Beware! MarketsGiants 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.
There is no denying the inability of MarketsGiants to perform like a legit broker, although we might be confusing a lack of will for a lack if skill. Not that it matters in the end. This company can easily be considered as a typical unlicensed brokerage firm, presented with a very templated website that seems to take inspiration from 80% of all scammer brokers. The just of it all is that this broker is not worth it, and the following review explains why.
We were grateful that at least there was the ability to open an account. Even though there was no real user area- registered users simply get a couple of extra sub pages along with the website. We have seen this exact same thing multiple times with a bunch of unlicensed brokers.
The main addition to all of this is a web trader, that indicated a 3 pip spread for the EUR/USD currency pair. We also find that the leverage is maxed at 1:400. The web trader gives us the following tradeable financial assets: forex currency pairs, cryptocurrencies, commodities, indices, and stocks. The cost of trade is up there with some of the worst a d most unprofitable spreads.
The website of the broker is available in English.
MARKETSGIANTS REGULATION AND SAFETY OF FUNDS
MarketsGiants sticks to its guns and does not stray away from the most common illegitimate brokerage claim- that it is located and incorporated in Saint Vincent and the Grenadines.
There is nothing too complicated here. Saint Vincent and the Grenadines is a nation that attracts a huge number of fraudulent brokers because the official has integrated a very liberal approach, and it seems to have backfired, although the lack of change indicates that the country is fine with the nature of the businesses it attracts.
Moreover, there is no FX regulator in place, meaning that MarketsGiants and the thousands of other brokers are not licensed in the country; only a smidge of brokers there have got a proper license abroad.
MarketsGiants does not mention anything else of value, even though the contact address is in the UK- the broker is definitely not licensed in the UK; if it was it would be obvious.
Therefore, MarketsGiants is not regulated and a risk. It also might be a scam, so all investments are a risk!
Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UK, EU, US, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
MARKETSGIANTS TRADING SOFTWARE
The main problem that we have with the trading software is that it includes a third party chart provided by an irrelevant company. The real issue here is determining if the trading conditions are a reflection od the broker’s own liquidity pool, or if they are taken from some servers provided by the third party firm.
The main features are price alerts, pending orders, time frames and other essential chart customizations, a social trading sub-section, one-click trading, and more. Quite a decent web trader, but one that will get obsolete in a short period of time.
MARKETSGIANTS DEPOSIT/WITHDRAW METHODS AND FEES
The only real way to invest is by means of a Bitcoin wallet. This is what the payment area ultimately revealed. For a moment it tricked us into thinking users can invest with credit/debit cards, but then it revealed only some shady BTC address. There is no minimum deposit.
The only thing we learn from the withdrawal section is that the minimum amount to take out is €1.
According to the legal docs the payment methods are quite different from the single crypto wallet, meaning that the information on the website concerning payments is deceptive. There is talk of credit cards and bank transfers, with their own fees, but the user area does not give us their payment options. Typical for a scammer broker to lie about its payment gateways.
MarketsGiants is a risk to all and unregulated! Do not invest here!
How Does The Scam Work
We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.
The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.
Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.
The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.
The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.
The final step is containing the damages, or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.
What To Do When Scammed
Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that, VISA and MasterCard have extended their cash-back period to 540 days.
A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.
Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.
The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.