MYYAB is another unregulated platform trying to fool naive investors. We have proof of the platform’s deceitful ways. We urge investors to shun the platform or else fail to withdraw funds from the platform. Read our conclusive myyab.com review for more.
MYYAB (myyab.com) is soliciting funds from investors by duping them that it’s a trading platform. Once you deposit funds with them, there’s a high chance you won’t get to withdraw. You won’t be the first one; hundreds of Asian and European investors have lost funds with the platform. The platform is seen by many as a waste of time, with regulators pushing to ban it. Get to learn more in our exclusive MYYAB REVIEW.
A Detailed Analysis of MYAAB
On the about us page, the platform claims to be a CFD provider with advanced trading solutions. The page further claims that MYYAB is a UK-based company with a location in Richmond. Of course, the platform would have to choose a business location district in London.
The platform further claims they are in the long-term money-making business. You have to be in line with their strategy to profit from the platform. These are all false claims as the platform fails to give actual vesting periods.
What we have is a platform that wants to try out every cookie in the jar. The platform wants to double as a trading platform and a wealth management firm. Sadly for them, we have to expose their exploitative nature.
You need to find the best trading brokers to have the right footing when it comes to trading. We recommend signing up with leading brokers with a proven track record. These brokers will guarantee your safety at all times.
MYYAB is only trying to get as many funds as possible before going under. We have seen this type of platform before. We even suspect the platform is an offshore platform. So it would be best if you stuck around as we expose all the red flags.
Your priority as an investor is doing due diligence. Make sure you do some research before engaging with any trading platform. Try and find out the experiences of other investors with the platform. It will help you make an informed decision on the matter.
Accounts and Plans MYYAB
MYYAB does not list the available accounts on the platform. As a result, members are signing up blindly, not knowing the features of trading on the platform. And this could be the reason the platform is taking advantage of naïve investors.
Without information on available account types, the platform may as well impose any trading conditions. And this means having to ask for high deposit amounts. The platform claims the more you deposit, the higher your chances of winning.
It’s not the case as the platform doesn’t offer any account features such as a minimum deposit. We know for a fact that regulators have set the minimum acceptable deposit at $250. So any platform asking for more violates trading regulations.
We also don’t know the leverage available on the platform. Regulators have put a cap on leverage at 1:100. In the United States, leverage is set at 1:50 for retail traders. So the leverage on MYYAB remains unknown for now.
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Affiliate and Partnership
To gain more users, the platform has an affiliate membership plan. Despite being a credible way of earning passive income, the platform fails to pay members commissions. You will direct members and don’t get any advantage.
The platform will also put your reputation at peril. Those who you direct to the platform will blame you for lack of withdrawal. In addition, you will end up losing close family and friends due to the situation.
Assets and Trading Instruments
There are four classes of trading instruments available on the platform. These include commodities, forex, indices, and stocks. You get to trade leading commodities from the energy and manufacturing sectors.
With forex trading being at the platform’s core, you only get to trade with major pairs. Members won’t get to spread their risks with exotic and minor pairs. The platform still doesn’t mention the minimum and maximum trade volume.
You can trade international markets such as DAX, Dow Jones, and the NYSE. The platform also gives traders a chance to trade stocks of leading global companies. You get to trade with the FAANG group stocks and others too.
Malaysia Tradez Ltd is the entity we are told owns the platform. Members can find this information in the disclaimer at the footer of the homepage. Despite claiming to be a UK-registered entity, the Company House UK refutes this claim.
The official company registrar registers no such entity in the UK. You don’t also don’t get to see the names of stafThere’srs. There’s no information on the CEO or CFO of the above company.
It leads us to believe MYYAB is an anonymous and offshore investment firm. The two features are one to avoid at all costs. With anonymity comes the uncertainty of transparency within the platform.
Contact and customer support
When looking for a viable investment platform, there are some features you need to test first. First, make sure the platform offers convenient and fast support. Without communication, the platform may as well shut down.
You get varying information when it comes to their support. For example, members get a phone number from Malaysia, yet the platform claims to be located in the UK. So you can see why we would have our doubts on the platform.
The corresponding email on the platform does not reply on time. Members are still waiting to hear from the platform regarding withdrawal delays. If members knew that support was weak, no one would sign up in the first place.
Deposit and Withdrawal channels
After opening an account, you get instructions on how to fund your account. You can either use a bank or wire transfer. These are ways which you need to confirm before you open an account with any platform.
Once you fund your account, the balance will reflect within 24 hours. You can then start trading and see your fund balance increase or decrease depending on your tradiThat’slls. That’s the time you will decide to withdraw funds.
Withdrawing funds, especially for the first time with the platform, is a major hurdle for invewon’t. You won’t get to withdraw funds on time. And this is the reason why we have to shun the use of this platform.
If members don’t get to withdraw funds, it’s not a trading platform. We feel the pain members are facing, knowing that some have deposited over $10,000 with the platform. Sadly, hiring recovery agents won’t help.
Is MYYAB Licensed or Regulated?
MYYAB is not a licensed or regulated platform. The platform fails to give members any documents from regulators proving compliance. You would expect the Financial Conduct Authority to issue licenses for UK-based trading platforms.
The FCA hasn’t heard of the platform. And this means we are dealing with an unregulated platform. There’s also no license from the Malaysian forex regulator, the Securities Commission. So you should avoid trading with unregulated brokers.
Go for platforms regulated by reliable regulators such as ASIC, CFTC, CySEC, and the SEC. Other reputable regulators include BaFIN, CNMV, CONSOB, FINMA, FSA, and the NFA. Regulators ensure all parties adhere to trading regulations and guarantee safety for everyone.
Safety of funds with MYYAB
Your funds are far from safe with a platform that doesn’t segregate accounts. The platform is also holding all funds in a single bank account. In addition, you don’t enjoy any insurance cover with the platform.
We won’t recommend a platform that puts your funds at risk. So please stay away from myyab.com.
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