cons

  • Customer support is limited
  • Broker commissions not advertised

7 Binary Options review: Myfxbook: 3 stars

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