Beware! MarketPluse 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.
Are you a newbie looking at MarketPluse forex company and wondering whether you should entrust your hard-earned money to this brokerage? We can help you by looking at some key features that indicate whether this company is reliable or not.
MarketPluse is a forex company trading in forex, metals, indices, commodities and stocks. To its clients the company offers 3 accounts – Silver, Gold and Platinum. The differences are in the different leverages for each account and some other perks which we’ll note later on.
After you fill out the registration form, you get a confirmation email with a login and password information. However, the link to opening the account is broken and we cannot get into the trading account.
MarketPluse Regulation and safety of funds
From the company’s webpage, we understand that the site is owned and operated by IQ Global Evolution LTD, registered in the Marshall Islands. Now, newbies, please be advise that the Marshall Islands is an offshore zone and there is no regulating financial authority. So what?, you may ask. What you should know is that unregulated companies might be a scam or even if they are not, they do not provide safety of funds which may have serious implications on your funds. Imagine the company goes bankrupt. What is going to happen to your funds? You are going to lose them! But that is not the case for all forex companies.
If you chose to trade via a brokerage that is licensed and regulated in one of the well-established jurisdictions, you will have a guarantee for the safety of your funds. We advise you to research brokerages from well-established jurisdictions, such as EU, UK or US. If you compare brokerages from these jurisdictions to the ones from offshore zone, you will find out that they are much more reliable. First of all, to be able to operate, the brokerages must have an initial capital of 730,000 EUR for EU and UK and in addition to that they must contribute to compensation funds from which in case of bankruptcy the clients will be compensated with up to 85,000 GBP if the brokerage is regulated by FCA or up to 20,000 EUR if the brokerage is regulated by CySEC.
Do you still think that MarketPluse is reliable? Yeah, neither do we!
MarketPluse Trading software
As trading software, MarketPluse uses MetaTrader 4 and Webtrader.
If you are a newbie, you may not know that MT4 is considered a topnotch trading platform and is very popular among brokers for the many advantages it has in terms of tools and instruments. For example, MetaTrader 4 offers an auto trading option, a financial calendar, code base with customs scripts, VPS, trading signals (for a subscription fee), an app market, etc.
However, offering an excellent trading platform does not compensate for the other shortages we identified with this brokerage.
On the screenshot below, you can see what the platform MT4 offered by MarketPluse look like. On the left, you will see the menu with the forex currency pairs and their bid/ask price. Beneath, is the navigator for the different tools and instruments. In the center there is a display of the EUR/USD pair with the price fluctuation in a given time frame. The possibilities for displaying currency pairs charts is not limited to one. Practically, you can display many charts at the same time in a chosen of you method. Here, as you can see, the bid/ask price shows a spread of 1.6 pips and a leverage of 1:100.
In the account type info, we find out that the leverage for forex trading may come to 1:200 for the Silver account and 1:300 and 1:400 for the other accounts respectively. We must say that this is quite high. We know that high leverage can bring big win but also big loss. Consider that before you choose a brokerage with such high leverage and also remember that over 70% of forex brokers lose money in forex trading. What are the chances for a ‘big win’? In addition to that, you should know that there is leverage cap imposed in EU where leverage cannot exceed 1:30 and in the US the leverage cap is 1:50. These limitations aim at helping traders reduce the risk of financial loss.
MarketPluse Deposit/Withdrawal methods and fees
Interestingly enough, there is no mention of the minimum deposit amount either in the account types information or in the Terms and Conditions document. We find out that the deposit methods are via credit/debit card or bank wire.
In the withdrawal instructions, we find out that the minimum withdrawal amount using a baнk wire is 100 USD/GBP/EUR and for all other withdrawal methods, it is 50 USD/GBP/EUR.
In the bonus policy, we find out that if the client receives any bonus amount, he/she is not allowed to withdraw from it unless certain requirements are met. For example, the client must execute a trading volume equal to the amount of bonus received divided by 4, i.e., if the bonus is $1,000 and the account is funded with $1,000, then the trading volume is 250 lots. This is not easy to execute even if you are an experienced trader! And before you agree to any bonus, think about the restrictions it will impose on your withdrawal options. In comparison, regulated brokerages do not offer bonuses to its clients. We hope that by now you are able to understand why not.
How does 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 voila! 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 just provided a fat commission for your scammers that will be distributed down the food chain. Now 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 is too late! Someone has pulled the cheese and you are trapped because scammers don’t give up easily. Scammers will do anything in order to delay you so that you miss the deadline for chargeback.
What to do if scammed?
Our advice is to immediately file for chargeback if you have been lucky enough to make your deposit via credit card. VISA and MasterCard allow for 540 days chargeback period, so you still have a chance to get your money back.
Things don’t look so good if your currency of choice has been Bitcoin or bank wire. In that case, you may have to wave your money goodbye.
There are some other things that you can do in case of being scammed – cancel your credit card if you have given your CVV code to the scammers. Also, erase any software from your computer that gives scammers access to your private data.
Be warned, as well, that some so-called ‘recovery agents’ may approach you promising to recover your funds for a fee. It could be another form of scam where scammers prey on your misfortune. Should you choose to use one, you must make sure that you are dealing with a genuine and legitimate agency by checking their credential and company’s information and transparency.