Beware! MarketsPilot 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.
MarketsPilot bears a very simple and appealing look, that even when considering how simple things look, you will still be pushed to explore. It’s a very good premise. Yet, we cannot judge by the looks. If we did, just imagine how many fraudulent brokerages would have slipped between our fingers. Does MarketsPilot follow the year old rule of ”don’t judge the book by the cover” or does this broker fir the shoes of first impressions? Read the review to find out.
As we suspected, the registration process was nothing but a rehash of previous such processes, all of which we remember seeing at scammer brokers. Once we registered, which took less that 10 seconds, we were greeted by a painfully average user area. At least there was a trading software.
Unfortunately, this trading platform was unreachable for a reason we shall see later in the review. This means that there is no way to get verified trading conditions, including a spread.
As per the website, the trading assets seem to be limited to cryptocurrencies and forex pairs. There are no spreads disclosed anywhere, and the leverage is capped at 1:500 which is very typical of offshore firms.
The website is available only in English, and so is the user area.
MARKETSPILOT REGULATION AND SAFETY OF FUNDS
The broker is said to be located in Dominica.
The Commonwealth of Dominica, a location that does not have a forex and CFD specific regulator, has become a popular destination for shady brokerage firms. A broker might be registered there, but that does not mean that it holds a license. In fact we have seen a surge of scammer brokers from the Commonwealth of Dominica, the most recent one being 7Online.
Since there is no firm information that MarketsPilot is licensed, we have no choice but to stamp UNREGULATED on MarketsPilot.
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.
MARKETSPILOT TRADING SOFTWARE
The alleged Sirix trading software is just that: supposed. Once we registered, entered the client area, and clicked the button for opening Sirix, we were confronted with a perpetual loading screen. After 5 minutes or so, we received an error message prompting us to contact support.
So not only can we no confirm the presence of the Sirix trader, but, as we already said, all real trading conditions are out of sight.
MARKETSPILOT DEPOSIT/WITHDRAW METHODS AND FEES
Deposits according to the payment area in the user dashboard are done by means of the following gateways Credit and Debit cards. The minimum deposit is $250
GBP, EUR, and USD are the base currencies that users can open an account in.
We visited the withdrawal section in the dashboard for registered users. What we got was a text cue that if we wish to withdraw we have to contact the our account manager.
This pretty much sums up the whole of MarketsPilot. Any broker that limits its withdrawals to this is definitely a scam.
The following infomation we tok from the website, seeing as how unhelpful the user area is. Withdrawal processing time is up to 3 days. There are withdrawal fees: if the minimum withdraw requirement is $250 the withdrawal fee is $25; if the minimum is $500 the withdrawal fee is $50; should the minimum be $2000 and above the withdrawal fee is $150. If the sum is lower that $100 then the fee is $20. The Withdrawal Policy claims that withdrawal can be made via Wire transfer and credit card.
Bonuses, or as MarketsPilot names them”Trade Compensation” are withdrawable after a trading requirement is completed. The requirement is 0.1 lot times the bonus. We assume that 0.1 lot is 10 000 units of what ever currency your account is open in.
Take note that the broker will close down an account and not return the profits to the user in an event of a charge-back. So, this is another way that the broker blocks all access to you funds after you become suspicious of MarketsPilot’s activites and wish to withdraw.
The dormant account fee is 0.5% or a minimum of $100. An account is considered dormant when there have been no trades or active payments for 3 months.
Here is but a small piece of the limited liability subsection in the Terms and Conditions. These are common with illicit brokerage firms, because in the case a user starts taking legal action against MarketsPilot or any other such scammer entity, it will use these as a reminder that the user has agreed to indemnify them.
We are aware that there aren’t so many provisions (when compared to other unregulated brokers), but even one of these is enough proof that MarketsPilot is up to no good. And as we have seen in the earlier sections of the review, there is much to be wanted from MarketsPilot. The lack of regulation is enough for us to urge all to never deposit in this one! And if for what ever reason you do deposit here, please deposit the minimum!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.