Allianzmarket review – 5 things you should know about allianzmarket.biz!

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

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

Allianzmarket is an offshore broker that is not worth your time or money – here is why:

Allianzmarket regulation and safety of funds

Allianzmarket is not regulated – that is because the broker operates from Dominica, as it proudly proclaims on its website:

Dominica does not regulate its Forex markets whatsoever, which makes it a hotbed for scammers of all kinds. Trading with a broker from the offshore location is extremely risky – there are no protections extended to their traders. That is why you should stick with companies, authorized by leading regulatory bodies – for example, brokers in the EU have to follow a strict set of rules to prove their continued integrity – they need to report back on a daily basis on open and closed trades to prove they are not fixing prices, as well as comply with many more regulations. Here are some of our top-rated brokers in the EU as an alternative to Allianzmarket.

Allianzmarket trading software

Allianzmarket provides access to a very basic trading platform – you can see it below:

Needless to say, it does not really hold up well to comparisons to Metatrader 4 – the industry standard when it comes to trading software, with its comprehensive UI and powerful automated trading features.

The spreads Allianzmarket offers are slightly too wide too – moving over the generally accepted 1 pip limit for major FX pairs like the EURUSD. Furthermore, Allianzmarket offers a leverage of 1:400 – though outlawed by most regulators, such amounts are often provided by scam brokers, as they are quite attractive to retail traders. If you see an amount like that in the wild, know that you are most likely dealing with an unlicensed company!

Allianzmarket deposit and withdrawal methods and fees

Allianzmarket accepts deposits one of two ways – though credit cards and Bitcoin. We cannot recommend the latter, however – such payments are final and not eligible for a chargeback. The deposit minimum with Allianzmarket is $250 – that is too much when its competition generally charges no more than $10 to open a micro account.

Withdrawals with Allianzmarket are complicated and expensive – check out the following clause detailing the broker’s Bonus policy:

It seems that a trading volume of at least $10 million must be achieved if you have been issued as little as $1000 as a bonus. This is not acceptable – the broker also forbids you to withdraw your bonuses and profits until you do so. And should you want to withdraw your deposit, you will be charged, as per the following clause:

Allianzmarket can charge you 50 euro under a very wide set of justifications – a right that we are sure the broker will not hesitate to exercise for all of your withdrawals!

How does the scam work?

Unfortunately, it seems that Allianzmarket is running a scam – and it is our belief that the company is doing so by using a very efficient scheme – here is the rundown of it:

The scam starts off when a victim stumbles upon an ad, promising them impossible returns on deposits. Should they follow it, they are taken to a website much like the one Allianzmarket operates from – there they are prompted to make an account, leaving a phone number in the process – and once the scammers have access to it, they will start ceaselessly calling and harassing their victim, demanding deposits.

More and more money will be required – the people who run these scams are masterful manipulators and their victims often deposit tens of thousands before realizing they are being scammed – at this point, they either stop depositing or demand a withdrawal. The scammers simply cut them off and leave them high and dry.

What to do when scammed?

If what we described above has happened to you, here are some steps you need to take to limit further losses:

First off, you need to get any desktop sharing software the scammers had you install off your PC – they often use programs like Team Viewer to snoop around there without your approval. You need to recall any personal document the scammers had access to – any forms of ID, credit cards and so on, and get yourself a new one – who knows what illicit goals they will be used for otherwise.

Secondly, try and get a refund – this is best done by contacting your bank and explaining your predicament. However, you might be scammed again – if approached by a recovery agency which promises to restore your losses at the cost of an upfront payment, do not fall for it – it will simply add to these losses.

Finally, you should know that there is absolutely nothing to be ashamed of if you have fallen for a scam – it can happen to anyone. But, by sharing your experience in the comments below and this review with people you find vulnerable, we can curb the spread of the scam – the only way to do it is by raising the general awareness of it!

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