Beware! AM Markets 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.
AM Markets is another shady broker which operates without any sort of oversight, lies about it and does not provide us with crucial information – and the broker being not exactly legitimate is obvious from the first glance at its website, hastily put together and barely translated from Chinese. So, we feel that a closer look at AM Markets is warranted:
AM Markets regulation and safety of funds
AM Markets is not regulated whatsoever – despite claiming to be, in Canada. Here is what AM Markets has to say:
And while the FINTRAC is a real body, it does not regulate the markets in Canada in any capacity – the actual regulator in the country is the IIROC – it demands that brokers under it particiapte in guarantee funds, which, in the case of the company going under, will pay out each of its affected clients up to $1 million.
There are a lot more protections that traders with Canadian brokers enjoy – and if you like to learn more about them, check out this article about our top-rated Canadian brokers.
AM Markets trading software
To our surprise, AM Markets provides access to the best trading platform out there – Metatrader 4, acclaimed for its powerful automated trading features and sleek interface. Here is what the platform looks like:
The spreads that AM Markets has are too wide, however – on major FX pairs like the EURUSD they fluctuated between two and three pips – way over the acceptable 1 pip difference.
There is also something to be said about the leverage that AM Markets provides – the broker offers anyone amounts of up to 1:500, way over what most regulatory bodies have deemed appropriate for retail traders to access. In fact, unlicensed brokers like AM Markets often provide such high amounts, despite the risk to their clients’ funds – that is because they simply care about attracting more people, and, consequently, more deposits. Should you see a broker offering these amounts in the wild, stay away – it is highly likely you are dealing with an unlicensed broker or a scam!
AM Markets deposit and withdrawal methods and fees
AM Markets’ deposit page mentions it accepts bank transfers – these payments are quite often preferred by scammers, as they are always final and not eligible for a chargeback. It is highly likely that AM Markets is trying to restrict the options its clients have to get their money back, given the fact that the broker does not have its Withdrawal policy in its Terms and Conditions. There are only two things that are certain about withdrawals with the company, however – they are not going to be cheap or easy!
How does the scam work?
At this point, it is painfully obvious – AM Markets is running a scam. What’s more, the company is doing so using a very predictable and played-out scheme. Here is how it usually plays out:
First off, the future victim of the scam stumbles upon a website, much like the one AM Markets runs – on there, they are prompted to make an account, leaving their phone number in the process – and that might not seem like it, but it is crucial for the scammers, who then use the number to barrage their victims with calls, demanding more and more deposits. Should the person being conned realize their predicament and try tp request a withdrawal, the scammers just cut them off without a second thought.
What to do when scammed?
When scammed, there are some steps you need to take to prevent further losses – first off, remove all software the scammers had you install on your PC – they often use desktop sharing software like Team Viewer to spy on their victims. Also get new IDs, credit cards and whatever other documents the scammers had access to issued – by doing so, you can restore your privacy.
Next, you should think about recovering your money – the best way to do that would be contacting your bank, telling your story and having them walk you through your available options – but do not fall for the recovery agency scam! This is a scheme, which prays on people that were scammed by promising them a refund at the cost of an upfront payment – but the scammers behind these agencies will simply pocket your money and run with it!
Finally, do not hesitate to talk about your experience – leave your thoughts in the comments section below so you can help us combat the scam by raising awareness of it!