Myrtle
Pros and Cons
Pros
- Trading platform: MetaTrader 5 available for all devices
- Offers demo and Islamic accounts
- 60+ currency pairs and various commodities available
- Leverage of up to 1:100
- Minimum deposit of $50 across account types
Cons
- No valid forex regulation
- Limited customer support options
- High minimum deposit of $50
- Withdrawal fees not clearly disclosed
- No support for MetaTrader 4
Basic Information
User Reviews
Myrtle Overview
Myrtle is a forex broker established in 2022 and headquartered in Erbil, Iraq. While it offers various trading services, it is important to note that Myrtle currently operates without any valid regulatory oversight, which raises potential risks for traders. The broker does not hold licenses from recognized financial authorities such as the FCA, ASIC, or CySEC, making it essential for prospective clients to exercise caution when considering trading with this firm.
Is Myrtle Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| No valid regulatory information | Iraq | None |
Is Myrtle Regulated and How Are Client Funds Protected?
The broker Myrtle is not regulated by any recognized financial authority, which raises significant concerns regarding the safety and protection of client funds. Without regulation, there are no mandated investor protection measures in place, such as segregated accounts or compensation schemes, which are typically designed to safeguard clients’ investments. Trading with unregulated brokers can expose investors to substantial risks, including the potential for fraud and lack of recourse in the event of disputes. It is advisable for traders to exercise caution when considering their options in the forex market, particularly with brokers like Myrtle that do not adhere to recognized regulatory standards.
Trading Products and Services
What trading instruments does Myrtle offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, AUD/NZD | 60+ |
| Commodities | Gold, Silver, Crude Oil | Multiple |
| Indices | S&P 500, NASDAQ, DAX | Varies |
| Stocks | Apple, Tesla, BP | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
Myrtle provides a diverse range of trading tools that cater to various trader profiles, from beginners to seasoned professionals. With over 60 forex pairs, along with commodities, indices, and stocks, users can explore multiple asset categories, enhancing their trading experience. This extensive product offering allows traders to implement flexible strategies and diversify their portfolios effectively. Whether you are looking to engage in forex trading or invest in commodities and indices, Myrtle’s platform is designed to meet the needs of diverse trading styles, providing the necessary tools for informed decision-making and risk management.
Account Types and Trading Conditions
What Account Types and Fees Does Myrtle Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, user-friendly platform, access to educational resources | Suitable for small-capital practice |
| Professional Account | Experienced traders and institutions | Higher leverage, advanced trading tools, reduced spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients and entities | Customizable services, dedicated account management | Requires corporate documentation |
| Islamic Account | Traders seeking swap-free options | Compliance with Sharia law, no overnight interest | Available upon request |
| Demo Account | All traders for practice | Risk-free environment, access to all features | Unlimited duration for practice |
Account Opening Process
To open an account with Myrtle, potential traders need to follow a straightforward process. First, submit personal details such as name, date of birth, and contact information. Next, provide employment information, including job title and employer details. Financial information, including trading experience and income, is also required.
Identity verification is crucial; applicants must upload a government-issued ID and proof of address, such as a recent utility bill or bank statement. Myrtle allows for account flexibility; traders can upgrade to a professional account later if they meet the necessary qualifications.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive for majors |
| CFDs (Stocks) | 1.5 | $10 per lot | Varies by stock |
| CFDs (Indices) | 2.0 | $8 per lot | Standard for index trading |
| CFDs (Commodities) | 3.0 | $5 per lot | Standard for commodities |
| Cryptocurrencies (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
Myrtle may charge various fees that traders should be aware of. These include potential deposit and withdrawal fees, which can vary by funding method. Inactivity fees may apply if an account remains dormant for an extended period. Additionally, traders should consider platform usage fees, if applicable. Overnight interest, also known as swap rates, may apply to positions held overnight, while currency conversion fees could be incurred for deposits or withdrawals in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Myrtle Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, symbol lookup, multiple order types, price alerts, technical indicators | Demo account, API interface |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Encryption, symbol lookup, one-click trading, push notifications, economic calendar | Demo account, VPS services |
| Web Version | All devices with a browser | 2FA, symbol lookup, multiple order types, price alerts, technical indicators | Demo account |
| Mobile App | iOS, Android | Biometrics, symbol lookup, one-click trading, push notifications | Demo account |
MetaTrader 4 is a robust platform suitable for beginner and intermediate traders, offering a wide range of technical indicators and a straightforward user interface. MetaTrader 5 builds on this with enhanced features for advanced traders, including more order types and an integrated economic calendar. The web version allows for trading from any device without the need for installation, while the mobile app enables traders to manage their accounts and receive real-time alerts on the go. Each platform prioritizes secure logins, fast order execution, and effective market search tools.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1–2 business days | No platform fee, 0.5% for third-party banks | Min 100, Max 25k/day | EUR, USD |
| GrabPay | Instant | No platform fee, 1% charge | Min 50, Max 10k/day | MYR, SGD |
| SPEI | Instant | No platform fee | Min 200, Max 30k/day | MXN, USD |
| PayPal | Instant | 1.5% fee | Min 20, Max 15k/day | USD, EUR |
| Bank Wire Transfer | 3–5 business days | No platform fee, 1% for international | Min 500, Max 50k/day | USD, GBP |
Minimum Deposit
Myrtle requires a minimum deposit of $100. This amount may vary depending on the payment method used and the account type selected. For instance, e-wallet deposits have a lower minimum, while bank transfers require a higher initial deposit.
How to Withdraw
To withdraw funds from your Myrtle account, follow these steps:
- Log in to your Myrtle account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred payment method from the available options.
- Enter the amount you wish to withdraw, ensuring it meets the limits.
- Confirm the transaction and submit your withdrawal request.
- You will receive a confirmation email once your request is processed.
Customer Support
Myrtle Customer Support Overview
Support Channels
Myrtle offers a variety of contact methods to ensure effective customer support. Users can reach out through:
- Email: Customers can send inquiries to info@myrtle.ltd for assistance.
- Live Chat: Available on the website for immediate help during business hours.
- Telephone: Direct support can be obtained by calling +964 0770-198-9494.
- Social Media: Myrtle maintains a presence on various social media platforms for updates and support inquiries.
Service Availability
Myrtle provides customer support 24/5, ensuring that help is available during the trading week. Multilingual support is offered, with assistance available in Arabic and English.
Additional Resources
Myrtle enhances its customer experience by providing various educational resources such as video tutorials, webinars, and regular market analysis. These resources are designed to help traders improve their skills and make informed decisions.
Frequently Asked Questions
Myrtle is currently not regulated by any recognized financial authority. This means that while we offer trading services, clients should be aware of the inherent risks associated with trading through an unregulated broker. We suggest that clients conduct thorough research and consider their risk tolerance before engaging in trading activities.
Myrtle provides access to over 60 currency pairs, commodities, indices, and stocks through the MetaTrader 5 platform. The minimum deposit requirement is $50, with leverage up to 1:100. Spreads start from 1.5 pips on our Standard Account Type A. We also offer both Islamic (swap-free) and demo accounts for our clients.
While Myrtle does not have regulatory oversight, we prioritize the security of client funds by employing secure payment methods and maintaining a transparent operational process. However, clients should be aware that the absence of regulation can pose additional risks. We encourage clients to use strong passwords and enable two-factor authentication for their accounts.
Myrtle offers customer support via email at info@myrtle.ltd and by phone at +964 0770-198-9494. Our team is available to assist with inquiries regarding account setup, trading conditions, or any other concerns. We strive to provide timely and helpful responses to all client inquiries.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.