Beware! Marathon FXTrade 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.
In this review, we are going to look at Marathon FXTrade brokerage company and identify some main features which show whether this company is legitimate.
According to the information provided in the FAQ section, we found out that Marathon FXTrade operates via multi-functional trading platform for forex, binary options and bitcoin mining.
To start trading, you need to register in order to be able to open an account. Besides the usual name, family, telephone, email address, etc., you are required to upload a personal identification document for account verification. The company then sends you a confirmation email saying that your account is now active and you can start trading. However, in my own experience, I was not able to long in using the log in details that were sent to me via email. So, I tried to find the key information by using the FAQ section.
First of all, we must point out that we were alarmed from the start as it is mainly binary options and bitcoin mining that consist the company’s main features. Both trading activities are high risk and the regulating agencies in the EU does not allow trading with binary options and the USA has restrictions on that. Bitcoin mining is another risky undertaking and in case of scam, you will have problems withdrawing your funds.
Please exercise the utmost caution if you are planning to get involved in these two trading options, especially if you have little to no experience.
Marathon FXTrade Regulations and safety of funds
At first, we thought that Marathon FXTrade did not provide any address. Only after carefully looking at the footer, we were able to see almost the invisible address of the company. See the screenshot below:
Nowhere else does this address show up on the company’s website and although the company cites an address in Brooklyn, New York, the company itself is most probably not registered in the USA. You may be aware that the US has strict regulations regarding trading in binary options and such companies should have a Commodity Futures Trading Commission (CFTC) license which MarathonFXTrade does not and is a sure proof that this company is a scam.
If you are looking for a reliable forex company with proper registration , we suggest that you take a look at the links provided here that will give you the necessary information. Well-established jurisdictions, such as the EU, UK, USA and Australia will be a good starting point for you and will help you avoid unnecessary risks and loss of money. Please look up EU forex brokers and FCA for more information.
Marathon FXTrade Trading software
From the company’s webpage we understand that the company uses a Web Platform that allows trading and mining 24 hours a day. You do not need to install it in order to use it. The platform according to the information on the webpage has built in Market of trading robots, the Freelance database of strategy developers, Copy Trading and the Virtual Hosting service (Forex VPS) .
However, from the image (see below) available on the company’s webpage, we only see that the platform provides trading in binary options whereas the features mentioned above are typical for forex platforms such as MetaTrader 4 and MetaTrader 5.
From the FAQ section we find out that the platform does not offer a demo account but you are welcome to contact one of the company’s “knowledgeable account managers” to set your account. This actually looks suspicious to us as it may be used to urge you to deposit money quickly and to start trading which could be risky if you are just starting this experience.
A forex company that does not offer a demo account does look suspicious. Legit broker companies would use platforms with demo accounts and the more reputed ones, such as MetaTrader4 or MetaTrader5 along with the demo account offer a lot of other advantages, such as a financial calendar, app market, trading signals (for a subscription fee), VPS and code base with customs scripts, etc.
Marathon FXTrade Deposit/Withdrawal methods/ Fees
To open an account with Marathon FXTrade, you need to deposit minimum $1,000 which is a very big amount. Regulated brokers will never ask for such high initial deposit. They will ask you for $100 or less, so please compare if you are contemplating starting a forex trade.
To fund your account after registration, you can use various payment methods, such as WebMoney, QIWI Wallet, Payoneer, OK Pay, Bank transfers, Skrill, Neteller and VISA and MasterCard but we urge you again to exercise caution when depositing money in forex company and read carefully the Terms and Conditions. If you are not sure or if you do not fully understand what each condition entails, then better refrain from trading in forex.
Apart from binary options, bitcoin mining is another risky undertaking and in case of scam, you will have problems withdrawing your funds if you use bitcoin currency. The fact that the platform has built in Market of trading robots should raise a red flag if you are planning to use this company.
How does the scam work?
Scammers use some well tried strategies. They place attractive ads on the Internet and the social media promising easy and quick profit. As this sounds quite tempting, some people without experience, understanding on knowledge of the forex trade invest money in such shady companies. Once hooked in, it is very difficult to get out. The scammers will present themselves as legitimate brokers and will urge you to invest more money. They will try to lure you with big promises, so you can put in more money.
Once you make a deposit, it is actually very hard to get out even if you insist. The scammers will try first to dissuade you saying that you are just minutes away from a very big profit. As they are smooth talkers and know how to use persuasive techniques, it is very hard to get out of their clutches. Finally, when they see that you are not going to invest any more money and are quite adamant in insisting to withdraw your funds, they will start stalling for time. They will delay your request for chargeback request by asking for this and that document and coming up with excuses until you miss the deadline for your chargeback request.
What to do if scammed?
Immediately file for a chargeback if you used a credit card to make a deposit. Visa and MasterCard give you now 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.
