Beware! Marketstime 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.
Marketstime is a broker that promises it’s time for the traders to get benefits and touch the future. It’s the worst marketing message that we’ve seen recently, and it indeed corresponds with the quality Marketstime provides. Their website is simple, but at the same time, critical parts are dysfunctional, and it’s a reason for us not to recommend Marketstime. But there are even worse aspects of their business that we are going to expose in the full Marketstime review.
Marketstime REGULATION AND SAFETY OF FUNDS
Marketstime is an illegal Forex broker, and we were unable to dig up any piece of evidence that can prove us wrong. The guys behind this entity purposely hide important information about themselves from the public because otherwise, they have to admit that they are breaching the laws by selling investment products and services. The only thing we were able to find is the fact that Marketstime conducts its business activities following the Estonian governing laws. Estonia is an EU member, and as such, it implements all the regulations devised by ESMA- the central EU financial authority. We researched the register of the Estonian financial regulator (FI) but didn’t find anything about this particular entity.
Your funds are not safe if you make a deposit with Marketstime because it’s an unlicensed and unregulated Forex broker, which is illegal and most probably a scam.
The best choice for a trader is either a CySEC regulated (EU) or FCA regulated (UK) broker, which are not surprisingly the leading companies in the retail Forex industry. The customer protection is placed on top of their priority list, not because they want to, but because they have to. In these domains, the Forex brokers have to comply with many strict rules and regulations, such as minimum capital requirements of 730 000 EUR, personnel qualification standards, segregation of the clients’ accounts etc. But most importantly, there are money protection schemes in operation, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits of the traders. Under CySEC(Cyprus) supervision, you can claim up to 20 000 EUR in compensation per client, while in the UK under FCA you are guaranteed of even up to 85 000 GBP per client. 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 faces difficulties to meet its financial obligations.
Marketstime TRADING SOFTWARE
Marketstime claims to offer some top-notch platform developed by themselves, which is enjoyable for the traders. We have to observe- trading is not about joy or having fun, so their assertions should be dismissed as inappropriate. However, we weren’t able to access their platform because the page was broken, which is a major red flag, even though it might have been some temporary issue.
As a result, we have no information about the two fundamental trading elements- the spreads and the leverage levels. Marketstime fails to specify these on their webpage, too, so there is yet another reason for the traders to stay away from this shady broker. Instead, Marketstime put an extra effort to show the traders how wonderful the Cryptocurrencies are. It’s a red flag itself because the Crypto pairs are considered unsafe and also prone to fraud and price manipulation. You can find out more information about the basic Crypto scam later in the review.
In a few sentences, we are going to explain why the spreads and the leverage matters. The spread is the price that the traders have to pay to open a position, and it directly affects the profit potential, but also largely determine whether the trading conditions are good or not. The lower spreads benefit the traders and make trading more affordable.
The leverage is the other critical aspect in trading, and it’s a powerful financial tool that allows the traders to amplify their profits, but it comes with risks that escalate. Leverage levels such as 1:500 are dangerous for the funds of the traders and might cause lightning-quick losses instead of profits. The risks involved made the EU, UK and Australia (from 2021) impose a leverage cap on the market- 1:30 as a customer protection measure. Canada and the US capped the maximum allowed ratio at 1:50, and we recommend that the traders should avoid brokers offering higher levels because the increased leverage became a favourite marketing tool of the scammers.
Avoid Marketstime and choose a legit MetaTrader4 or MetaTrader5 broker to trade with. MT is the leading retail Forex trading platform, which also comes free to use. It’s stable and reliable, but also features sophisticated trading tools such as Expert Advisors, Algo Trading, Complex Indicators, Strategy Testing and even its own marketplace.
Marketstime DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with Marketstime is $200, which is twice as high if compared to the industry standards- $100 on average.
The minimum withdrawal amount for bank cards is $100, but $250 for Wire Transfers which is unfair a requirement. The fees that incur are even worse- $25 plus $10 processing fee for bank cards and $50 for wire transfers. There is also a minimum trading volume to execute if you want to be eligible for withdrawal and we can mark this is a scam clause whatsoever! Have a look at the picture below for more information.
The withdrawal request is said to be processed within 4-7 days, which is much longer than the industry standards- 48 hours on average.
The dormant account policy is also an unfair one. An account becomes dormant after 6 months of inactivity and will be subject to a 10% deduction per month. In comparison, the regulated brokers will charge the inactive accounts with 5 to 10 dollars per month at most.
Marketstime offers bonuses starting from 10% of the deposit made, and it’s a red flag itself because the trading incentives are banned in EU, which once again confirms that this broker is illegal. The traders should know that the bonuses are not free money but a leverage tool that further increases the risk for the traders. Brokers offering bonuses and trading incentives should be avoided.
HOW DOES THE SCAM WORK
Cryptocurrencies are increasingly popular among scammers and offshore brokers because this form of digital money is decentralized and the payments made are peer-to-peer, i.e. anonymous. It’s a powerful scam sign if an alleged Forex broker is accepting only Crypto deposits because it’s almost impossible to make a refund and get your money back! The scammers also love Cryptocurrency trading because these pairs are considered prone to fraud and price manipulation. Not to mention that the spreads of the Crypto pairs are enormous, which is bad for the traders, but great for the brokers as they act as market makers most of the time and pocket the Buy/Sell difference. As a customer protection measure, the UK is going to completely obliterate the digital coins derivatives trading because these instruments are considered inappropriate for the retail traders. The ban will come into effect in the spring of 2021.
WHAT TO DO WHEN SCAMMED
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. They will 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!