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.

RECOMMENDED FOREX BROKERS

FXTM

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

Top Forex Brokers

Broker Country Rating Min. Deposit Website
US 5/5 $50 Click for a special offerWebsite
UK, Cyprus, Belize 4.95/5 $5 Click for a special offerWebsite
Australia 4.90/5 $100 Click for a special offerWebsite

1 Comment

  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.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

UK’s FCA blacklists clone firm HYCM

First BTC FX is yet another clone firm