Review on Myfxbook
Disclaimer
Our reviews are subjective opinions based on the analysis of our independent writers from around the world. We recommend exercising your own judgment and verifying information independently. We cannot be held liable for decisions made based on our reviews.
Summary
About Myfxbook
Myfxbook is a widely-used online platform for forex traders that offers account tracking, analytics, and performance verification tools. Users can link trading accounts (e.g. MT4/MT5) so that every trade is recorded automatically, making it easier to evaluate performance over time — drawdowns, win-rate, equity curve, and more. The site presents itself as a transparency-building tool: traders can choose to display their history publicly, which in theory allows prospective investors or followers to verify a trader’s past performance before trusting them. Myfxbook also supports features like copy-trading (following or copying other traders’ trades) and “signal provider” listings.
In essence, Myfxbook promises a way to bring transparency and accountability to forex trading — a space often plagued by exaggerated performance claims and anonymous “gurus.” On paper, it seems like a useful tool for both independent traders seeking self-analysis and for users looking to evaluate third-party traders or copy trading opportunities.
More Details
Myfxbook as a Legit Tool
When used properly — as a personal trading journal or analytics dashboard — Myfxbook appears to function as intended. The site uses secure protocols, has existed for years, and does not show obvious signs of being an outright scam (e.g. domain-squatting, phishing, malware). For serious traders who want to track performance metrics, analyze drawdowns, and keep a reliable record of every trade, Myfxbook can be a very helpful tool. In many user testimonies, linking a live account helped them improve strategy, identify mistakes, and become more disciplined traders.
But the Platform’s Structure Enables Abuse
The bigger problem arises when people treat Myfxbook as a “stamp of approval” — believing that a “verified” account or a smooth-looking performance curve equates to a trustworthy signal provider or safe copy-trading opportunity. In reality, these “verified” stats can be manipulated: using demo accounts, linking read-only investor accounts, or uploading edited histories. Scam artists leverage the visibility and trust surrounding Myfxbook to lure unsuspecting investors. Once trust is gained, they may push high-risk, high-leverage strategies, or ask for funds — often leading to losses. Users have reported losses running into thousands, delays or refusal of withdrawals, and poor support afterwards.
Because of this structural vulnerability, many in the community — even those who use Myfxbook — strongly warn against blindly trusting any public profile, especially if attractive returns are promised with little risk. Myfxbook doesn’t itself trade your money, but it doesn’t effectively police or guarantee the legitimacy of every trader using its service.
Conclusion: Myfxbook is Real — but Treat It as a Tool, Not Endorsement
Myfxbook itself seems to be a legitimate platform: secure, established, and useful when used as intended. However, it should never be treated as an endorsement of any individual trader, EA, or copy-trading service. The transparency it offers can be exploited, and many losses attributed to “Myfxbook scams” are actually due to misuse of its public platform by bad actors. If you use Myfxbook, do so with caution: treat it as a data/tracking tool, not a guarantee of success or safety.
Warning: Low score, please avoid this website!
According to our review, this website has a higher risk of being a scam website.
It may attempt to steal your funds under the pretense of helping you make money.
Notice: High Score — Not likely to be a scam website.
According to our review, this website has a low risk of being a scam.
There is minimal indication of fraudulent activity.
Notice: Moderate score — Caution advised.
According to our review, this website shows a moderate risk level based on current data.
There is no strong evidence of a scam, but users should proceed carefully.
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Competiting Brands
Photos of Myfxbook
Pros
- Comprehensive analytics: Myfxbook provides detailed metrics — drawdown, equity curve, trade performance — that help traders understand and refine their strategy.
- Ease of use: Linking trading accounts allows automatic logging of trades; no need for manual journaling.
- Transparency (potential): For genuine traders, publicly displaying trading history builds credibility — useful when seeking investors or followers.
Cons
- Verification can be misleading: “Verified” does not always mean the account is live or trustworthy.
- Exposure to scams: The platform can be abused by fraudsters to lend false credibility to fake “signal providers” or bots.
Website Overview
Country:
Hong Kong
Operating Since:
2008
Platforms:
Desktop
Type:
Forex trading
Spread:
N/A
Funding:
Forex trading
Leverage:
N/A
Commission:
N/A
Instruments:
N/A
Keypoints
Many user reports allege that certain publicly shared accounts on Myfxbook — even those marked “verified” — were misused by scam artists to promote fake EAs (Expert Advisors), fake “signal providers,” or unrealistically profitable automated strategies.
Myfxbook’s structure has allegedly facilitated — even if not directly orchestrated — a fertile environment for scams. Fraudsters exploit the platform’s visibility and trust-marketing to attract victims.
Some users claim that once funds are invested (after being lured by impressive stats or “verified account” badges), withdrawal or payment — especially of commissions or profits — becomes difficult or delayed.
The verification system itself has been criticized as unreliable: “Verified” status does not guarantee legitimacy; scammers reportedly exploit the system to upload fake or misleading trading results or to link read-only accounts rather than live accounts.
Overall Score
60%
Final Thoughts
After viewing and analyzing the site thoroughly by our experts and undergoing the proper process, we have reached a final conclusion.
In my view, Myfxbook remains a legitimate and useful tool — but only as long as you treat it with the right mindset. It’s like a ledger: by itself it doesn’t make trades or guarantee profits — it simply records what you (or someone else) does. Used wisely, it helps traders stay disciplined, evaluate their performance, identify mistakes, and make more informed decisions. Used carelessly — especially in the context of copy-trading, signal providers, or “get rich quick” bots — it can become a stage for deception.
If you decide to use Myfxbook, I recommend:
Use it only to track your own live trading account.
Never trust a public profile purely because it’s “verified” — dig deeper: check duration of trading history, verify the broker, and watch for unrealistic consistent profits.
Avoid blindly following or copying strategies based solely on charts or advertised returns.
In short: Myfxbook’s legitimacy lies in what you do with it. It is not a guarantee — it is a tool.
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