Beware! Atmos Market 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.
Atmos Market is a very lousy attempt at scam – their website is clearly unfinished and did not manage to provide us with a lot of the essential information we would expect to receive from a financial company. The broker’s Terms and Conditions were only 3 pages long and half of them were not even in English – Atmos Market saw it fitting to leave some paragraphs in Chinese. And all this while claiming to be a respected Canadian broker. We have no idea how you might reach the conclusion that this is a good choice for a broker – they have ‘fraud’ written all over them and you would be able to see that without much knowledge about how such financial enterprises function – but if you are set on investing with such scammers, you should read the following review. We can assure you you will quickly change your mind.
Atmos Market REGULATION AND SAFETY OF FUNDS
Atmos Market has provided a link on their website to a screenshot from FINTRAC’s website – this is the financial authority responsible for registering companies offering monetary services in Canada. The company does show up in the register but has not provided any address so there is no way to be sure that Atmos Market from the register and the hero of our review are the same company. Actually, the phone numbers provided on the website (for China and Shanghai and not for Canada which is more than strange) were not the same.
An additional problem is that forex brokers in Canada are not regulated by FINTRAC but by The Investment Industry Regulatory Organization of Canada (IIROC) – and there were no hits in that register for a broker named Atmos Market.
So we have established this is not a regulated Canadian company but an insolent scam you should stay as far away from as possible. The perks of working with a licensed broker – Canadian or other – are endless and you will do yourself a huge favor if you opt for someone like that. Regulated brokers are obligated to follow strict rules and procedures if they want to offer financial services – so they are answering to a certain regulator and can get fines or lose their license if they don’t do everything by the book. Canada, unlike many other countries, has not imposed restrictions on leverage but there are still plenty of rules to be followed. Negative balance protection is a must – you can never lose more money than those you have in your account. Deposits are kept in segregated accounts managed by third parties – so that your broker would never be able to reinvest your deposits elsewhere without your knowledge. All Canadian brokers should participate in the Canadian Investor Protection Fund (CIPF) – which ensures that if your broker goes bankrupt, you could claim compensation of up to $1 million – which is not at all little.
Licensed brokers are the safe way to trade – with such companies you could actually turn a profit and not just get shamelessly robbed.
Atmos Market TRADING SOFTWARE
Before we could get access to any sort of trading platform, we had to verify our account first. And as we had zero desire to give scammers like Atmos Market pictures of our ID or proof of address, we did not get the chance to try the software this broker promises to provide – MetaTrader 4. Furthermore, when registering an account, we were asked to give a Chinese name – it was not a problem if you did not write anything in that field but this still struck us as unusual.
MT4 is indeed a good choice for a trading platform and you should definitely try it out but look for a regulated broker offering this established software. Many legitimate brokers would gladly open a MT4 account for you and let you get access to many useful tools and advanced features – from Expert Advisors and a market where you can purchase various trading apps to the possibility to subscribe to succesful traders’ signals for a small mountly fee.
Atmos Market TRADING CONDITIONS
We were supposed to be able to choose between four account types – one of them ECN – but the broker’s website is clearly unfinished and did not say what those account types were. No information was available on minimum deposits, spreads or leverage.
If you are eager to start trading, you could easily set up an account with a reliable broker for as little as $10 these days.
As mentioned, Canada has not impsosed any retrictions on leverage but such exist in many other countries – 1:50 for the US, 1:30 for the EU and the UK, 1:25 for Japan and as little as 1:10 for Turkey. Such restrcictions exist for a reason – mainly to protect inexperienced new traders from the risks high leverage could mean. Always remember that high leverage does not just lead to big profits but also to huge losses – so if you don’t have sufficient knowledge and resources to deal with such a high-risk tool, better set your leverage settings to lower values.
Atmos Market DEPOSIT/WITHDRAWAL METHODS AND FEES
No information was given about deposti and withdrawal methods and additional fees. We probably would have been able to say more on the subject if we had varified our account but, as stated, this is not a good idea. Later on, scammers might use the fact that the account is verified against you – to prove you have invested voluntarily and knew about all losses you might suffer while trading. This makes the chance of getting your money back much slimmer.
HOW DOES THE SCAM WORK?
It is amazing how simple such scams are and how alike they work.
It all starts with you are casually browsing on the Internet and seeing an ad for the scammer’s website. You are quickly impressed by the promises of an additional income and the possibility to make your life a little more like those of the rich and powerful. So you make a registration – after all, who would not want to earn a little extra so easily and without a lot of effort. The moment the scammers get access to your phone and email, they won’t leave you alone before you deposit. If you do, you will probably see you are turning into a master trader soon, beating all odds and earning even more than you expected – a trick aiming to make you invest more.
Time passes and you decide to withdraw. This is the moment one of two things will happen – the scammers will start making up additional taxes and reasons why you cannot withdraw just yet. If they don’t stop answering your phone calls immediately, that is – and that always happens at some point.
WHAT TO DO IF SCAMMED?
Don’t trust any so-called “recovery agents” that claim they could get your money back in no time. They will require a fee for that and disappear as soon as they receive that payment. This is a whole other type of scam taking advantage of desperate victims.
The reasonable thing to do is to ask your bank or credit card provider for help. With credit and debit cards, chargebacks are possible within 540 days. Cryptocurrency transactions are non-refundable so beware of any broker urging you to use that specific payment method. And don’t get your hopes up because unfortunately such situations rarely get a happy ending. If you have verified your account by sending a picture of a personal document or proof of address, the scammers might try to revoke your claim and say you have done everything voluntarily.
Make sure to change any passwords the scammers have received, notify the authorities, and let other people know about such scam – post about it online and don’t let others get lied to in the same way.