Beware! Atamarketsint 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.
Atamarketsint’s interface is rather generic and looks like any other run of the mill broker’s. We look at some key features to determine how safe it is to trade with this broker.
Atamarketsint Regulation and safety of funds
The first thing we always do is verify that the broker is legit and licensed. As the address of the company is shown to be in London, UK, we check the Financial Conduct Authority that regulates forex brokers in this jurisdiction. As you can see from the image below, Atamarketsint is not on the register which is sufficient proof that this broker is non-legit, non-licensed and is probably a scam.
Licensed brokers in the UK must jump through many hoops in order to get licensed. First of all they must have an initial capital of no less than 730,000 EUR, they must report their transactions on a daily basis and keep clients’ accounts separately in tier-1 bank establishments. These are measures which among other things serve as prevention to scammers infiltrating the ranks of licensed brokers. But that is not all. Licensed brokers in the UK must also deduct funds towards the local Financial Services Compensation Scheme from which their clients can be refunded up to 85,000 GBP per person in case of bankruptcy. There are also other requirements which we will discuss later on that will show you that Atamarketsint doesn’t meet them.
So, if you want to choose a forex broker from the UK to trade with, you know what to look for. There are other options that you can explore – the jurisdictions of the EU, the US and Australia also offer good conditions to forex traders. In the EU, the requirements that licensed brokers must meet are similar to those in the UK with the exception that the brokers regulated by CySec contribute to the local Investor Compensation Fund and their clients can be reimbursed up to 20,000 EUR if the broker becomes insolvent.
In the US and Australia, forex broker must be well-capitalised to protect their clients should unfavourable events occur, as there are no compensation schemes. However, having to provide an initial capital of $20 million in the US and 1 million AUD in Australia can assure any trader that his/her money won’t be lost.
Atamarketsint Trading software
Atamarketsint is a forex broker trading in forex, metals and indices. The trading platform that traders can use is MetaTrader 4. Unfortunately, due to broken links on this company’s website, we were not able to open the platform after registering a live account. Despite that, we can still provide some essential information regarding trading on this platform. If you look in the account types information, you will notice that you can see the spread for each account. We find that for the Mini account the spread can start from 3 pips. This spread is too high and it signifies that the cost of transactions will also be high and traders will not be able to make a sustainable profit in the long run. Please note that the industry average is 1.5 pips, in case you want to compare with other brokers. Another information that does not bode well for the safety of your funds is the high leverage which can reach 1:400. High leverage may look like it amplifies your potential for making a profit, but on the other hand, it also increases your funds’ exposure to risk. It is not by any chance that in the UK and in the EU there is a cap on leverage and it cannot exceed 1:30 and in the US, it cannot go over 1:50. These are the other protective measures set in place to protect traders’ money and reduce the risk of undertaking risky transactions that can lead to a substantial financial loss.
A few words about the MetaTrader 4 trading platform. If offered by a licensed broker, it would be an excellent choice as this platform is one of the leading in the forex world and the majority of brokers sware by it. It comes equipped with an excellent package of trading tools and instruments, including a variety of charting options, technical analysis indicators, auto trading option, code base with customs scripts, trading signals, VPS, an app market, etc. Using such a platform truly enhances traders’ experience and facilitates predicting the future direction of exchange rates and making a profit.
Atamarketsint Deposit/Withdrawal methods and fees
Atamarketsint’s clients have a choice between 4 trading accounts – Mini, Standard, ECN Pro and Crypto Pro. The minimum initial deposit for the Mini account is $100. For the Standard and Crypti Pro accounts the deposit is $1,000 and for the ECN Pro accounts, it is $5,000.
Deposit methods include bank wire, credit card, Skrill, Neteller, Paysafecard, Rapid Transfer, Sofort, Cashu and Neosurf. There are no deposit fees and funds are transferred within the hour except for the bank transfers which can take between 3 and 5 business days.
The minimum withdrawal amount is $50.
Unfortunately, the Terms and Conditions document is missing on this company’s website, so we are not able to provide any further information regarding dormant accounts or if the broker is offering any bonuses.
How does scam work?
Actually, it’s quite simple and people 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 a chargeback.
What to do if scammed?
Our advice is to immediately file for a 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.