Beware! Link Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We were unable to detect anything of values upon our initial overview of Link Markets. This broker does not come with a aesthetic website, nor is it well built. One can detect the lethargy with which the website was put together. Even more, there is not that much information to go by, it all feels like a website completed by a student that didn’t bother too much with it. Read the review to see if this principle applies to the rest of Link Markets’ services.
The registration process was simple enough, providing us access to a user ridiculously limited and unappealing user area. There were were given the option to deposit, withdraw, and see our transaction history. The trading software us accessed through a button on the top right of the screen. And what a feeble trading platform, but you will shortly see. Such a limited client area is always a bad sign of a broker whose work is either unfinished or completely scammer-like, there is no escaping that label.
The trading software gave us the ability to trade exclusively with crypto pairs, some if which were coupled with currencies. Here is a snip of some of the popular pairs:
The leverage is not set, and so we could change it as easily as we can write or delete words for the review:
This is in no way a normal thing. Leverages are never fluid, they are set, and a user has the choice between 3-5 different values depending on the broker and its location. However, each time we refreshed the trading software page, the leverage refreshed with it to 1:100, which leads us to believe that this might be it.
The website and client dashboard can only be accessed in English.
LINK MARKETS REGULATION AND SAFETY OF FUNDS
Throughout the entire website, we found only one details on where this broker might be regulated. The Terms and Conditions claim that the firm is operable in the UK, and that it functions under the laws of the Unite Kingdom.
That all fine and all, but for a UK broker to be 100% legitimized it must hold a license from the FCA; there is no way around. It appears that Link Markets has taken a short cut, and that is why, among other reasons, we have to deem it UNLICENSED, and therefore a risk to all investors!
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
It’s common for unregulated brokers to at least try to convince users that it holds some kind of regulation, or at least that it is actually incorporated in some offshore country. On the other side, there are those, like Link Markets, that haven’t raised a finger. This is even sloppy for an illegitimate broker.
LINK MARKETS TRADING SOFTWARE
This is by far one of the most uninteresting and boring trading terminals we have reviewed. In fact, there is nothing to review… Users are only able to buy/sell the crytpo assets, and as you can see from the snip, there are three types of charts and some time frames, but that is it.
LINK MARKETS DEPOSIT/WITHDRAW METHODS AND FEES
Deposits are done via credit card of wire transfer. We were able to continue with just one dollar, yet the broker told us tat a representative will contact us shorty, so it might be that this rep will require more from us, presumably the alleged minimum $250 that the website’s About Us page declares, or the $10 000 the Account Selection subsection reveals. As for the bank deposit, there are only two fields to complete: one asking for an amount and the other for a country. After we click on Send, the page just refreshes. Very shady stuff.
There are three base currencies: EUR, USD, and GBP.
Withdrawal fees are as follows: $50 for wire transfers, $35 for credit card withdrawals, $25 for ePayment methods. Furthermore, the user will be charted an additional 10% should his or her account withdraw any amount before a trading volume of at least 200 n turnover has not be completed. This is the same withdrawal fee structure that we have encountered many times, including with such fraudsters as Nobel500 and Fibinance, just to name a few.
The minimum withdrawal amount according to the T/C is $250 for bank transactions, and $100 for all other withdrawal methods. Link Markets processes requests in 3 days tops.
Before withdrawing a bonus a user must complete a trading turnover requirement of 30 times for every bonus $1.
The broker is not liable for any damages or losses a user experience as a result of his/her usage of the broker’s services, in other words the common indemnification provision.
Aside from these two provisions Link Markets does not really hold any other significant clauses worth of mention, which in and of itself is cause for concern, because unregulated brokerages are famous for coming up with fees and the like. The Terms and Conditions are quite timid, and the rest of the website hold no important information.
What ever you do, we do not recommend you to deposit here!
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time