Beware! 2Mercados 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.
2Mercados, translated from Spanish to “two markets”, is obviously not going to be your common FX broker. It target audience is clearly more oriented toward Spanish-speaking users. However, it is not its intentions that make this broker interesting. Rather it is its structure and looks that put it in the category of note-worthy firms. Yet, it is always crucial to make a distinction between uniqueness and objective-good. Even with an interesting visual approach, 2Mercados still seems to us like a broker needing a second in-depth look. The old saying that a book should never be judged by its looks is very evident here.
The registration process was very quick, and we completed it before even realizing that we did. What followed was a trader area filled with features and sub-pages, but our minds had not been made up. We still felt like something wrong was lingering. This feeling soon became a reality when the trading software turned out to be a popular one amongst shady brokers. We have included a snip of the situation further down in the review.
However, we still were able to glance the EUR/USD spread, which turned out to be 3 pips. A leverage amount was suspiciously absent. The available trading assets are forex currency pairs, cryptos, commodities, indices, equities, shares, fixed spots, and variable spots.
The website is available in Spanish, but it can be also translated into English.
2MERCADOS REGULATION AND SAFETY OF FUNDS
The broker tries as hard as it can to avoid the regulation topic. The legal documents expertly jump over all license details, and 2Mercados achieve total anonymity. However, we are not new to these deceptive tactics, and as such persisted, until it turned out that 2Mercados really has nothing to offer concerning a license.
2Mercados is definitely UNREGULATED, making it a real risk to all investments made in it!
Investing in unregulated brokers is synonymous with losing money. Never be too quick to deposit! Always check for a regulation prior to depositing. This should always be any trader’s priority! If the broker at hand has a regulation, preferably FCA or CySEC., then you are good to go. From there on it’s all a matter of taste and the offered trading grounds. These two agencies are in the top 5 list of the best regulators in the world. All brokers under their gaze abide by the strictest of rules and guidelines. Furthermore, both the FCA and CySEC have a compensation scheme covering all users of brokers that cannot pay their dues, due to insolvency or other similar reasons. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
2MERCADOS TRADING SOFTWARE
The MT4 that we hoped to open came under a different name, meaning that the servers do not belong to 2Mercados. Thus the MT4 is not really a part of the broker being reviewed today! Do not get fooled into thinking otherwise.
What is left is the Sirix WebTrader, a platform that offers the basic of features including pending orders, one-click trading,
In no way are we bad-mouthing these features. What we are trying to say is that most good trading softwares have a ton more features that build on these main ones.
In the Platform download section, as part of the user area, the broker presents a very dangerous program as a trading software- AnyDesk. This software allows any third party to access another party’s machine, basically taking control of it. Through AnyDesk anyone can look into your crucial banking accounts, social media profiles, and similar sensitive sources. The good news is that the other party must get your permission first! So, don’t be surprised when 2Mercados asks permission to use AnyDesk on your PC. Whatever you do, do not allow it!
2MERCADOS DEPOSIT/WITHDRAW METHODS AND FEES
The user area reveals that clients can only deposit through a credit card, which is not something that we expected. Usually, unregulated brokers have at least 2 or 3 payment methods, one of which is almost always a crypto-based one! The payment gateway does not disclose a minimum deposit. The website, however, does. According to it, the minimum investment requirement is $250, which is the most common requirement, but in this case, it is unprovable.
Withdrawals aren’t really processed. Instead, the user sends a request to the broker. He or she literally sends a message containing the reason for withdrawals, the amount, and the account, plus the currency. This basically is evidence that the broker will never pay a client back!
2Mercados is not worth even one cent of your money! Stay away from this one!
How does the scam work?
The scam tactics that brokers use come under a common denominator. Most of them have a similar structure, with small touches that some brokerages choose to include. When users fall for these they will sooner or later realize it!
The very first step resolves around the fake internet ad, found mainly in social media websites. These high-promising advertisements promote a care-free lifestyle where money is made with easy trading on assets like forex or/and cryptocurrencies. Clicking on one of these will redirect users to a website (usually the broker’s website, but sometimes an intermediary site) where they will be asked to provide contact details. Sooner or later, traders will start receiving calls or emails with alleged opportunities on huge profits in exchange for a minimum deposit, an amount that depends on the broker, but also on the user herself (high income vs low income).
If the user deposits her first deposit, then she has fallen into the scam, and the broker is ready to initiate the second stage of the scam. Enter the account managers (sometimes called senior managers). These will push for more deposits, while slowly taking over your account. They will be very aggressive with their solicitations, trying anything and everything within their ability.
At this point, the user has not yet withdrawn! When she attempts to do so, she will be greeted by a very unpleasant reality: her deposit(s) and profits can never be returned. The broker usually enforces one of the following: either it will block the account, it will close down the website, it will stall withdrawal requests, or delete the account!
What to do if scammed?
The first thing you can do, and the most crucial, it to file for a chargeback with your credit or debit card company ASAP! MasterCard and VISA have extended their chargeback period to 540 day.
Deposits that were initially invested through a bank, and were lost as a result of the scammer brokers, should stimulate users to CHANGE their bank account details- both username and password! Furthermore, it wouldn’t hurt them to contact the bank and check with them.
It is crucial to know to never invest in suspicious brokers through a crypto wallet. A majority of these payments are untraceable, and you are risking to lose all your money with no hope of ever seeing it!
The scammer, or other related parties, have a last card to play. Deposit/Investment recovery agents are notorious fraudsters that promise to recover all your lost capital in exchange for a fee. Once the commission is paid, these will disappear with the money, which leaves you at an even bigger loss!