MarketsSoft review – 5 things you should know about Marketssoft.com

MarketsSoft review – 5 things you should know about Marketssoft.com

Beware! MarketsSoft 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.

 

MarketsSoft 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 the leverage is not disclosed. The required minimum deposit is the industry average of $250 and the spread is absurdly high at 6.5 pips on EUR/USD.

МarketsSoft regulation and safety

On the brokers website we read that the broker brand is owned and operated by a SVG-based company. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage. However, we further learn that the brokerage is owned by other companies as well, one of which is registered in Estonia. Such unclear corporate information is a certain red flag but we do remind readers that Forex brokers in Estonia have to be licensed by the local Finantsinspektsioon in order to operate legally in the country.

Without being much surprised through a quick check on the website of the regulatory agency we understand that the brokerage does not fall under regulatory oversight there as well. Discrepancies in the contact and corporate information are another sign that the brokerage is shady and should not be trusted. Furthermore, purposefully presenting false information is a major red flag in Forex trading.

On top of all this through further research on our part we discover that the Austrian FMA has issued an official warning against the brokerage claiming that it is targeting traders in the country without proper authorization and that it is further suspected to be part of scam operations.

Overall, the lack of regulation and the regulatory warning 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.

MarketsSoft trading software

Putting all this aside – the brokerage also does 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, we are presented with a web-based trading platform which we were able to get a look at through a demo account. We must take notice of the availability of a test-drive since it is not so common among unregulated brokerages.

We could see a spread of 6.5 pips which is to put it bluntly – absurdly high. No trader may hope to yield a profit through such a high spread and we further stress that it’s among the most unfavorable trading conditions we have seen and we advise interested traders not to register for a live account due to the many security concerns surrounding the brokerage which we outlined above.

MarketsSoft deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via plenty of payment methods. They include the standard Visa and MasterCard, as well as e-wallets such as Skrill, Neteller, QIWI  and AstroPay.

Going through the terms and conditions of the brokerage we did discover that MarketsSoft charges a 3.5 percent withdrawal fee which is a bit excessive and definitely should been as a disadvantage. There weren’t any other noteworthy provisions, but we do remind readers that 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!

Rich Snippet Data
Review Date
Reviewed Broker
MarketsSoft
Broker Rating
1.31star1stargraygraygray

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22 Comments

  1. Yes Marketssoft are scammers, I have experienced it, they claim on their website that they are regulated by EFCA but they do not, so please be aware from them, they can ripped you off.

    1. Mee too a victim of marketssoft.com

    2. Please just give XM a try your minimum deposit is only $5 your orders will be executed in less than a second so to enjoy your entry level

  2. I am receiving calls from marketsoft to deposit $250 as a seeding amount .
    I am worried about , is this a scam.
    He claims they are from market soft (profit Bitcoins)

    1. Hello there, I need rescue simply because I am getting the same calls telling me to deposit so that they can give 100percent bonus and to activate a robot for me so that the time I can’t be online to do everything for me.
      Can any one give me knowledge abt this site so that I may not fall a victim
      Thanks so much

      1. Same Mr. Yosefi … exactly the same 1-hour call to me about how it works (A robot handles it all) etc …And that the Capital investment will be doubled by the end of the week ..

  3. Yes, these are scammers

    1. Thank you for this…I just received a call just now for an hour forcing me to put my credit card details to deposit.I did not but he insisted and tried to forced me and talking way too much until it really pisses me of and i hanged the phone up. They sound like a desperate scammers…

  4. That s right,
    same story for me. The kept calling me asking to start trading. The are just a bunch of scammers, and not even the most clever ones in my opinion. As they sounded suspicious from day one, Ive never traded with them, and this pissed them off a lot. I asked to close the account… let s see what will happen… to be continued…

  5. I just recieved a call today, requiring me the amount of $250 to start trading as soon as possible. Told me he will call tomorrow.

    1. Same, exactly same call to me .. IDK what to do.

  6. Hi,
    Can you help me out as I registered with this $250 it’s activated even it’s showing in my account they made it $394 after this they keep calling me to invest $700 more? If you will deposit today you will get a bonus.
    Can you suggest me to should I have to go with this or not
    Thank you

  7. Even I am getting calls and they are asking me to deposit $250 and were asking me my bank card details but I didn’t give the details . I ask them to give me more time to think about it but they insisted a lot. I told them to call me back after 1 hour so can anyone tell me what to do now. Thank you

    1. at least yours went up, mine went down to $199.. I suggest you get out now while you’re ahead

  8. Is there any victims of Marketssoft? My mum has deposited her money. Looking how to help her now.

  9. You deposited the amount?

  10. Itrying to deposit my 250dollar through my credit card but unfortunately nextwork problem..70trade I deposited 200dollar In 2019 April they told me to send front pages of my credit card front and back including my international passport I do it.i cannot open my account , I didn’t received anything from them,I didn’t have any details about my account.. they send me form to fill..

  11. 70trades also scammer I didn’t had opportunity to open my account..you go school to lead us but all the education degree they turned to fraud, scammer.while you will collect our money . immediately they received your money display falsely.disguard like they’re trying to helping you at the end of day dispear

  12. Hi can anyone reply me is this legit not scam, i registered my marketsoft account. and i received a call from agent explain how this trade will work after all the stories they told me to deposit 970SAR equivalent $250, i told them i will deposit tom.

    1. I deposited $250 just as you’re about to do and without anything someone else called that I should deposit more $750 to make it a thousand and I didn’t and then the next day my initial $250 deposit went down to $199.. think for yourself

    2. Same with me ! .. I am not sure if I should deposit to them or not
      (A ROBOT WILL BE HANDING US OVER THE PROFIT REALLY?)

  13. First of all i extremely thankful the review posted you all and educate people like me or can say aware people about such scams. In fact me too have been receiving calls on regular basis for the same exercise but i have asked time from them and with in this time, have got checked this (MARKETSSOFT) authenticity before i go further on the subject TRADING.
    Finally after going through all your reviews, i have decided not to invest my harden money on to this MARKETSSOFT trading platform. Once again thank you for all your help putting up your valuable reviews.

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