Is it possible to earn with MYYAB? Broker review and traders reviews

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Profitable and safe trading is the dream of every trader, but with MYYAB it will never come true. Judging by user reviews, this is a company that ascribes to itself a lot of regalia, but in fact is an ordinary “kitchen”. In the review, we will try to figure out how this sharashka office works, which indicates its fraudulent activities, and why its former clients urge everyone to bypass MYYAB by the tenth road?

How long and how long the broker has been working: briefly about the main thing

Before us is a very young participant in the financial market. According to the WHOIS service, the myyab.com domain was registered just a few months ago - at the beginning of 2021.

Judging by the information provided on the site, the broker is managed by the British investment organization MALAYSIA TRADEZ LTD (registration number - 13032794). This company really exists, albeit for a very short time (it was registered at the end of last year), but we did not find any information on the Web or reviews about it. Most likely, the charlatans decided to act according to the classical scheme: to register an office to blur their eyes. Although experts understand that the official registration of a broker does not give traders any guarantees regarding the honesty of all kinds of financial transactions within the platform, and even more so for citizens of other countries.

This "kitchen" has no licenses. To verify this, we checked whether the office is listed in the register of the FCA regulator. It turned out not.

Given that MYYAB provides services in the CIS countries, the broker must have at least a license from the Central Bank of the Russian Federation, but it does not.

There can be no talk of any honest activity of the office, since it works uncontrollably and, judging by the lack of licenses, does not have the right to provide brokerage services at all.

Most of all, we were alarmed by the mention in the “Training” section of the name of the company “Eurostandard”. What kind of organization is this, and what does it have to do with the broker we are reviewing? 

Judging by the reviews that we found, “Eurostandard” is another scam that, having “inherited” it well on the Web, has retired itself. 

There is a possibility that MYYAB is the reincarnation of scammers who previously traded under a different brand. They just redesigned the site, rebranded it and went back to the old one.

The fact that we have an ordinary scam is also indicated by the internal system documentation, in particular, the “User Agreement”, in which the onerous conditions of cooperation are spelled out in places. For example, breeders state that they are not responsible for any loss or damage suffered by customers. They attribute all financial losses either to technical problems or to a violation by the user of the terms of the “Agreement”.

The same applies to the clause that states: the client agrees that the office has the right to keep the trader's money exactly until he pays her “an amount equal to the purchase price of the investment or commission”. It is not clear what specific amounts are involved, crooks can operate with any numbers. Users, on the other hand, must not only deposit money for trading, but also additionally “lure” charlatans with fictitious commissions. 

MYYAB is a shell company that appeared out of nowhere and, apparently, having lined its pockets, will eventually disappear into nowhere. Take, for example, her official pages on social networks, for example, on Instagram - there is zero activity here, and such a picture can only be observed among scammers. 

Profitable offers or a banal trap?

The crooks have developed a notable advertising campaign, offering customers "favorable" terms of cooperation, including:

• more than 70 assets (including indices, currencies, commodities, stocks, options);
• availability of an economic calendar;
• consultations of personal managers;
• several types of accounts (“Basic”, “Standard”, “Business”, “Premium”, “VIP”).

In addition, MYYAB offers a tutorial, which, judging by the reviews, is one of the main pitfalls. The fact is that the crooks promise to teach the user all the basics of trading in the shortest possible time, help develop a trading strategy, and even accompany the user for the first time. In fact, they do it on purpose in order to be able to personally impose services, persuading them to perform this or that operation.

What reviews do users leave?

There are not so many reviews about this sharaga due to the fact that it has been working for just a few months. Basically, traders accuse MYYAB of fraud, telling stories of how they themselves became victims of these scams.

How do scammers manage to breed traders?

Charlatans go out of their way to rip off their clients. The first thing that users note in the reviews is intrusive calls. Managers of the office breed for the first deposit (which is as much as 250 dollars!). They promise discounts on spreads, free education, professional support and many other goodies for this. 

But once you've deposited the money, another divorce scheme will kick in where you'll be required to transfer money to cover additional fees so you can continue trading and withdrawing funds. As a result, the trader is left with nothing. Moreover, judging by the reviews, you may receive threats that if you do not transfer some amount that you still owe to this office, collectors will be sent to you, sued, etc.

Review Conclusions

Summing up the review, we can say with full confidence that MYYAB is nothing but a scam. The scammers worked under a different brand for some time, but, having gained a reputation as scammers, they changed their name and continued to scam naive clients. Save your money and nerves, do not mess with this "kitchen"!