Marketsxo.com Review – 5 things you should know about Marketsxo

Marketsxo.com Review – 5 things you should know about Marketsxo

Rating: 1

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

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Marketsxo is another broker who only has one purpose – to scam you and run off with your money. Nothing about this broker speaks of legitimacy – from their horrible trading conditions and barely functional trading platform to the questionable regulatory claims the broker has made. Marketsxo is a broker best avoided.

Marketsxo REGULATION AND SAFETY OF FUNDS

We were unable to say where Marketsxo is based – the broker has not provided an exact address but has stated in its Terms and Conditions that it is governed by UK law.

However, some of the terms Marketsxo offers – bonuses and high leverage – cannot legally be offered by any UK broker. Marketsxo also did not provide any sort of actual legal documentation or license numbers in support of the fact that they are a licensed UK broker. In fact, the broker has put the logo of the St. Vincent and the Grenadines financial authority, SVGFSA, on its website and proudly announces that it offers “offshore secrecy and regulation”. And while secrecy cannot be a good thing when you are investing your money with the intention to profit – transparency is what you should actually be after – the claims of regulations are completely ridiculous in this case. SVGFSA does not license and regulate forex brokers and does not impose any laws in the sphere of trading – which is why many scammers have chosen St. Vincent and the Grenadines as the base for their operation. This leads us to believe that Marketsxo is also completely unregulated and unsupervised – both of these things are bad signs since you would be deprived of many protection and of the solid level of security you would get as a client of a legitimate, licensed broker.

Trading with a broker licensed in the UK, the EU, or Australia is a much more transparent affair – with such a broker you will be entitled to many protections, and your general safety will be guaranteed by the strict laws of these countries and regions. All licensed brokers are, for example, asked to maintain a certain minimum capital – €730 000 in the UK and the EU, and A$1 million in Australia. This proves the broker’s financial stability and long-term approach. Negative balance protection is a vital policy – no retail trader could lose more money than they have in their account. Client money is kept in separate, segregated bank accounts – this proves that the broker would not be able to use your money for their own business operations, and speeds up withdrawals. It also means that your money would not accidentally get mixed with the broker’s funds – so if the broker becomes insolvent, your investment would not be lost.

Only invest with brokers you are sure you can trust – a license by a reputable authority is the best way to make sure of that.

Marketsxo TRADING SOFTWARE

Marketsxo does not offer anything impressive in terms of a trading platform – to our dismay when we opened an account with this broker, all we got was a TradingView chart with a menu for making offers attached to it.

The broker has not really put too much effort into this one – TradingView is a free market tracking software and making this little addition to it did not take a lot of time or work.

If you trade on such a thing, you would be missing out on a lot of tools and features – leading platforms like MetaTrader 4 and MetaTrader 5 have a lot more to offer. Both of these platforms are intuitive and robust and offer everything you might ever need to trade efficiently – a full charting and analysis package, Expert Advisors you could use to track markets and trade automatically, VPSs, a Strategy Tester, the chance to set signals for prices going up or down or to subscribe to those set by others, a market for trading apps, etc. Do not waste time on rudimentary software and try something more functional instead.

Marketsxo TRADING CONDITIONS

Marketsxo asks for an outrageous amount of money in order to open an account – as much as $10 000. This is ridiculous not only because the broker does not have all that much to offer – the spreads we were trading with were actually a bit higher than average at 2 pips on EURUSD – but also because no legitimate broker would ask for that sort of money for a very basic account. Trading with a reliable broker is more affordable than ever these days – just check out these brokers who would make you their client for $100 or less.

The broker clearly states that it offers access to leverage as high as 1:400 – but did not let us control our own leverage settings. Trading with higher leverage than you are capable of handling is risky – since trading with rates of 1:400 could lead to huge losses, especially if you do not have enough knowledge and experience or in periods of increased market volatility. Moreover, the broker stated that it is governed by UK law which automatically means they could not offer such high leverage to retail traders. UK brokers cannot grant access to anything higher than 1:30 on forex majors – such restrictions exist in many jurisdictions to protect traders from the risks we already mentioned.

Marketsxo DEPOSIT/WITHDRAWAL METHODS AND FEES

Marketsxo only accepts deposits made in Bitcoin. We would think twice before transferring money to an unreliable broker, especially if the only option they are offering is crypto. Such transactions are anonymous – they can be traced to a wallet but not to a person or organization – which means it would be impossible to trace your money after you have deposited it. More importantly, crypto transactions are irreversible by default – you would not be able to get a chargeback on your payment. The only way to retrieve your money in such a case would be if the broker somehow decided to send it back – which is not something such scammers would ever do.

We also encountered the offer of bonuses but as expected there were some strings attached to those. In case your account has been credited with a bonus, you would have to reach a certain trading volume in order to withdraw that bonus (and potentially all profits gained on account of that bonus since those could also be considered as non-deposited funds). That trading volume is 30 times the bonus plus your deposit.

Such clauses might cause problems because scammers might use them as a reason for denying withdrawals at a later point. Such brokers often change their Terms and Conditions – the minimum trading volume requirements might rise, or the clause might also start including your deposits and all profits. You just never know with such brokers – which is why you should be wary when they mention something about bonuses.

HOW DOES THE SCAM WORK?

Such scams are more common than you think and trick thousands of people into investing with fraudulent brokers who exist with the sole purpose to rob you. The best thing you can do to avoid them is check registers, research matters carefully, and have a general idea about how scam brokers operate.

Such brokers usually promise immense, fast profits – slow, gradual, and informed rarely seems to be the way for them. You take one look at a broker’s website and decide that it looks decent and legitimate and that all the promises and claims must be true. Such scammers often try to convince you that they are legitimate in various ways – they lie about being regulated, provide fake legal documents, and divert your attention with unbelievable offers. You decide to try your luck and open an account – providing the scammers with your phone number and email in the process.

After that you would not be left alone before you make a deposit – you receive dozens of calls and emails from smooth-talking scammers whose very job is to prey on unsuspecting people who are trying to turn a quick profit. And once you have deposited, they will keep asking you for more and more money – which you would gladly invest because, at that point, you might even be turning a decent profit. However, when you try to withdraw your profits, you will quickly see that you have been fooled. Different reasons why withdrawing is impossible will appear – additional taxes, minimum withdrawal limits, and previously unmentioned clauses in the Terms and Conditions.

At some point, you understand you are being scammed – but by the time you reach this point, the scammers will already be long gone.

WHAT TO DO WHEN SCAMMED?

Unfortunately, the chances of you tracking down the scammers and retrieving your money are not good.

You can, however, avoid additional problems and losses of money by changing your banking details and passwords, and removing all software they have asked you to install – this just provides them with easy access to your computer and all of your passwords.

Don’t trust any recovery agents promising to retrieve your money for a fee – this is just another type of scam, often conducted by the same people who initially robbed you.

If you have used Visa or MasterCard to deposit, there is a chance that you might be able to get a chargeback – both card providers allow chargebacks within 540 days of the transaction. Reversing wire transfers and payments made in crypto, on the other hand, is impossible – only use these payment solutions with trusted brokers.

Finally, make sure to notify the responsible authorities and share your story with as many people as possible – this way, others will know how to avoid such scams and stay away from them.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
Cyprus4.75/5$100 Click for a special offerWebsite
New Zealand4.65/5$1 Click for a special offerWebsite

Leave a Reply

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