BankersMarkets review – 5 things you should know about bankersmarkets.co.uk

BankersMarkets review – 5 things you should know about bankersmarkets.co.uk

Rating: 1

Beware! BankersMarkets is an offshore broker! Your investment may be at risk.

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BankersMarkets claims to be a forex and CFDs broker who offers “exceptional service” and operates in one of the leading global financial centres. The reality is that this is an unlicensed broker who aims to scam you out of your money.

BankersMarkets is also directly linked to a whole network of fraudulent websites. The only exceptional thing about it is that it has not yet attracted the attention of regulators.

At the time of writing this review, the BankersMarkets website lacks basic functionality, primarily the ability to register an account. Upon opening the registration link, the browser warns that the server certificate is actually for another website – 24htrading.co.uk:

Attempting to continue with the registration takes the user to a non-existent page. It appears that the BankersMarkets website is still under development or has now been abandoned. But the available information is sufficient to establish its fraudulent nature.

BANKERSMARKETS REGULATION AND SAFETY OF FUNDS

BankersMarkets is stated to be operated by GonnaFlex Limited, a company based in London, UK:

We do found a company with that name on the general UK companies register. It is owned by a citizen of the Czech Republic, and the nature of its business is “other publishing activities, information technology consultancy activities and web portals”:

To operate as a broker in the UK, a company must be licensed by the Financial conduct Authority (FCA.) However, GonnaFlex Limited cannot be found on the regulator’s register:

So although we read in the text of the BankersMarkets Terms and Conditions that the activities of this broker are governed by UK law, this is a blatant lie. BankersMarkets is not a regulated broker and should be avoided.

If you want to start trading in the financial markets without being scammed, you can turn to some of the legitimate brokers that actually operate from established financial hubs like the UK. These brokers have to meet stringent requirements for financial stability and transparency of operations imposed by the Financial Conduct Authority (FCA).

They must provide clients with negative balance protection and to participate in a guarantee fund that covers up to GBP 85,000 of a client’s investment should the broker go into insolvency. These brokers are also required to keep their clients’ money segregated from their own operating funds in separate bank accounts.

BANKERSMARKETS TRADING SOFTWARE

BankersMarkets claims to offer the most popular trading software in the industry, MetaTrader 4 (MT4), with applications for Android and iOS mobile devices and web-based variant in addition to the Desktop applications for Windows, MacOS, Linux operating systems.

However, the installation file that can be downloaded from the BankersMarkets website is only for Windows and is configured for another broker – Go Partners Limited:

The address given is the same as the one for GonnaFlex Limited. At the time of writing this review, the Go Partners Limited website has an expired certificate and is just a front page with almost no information. By all appearances this is also an abandoned project by the same scammers.

It is advisable to contact one of the many legitimate brokers that offer MT4 or the newer and more advanced MT5. These platforms have established themselves as leaders in the industry because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

BANKERSMARKETS TRADING CONDITIONS

The BankersMarkets website describes three trading accounts, Basic, Prime and Elite. However, there is no information about the alleged trading conditions. There is no minimum deposit specified, nor information on basic parameters such as spread and leverage. Since account registration is not possible, we were not able to check these parameters in the trading platform either.

Legitimate brokers provide clear information about their trading conditions. Many of them offer micro accounts for beginner brokers with a minimum deposit of just 100 USD or even less.

The text of the Terms and Conditions states that BankersMarkets offers bonuses. This is further evidence that this cannot be a licensed broker operating from the UK because the FCA, like all leading regulators, prohibits the use of bonuses and promotions.

BANKERSMARKETS DEPOSIT/WITHDRAW METHODS AND FEES

Related to the aforementioned bonuses is a trick routinely used by scammers. If a client has received a bonus, withdrawals from his account become possible after he meets high minimum trading volume requirements. In the BankersMarketsl Terms and Conditions, this minimum volume is defined as 1 lot for every 10 USD bonus. It is also stated that the client “needs to trade the entire total bonus amount he has on the account in order to request a withdrawal”.

So for example, if you received a 100 USD  bonus, you need to trade 1 000 000 currency units to be able to withdraw any money from your account. Such clauses are designed to make the withdrawal unattainable for victims of the scam.

Rollover charges are also mentioned in the Terms and Conditions and you are referred to the  “Standard specifications” section of the website for their exact amount. However, no such section exists.

The Visa and MasterCard logos can be seen on the website, but due to the inability to create an account, it is not possible to confirm what payment methods are used.

HOW DOES THE SCAM WORK

With all the buzz surrounding skyrocketing prices of cryptocurrencies, many people are starting to consider investing in the financial markets as a bid to improve their fortunes. Scammers on the internet have taken notice of that and take advantage of the ignorance of the general public by creating countless websites posing as brokers. These websites offer no real brokerage services and only deceive people into believing that their money is really being invested.

If you come across such a scam website and give out your contacts, you will be contacted by experienced scammers who will convince you that they can take on all the frighteningly complex aspects of investing for you. But you will never get any real profits, nor will you be able to get back the money you deposited. The terms and conditions of these websites are riddled with clauses that make withdrawing funds from your account unfeasible – for example, extremely high minimum trading volume requirements or hefty fees of 10%, 20% or even more of the amount.

Scammers hide behind fake addresses and names and operate through offshore companies that are not subject to regulation and scrutiny. So even if all the withdrawal requirements are met, they may simply disappear and move on to their next fraudulent scheme.

WHAT TO DO WHEN SCAMMED

It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.

If you have made the transfers using credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. However, such a request may not be approved if you have given the fraudsters documents such as a copy of an ID and proof of address. This will allow them to claim that the transaction is legitimate and approved by both parties.

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