MarketsFX Review Is Marketsfx.com A Legit Broker

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MarketsFX Review – is it scam or safe?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Bronze $250 1:400 3 pips
Silver N/A N/A
Gold $10 000 N/A N/A

MarketsFX is a Bulgaria-based CFD broker that offers trading in wide range of financial instruments on a web-based trading platform. If you consider investing with them, take a note of the following review. As you can probably guess by the low score we gave this broker, we don’t recommend it, and the reasons for that are highlighted below.

The broker operates via two domains – marketsfxcap.com and marketsfx.com.

MarketsFX Advantages

Comprehensive selection of tradeable assets, generous leverage

MarketsFX offers huge selection of assets for trade. Its product portfolio features many currency pairs from all over the world and a broad range of CFDs, including commodities, indies, precious metals, various stocks and many digital assets like Bitcoin.

Besides, the broker provides generous leverage levels, reaching 1:400, which is high enough for any trading strategy. While the risk-takers among you will probably enjoy this option, we would advise newbies to educate themselves about the risks involved in margin trading before using high leverage levels.

MarketsFX Disadvantages

Not licensed, blacklisted by the CONSOB

MarketsFX says to be owned and operated by Gam Group Ltd., a firm allegedly based in Bulgaria, which, however, is not licensed by the local Financial Supervision Commission, nor by any other governmental agency.

Click on the image to view larger.

This means that MarketsFX is not allowed to provide financial services as a forex and CFD broker in the EU or other regulated markets like those in the USA, Japan and Australia. Yet, it seems that this broker illegally targets European investors, as it was blacklisted by Italy’s financial regulator CONSB.

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Doing business with unregulated brokers is not recommended in general, but if a reliable financial regulator like the CONSOB has officially blacklisted it, you’d better stay away. There are too many scams operating on the forex and cryptocurrency markets.

Spreads aren’t clear, high ones in the platform

MarketsFX has not indicated any reference spreads, which always leaves a bad impression, as it shows lack of commitment and transparency. Nonetheless, the ones we saw on the broker’s platform are quite high – the benchmark EUR USD spread was floating around 3 pips.

Click on the image to zoom in.

This is by no means lucrative for traders, as most brokers offer significantly lower spreads. For further information and comparison on trading costs, check out the below link.

Unproven web platform, high spreads

As you can see from the image in the previous point, MarketsFX offers its services on a simple web-based trading interface. The platform is easy to use, but lacks many of the advanced features the MetaTrader4 offers, such as advanced charting, automated trading via Expert Advisors, a lot of customization options, and more. Besides, the platform is available as desktop download, web version and mobile apps.

Conclusion

MarketsFX presents itself as a world-renowned CFDs and FX broker, but we haven’t heard of it before we saw the warning of the Italian regulator CONSOB against it. The brokerage doesn’t hold a legit license and is not allowed to operate on any regulated market. Nonetheless, judging by the languages its website supports (English, Italian, German, and Spanish), it seems to target mainly European investors.

We keep reiterating the importance of regulation in the wild west of forex and cryptocurrency trading. Regulation is crucial for the safety of any investment and only well-established financial institutions like the UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC) can provide sufficient security to traders.

And finally, here are the highlights of the present review of MarketsFX:

Many tradeable assets, high leverage

Pros Cons
Not licensed, blacklisted by the CONSOB
Spreads unclear, high ones on the platform
No access to MT4
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

MarketsFX Review: Is Marketsfx.com A Legit Broker?

Marketsfx.com Review: this is the website of a Forex broker that claims to be based in Bulgaria. Is MarketsFX a scam Forex broker or not? Read this review to get the complete details about this broker before investing with them.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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MarketsFX disclosed that it is located in Bulgaria and properly registered there. Forex trading is regulated in Bulgaria by the Financial Supervision Commission. However, when we checked online, this broker is not licensed to trade in this region.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of MarketsFX

The broker claims to be offering the most innovative trading and investing methods. Its platform is said to have all the proper tools and features. To help inexperienced traders become better, they also offer an “education center”. Funds are said to be safer with the firm.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

MarketsFX Trading Platform

The trading platform made available to clients of MarketsFX is a web-based sort. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are currency pairs and CFDs on various commodities like metals. Stocks, indices and cryptocurrencies are also offered. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 3 pips on the EURUSD pairs, which is quite high.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on MarketsFX

The means that traders are to use to make deposits and withdrawals are VISA, MasterCard, Bank Wire, Skrill, Neteller, WebMoney, Yandex Money, and so on. The fact that there are e-wallet options are available is encouraging.

This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $250 and this is within the obtainable average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is MarketsFX Licensed?

No. MarketsFX is not a properly licensed broker. Although it claims to be registered under the Bulgarian Financial Supervision Commission, it appears to be a false claim.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the broker or a representative of its customer service, clients are to dial; 44 20 80587387 or send an email to [email protected]

Conclusion

As we have pointed out, MarketsFX is not properly regulated and as such we cannot recommend it or even rate it high. Most of the important details we look out for are missing on the website as well. It uses a spread that is too high and will lead to loss of funds. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

MarketsFX Review: Marketsfx.com Askew Forex Scam

MarketsFX Review: Marketsfx.com Askew Forex Scam

4 Comments

Last Updated: Jan 29, 2020 @ 12:42 pm

MarketsFX (Marketsfx.com) is another CFDs, Crypto Currency, and Forex scam platform to hit the lucrative trading world. Markets FX is purporting to offer the most innovative way to trade and invest. As we well know, scam artists will do or say anything to make sure their platform get recognized. And this is what happening with this rogue online trading platform. Read this genuine and honest MARKETSFX Review for more details.

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MarketsFX Review

After receiving numerous email complaints, we are sure MarketsFX is a scam. And this is one of the many red flags we will expose in regards to this rogue platform. Dealing with such platforms only leads to more misery. MarketsFX is professing to offer a ground-breaking experience when it comes to trading. As we will reveal on this detailed review, these are all empty claims and promises.

Why do investors fall for crappy online platforms? A majority of unsuspecting investors fall simply because of the empty claims and promises. Scam artists know for a fact we all want to make an extra buck. And what they do is create an impression they can help investors make money. In most cases, investors are promised with high and quick profit margins. All investors have to do is deposit with these platforms and start making money.

About MarketsFX

GAM Group Ltd is the company which is posted on their disclaimer as owners of this website. According to the disclaimer, this company has been registered in Sofia, Bulgaria. Scam artists who target European investors are known to post details with European decent. And this is what MarketsFX is doing with this company. Sadly, this company has also been linked with other scams. And this is one of the many red flags we will raise.

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Another issue we have with this broker is anonymity. Lack of any actual names of people running this website is a major cause for concern. Who are the founding members of this platform? Can we get the names of the people operating this website? Anonymity is a scammer’s best friend as it shields them from prosecution. A real broker will give out details regarding ownership for all to see. By doing so, this helps to reveal openness and transparency by the platform.

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Is MarketsFX licensed or registered?

By posting fake registration number, we are sure this is a scam. GAM Group Ltd is not registered by any known company registrar. We also looked at various international regulatory bodies for confirmation. Some of the institutions we contacted include COSNOB, CySEC, FCA, and SEC. None of these bodies has ever registered Markets FX to offer any trading services.

To confirm their lack of licensing status, their website lacks proper and valid documents. A real broker will post copies of their license documents for all to see. By doing this, they enable investors to confirm the license details and match them with documents. And this is what makes us question the validity of this platform. Most members signed up with this platform without checking their license status. And this puts their funds at jeopardy as no one can recover their funds.

Features of MarketsFX/ Advantages

Finding any advantage with an unlicensed entity is next to impossible. A huge problem with their trader tools such as video tutorials is inaccuracy. MarketsFX is using material used by other brokers as footage for their video tutorials. And this makes trading with unknown entities a huge problem. Any analysis used by this platform is not their own. Material used can be a week old which makes their signals inaccurate.

Disadvantages of MarketsFX

Accounts offered

MarketsFX is furnishing users with three different account types to choose from. Account types include Bronze, Silver, and Gold. Account managers used are simply call agents with no trading experience. Hiring call agents has been one of the main reasons why scams flourish. Agents will act as professionals and only call you when asking for deposits. And this is why we must expose their dirty tricks.

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Deposit and withdrawal

Account funding is made easy and fast thanks to available channels used. Some of the depository channels include Comodo, Neteller, Skrill, Visa, among others. Scam artists ensure depository channels can be accessed by any one. A huge problem still remains lack of withdrawal. Members are having a hard time trying to withdraw funds. And this is what makes trading with an anonymous platform a huge disadvantage. Anonymity ensures recovering funds is next to impossible.

Trading Platform

Another serious issue we must raise is in relation to having an unknown trading platform. Lack of proper information regarding their preferred trading platform is a huge risk. Most brokers prefer using MT4 or MT5 trading platform. With Markets FX, there is no known platform which is a huge risk. Investors are going in blind not knowing whether they will use a stable platform. Is it a web based platform? Does their platform have the capability of using mobile and tablet devices?

Unresponsive support team

For a platform claiming to offer groundbreaking services, they surely are poor at communication. You would expect a broker to offer live chat support for investors, not Markets FX. Lack of proper communication channels is what makes this a dangerous platform. Email communication is one way and it gives the broker a huge advantage. They choose which emails to respond to and in most cases, ignore emails with withdrawal request. And this is why we are against investors using this platform.

Are funds secure with MarketsFX?

After most members went online and exposed the lack of withdrawal, it is clear funds are not safe. It is also likely investors are depositing funds straight to owner’s bank account. And this is what makes depending on an unregistered broker a problem. Segregation of accounts is also a problem as MarketsFX is pooling funds in one account. With a proven record of not allowing withdrawals, Markets FX is another scam. Ensure you stay away from this platform or else become their next victim.

Is MarketsFX a Scam?

Evidence clearly shows MarketsFX is a scam. What makes their platform a huge risk is operating without proper security features. A platform with no SSL Encryption is a huge risk as it opens up investors to security threats. Imagine your bank balance reading zero after hackers use your bank information to transfer funds? Markets FX will expose investors to such risks, stay away.

Verdict

By adding this broker to our scam blacklist, we will be exposing their scam tactics.

Stay safe and trade with Forex robots with a proven track record. A successful trader will sign up with above board robots for a successful trading period. Start using industry backed robots for a safe trading experience.

Wishing you a happy and lucrative trading experience.

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