Beware! Market4now 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.
Market4now is a brokerage company that offers trading in forex, cryptocurrency, indices, commodities, USA, Australian and Canadian stocks.
They advertise five account types coming with minimum capital requirements ranging from $250 to $50,000. The starter account is recommended for beginners with little to no experience in forex trade as we were unable to find a demo account and registered a starter account with 0 funds available.
The sign up process is easy – you only need to provide your first and family name, email address, DOB and phone number.
Market4now Regulations and safety of funds
When choosing a brokerage company, to is pivotal to find out whether the company is registered and regulated by one of the reputed regulating agencies.
This brokerage company cites as its address the Seychelles islands in its ‘contact us’ section:
• Company: DaViko Business LTD
• Address: Second floor sound&vision house Francis Rachel str Victoria mahe Seychelles
• Phone number: +420234094759
• Email: [email protected]
We searched in the regulated entities in the Seychelles islands but did not find the company name among the regulated brokerages. Seychelles is an offshore zone and although there are legitimately registered brokerages, it does not compare with the well-established jurisdictions, such as the EU, UK, USA, Australia and others. Furthermore, in its Terms and Conditions sections, it states that the interaction between the trader and the company is carried out on the territory of Bulgaria where the company’s main servers are located. To top it all, the country code provided in the telephone number is for the Czech Republic.
If you paid attention to your geography lessons in school, this for sure should raise a red flag regarding this company’s legitimacy.
And if this information is still not enough to convince you to forget about trading with this brokerage, keep on reading!
According to the Terms and Conditions, this company does not have any obligations to inform the client about any changes or additional agreements which take place a calendar week after the publication on the company website and does not take any responsibility for any losses the client may occur due to that.
Basically, you snooze, you lose!
The eager newly coined trader should familiarize themselves with the guidelines of the top regulating agencies for licensing forex brokers, such as the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC) if they want some guarantee for the financial stability of the company and the security of traders’ funds. Here is a link to EU forex brokers with proven legitimacy: EU forex brokers and the Financial Conduct Authority
Market4now Trading software
Market4now claims that it is considered to be the best virtual platform for making money on Forex and CFD, providing for this all the necessary software and resources, so let’s take a look:
As soon as you open an account and log on, it takes you directly to the platform. Upon examining their platform, we found out that there are various tools and instruments that facilitate trading and are easy to use. There is no auto trading option. We recommend the platform MetaTrader4 or MetaTrader5 because it gives you a better option in following the changes on the markets. Besides, MetaTrader 4 or 5 offer a financial calendar, app market, trading signals (for a subscription fee), VPS and code base with customs scripts.
If we look at the screenshot above to see how forex trading is executed via this platform, we notice a spread of 1 pip for the EURUSD which is in line with what regulated brokers would offer. However, the leverage Market4now offers is 1:200. Although it is not very high, brokers licensed in the US have a leverage cap of 1:50 for non-professional traders, and the one in the UK and EU is even lower – 1:30. High leverage is not something negative in itself, and there are actually regulated markets, such as Australia, which do not impose leverage caps. It can be quite risky, however, because although one can make profits with leveraged trading, one can also lose quite a lot, sometimes even more than initially invested.
Market4now Deposit and Withdrawal methods and fees
The initial deposit requirement is for $250.
To fund your account, you have a selection of various methods, such as Qiwi wallet , Yandex Money, WebMoney in addition to the usual credit cards. However, what we found out when we wanted to make a deposit, was that the only currency and payment methods accepted in the system was Bitcoin . If you continue reading further, you will find out why this is not a good idea. Watch for the Withdrawal section in this review.
KYC policy states that to deposit funds, the trader needs to provide copies of valid passport, as well as credit cards with only the last 4 digits visible and the back side with the CVV covered, which aims at protecting the personal information. However, deposit fees are not mentioned in Terms and Conditions, so we are not aware if they exist. Inactivity fees are not mentioned either. However, in the Withdrawal Policy it is mentioned that all payment and transfer charges will be borne by the client and the Company shall debit the client account for these charges but what are they is anybody’s guess. Another issue with this brokerage company is that it accepts only withdrawal requests of at least $250 per transaction which is limiting the client’s options. Furthermore, the processing time of the withdrawal request takes up to 5 business days which is too long.
The company offers a sign-up bonus, a “broker bonus” to “take advantage of the market volatility” and no deposit bonus for VIP account holders. The brokerage company has made it very clear that the potential clients should read carefully the Terms and Conditions before accepting a bonus and that it is optional for the client. In addition to that, it offers examples which makes it easy to understand and apply. On the other hand, one should know that in EU and USA regulation authorities do not allow licensed brokers to offer bonuses and incentives.
But what happens if you accept the bonus and then decide to make withdrawals? Your financial life gets more complicated for sure. The preconditions for making withdrawals after using the bonus requires buying options of 30 times the amount of the bonus plus the deposit amount, so watch out and don’t fall into a trap – the conditions affect not only your bonus but your funds as well!
How does the scam work?
Actually, it’s quite simple and users often fall into the trap of experienced scammers. We bet you have seen those attractive ads on the Internet promising big and quick profits over a short period of time. Just provide your personal information, and voilà! The scam brokers are waiting for you and you will be inundated with phone calls promising easy profit. Tempting, right? You think ‘ok, I can spend $200-300 and see what profit it brings me’. Congratulations, you’ve just provided a fat commission for your scammer and you have ‘graduated’ to be handed over to a senior ‘broker’, a smooth talker who will try to convince you that there is no more perfect time like now to invest more money. After all you want to make more profit, right? However, something starts to feel off and now you start asking yourself questions and all you want is to withdraw your money and get out fast.
Unfortunately, it’s too late! Someone has pulled the cheese and you are trapped because scammers don’t give up easily. Why would you want to withdraw? Why would you miss on ‘big profits’? But you are already scared and you want out. Oh, hang on a second, we can’t do it that quickly. Deny and delay is the name of the game now. We now need this document, there are some other clauses, you know, and we can’t do it. Sorry! The ultimate objective for stalling for time is to make you miss the crucial period in which a chargeback request can be filled. And … you’ve lost your chance to get your money back!
What to do if scammed?
Immediately file for a chargeback if you used a credit card to make a deposit. The good news is that Visa and MasterCard give you 540 days to file which gives you a fighting chance to get your money back.
If you used bitcoin or bank wire, you might not get that lucky as there is little chance of recovering your funds. Be cautious if approached by so-called ‘recovery agents’ and don’t fall for their tricks as it’s just another scam and you will not get anything back.