Beware! Agamarkets 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.
Agamarkets is yet another Forex brokers which should be avoided and reported immediately. There are too many issues with this broker, first and the most important is the regulation, of course, but then, their platform is nothing that we have seen so far, and might happen to be the bigger problem.
Agamarkets is introducing itself as a Forex broker established 12 years ago, which is partnering with the world’s major exchanges and banks. Also they claim to work closely with the world’s top mobile operators, which is a nonsense, if stated by a Forex broker. Other red flags were also discovered, find out more about this Forex broker in the full Agamarkets review.
Agamarkets REGULATION AND SAFETY OF FUNDS
Agamarkets is a boggy Forex broker which should never be trusted. They are not registered by any financial regulator supervising in either EU, UK, USA or Australia. Also, they do not provide any legal information about themselves, and on top of that they mention at least three different companies, which are not related to each other in any possible way.
They list an US address, but at the same time the alleged company, that is operating Agamarkets is registered in UK.
They do mention a handful of other companies, such as Grace International Co, which is nowhere to be found, as well.
Also, Perse International INC was mentioned, a very shady company, as well, and we have to note that they are using @honchmarkets.com e-mail. Honchmarkets.com is some Chinese website and this is the only thing we could find about it:
Your funds are not in safety if you make a deposit with Agamarkets , it is an unlicensed, unauthorized and unregulated Forex broker, you should avoid it!
If you are looking for a reliable, true Forex broker choose CySEC(EU) or FCA(UK) regulated company, which are among the leaders in the retail Forex industry. The customer protection policy is placed on top of their priority list, not because they want to, but because they have to. In these jurisdictions the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients accounts etc. There are also money protection schemes in operation, such as ICF in Cyprus and FSCS in UK, which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed of even up to 85 000 GBP. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
Agamarkets TRADING SOFTWARE
Agamarkets offers only MT5 accounts to its clients, MT4 and web-based trading platforms are not provided. You would think that Agamarkets might be a true ECN broker, because of the Metatrader 5, but you would be utterly wrong. There is a price manipulation in place, on 21st September their chart shows that EUR/USD slumped to less than 0.01 from 1.16 in a matter of minutes, and then regained its value! Such a devaluation is simply impossible in the real world, and the pair didn’t actually experience anything similar by the time. Stay away from this broker, it’s a scam!
However, the spread is 1 pip fixed, and the leverage level could be as high as 1:1000! Our advice is to reduce the leverage and also to stop looking for brokers that offer higher levels. In EU and UK it was agreed to impose a leverage cap of 1:30 for a reason. The data shows that traders and investors with little or no experience would record greater losses by using higher leverage levels. In fact, no matter the experience, trading 1:1000 is no longer trading, but gambling.
Agamarkets DEPOSIT/WITHDRAW METHODS AND FEES
Agamarkets does not provide the customers with T&Cs, Client Agreement or any other legal document, which would make their trading conditions clear. That seems to become a trendy practice, as more and more alleged Forex brokers do not bother to present legal provisions to the customers, it’s an evidence of scam and these entities should be avoided!
No minimum deposit known, no funding methods listed, no minimum withdrawal or fees specified. Also no other fees or dormant account policy presented. No bonuses or other trading incentives offered, also no partnership programs introduced. This Forex broker is wrapped in darkness! However, we managed to register fairly easy, but they require a copy of a Passport or an ID in order to deposit money, so we couldn’t have a proper look at their payment systems. As it’s an untrustworthy broker, we refused to send any personal documents and you should do the same! It was interesting to see, though, a different logo displayed on top of the page.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Fraudsters are working in the social media nowadays, an increasing number of scammers will first introduce their “services” to the people through Facebook or Instagram. You will click on a page, they will contact you, probably offer you a demo account and after some time you will be tempted to invest and make guaranteed profits. Once you are signed-up they will ask you to deposit money and this is just the beginning, because gradually they will be asking for more, no matter if you lose or make profits. The end is always the same, a robbed-off investor who lost his hard-earned money.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!