Beware! StepUpMarkets 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.

 

StepUpMarkets is a pretty bad broker. Ironically enough, trading with it would be a step down from using the services of a legitimate and licensed company – here is why:

StepUpMarkets regulation and safety of funds

StepUpMarkets is completely unregulated. Furthermore, the broker operates from the island nation of St. Vincent and the Grenadines – an offshore scam haven. The country is infamous for the fact it does not regulate its Forex markets, which makes it a perfect place for scammers to set up shop. Here is StepUpMarkets admitting to being registered there:

As you can see, the broker deceptively tries to make itself appear to be licensed – but, as we said above, the financial regulator of the islands does not issue licenses to brokers. This means that StepUpMarkets cannot even guarantee it is not running a scam – much less prove it is qualified to hold your money, or provide any further protections to it from the infamously volatile Forex markets.

Stricter jurisdictions out there have various rules that licensed brokers need to comply with. For example, in the UK these include the obligation for brokers to participate in guarantee funds, which pay out up to 85 000 pounds to each affected trader in the case of a company going under. As you can see, tighter regulation directly translates to more benefits to you as a trader – so, logically, you would be better of sticking with legitimate brokers – here is a list of our top-rated UK ones!

StepUpMarkets trading software

StepUpMarkets provides access to industry standard trading platform Metatrader 5 – the software enjoys this distinction due to its powerful automated trading tools and intuitive interface. However, even though MT5 can be considered to be the best platform out there, the broker offering it is still unlicensed – it would be best if you avoided it. Here is a list of licensed MT5 brokers to pick from instead.

But, back to StepUpMarkets – here is what its platform looks like:

The spreads the broker has on FX majors like the EURUSD are too wide – well over the acceptable 1 pip difference. There is also the issue of the 1:500 leverage it has available to anyone – such high amounts of leverage have been banned in most jurisdictions due to how risky they are for retail traders to make use of. The majority of brokers that still have them nowadays are just like StepUpMarkets – so be careful when you see such a company in the wild!

StepUpMarkets deposit and withdrawal methods and fees

StepUpMarkets only accepts deposits via credit cards – this makes chargebacks impossible. And considering the broker keeps us in the dark about its withdrawal policies too, getting your money back might prove to be a significant issue!

How does the scam work?

Un fortunately, StepUpMarkets leaves us with no choice but to conclude it a scam – and what’s more, we know exactly how that scam works, as we have seen it unfold hundreds of times before – here is a brief run-down:

First off, someone stumbles upon the broker and is prompted to make an account with it – a requirement to do so is leaving a phone number. Once the scammers have it, they will start calling around the clock to harass their victims for ever increasing sums of money. These calls only stop if the victim catches on to what’s going on, or simply runs out of money to deposit – at which point the scammers move on to new targets.

What to do when scammed?

If you have been scammed, you would need to take the following steps to make sure you do not suffer further losses:

First off, make sure you get whatever credit cards and forms of ID the scammers had access to re-issued – and get rid of whatever software they had you install on your PC!

Secondly, contact your bank to see if you can file a chargeback on your deposit – if that is not possible, do not fall for recovery agency scams – these “agencies” will want an advance fee payment for their services, and if you do pay them, they will simply add to your losses!

Finally, do not hesitate to leave a comment in the section below – in doing so, you will be helping us raise awareness of the scam, which is an excellent way to combat its spread!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *