CFDsMarket review – 5 things you should know cfdsmarket.com

CFDsMarket review – 5 things you should know cfdsmarket.com

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

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CFDsMarket is presented as a reliable broker, servicing more than 10 000 satisfied clients. Their offer includes some 50 forex pairs and scores of CFDs on commodities, precious metals, stocks and crypto coins, with competitive spreads and leverage as high as 1:400. All of that with a selection of four account types and the industry standard MetaTrader4 platform.

It might look like a legit offer, but its not. The CFDsMarket website is completely anonymous so make sure to read the following paragraphs, if you still thing it is a good idea to deposit your cash with them.

CFDsMarket regulation & safety of funds

At first glance CFDsMarket’s website might look perfectly legit, but if you pay a closer look you will notice that nowhere in their presentation do they mention the name of their company, nor where it might be incorporated. And there is no physical address too – just a UK phone number, which honestly does not mean anything.

It is true that in one section of their presentation they mention the jurisdiction of St. Vincent and the Grenadines, so we may assume that they are based on that remote offshore territory. That, however, does not change the fact that the web site is completely anonymous, and unregulated, which is a clear sign that we are dealing with scammers.

Trading with unregulated brokers, even if they are not anonymous like CFDsMarket, is highly risky, as unregulated brokers do not have to report to any official regulatory institution and thus are completely unaccountable for the way they handle your money.

With properly regulated brokers on the other hand, like the once you may find in the registers of such reputable institutions like the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC), you may not have to worry about whether you will be able to make a withdraw – those brokers are completely transparent about all client transactions and have to follow a set of ethical and fiscal rules, among which to keep all clients’ funds in a segregated, protected form creditors, trust accounts, to maintain a certain level of operational capital with which to guarantee all outstanding payments towards traders, and to participate in client compensation schemes, basically insuring the trading capital up to a certain amount.

With FCA regulated brokers that insurance covers the first 85 000 GBP in your trading account, which is a good reason to check a broker regulated in the UK.

Juts for the record, the CFDsMarket trading platform is branded with the logo of Algo Trade Limited, a third party company, about which we know absolutely nothing.

CFDsMarket deposit/withdrawal methods and fees

CFDsMarket says to accept payments with Skrill, bank wire and major cards like VISA and MasterCard. In reality however, the payment options were more limited – just cards and crypto coins. Be aware however, that if you agree to pay with digital coins, you will not have any option to reverse the payment in case you realize you have been scammed.

As for the minimum deposit requirement, for their starting Classic Account CFDsMarket requires 1000 USD, which is at least four times the minimum deposit requirement with most brokers.

Be aware as well that CFDsMarket offers trading bonuses, which come with additional withdraw conditions. Basically, if you accept a trading bonus you will not be allowed to request a withdraw until you cover some minimum trade volume requirement. That, combined with the fact that CFDsMarket reserves the right to change their bonus policy whenever they like, makes things pretty complicated when it comes to withdraws. Basically, you may never be eligible to request a withdraw.

And here is something rather peculiar. When we proceeded with our registration, we were asked to agree with the broker’s Terms and Conditions. When we tried to open those Terms and check out what is in them, it turned out the link is broken. So basically, if you open a trading account with CFDsMarket you will have to agree with something you have not read.

How does the scam work?

You may be surprised, how professional scammers are. They use call centers and aggressive marketing strategies, but first they have to get to your GSM number and e-mail. To do so they use the services of specially created “robo scam websites” like Crypto Engine and Crypto Master Bot, as we call them, which lure gullible investors with promises of fast and easy returns and absolutely no trading risk.

Now, if you do register by signing up with your e-mail and phone, next thing you will be redirected to the home page of a unregulated, offshore scam broker, where you will be asked to make a small initial deposit – about 250 USD or so. And then you will start receiving daily phone calls by your so called dedicated account manager, who basically will be insisting that you deposit more and more, because, you will be explained, that is how you will generate a steady income.

As fine as this may sound, as soon as you attempt to withdraw some of your money, you will realize that you can not. You may be told that you have not met some minimum trade volume requirement, connected to your trading bonus, or you may be told that first you have to cover some additional fees, which basically means that you are asked to deposit even more cash. In any case you will not be allowed to withdraw a single dollar.

What to do if scammed?

Your only viable option, in case you have been scammed, is to file for a charge back with your bank. That however will be possible only if you have paid with your VISA or MasterCard.

And you will be able to do the same if you have paid with a major e-wallet like PayPal or Skrill as well, but in that case you will have to turn directly to your payment provider.

Unfortunately, this will not be possible if you have made a deposit with a wire transfer or some alternative payment methods like crypto coins for example. That is why, when dealing with online brokers, we strongly advice you to use your VISA or MasterCard, or your PayPal or Skrill account.

Also, you should be aware that scammers may try to steal money directly from your bank account. That will happen if for some reason you have provided them with your credit card number and online banking password.

That may happen as well if you have been tricked to install Any Desk or Team Viewer and share your installation details – those are remote desktop applications, which scammers find pretty useful when it comes to draining your credit card. If something like that has happened, block your credit card immediately, delete the remote desktop application and change your online banking password.

And we strongly advise you not to seek the services of the so called recovery agencies. Those guys will not help you in any way, but simply will collect some fees in advance, basically scamming you a second time.

Rich Snippet Data
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Reviewed Broker
CFDsMarket
Broker Rating
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