The high volatility of cryptocurrencies creates great opportunities for those looking to profit from rate fluctuations. As a result, margin trading has become an increasingly popular tool among crypto investors. This raises the question of how to choose a reliable crypto leverage trading platform to capitalise on market opportunities.
In this article, we will examine MyBro, a crypto leverage platform that deserves attention for several reasons, such as zero trading commissions, advanced leverage up to x500, and more. Our goal is to determine whether MyBro is legitimate and can be considered a competitive alternative to more prominent platforms, such as eToro, Binance, and PrimeXBT.
Available Assets
Despite positioning itself primarily as a platform for cryptocurrency margin trading, MyBro also offers clients access to a wide range of assets, including Forex, stocks, and commodities
As for crypto, the extensive lineup of available positions includes over 40 of the most common trading pairs, encompassing both crypto/crypto and crypto/fiat combinations. What truly sets MyBro apart from other margin trading platforms is the notable leverage of up to x100 provided for each crypto pair. For fiat currency pairs, MyBro’s leverage can reach up to x500, providing virtually unlimited opportunities for skilled traders capable of managing the risks associated with high leverage.
For those who are just taking their first steps in margin trading, the platform offers a detailed beginner’s guide and other materials that will help to start trading smoothly while learning how the basic tools work. Another convenient option available for newbies is a crypto margin trading demo account, where everyone can try out different strategies without putting their real funds at risk.
Deposits, Withdrawals and Trading Terms
The most convenient way to top up MyBro margin trading account is through cryptocurrency. Currently, the platform accepts deposits in three of the most popular assets: Bitcoin, Ethereum, and USDT.
However, clients from India and Malaysia can also deposit fiat currency by choosing the most convenient payment method from the list of several available options. Hopefully, in the future, this option will become available to users from other regions as well.
Another positive aspect of MyBro is that the platform does not charge any commission for trading operations conducted by its users. There are no hidden taxes added to the trading rates. The only time a fee is required is when users want to withdraw their funds.
While the withdrawal process may not be super-fast and could take up to 2 business days, as outlined in the MyBro FAQ, the withdrawal fees are fixed and reasonably low. This means that you will not incur excessive costs when cashing out a significant amount of funds.
Reputation and Platform Availability
MyBro has been in operation since 2019, providing services in over 200 countries worldwide. The extensive list of covered regions on the MyBro website includes India, Brazil, Argentina, as well as many other countries in Southeast Asia, Latin America, and several European states.
Despite the fact that there is not as much information available online about MyBro compared to brokers like RoboForex, Oanda, and PrimeXBT, the platform appears to prioritise creating attractive trading conditions for traders and offering a highly competitive range of trading instruments.
According to the MyBro website, they have reached a milestone of 21k active daily traders in 2021. All of the above suggests that MyBro could be considered a growing alternative to more prominent competitors, with a real potential to strengthen its market position in the near future.
Additional Options and Bonuses
Apart from offering highly competitive trading conditions, MyBro has also introduced several bonuses to attract new users. The first one – and the easiest to get – is their $10 bonus for any newcomer for opening a crypto margin trading account and making a deposit of any amount above $10.
Another opportunity to enhance your trading experience with MyBro is by earning an additional $100. This option is available to clients who have deposited over $100 and have successfully completed the verification process. You can find a more detailed description of all the boosts and bonuses available on the MyBro website.
One more important feature to highlight speaking of MyBro is their client support, available in English, Spanish, and Arabic. This ensures that users can get prompt assistance whenever they need it.
For those interested in additional earning opportunities, MyBro offers a flexible affiliate program. Referrals can choose to either earn a share of the revenue generated by the clients they attract or receive a fixed reward for every new user they bring in.
Conclusion
Considering all the information above, MyBro appears a good alternative to popular crypto margin trading platforms, which stands out thanks to its advantageous trading conditions. Zero commissions on trading operations, access to a wide range of assets beyond just cryptocurrencies, and impressive leverage are among main advantages that deserve clients’ attention.
At the same time, MyBro still has several drawbacks that need to be addressed in the future. For instance, their services are currently unavailable in regions such as the US, UK, and several other European states. Additionally, yet there is no mobile application available for iOS users, which is a limitation that hopefully will be resolved soon. Once these issues are resolved, the potential audience for the platform will significantly increase.
However, despite these minor setbacks, the MyBro platform is well-suited for beginner traders. It offers a simple and user-friendly interface, generous welcome bonuses, and the ability to practise trading skills without risking real money through a demo account. These features make MyBro a great option for those who are new to trading and want to learn the ropes in a risk-free environment.
For more detailed information on MyBro services please visit their website and DYOR.