Beware! CommercioМarket 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.
Our first impression of CommercioМarket is that although the information about the main features of the company seems to be well displayed and ready to use, it is in fact full of broken links that lead to nowhere. This should be enough to put off any potential clients. However, we are going to find out more about this company.
The company trades in forex, CFDs, indices, metals and commodities.
To its clients, CommercioМarket offers 3 accounts – Standard, Professional and Classic. However, our first disappointment is when we try to open an account – we tried the different options, ‘get started’, ‘try demo account’, ‘new account’, ‘log in’ – nothing works. The links are broken! Then, quite by chance, by clicking randomly here and there, a link for opening a demo account finally appears! Our joy is short-lived though because it is just another broken link.
Maybe we should stop our investigation right here! A company that offers a website with broken links does not inspire confidence. However, we are going to continue and check out the other features.
CommercioМarket Regulation and safety of funds
In the website footer, we find out that the company is registered in St. Vincent and the Grenadines (SVG) and it claims to be licensed by the Financial Services Authority in SVG. However, you must know that the FSA in SVG does not regulate forex brokers. We can’t help it but think that we are dealing with scammers here.
It is important to remember that forex trading companies from offshore zones, such as St Vincent and the Grenadines, do not provide traders with safety of funds and it is very risky to trade via such brokerages. Instead, we recommend you to look at forex brokers from well-established jurisdictions, such as EU, UK or US. The regulation laws in those jurisdictions are so stringent that only genuine and legit forex companies will strive to meet the requirements. In EU and UK, for example, regulated forex companies must have an initial capital of no less than 730,000 EUR and they must contribute to compensation funds from which in case of bankruptcy, clients will be compensated up to 20,000 EUR per client if regulated by CySEC or 85,000 GBP per client if regulated by FCA. You will be well advised to focus your attention to such brokerages to avoid taking unnecessary risks and losing money.
CommercioМarket Trading platform
As their trading platform, CommercioМarket have chosen MetaTrader 5 available for different technological devices – desktops, mobiles and tablets. However, the links to downloading the platform are broken and don’t work however we tried.
Except for the fact that on this webpage it’s not downloadable, you must know that MT5 is considered one of the best trading platforms on the forex trading market and is well reputed and popular among forex brokers. Its advantages consist of a variety of trading tools and instruments, including trading signals (which can have for a subscription fee), a financial calendar, an app market, code base with customs scripts, trading bots and VPS to host them.
However, an excellent trading platform does not compensate for the fact that this company is a scam.
CommercioМarket Deposit/Withdrawal methods and fees
The minimum initial deposit is $100 for the Standard account. The other accounts start at $500 and $10,000 respectively.
We must point out that the information provided in the account types image and in the account type comparison to be contradicting, i.e. the initial deposit in the pro account is different, starting from $1,000 (screenshot below). The amount of spread also appears to be different. For example, in the classic account once it’s given as ‘from 0.9 pips’ and in the screenshot below – from 2 pips. Such differences do not inspire confidence in this forex company for which we already have enough proof that it is scam.
Furthermore, it is not acceptable for the Terms and Conditions document link not to be working as this is one of the most important legal documents and the stipulations in it may affect your funds and transactions. Never trust a forex brokerage that does not have such a document.
How does scam work?
If scammers make a movie, it will probably be called “Dream on”. They make everything sound credible and build their scam on your dreams of getting an easy and quick profit. People get duped if they decide to deposit money into one of the scammers schemes. What you probably do not know is that your hard-earned money goes as commission to the scammers. Next, you get inundated by daily calls. First, the scammers congratulate you for joining their business, next they try to persuade you to invest even more money. After all, the more money you send, the bigger money fall you can expect. This of course is not how things work. By the time you realise that no money is coming your way, it might be too late. All you want now is to get your money back and get out of there but the scammers have other plans for you and they won’t late get away so easily. Now they try to delay you so that you miss the deadline for chargeback.
What to do if scammed?
If you get scammed, our advice is to act immediately and if you have paid your deposit via credit/debit card you may still have a chance. Visa and MasterCard allow you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.