Beware! Markets Legion 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.
Markets Legion is introduced as a high-end cryptocurrency broker deploying the latest technologies and artificial intelligence to secure its clients’ profits. They claim to be transparent, safe and accessible, but we will question all of their statements. You can find out what we came up with in the full Markets Legion review.
Markets Legion REGULATION AND SAFETY OF FUNDS
Markets Legion is purportedly a brand name of Molid Group Ltd, a company registered in St. Vincent and the Grenadines. This fact alone refutes the transparency claims because the SVG brokers are totally non-transparent, and you can’t actually find any significant information about them. Worse though, the local regulator SVGFSA does not even license or control the brokers legally operating from the island, which is a huge problem. The lack of regulation means that those mentioned above do not abide by the laws and may carry out fraudulent or other criminal activities without bearing any consequences whatsoever. Your funds are not safe if you deposit with Markets Legion because it’s an unlicensed and unregulated shady broker, which might as well be a scam given the fraudulent claims they make. Beware!
Avoid them and see the adequately regulated EU brokers and British brokers we recommend by following the links provided. The European markets are strictly controlled and safe for traders and investors due to the customer protections implemented in the regulatory framework. Most importantly, though, there are deposit insurance funds laid down to protect traders and investors’ money in case of bankruptcy or fraud. For example, CySEC brokers’ clients can claim up to 20 000 EUR, while the British guarantees are up to 85 000 GBP per person.
Markets Legion TRADING SOFTWARE
In this section, we are going to disprove another Markets Legion statement. They say to provide artificial intelligence tools and cutting-edge technology, but that’s far from the truth. These claims also turned to be fraudulent, and Markets Legion start looking more like an offshore scam rather than a reliable broker.
Their platform is far from good. It’s web-based and lacks most of the standard tools traders can find in MetaTrader, for example. The software is ugly and actually challenging to work with, especially when it comes to charting tools. On top of that, they offer only cryptocurrency pairs, which happened to be very costly indeed. The BTC/USD price to open a position is $100, more than three times worse compared to the industry standards- below $30 on average. Markets Legion’s trading conditions are not good at all, so it’s not even close to a high-end broker!
Speaking of platforms, see the MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the best retail trading software providing sophisticated tools such as Expert Advisors, Algo trading and plenty of complex indicators. They also created a marketplace where you can find more than 10 000 apps and third-party developed trading solutions.
The leverage is hidden and undisclosed, which is a major red flag. The crypto pairs are known to be very volatile, so higher ratios are inappropriate for those instruments. As traders are not aware of the leverage levels, they may be exposed to tremendous risks, which in turn can cause excessive losses. The leverage hazards caught the eye of many financial authorities, which imposed restrictions as customer protection measures. For example, in the EU, the maximum allowed ratio for cryptocurrency pairs is 1:2, while Britain completely obliterated those assets trading.
After the leverage restrictions, British and Australian brokers (to come in effect later in 2021) are limited to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide higher levels than 1:50. The Swiss brokers aren’t restricted, but there is a 20 million francs capital requirement in Switzerland, which certainly drive scammers away.
Based on the leverage breakdown, we can conclude that Markets Legion is a potential scam and a broker that traders should avoid.
Markets Legion DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Markets Legion is $250, which is in line with the shady offshore brokers’ requirements, but more than twice as high as the regulated industry standards- $100 on average. The funding methods are Wire Transfers and Credit/Debit cards, which seems unnatural for a broker pretending to be a cryptocurrency trading leader. Anyway, regardless of the broker, it’s best to deposit via bank cards only because this method allows filing a chargeback for a lengthy period of time. On the other hand, Wires are final, therefore impossible to get a refund if things go wrong. Consider these facts when transferring money to a broker.
The minimum withdrawal amount is $50, which isn’t actually fair enough because most legitimate brokers impose no or minimal requirements towards the traders. The request processing time is within 7-15 days, which is a lifetime compared to the regulated brokers’ standards- 48 hours on average. But to become even worse, the minimum withdrawal fee is $20, which is unacceptable. Withdrawals above $2000 will be charged with $150, and that’s totally unfair business behaviour.
The inactivity fees are equally crooked. After only 3 months of inactivity, the account becomes dormant and will be subject to a monthly charge of 0.5% of the balance or $100 at least. To compare, the legit brokers would usually let at least 6 months to pass and would collect 5 to 10 dollars per month at most. Markets Legion’s services are overpriced, and traders are going to lose money paying unjustified fees. A solid reason to stay away from this otherwise unreliable entity.
There are deposit bonuses available, but Markets Legion fails to specify the additional provisions applied. Traders should be cautious with bonuses because the brokers’ incentives are not free money but a leverage tool that makes trading even riskier.
Overall, Markets Legion is a shady offshore broker making fraudulent claims. Stay safe and avoid this business.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers most often search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make traders believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money letting them believe they trade in a real environment. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If this unfortunately happens, the first thing to do is to protect yourself from further risk. Contact your bank and explain what happened to you so that they can give you instructions and 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, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many fraudulent chargeback agencies and individuals are waiting to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!