Beware! TRS Markets 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.
TRS Markets is a big broker, filled with information and claims, with promises of fair trading, etc. The name suggest a professional conduct, and the website does achieve to convey that air of slick professionalism that many others have attempted at before it. So why are we skeptical? Isn’t TRS Markets a safe environment for traders to thrive in? The review reveals why we do not trust this brokerage firm. We wont hold you back any more; read on.
In order to register, TRS Markets has offered on of the most common method of registering, that has been used only by illegal brokers in previously reviewed cases. The resulting dashboard was expected.
Anyway, we were able to open two trading terminals. One gave us a EUR/USD spread of 3 pips, while the other (for the same currency pair) got us 8.2 pips. Both costs of trade are in no way lucrative to traders, with the latter being absolutely ludicrous. The fact is, that the only winning party with such a high spread is TRS Markets. The leverage was capped at 1:100. Both platform gave us the following trading assets: forex pairs, commodities, crypto, indices, and shares
The official languages of the website are English, Russian, Polish, and German.
TRSMARKETS REGULATION AND SAFETY OF FUNDS
TRS Markets comes with a messy set of regulatory/incorporation information pool, that we have attempted to shed some light on.
The certificate of incorporation that can be found in the website is not in any way connected to the broker at hand.
And from the snip you can see why. The Certificate clearly certifies a completely different entity.
Next, we have the footer where TRS Markets indicates a license by UK SIC 66110. In fact, the UK SIC is nothing more than proof that the company is incorporated. SIC stands for Standard Industrial Classification, while the numbers are used to identify the nature of the firm’s activities. And even though stock exchange activities and commodity options exchanges (among others) are classified inside the UK SIC Code 66110, in no way is this an FX trading license. The FCA is the only agency in the United Kingdom that can give away licenses, and it has not given one to TRS Markets.
The end result out of all of this is that TRS Markets in UNLICESNED, and a risk to all investments.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
TRSMARKETS TRADING SOFTWARE
We had the choice between two very different trading platforms: The MT4 and the Status WebTrader.
The MT4 was a nice surprise, but it is on this terminal that we got the ridiculous 8.2 pip spread. So, basically because of this spread the MT4 is unusable.
As for the Status WebTrader, all of you should be aware that this is one of the most popular platform that has been used for a while now by all kinds of scammer brokers.
What the Status WebTrader has at s it’s main weapon is its visual, which we admit to like. The platform uses its aesthetics to attract users, but in reality the office has close to now features. Aside from pending orders, one point clicking, and copy trading, there is nothing keeping you here. The MT4 has so much more.
TRS Markets does not allow its users to keep an open trading position for more than 21 days. After this period, the company has the right to close down said position.
TRSMARKETS DEPOSIT/WITHDRAW METHODS AND FEES
The minimum required amount to open an account is $250. Users can deposit with Interkassa, OAcquiring, Credit card, PayOp, and Itez – a bitcoin buying website. Overall, very suspicions payment methods.
Furthermore, we found a peculiar clause in the Terms and Conditions that allows the broker to shorten or supplement the deposit form. This is a puzzling clause to us, yet we feel like it can be a game changer, and not in the good way.
We found no info on withdrawal processing times. The minimum withdrawal amount is $10. One of the fees is activated with client who have made a less that 5 transactions. The commission is 5%.
It’s not surprising that the broker has included other fees and commissions that it has, purposefully, not clarified. This is a common move on the part of unlicensed brokers.
Bonuses must pass a turnover requirement, before being able to be withdrawn. For a bonus up to $10 000 the broker requires users to trade $10 million for each $1000 bonus granted. For a bonus between $10k and $30 000, the trading volume is required to be $20 million for each $1000 bonus, And, for the bonus of $30 000 or over, the user has to trade $30 million for every $1000 bonus received. What can we say, aside from that this is absolutely ridiculous, and in no way worth it!
Last, we have the indemnification clause that limits the liability of the broker to no liability at all, basically making it innocent of any damages it causes to its users.
In no way are all these clauses flashy or controversial, as is the case with many previous brokers. Yet, we urge users to always be on the lookout for additional clauses should you decide to risk it with TRS Markets for some reason.
Our advice will remain the same: seeing that the broker is unregulated and has its fair share of practices that come with the lack of a regulation, we do not recommend using it at all! All you funds will be lost!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.