Needful Markets review – 5 things you should know about Needfulmarkets.com

Needful Markets review – 5 things you should know about Needfulmarkets.com

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

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Needful Markets is a CFD brokerage based presumably in the UK. It provides an unproven web-based trading terminal, not the MetaTrader 4 trading platform and requires a standard minimum deposit of $250, however, further trading conditions remain undisclosed.

Needful Markets Limited regulation & safety of funds

The brokerage claims to be owned by a UK-based company, however, no further corporate information is disclosed which renders the website anonymous. Upon running a check through the online registry of the FCA we did not find any relevant information regarding the broker brand on the website of the British financial watchdog. This means the brokerage is providing financial services without proper authorization. We highlight the danger in doing business with an anonymous website since the people behind it do not answer to any authority and have no reason to uphold the client agreement.  It is safe to say that there is tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading options.

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.

Needful Markets trading software

 The brokerage does not provide the MetaTrader 4 trading platform which is something we always consider a disadvantage since the MT4 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs). There is a purported web-based platform, however, upon registering for it we discover that there are no discernible trading conditions and the terminals itself appears quite fake.

Needful Markets deposit/withdrawal methods and fees

Potential clients of a brokerage may deposit or withdraw only via crypto payments which isn’t surprising for scammers. Usually in Forex trading, the supported payment methods are Visa and MasterCard, as well as bank wire, however, e-wallets such as Skrill and Neteller are not supported

We did not find any stated withdrawal fees either, however, dealing with unregulated brokerage we may never be sure whether they wont charge unexpected fees once the clients have deposited their funds.  There are also withdrawal conditions pertaining to accounts that have taken advantage of the bonus promotion. A trader has to achieve a certain trading volume in order to be eligible for withdrawal which is purposefully excessive in order to impede any trader from actually receiving his money.

Such website are also the reason 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 Bitcoin Evolution or Cashless PayGroup 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 Btcoinpro – 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
NeedfulMarkets
Broker Rating
1.11star1stargraygraygray

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12 Comments

  1. I have been scammed by NEEDFUL MARKETS.
    This company is not registered anywhere
    Messrs Thomas Wilson and Trevor Jackson encourage you to invest more every time. Withdrawing money from your trading account is blocked with various excuses. DON’T GO WITH NEEDFULMARKETS, YOU’RE ALWAYS LOSING YOUR INVESTED MONEY.
    Ed Epskamp

  2. Looks like Ive fallen into the same hole with Needful markets…
    Action is required regarding this company!

  3. Michiel de Vries

    i deposited 300 euro and now after 6months it has become 9160 due crude oil ….but the problem is, i tried to withdraw but they keep telling me i have to pay the fee to the broker first before they can close the account as i asked…..because i didnt trust them withdrawl denied!! several times different excuses…..
    But i dont want to deposit more cash to them to get my money …smart as they are!
    So to close my account i need to pay the fee first because they say they cannot touch my saldo on my account….that means i have to pay 1260 euro to get the rest! 9160-1260 is 7960.They keep contacting me though about the issue,keep asking the fee….im allready happy with my initial investment 300,but i think thats not gonne happen.

  4. Michal Kučera

    Nedful market are fraudsters do not trade with them it’s a scam I lost all my money and money for bonuses.

  5. They are definitely scammers. It ist Not possible to withdraw any Euro of your invested money. Keep away!!!

  6. Michal Kučera

    Has anyone gotten far enough to pay for commissions and then managed to withdraw some money from the account?

  7. Yes is fraudsters eden byron,thomas Wilson when they ask many is very nice I give them 250e after 4weeks i got there 500e then eden byron got contract for me when i was invest more 1000e,after 10days when they have to pay me 4000e back was not possible withdraw many,when i was call they ignored me,was arrogant thomas Wilson,people don’t give them any cent is frauds…fuck them all…bitches

  8. Eleonóra Mikuličová

    Je mi veľmi ľúto že som naletela na podvodníkom. Som už na dôchodku a myslela som ži si trošku prilepším k dôchodku. Obchodovala som najskôr s pani Martou, potom ma zrazu oslovil pán Trevor a naposledy som obchodovala s Alexom Bergman, Stále odo mňa pýtali peniaze najskôr to bolo vrátenie bonusu, potom províziu aby mi mohli vyplatiť 12022 Eur ktoré som zarobila. Ja som im naletela a spolu som im vyplatila 5000 EUR a do dnešného dňa mi nevyplatili ani cent. Komunikovala som s pani Alicia Meyer , a keď som zaplatila poslednú províziu, prestala so mnou komunikovať a neodpovedá mi na e-mail. Taktiež sa mi ozval pán George Leader s tým že to preverí. Odvtedy sa mi nehlási a neodpovedá na žiadne e-maily. Takto podviedli dôchodkyňu, hanba.
    ——————————-
    I’m very sorry I came across a cheater. I’m retired and I thought I’d be a little better off retiring. I traded first with Mrs. Marta, then I was suddenly approached by Mr. Trevor and the last time I traded with Alex Bergman. I flew for them and together they paid them 5,000 EUR and to this day they have not paid me a penny. I communicated with Mrs. Alicia Meyer, and when I paid the last commission, she stopped communicating with me and did not reply to my e-mail. Mr George Leader also called on me to check. He hasn’t reported to me since and doesn’t reply to any emails. That’s how they cheated on the pensioner, shame.

  9. I started with 250,00. That became 750,00. Then Mrs. Marta asked me to invest 5000 more and thet gave me a bonus of 5000 in order to invest for 3 weeks. I saw on a investments rate that my money grew upto 42.000Euro. But in order to withdraw I have to pay pack the given bonus. As I do not have this money, I am afraid that it will be impossible for me to withdrauw.
    Is there anyone who succeeded to withdauw?

    1. I don’t think there is anyone here who would get any money from them. I have to pay for the commission and now I am on the amount of 490 € which I have to pay for the commission but I doubt that if I pay it out of some money I will see I will not even see the initial deposit. Is there anyone who got some money back?

    2. When you pay for the bonuses, you will have to pay a commission, which will also be very large, but I do not know if when you pay the commission if you get some money,

      1. I am in a similar situation, I was asked to pay bonuses before withdrawing money. I did not agreed with it and dont know if I would like to proceesd with cooperation with them.

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