Cerus Markets Review – 5 things you should know about cerusmarkets.com

Cerus Markets Review – 5 things you should know about cerusmarkets.com

Rating: 1

Beware! Cerus Markets 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.

 

Cerus Markets is a controversial brokerage. At first look, it may appear trustworthy with its overall handsome website, but in reality, it’s nothing else but a suspicious broker. We claim so for many reasons, all of which will be explained in the following review.

Cerus Markets Regulation And Safety Of Funds

Cerus Markets is probably registered in Labuan, Malaysia. We checked it and can confirm that a firm bearing the same name is actually existing, but the information about it is limited, and it appears to be an international business company with undisclosed ownership. And from there on, the problems started.

First of all, the website footer and the T&Cs provide totally different and highly conflicting information. For one thing, there are two companies with two different names, both shady and anonymous, as already stated in the previous paragraph. On the other hand, the information about the broker’s regulatory status is totally opposite – on the website footer, Cerus Markets claims to be regulated, while in T&Cs, they say that the brokerage is not! Such contradictions wave a major red flag and effectively transform Cerus Markets into a suspected scam!

Of course, we researched the Labuan regulator but couldn’t find anything about Cerus Markets, which suggests that the brokerage is lying. At any rate, though, even if Cerus Markets had a Labuan license, that wouldn’t change things much as the broker’s service remains illegal in most countries, including the EU members, UK, US, Australia, Japan, China and so on. That said, we confirm that Cerus Markets is either NOT REGULATED or underregulated, so you should avoid it as your funds will be exposed to risks if you deposit.

Dismiss Cerus Markets, and if you are still interested in trading, you can check the high-ranked firms on our lists with brokers! For example, CySEC (Cyprus) brokers and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to trust your money with such entities.

Here you can see the contradictory clause, in which Cerus Markets claims that people shouldn’t think it’s regulated:

Cerus Markets Trading Software

Cerus Markets’ trading software also presented critical issues before us. First of all, on its website, the brokerage claims that the trading platform is superior and revolutionary, but that’s just a lie. Upon registration, we ended up with a simple Webtrader that cannot provide any advanced features whatsoever. Worse, the platform does not even reveal spreads, which is a major red flag as the trading costs remain hidden, but it also suggests that prices may be prone to manipulation. Beware!

As already confirmed, Cerus Markets is not trustworthy, so why don’t you see our lists with MetaTrader 4 brokers and MetaTrader 5 brokers? The high-rated companies on top of both lists are adequately regulated and secure, providing the best platforms for Forex retail trading. Both MTs are stable and packed with numerous advanced features such as automated trading and analytical tools, reliable indicators, intuitive charting tools and an in-built marketplace with thousands of trading apps. A regulated MT broker will always be a better choice than the fishy Cerus Markets.

Cerus Markets Trading Conditions

The trading conditions wave red flags. First of all, the instruments are very limited, as the only asset class is Crypto – standard pairs like EUR/USD and GBP/USD are not available, which is strange. But also, cryptocurrencies carry high risks because of the volatility and some of these pairs are also confirmed to be prone to fraud and price manipulation. Beware!

The trading costs are unknown, as already explained, which is a red flag nonetheless – a broker with no quotes is not a broker!

The trading risks are enormous, as leverage can be up to 1:100. The good news is that clients can change it, but trading cryptos on leverage is always dangerous! For example, the EU regulators limited leverage for cryptos to 1:2, while the British FCA entirely prohibited these instruments.

Cerus Markets Deposit/Withdraw Methods And Fees

The minimum deposit with Cerus Markets is $50, which is a competitive requirement. However, many other brokers are also affordable, some of which will open an account for as little as $5, so considering Cerus Markets is a waste of time anyway. The funding methods are Credit/Debit cards and Wire Transfers.

As for withdrawals and fees, Cerus Markets specifies nothing, but strange clauses in its Terms and Conditions document reveal that the broker may ask you to pay on numerous occasions. We can’t say how it happens but bear in mind that it would be a red flag if the broker wants you to pay taxes in advance. The usual scammers’ trick is to say that you can withdraw only if you pay government taxes or other charges before the withdrawal! Beware!

How Does The Scam Work

Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website and a scam call centre called a boiler room. Scammers pay little attention to excellence and create scrappy websites as they focus on contacting as many people as possible, and for that reason, their websites are usually substandard and ignorant. And to find victims, scammers use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc.

But the worst part of the scheme unveils after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.

What To Do If Scammed

Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.

Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.

And lastly, consider sharing your experience to help protect others; we’ll appreciate it!

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

Leave a Reply

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