Usdtmarkets review – 5 things you should know about usdtmarkets.com

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Beware! Usdtmarkets 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.

In this review, we are going to turn your attention towards a broker linked to another FX entity we already reviewed. Usdtmarkets is not only a highly suspicious business but a scam, and in the following text, we are going to explain why we claim so. Otherwise, they provide MetaTrader4 and enhanced leverage while boldly claiming to be FCA regulated. The rest of the details are in the full Usdtmarkets review.

Usdtmarkets REGULATION AND SAFETY OF FUNDS

As already said, Usdtmarkets pretends to be FCA regulated, but that’s not true. The license number they put on the website belongs to a legit company that has nothing to do with the fraudulent Usdtmarkets. The broker also claims to be Vanuatu and Australia regulated, but that’s falsehood, as well. Your funds will be in danger if you deposit with Usdtmarkets because it’s a scam abusing the credentials of authentic companies to present themselves as if legit! Well, they are not, and you should stay away from this broker and find better opportunities instead; there are many on the market.

That said, we can offer the high-rated EU brokers and British brokers, which are well-regulated and trustworthy. We recommend those because the European brokers are secured by deposit insurance funds, laid down to protect clients’ money in case of insolvency or fraud. As an example, if you trade with a CySEC broker you can claim up to 20 000 EUR in compensation, while the British protections are of even up to 85 000 GBP per person. In contrast, unlicensed entities like Usdtmarkets tend to disappear without notice, which leaves traders and investors with losses too challenging to recover, so you’d better consider money protection when choosing your broker.

Now, we’ll quickly explain why Usdtmarkets is a scam. They use the license numbers of authentic companies without authorisation, so they are operating as a clone firm. Clones are fraudulent entities that pretend to be or to work for genuine businesses, and by doing so, they are aiming to deceive customers and make them deposit money into the scheme. Unfortunately, firm cloning is a very simple and, at the same time, highly efficient scam strategy that turns to be very successful in the long run. In the UK alone, the local regulator FCA detects one clone per day on average, so you’d better always double-check before making any investments whatsoever.

Usdtmarkets TRADING SOFTWARE

Usdtmarkets provides MetaTrader4, which is by far the most popular Forex trading platform in the world. The EUR/USD spread on the Demo account is also very favourable- 0.1 pips, but Usdtmarkets is a scam we just exposed, so that shouldn’t catch your eye. The spread is the Buy/Sell difference, so it forms some trading costs and the lower it is, the better for the clients. The FX market is bustling with regulated and highly reputable brokers offering spreads of 1 pip and less, so you shouldn’t waste your time with a scam like Usdtmarkets.

Instead, consider the MetaTrader4 brokers and MetaTrader5 brokers topping both lists. The MT platforms feature advanced tools such as Expert Advisors, complex indicators, and first-class charting tools, which are also very easy to use. MetaTrader also comes with a Marketplace where traders and investors can find more than 10 000 apps and third-party developed solutions.

As a matter of fact, the Usdtmarkets’s MT4 distribution is the same as the one used by USDTFX– a fraudulent broker we reviewed some 3 months ago. Also, both brokers are having precisely the same logo, almost identical websites and claim mostly the same things about their business. Apparently, Usdtmarkets is just another fraudulent entity run by the same group of scammers, so we urge traders and investors to run away as quickly as possible.

The maximum possible leverage is 1:500, a ratio that’s too risky for retail traders. In fact, leverage is so dangerous that many financial authorities imposed a market cap restricting its usage on some regulated markets. Consequently, EU, British and Australian brokers are bound to limit clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Most of the high-leverage FX companies are poorly regulated and very likely a scam, so be cautious.

Usdtmarkets DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit is $100, which is generally in line with the brokers’ demands on average. However, the funding methods remained unknown since Usdtmarket wants clients to submit ID verification documents during the registration. We refused to upload copies of an ID card or a Passport, so we couldn’t access their Client Area and test the broker’s deposit system.

While discussing deposits, we can offer the Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose a high-rated company.

Now, we are going to show you another undeniable proof of a scam. Usdtmarkets doesn’t have legal documents, which in the end makes their business illegal. That’s so because to form a legal relationship with brokers, clients need to sign copies of documents such as Terms and Conditions, User Agreement, Client Agreement, etc., which serve as contracts between both parties. The absence of legal documentation also leaves traders unaware of critical provisions regarding withdrawal requirements, fees, inactivity policy, bonuses, if any and so on.

Overall, Usdtmarkets is a clone firm and a scam, so you should stay safe and avoid it.

HOW DOES THE SCAM WORK

Scammers are working online today. Social media and the Internet, in general, is plagued by scammers and their fraudulent offers. If you fancied an opportunity, clicked on and submitted your e-mail and contact numbers, scammers would ring you at once. They are seasoned manipulators who would promise the moon and the stars to lure people into their crooked schemes. During the phone call, you’d be offered bonuses, promotions, risk-free offers, bitcoin deals, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on while pushing you to invest with them. Those thieves lie big time and would promise you anything to gain your confidence and steal your money thereafter.

But the first deposit is just the beginning. Steadily scammers would carry on asking for more money from you no matter what. If you lost on the market, they’d persuade you to put more money and recover the losses. If you traded well, they’d convince you to put more money and increase the profits. The troubles start when you ask for a withdrawal. The scammers would do whatever it takes to discourage you and would even ask you to deposit even more funds if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!

Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent chargeback and fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!

Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-25

Reviewed Broker

Usdtmarkets

Broker Rating

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