MidasMarket Review – 5 things you should know about midas-market.com

MidasMarket Review – 5 things you should know about midas-market.com

Rating: 1

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

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MidasMarket is the last broker you should be considering depositing with – everything, from the generic-looking website and the inconsistent company data to the lack of trading platform and Terms and Conditions shows that they are simply not a good choice. If you have seen one scam broker website, you have seen most of them – and here, we discovered all the signs of an imaginative scam scheme. Read the review below to find out more.

MidasMarket REGULATION AND SAFETY OF FUNDS

The information MidasMarket provided about their location and regulations was quite contradictory. They stated that they are located at an address in Jakarta, Indonesia but the Google Maps link they have put on the website led us to a different address in Melbourne, Australia, and to a company called Envato. If you just check the Google Reviews of that company – which supposedly offers website creation services – you would find out that there are a lot of unsatisfied customers that write that they have been robbed by this company. This could mean that whoever is behind our broker is running multiple different scams all at once.

The broker also mentioned a supposed office in Maryland, the US – but there are no claims that MidasMarket is licensed by the financial authorities of Australia, the US, or Indonesia.

The broker does, however, claim to be regulated by the Financial Services Commission of Mauritius – and to obtain a full license in this country, a broker has to hold capital of at least $250 000. It seems that MidasMarket did not manage to meet that requirement since they did not show up in the regulator’s register.

It is obvious that this broker is not regulated anywhere and is therefore completely anonymous and unreliable. Trading with them should not be on your do-to list at all – turn to a broker licensed in the UK, the EU, or Australia if you want to be sure your broker is following the law strictly and that there is a reputable financial authority looking out for you. UK and EU companies have to maintain the capital of at least €730 000 in the EU and the UK and A$1 million in Australia to prove that they are financially stable and can survive a financial crisis. European brokers are also obligated to participate in compensation schemes – every broker has to pay a sort of fee to ensure that if they go bankrupt, clients would receive a compensation – €20 000 for EU-regulated brokers and £85 000 UK ones. Client deposits must always be kept separate from the broker’s own funds in segregated accounts – so you can count on shorter withdrawal periods and more security since the broker could never reinvest your money in something else.

There are a lot of legitimate brokers offering great terms – so dealing with scammers like the ones at hand is simply not worth it in any way.

MidasMarket TRADING SOFTWARE

If you expect to get access to any sort of functional trading platform when registering an account with a broker, you are in for a disappointment here – since MidasMarket does not have one. When we accessed their client area, we only got to a chart that tracked the Bitcoin market and could inform you about the current Bitcoin price and market cap. This sort of thing could not be used for any sort of trading – which means it is completely redundant to open an account with this specific broker. They simply have nothing to offer you.

The best software in the industry is currently the one created by MetaQuotes – you could choose between two platforms, MetaTrader 4 and MetaTrader 5. Both versions of the software offer a ton of possibilities and features – from the platforms’ famous Expert Advisors and the VPSs that keep trading bots operating even when your computer is not on to the ability to set up signals or subscribe to other traders’ signals for a small fee.

MidasMarket TRADING CONDITIONS

MidasMarket provided shamefully little information about trading conditions – don’t count on learning anything about spreads, minimum deposit amounts, or commissions from the website. They did mention that they offer the dangerously high leverage of 1:500 but any talk of spreads and leverage is pointless without a functional platform to actually trade on. Your choice of broker could be much better – there are many great, licensed brokers that would not ask for a lot of money to set up an account. And if you are more experienced and well-capitalized and want to get access to leverage higher than the 1:30 allowed in the UK and the EU, or the 1:50 which the US currently permits, you can check our list of brokers that could grant you leverage as high as 1:100 – just make sure you trade responsibly and consider market volatility before you set your leverage settings too high.

MidasMarket DEPOSIT/WITHDRAWAL METHODS AND FEES

If you have already deposited with MidasMarket, we have some bad news – since the only way to deposit and withdraw funds with this broker is if you use Bitcoin and transfer directly to their wallet, the chance of you ever seeing any money you have invested is nonexistent. Cryptocurrencies are the payment method of the future and incredibly innovative technology – which is why more and more brokers have started offering them as a payment method alongside more conventional options like bank transfer or credit/debit card payments. The problem is that since these transactions are irreversible by default, it would be impossible for you to get your money back unless the broker themselves decides to grant you a chargeback. And since the very purpose of brokers like MidasMarket is to rob you, we can assure you that will never happen.

HOW DOES THE SCAM WORK?

The weird thing is that such scams are never very imaginative but they seem to trick a lot of people – you see an ad on the Internet for a broker’s website and decide to check their website out. Then you start thinking to yourself “Man, that actually sounds great, I should maybe register an account to find out what they have to offer.”

Once the scammers have received your contact details, they won’t leave you alone before you deposit – and with time, they will start asking for bigger and bigger sums. You will probably see that you have turned unbelievable profit in no time so you will keep transferring money – just know that it is fairly easy for platforms to be manipulated. At some point of course, you would want to withdraw and this is where it gets complicated. All sorts of clauses in the Terms and Conditions and additional fees will show up – the scammers will try to delay your withdrawal and milk you as much as possible. By the time you figure out something is wrong, your “broker” will be long gone – with your money.

WHAT TO DO IF SCAMMED?

Be prepared that happy endings are not very likely and the chances of you seeing your money again are not big. That is why prevention is key – you should always read Terms and Conditions carefully and make sure that your broker is legitimate by checking if they are actually licensed.

If you got scammed, there are still things you could do. Notify the authorities in your country and share your story with as many people as possible – this way, they would know to avoid such types of scams. Change all passwords that you gave the scammers access to. If you have deposited with a credit or debit card, ask your card provider for assistance – you could get a chargeback within 540 days with both Visa and MasterCard. Bank transfers are a bit harder to reverse but that is still not impossible.

Finally, don’t trust anyone trying to pass as a recovery agent and offering to retrieve your money for a small fee – this is just another type of scam, usually conducted by the same people that robbed you in the first place.

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