Minimum account size – $500
Lot sizes start at 0.01
Margin starts at 1%
Leverage up to 400:1
Put simply, margin serves as collateral to cover any losses that you might incur. Since no underlying product is actually being purchased or
sold for delivery, the only requirement is having funds in your FX account to maintain your margin.
Essentially when you trade on margin you are using a free short-term credit allowance from Myfx Markets. This short-term credit allowance is used to purchase an amount of currency that greatly exceeds your account value.
You have an account with $10,000 at Myfx Markets. You trade ticket sizes of 1,000,000 AUD/USD. This equates to a margin ratio of 1% ($10,000 is
1% of $1,000,000). How can you trade 100 times the amount of money you have at your disposal? The answer is that Myfx Markets temporarily gives
you the necessary credit to make the transaction you are interested in making. Without margin, you would only be able to buy or sell tickets of
$10,000 at a time. On standard accounts Myfx Markets applies a minimum 1% margin.
This margin facility allows you to potentially make large profits from a relatively small initial investment. But it must be pointed out that any losses are equally multiplied. Read more about risk disclosure.
Customers who hold FX positions may become liable to pay margin as detailed in our Client Agreement, and also our Slippage Policy. All FX positions have an initial margin and you are required to keep this over and above any unrealised losses. Margin calls can be made at any time and it is therefore important for you to familiarise yourself with our Client Agreement especially the section relating to margin calls. As a general rule, if your free margin % on the platform reaches 90%, you will officially be in 'Margin Call'. If your positions continue to move against you, and the free margin percentage reaches 20% of your free margin, your current positions will be automatically closed to avoid a situation where your account balance may go into deficit. Be aware that it is your responsibility, not Myfx Markets', to monitor your positions and make any margin payments as they become due.
MetaTrader 4, our Forex trading platform, has been designed to effectively monitor and allow you to control risk exposure in real time. Based
on each client's margin requirement, the platform calculates both the funds needed to retain current open FX positions and the trading
resources available for entering into new positions or for adding to existing open FX positions.
As stated above, if the equity in your account drops below the margin required to maintain your open positions, we may close all open positions. Once usable margin reaches zero, a margin call will ensue, and all open positions may be closed by us. This limits your risk to usable margin unless there are extraordinary circumstances.
Although many other brokers may offer less than $500 accounts with 400:1 leverage or more, our view is that at this level you should carefully consider whether FX trading is right for you; your trading and money management plan; and attitude to risk/reward. In this scenario we would suggest opening a practice trading (or demo) account to better assess if Forex trading is right for you. Myfx Markets will allow you to use an unlimited demo account (not bound by the usual 30 day expiry) if you open a live account with more than $500.
Warning: FX market involves significant risks, including complete possible loss of funds. Consequently trading is not suitable for all investors and traders. By increasing leverage risk increases as well.
Myfx Markets, the trading name of Morris Prime, provides you with educational resources to help you become familiar with all the trading features and tools in the trading platform. With the demo account you can test any trading strategies you wish in a risk-free environment. Please bear in mind that the results of the transactions of the practice account are virtual, and do not reflect any real profit or loss or a real trading environment, whereas market conditions may affect both the quotation and execution. FX products are leveraged products and trading FX therefore involves a high level of risk that may not be suitable for everyone. Myfx Markets recommends that you ensure that you fully understand the risks involved before making any decision concerning Myfx Markets' products. Independent advice should be sought if necessary.
Legal: Morris Prime, whose trading name is Myfx Markets, is regulated by the Financial Services Commission (FSC) of the Republic of Mauritius. The company's Category 1 Global Business No. is C115014181 and the company registration No. is C130207.
Current Disclaimer: The content of this website does not constitute a recommendation and, consequently, you should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire any MYFX Markets' financial products. A Disclosure Document is available here or sending email to email@example.com or by calling +64 9 889 4022, which should be considered prior to acquiring or continuing to hold CFDs. Information about our services, including our fees and charges is also available at those sources.