Cryptocurrency is decentralised digital cash that is secured by encryption.
It operates across a vast network of computers around the world and can be transferred to anyone.
There are a number of different cryptocurrencies currently on the market.
The original and most well-known one is Bitcoin which was launched in 2008.
The other cryptocurrencies are called “altcoins” or alternative coins.
Who is MYFX Markets and are you regulated?
MYFX Markets is the trading name of Milson’s Fintech.
Milson’s Fintech is authorized and regulated by the Financial Service Commission (FSC) of Republic of Mauritius.
1. What is the minimum deposit amount?
MyFX Markets requires $200 for all account types as the minimum deposit amount.
2. What currencies are available to deposit with?
Currently MYFX Markets supports the following currencies for MT4 Accounts: USD, AUD, and JPY
3. What is a Cryptocurrency CFD?
Just like any CFD, a cryptocurrency CFD is a derivative instrument on a cryptocurrency asset.
It derives its value from the cryptocurrency in question and the holder is trading on the difference in price – Hence, Contract For Difference
4. Where are Cryptocurrencies Traded?
Cryptocurrencies are traded on a number of different exchanges around the world.
These are not regulated exchanges and they are often registered in offshore locations.
CFD assets are traded on the MyFXMarkets platform where liquidity providers provide the CFD to the trader.
5. What are Cryptocurrency Market Hours?
Cryptocurrencies are a continuous market and never have a break.
They trade 24 hours a day, 365 days a year.
6. What is the Leverage on Cryptocurrencies?
MyFX Markets offer cryptocurrency leverage of up to 5 times.
7. What Cryptocurrencies can I Trade?
MyFX Markets offer the top 5 cryptocurrency pairs for you to trade on MyFXMarkets including Bitcoin, Bitcoin Cash, Litecoin, Ripple and Ethereum.
8. How do Lot Sizes Work with Cryptocurrency?
Cryptocurrency CFDs do not operate in “Lots” as they do with Forex.
When you trade a cryptocurrency CFD you are buying a contract that has a set amount of tokens in it.
These will vary according to the coin so we encourage you to take a look at our cryptocurrency asset schedule.
9. Can I Withdraw my Coins?
When you are trading on MyFXMarkets, you are trading a CFD product that is a derivative of the cryptocurrency.
You have not bought the coins but you have bought the rights to participate in price movements.
Hence, you cannot withdraw any coins (unless you have funded in cryptocurrency).
10. Are Cryptocurrencies Risky?
Cryptocurrencies are inherently more risky than traditional Forex.
This is because they are a relatively new asset class that reacts more violently to price movements.
Hence, when trading cryptocurrencies, your returns / losses are magnified (leverage held equal).
11. Are Cryptocurrencies Regulated?
Cryptocurrencies are not fully regulated by any government.
There are many exchanges that are unregulated by any government agency and will sell cryptocurrencies.
MyFXMarkets, on the other hand, is a fully regulated CFD broker.
When you trade CFDs with us, your investment can be considered safer than if you were to rely on an unregulated offshore exchange.
12. Does Myfx Markets have any trade restrictions?
MYFX Markets allows most types of trading, including Expert Advisors (EAs), scalping and hedging.