If it were not for the third party charts, we would have a harder time identifying Markets.FM as a shady brokerage, and a potential risk to all. That is because everything about this broker, at first glance, is structured well. It’s rare to find a suspicious broker that we like, and it’s a real shame that this one turns out to be a risk. However, the facts are there. Please, before you do anything with the broker, read the review first.
Registering an account and accessing it is the closest we can get to the true nature of the broker. Fortunately for us, Markets.FM allowed for an easy and fast account creation tool. Too easy, as a matter of fact. Just about anyone can enter the user area.
We learn from the user area a very major area where Markets.FM has completely missed out on. This is the trading software. A not so obvious issue with the MT4 makes it absolute to all traders, including to us.
Therefore, the spreads, leverages, assets, and all other trading stuff on the website of Markets.FM are not applicable. It is all a lie! This company does not allow for FX trading.
Markets.FM is accessible in English and Arabic.
MARKETS.FM REGULATION AND SAFETY OF FUNDS
The main thing we learn of the broker, from the broker, is that it is registered in Saint Vincent and the Grenadines.
Saint Vincent and the Grenadines is the most popular scammer brokerage location out there. There is no mainland FX regulator, and out of the thousands brokers registered there (99.99% of which are scams) none it licensed in the country. Therefore, Markets.FM in not licensed in Saint Vincent and the Grenadines.
The Saint Vincent and the Grenadines is the only claim that we were able to find. It seems that either the broker is oblivious to the nature of this allegation, or that it does not care.
One very revealing aspect of Markets.FM is its short terms and conditions. In fact, they are so short that its wouldn’t make much a difference if there weren’t any legal docs. In both cases the broker is given a enormous amount of freedom and can manipulate users easily.
Without further proof of the broker’s legitimacy we have only one way to go! Overall, Markets.FM is completely UNLICNESED, and a risk to all. Any investments made in it will be lost.
We find it completely useless to invest in an unregulated broker. All investments will be lost! Always rely on regulated brokers, either from the FCA or CySEC, or the CFTC/NFA, or any other trustworthy license issuer. All these overseers keep record of the brokers’ activities, demand from them reports, require to keep the market integrity stable, and above all, call for the safety and security of all users, their funds and personal details. The FCA and CySEC are special in that they offer client compensation schemes which are applied to users whose brokers cannot pay them back due to financial predicaments. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
MARKETS.FM TRADING SOFTWARE
The one and only problem with the MT4 is that is does not come with any relevant trading servers. They belong to a completely different firm, meaning that none of the trading conditions on the user area are relevant.
The MT4 does not exist for Markets.FM. There is no platform owned by Markets.FM. Without a trading terminal how can we call Markets.FM a broker when it clearly offers not any trading conditions?
MARKETS.FM DEPOSIT/WITHDRAW METHODS AND FEES
The following is what we learn form the user area: the only real way to invest is through Cashiers. There are no more deposit methods available. The minimum deposit is $10. There is nothing to gain form the withdrawal section of the user area. Without first investing, we cannot give our readers any withdrawal information from there.
The broker explicitly claims that there are no fees. The processing time for withdrawals is 3 days. There is no other information on withdrawals that we can work with.
Not that we need any more details on withdrawals, seeing that we are dealing with a scammer broker. There is no need to invest in such brokerages for users will get only frustrated. This broker is a risk to all, and a scam!
How does the scam work?
A fair number of fake online ads lead to scammer brokers, or to intermediary websites that introduce the scheme and its fake benefits.
From these ads users get fooled into entering the broker site, which means that the ads themselves are very tempting, but over-the-top nevertheless.
The next thing that the scammer wants you to do it to give away your phone number or an email address. The idea behind this is for the broker to bridge the distance between itself and the user, in order to keep a closer eye on the user.
Through these contact mediums the scammer broker can easily harass the user and compel him or her to invest. It’s as simple as that.
These reps that keep contacting users are trained to shape the user’s choice and to manipulate. Their one and only goal is to initiate deposits, and to keep the make-believe scheme relevant. This is easily done by revealing profit gains (but never allowing for the user to withdraw it), by promising higher gains, or by simply being too charming to say no to.
We assure our readers that the broker will never allow a withdrawal to process. The client will be left to fend for her own.
What to do if scammed?
The user must rely on the payment systems to eventually get her stolen money back.
The safest bet is a chargeback procedure with the client’s credit/debit card provider. MasterCard and VISA have a chargeback period of 540 days.
If the money was lost through one or multiple bank transfers, users should, first and foremost, change the wire account user name and password. Next, the trader should contact the bank and create a plan of action.
All investments using a crypto wallet are lost. They cannot be traced and are thus the riskiest of all investments!
Users might come across recovery agents, who are nothing more than another brand of scammers. They ask a payment in exchange for returning all of your lost investments! If you pay them, you ill never see your money again!
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