Agoramarkets review – 5 things you should know about

Agoramarkets review – 5 things you should know about

Beware! Agoramarkets is an offshore broker! Your investment may be at risk.



Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.


Agoramarkets is a Forex broker that lists two different UK addresses and is somehow linked to Bulgaria and Australia. They claim to offer an intuitive platform, but exactly the opposite is true. Find out why you should never trade with this Forex broker in the full Agoramarket review.


Agoramarkets claims to be owned and operated by AGORA TM Pty Ltd, but they don’t give any further information about this company such as a country of incorporation or else. We researched and found that there are a few Australian companies bearing the same or similar name, but they seemingly have nothing to do with Agoramarkets. We didn’t fund such a broker in the register of ASIC- the Australian financial regulator that authorize the FX companies. Agoramarkets also lists London addresses and a British contact number, probably trying to deceive the customers and trick them into believing that it’s a legit UK broker. Our research in the register of FCA- the British financial authority didn’t produce any results either.

Agoramarkets claims to operate under the governing laws of Bulgaria, but also fail to specify their link with the European country. Bulgaria is a member of the European Union, so the EU rules and regulations apply if a Bulgarian company wants to operate as a Forex broker. No license was found in the register of the Bulgarian financial regulator- FSC, as well.

Your funds are not safe if you deposit with Agoramarkets, because it’s an unlicensed, unauthorised and unregulated dodgy Forex broker that illegally operate without the authorisation required! Avoid them and trade with regulated EU or UK brokers instead, as these domains provide the safest environment for your funds and impose stringent rules that the companies have to meet in order to obtain an FX license.

Most importantly, though, there are deposits insurance funds established throughout Europe, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits made by the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the 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 fails to meet its financial obligations.


Agoramarkets offer a web-based trading platform that’s worse than useless. It’s one of the ugliest and difficult to use that we’ve seen so far, but also the software provided cannot offer even the necessary trading tools Metatrader includes. Moreover, the web-based platforms that the brokers develop by themselves are often exposed to be prone to fraud and price manipulation.

The EUR/USD spread we found was wild and would go from 0.2 pips to 3 pips in a matter of seconds. The price action is also somewhat odd and slow, so the price manipulation suspicions are very real indeed! The spread is the cost for trading, meaning that the lower spreads benefit the traders and increase the profit potential.

The leverage is said to be up to 1:400, but the traders are not allowed to adjust it to their own preferences which is a red flag we need to note. The leverage is a financial tool that actually makes trading possible. It allows the traders to provide only a fraction of the amount they want to place on the market, but the risks escalate. If misused the leverage might cause losses that are very difficult to recover, and the damage might occur in a matter of minutes or even seconds. The risks involved made the EU, UK and Australia (from April 2021) force a leverage cap of 1:30 as a customer protection measure. We advise that the traders should stop searching for brokers offering higher ratios because they might quickly end up trading with scammers.

The traders will benefit if they start trading with regulated MetaTrader4 or MetaTrader5 brokers because Metatrader is the best retail FX platform in the world. It’s stable and reliable, featuring sophisticated trading tools such as Expert Advisors, Algo trading, Complex Indicators, Strategy testing and even a Marketplace.


The minimum initial deposit required is $250, which is significantly higher than the legit Forex brokers’ standards- $100 on average.

The traders can deposit only via Credit/Debit cards and Wire Transfers. Other standard funding methods such as the e-wallets Skrill and Neteller are not available.

The minimum withdrawal amount possible is said to be $50, but $300 for Wire Transfers. It’s an unfair clause whatsoever making Agoramarkets a demanding broker to trade with. In comparison, the legit brokers will not limit the traders as to the minimum amount of money to pull out. Agoramarkets says to process the withdrawal request within 5 days, which is much longer than the industry standards- 48 hours on average. No fees applicable, though, which is in line with the rest of the industry.

An account becomes dormant after 12 months of inactivity and will be charged with an annual maintenance fee of $25, which actually corresponds with the industry standards.

There are some bonuses named Margin Loans starting from 25% on the deposit. To make a withdrawal, however, the trader has to meet a minimum trading volume requirements that we’ve never spotted before- 30 000 times the amount! Needless to say, such an enormous volume is impossible to reach, so the trader will effectively be unable to pull any money out of his account! You should know that the bonuses are not free money, but a leverage tool that increases the risk even more, and it generally works against the traders! EU and UK, for example, prohibited the trading incentives because these were seen to worsen the trading conditions for the clients!


The scam is a criminal activity; the scammers are trying to defraud people by making them believe that the markets are nothing to worry about, and it’s no hassle to make vast amounts of money. Mostly, the scammers are hiding behind offshore companies, trying to remain anonymous and difficult to trace. It is also little or no FX regulation in the offshore domains such as Vanuatu, Marshall Islands, Commonwealth of Dominica or St. Vincent and the Grenadines- the most popular destinations for shady and illegitimate enterprises. The lack of regulation makes the scammers invincible, as they are not going to bear the consequences of their felonious actions. Regulation and authorisation mean customer protection and safety, no financial regulator such as CySEC or FCA will make it possible for a scam Forex broker to conduct illicit activities.


No one is immune to scam, and anyone can fall into the trap. Scammers are always 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 necessary 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!

It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!

Share online your experience; it’s important to protect others, as well. Be responsible!

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