Selected Markets review – 5 things you should know about

Selected Markets review – 5 things you should know about

Rating: 1.2

Beware! Selected Markets is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Selected Markets is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform, not the MT4 trading platform and a generous leverage of up to 1:400. The is a wide range of trading options, including crypto currencies and a supposed spread of 0.4 on EUR/USD

Selected Markets regulation & safety of funds

On the brokers website we read that the broker brand is owned and operated by a company with the name Halsted Holdings LTD which is registered in Saint Vincent and the Grenadines, a well-known offshore zone and a preferred location for shady brokerage.

We  read it is “regulated” by the local  Financial Services Authority, however, this is quite misleading. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that not only is the brokerage not regulated. Furthermore, trading with an offshore, unregulated brokerage hides a lot of risk. There may be commingling which means that the brokerage may commingle together the finances of the firm and the finances of the clients. Overall, the lack of regulation inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

Selected Markets trading software

Furthermore, putting all this aside – the brokerage does not provide the MetaTrader 4 trading platform which we always consider a disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. Instead, there is a web-based platform available and we were able to easily register for a demo account. Here is a screenshot:

  We could see a spread of just 0.4 pips which is significantly low for Forex trading. As a matter of fact, it is so low we are inclined to question whether it is the actual since it will be almost impossible for a broker to yield a profit with such a low spread. Perhaps, the broker charges a commission, however, we find no mention of such in the terms and conditions. The leverage extended to traders is quite generous and not uncommon for offshore brokers who are not limited by leverage caps. We were unable to discern the required minimum deposit which is troubling since such information is crucial in Forex trading and clients should be well informed how much they have to risk for the most basic account.

Selected Markets deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via credit cards and wire transfer, as well as the e-wallet QIWI, WebMoney, Skrill, Neteller, Sofort, Neosurf, giropay, iDeal, Moneta, Paysafecard and Astropay.


Going through the terms and conditions of the brokerage we did find provisions worth noting, here is a screenshot:

There is a 0.3 percent fee for withdrawals via credit cards and wire transfers, as well as a 1 percent fee for withdrawals via Bitcoin. Also, the minimum withdrawal amount is at $100. Such fees certainly aren’t excessive but are well worth highlighting. We also view the transparency of the broker favorably since not many registered offshore disclose such details in their documents. There are also bonus withdrawal conditions. Here is a screenshot:


No withdrawals will be allowed until a trading volume of 40,000 times the bonus promotion is reached. Such a provision is ludicrous and precisely this is how the scamming takes place in Forex. Brokers offer a bonus promotion and then tie it with impossible to complete trading volume requirements in order for the client to be able to withdraw. Simply stated – if a client takes advantage of a bonus promotion with Selected Markets, they won’t be withdrawing any time soon.

Many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback. 

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
USA5/5$250 Click for a special offerWebsite
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UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite


  1. I have been scammed by the selectedmarkets company. Please don’t trust this trading company anymore. They’re liars.

  2. Selected Markets is a scam, unfortunately I found this out the hard way.
    Invested $17,000 and just 2 months later, I have less than $400 left in the account.
    It isn’t a case of the trading going unexpectedly downward or even trading by incompetent brokers. It’s just a scam!
    They take your $, make fake profits for a little while and then your $ disappears overnight.
    Your broker will not even acknowledge your emails or respond to phone calls from this point on.
    For anyone who is trading with this company, please STOP now. They could ruin your life as they have mine.
    Two individuals (“brokers”) to be aware of are Jay Wild and Ben Ross. Judging by my own experience with them and other reviews by clients, they are among the head scammers.
    Jay Wild is the hard sell contact to con as much $ out of you as possible. When your $ is gone, Ben Ross will step in as a “recovery manager”. He will NOT recover 1c for you, instead what might be left in your account will quickly disappear and so will he.

  3. I have also been scammed by the ‘selectedmarkets.’ They will do their best to show you that they are a reliable investment company, your deposit money is safe showing the right way how to deposit with a sure receipt, and how to withdraw the money. They will ask you to send your credit card details pretending they are trustful companies. Whatever they promise and ask, NEVER EVER trust them. Once you deposit at least $250 USD, a few days later they will close up everything on the website and never return to your requests. It’s a scam, scam, and scam more than 100%. They are totally evil liars.

  4. I was conned by ‘Selected Markets’. An online presentation featuring actor Chris Hemsworth promoted ‘Bitcoin Revolution’ and a bunch of people making $$ via a high-scoring algorithm and a claimed $250USD base fund. I entered my info and got a call from a sweet-talking girl who gathered more info, and in an hour or so I copped the hard-sell by a senior scammer trying to set ‘goals and timelines’, to pressure me into paying thousands more. When I said I want to see how it goes first – he got stroppy and talked of closing my ‘account’. He rang later pretending to be a different guy with the same voice & accent, and became abusive and insulting. Today my Visa card decline when I went shopping – My account was cleaned out. They’re theives and low-lifes, to steal from a pensioner.

    I invested with Selected Markets in May 2019, !rst $250, then foolishly another $5000. I’ve seen the funds in my online account grow (‘on paper’) to over $20,000 then almost get completely wiped out due to bad management. It then went back in pro!t but they did everything possible to block me from withdrawing funds – my own money. I told them I was sceptical after reading some emails, as clearly some investors were dissatis!ed. They told me (in fact they shouted down the phone) that none of the emails were not genuine, but all complaints were coming from their competition, just trying to make them look bad, and how could I possibly be believing any of it. I can assure you I was a genuine investor, who has genuinely been conned here. I had a similar experience as most investors, being pressured to invest more money. I asked them why they would possibly think I would do that when the money invested so far was still not in pro!t. Why would I invest more funds into something I can’t see working yet. I was then told I was a liar for suggesting I would invest more, and I had the phone put down on me. After agreeing with them to try a funds withdrawal so that I could see the end to end cycle through, more trades were suddenly loaded onto my account, preventing me from withdrawing the funds. I wasn’t able to close the trades myself, I was told they were ‘special trades’. When I eventually managed to stop those, I still wasn’t able to withdraw the funds online and now I was told there were pending trades. My dashboard showed no pending trades, but again I was told they were special trades I would not be able to see ! Then 9 further trades were loaded onto my account. Between the 25th October and mid November I asked 3 TO 4 TIMES A DAY, EVERY DAY, to close the trades on my account. I was unable to close them myself online – something I should be able to do. I have email addresses and WhatsApp numbers both of which are being ignored. The telephone numbers they call on do not allow you to call back (what genuine business would do that ???!!!). One person had the decency to reply, but only to tell me that my account manager has been informed and that they will contact me… they never do. I have been exceptionally patient with these people but my patience is now all used up. They have been unprofessional, they have been rude, and their behaviour in the last 3 weeks just con!rms that this is not a legitimate business, and not one that can be trusted. They are stealing money. I have seen one suggestion that in fact the money was lost the moment I paid it, and in fact everything else is an elaborate con, effectively with ‘videos’ playing to make you believe your money is being traded.
    I have approached the credit card company to help but they have told me that Selected Markets processed the payment by a money transfer service called RaveByFlutterwave. I have never heard of the company or their service. As far as I was concerned I made a payment to Selected Markets and they acknowledged it. The credit card company say they cannot process a chargeback against a money transfer service.

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