Beware! Marketsdock 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.
Marketsdock is a broker that we cannot take seriously because of its unflattering name. The inclusion of the word “dock” in the name is indicative that the broker has either not taken things seriously, or has not the experience necessary to spot its own inadequacy. Even if we take the name out of the debate, we are left with a very average looking website, that reminds us of many previously reviewed offshore brokerages. Is Marketsdock one such website? Read the review to find out.
Registering was unsurprisingly easy and simple, giving us both a very familiar sign up form and leading trader area. In fact all the brokers that have used these same sing up/dashboard templates have always been 100% fraudulent.
The trading terminal produced a spread of 3 pips for the EUR/USD currency pair, a value associated with scams. The leverage is capped at 1:100, and the trading assets are forex pairs, crypto, indices, commodities, and shares.
The language on the website is English. On the user area there are multiple languages available: English, Russian, Arabic, Chinese, Italian, German, and Spanish. This gives to show that the user area is “borrowed”.
MARKETSDOCK REGULATION AND SAFETY OF FUNDS
The broker is located in St. Vincent and the Grenadines. By now, all of you should have at least heard that this location is the base of operation for countless scammer brokers that take advantage of the nation’s more tainted laws. However, in recent times there have been talks that the regional government will take action into implementing some sort of legal regulatory structure for FX and CFD brokerage firms.
However, for now, all FX brokers on the island nation are unlicensed.
Furthermore, the Terms and Conditions mention that the document is bound by Bulgarian laws, a country that is less known for forex brokers, but nevertheless has its own regulatory agency, the Financial Supervision Commission. The website had no results for a Marketsdock, so we can conclude that the broker does not fall under its oversight.
So Marketsdock is UNLICENSED. Such companies are 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.
There is a worrying clause that reveals the broker’s ability to assign or transfer all its rights to a third party, which we don’t quite understand but is still worth a mention.
MARKETSDOCK TRADING SOFTWARE
The browser MT4 was a simple MetaQuotes demo server that the company behind MT4 offers to those that wish to try out the platform using fake money. In other words the MT4 here does not come equipped with Marketsdock servers. As for the desktop MT4, it comes with an entirely different name, a dinengopartners. We assume this is a different scammer broker. So the MT4 as a whole is not under the Marketsdock name, even if it is made available by it.
What we have, is the popular scammer Status webtrader.
The Status WebTrader is a common misleading platform, that is mostly used as a tactic tu lure in novice users. The trick is that Status looks like an intricate software, but in reality it is not. The only tools at its disposal are pending orders, a live news feed, some chart customization, and price alerts.
Note that Marketsdock does not offer CFDs and Options trading to UK residents!
Note that the firm can change the margin limit without notice:
MARKETSDOCK DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $250, and a user can fund an account by a credit card only. Note that the legal documents claim that the payment methods are much more diverse than just credit card, but the user area speaks for itself when it gives us the ability to only deposit via a credit card.
Generally, the withdrawal process times is between 2 to 5 days. However, the withdrawal area reveals that the processing times are 24 hours; the same place has no other withdrawal details.
The Legal docs keep reminding users, those that read them, that there are withdrawal fees. Of course the fees structure is nowhere to be found.
The Non-Deposited Funds clause is exemplary of just how little Marketsdock cares for users, and the consequences its actions has on their financial well being. The provision clearly states that profits made from trading will not be able to be withdrawn!
For some reason the clause also includes the bonus withdrawal requirement that is 30 times the bonus + deposit.
What’s even more arrogant, is that Marketsdock can claim all non-deposited funds, i.e profits for itself!
If a user that has not traded in three months will be charged a fee of 10% per month.
The Terms and Conditions can be amended at any time without notifying the users.
Marketsdock can be made off limits due to a number of reason, including the denial of services. The broker will not be held liable for anything.
A broker cannot be illicit without the inclusion of the famous indemnification clauses. There are similar provisions scattered throughout the legal docs:
In connection to the aforementioned, all claims against Marketsdock will become obsolete in 12 months. The same clause sates that Marketsdock does not provide any service on the website, which, similar to the non-deposited funds provision, is pure madness.
Marketsdock can terminate a users account for no reason at any time!
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.