Marketssoft.com Review Is MarketsSoft A Scam Forex Broker

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MarketsSoft review – is Marketssoft.com a scam or legit forex broker?

MarketsSoft is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform and the required minimum deposit is $250, however, the spread is quite high at 6.5 pips.

Disadvantages

On the brokers website we read that the broker brand is owned and operated by a SVG-based company with the name Horizons Limited. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage.

We even read it is “regulated” by the local Financial Services Authority, however, this is quite misleading. We remind readers that the government of SVG has multiple times publicly stated that it does not oversee Forex trading and thus we may safely conclude that the brokerage not regulated.

Furthermore, we read that the payments of the broker are processed by an Estonian company registered under the name Horizon Ventures OU, however, upon reviewing the online registry of the Estonian regulator we can conclude that this company is also not properly licensed.

Not being regulated opens up a whole basket of risks for potential clients. Without regulation, we have no guarantee of the segregation of accounts i.e. the clients funds may well be mixed with those of the company and liable to all sort of illegal encroachments on part of the broker. Due diligence requires us to state this fact. Furthermore, besides the possibility of commingling, there is also no safety mechanism by which the clients losses may be recovered in case the broker goes bankrupt. Regulatory agencies such as the NFA or Cysec offer all these assurances and more. We suggest interested traders play it safe and orient themselves to brokerages that can assure compliance with the highest regulatory standards. Here is a list of our recommended NFA-regulated forex brokers:

No information on leverage

We found no information regarding the leverage extended to traders on the website of the brokerage, usually, unregulated brokers offer a generous leverage of more than 1:100 since they do not abide by any leverage caps. It must be said that a higher leverage extends more freedom in the traders dealings, as well as the chance for higher profits. It does, however, also hide the risk of contingent heavy losses.

Due diligence always requires us to go through the lengthy terms and conditions of the brokerage in search of potential fees or commission that may be hidden there. In the case of MarketsSoft we found that there is a withdrawal fee of 3.5 percent for all payment methods which is quite unfavorable. There aren’t any dormant account fees which are quite popular with SVG-registered brokers.

On top of all this we also discovered that the regulatory agency of Austria – the FMA – have issued an official warning against the brokerage accusing it of targeting Austrian traders and furthermore of taking part in scam operations. This is a major red flag in Forex trading and we can say without a doubt that the legitimacy of the brokerage is compromised.

Advantages

Pleny of payment methods

Potential clients of the brokerage have a wide variety of payment methods available. MarketsSoft supports the standard Visa and MasterCard, as well as e-wallets such as Skrill, Neteller, QIWI and AstroPay.

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Wide range of trading options

The website states that the brokerage offers a wide variety of trading products. Potential clients of MarketsSoft may trade CFDs on currency pairs, indices, stocks, futures, commodities and crude oil. We must state that without access to the trading platform we cannot be sure if traders with the brokerage do in fact have at their disposal such financial instruments. We may only relay the information presented on the website. We could not find, however, cryptos listed among those on the website. The cryptomarkets is among the most excited possibilities in the forex trading world and we highly recommend it to interested traders. Here is a list of our top Bitcoin forex brokers:

MarketsSoft is an unregulated brokerage in St. Vincent and the Grenadines which does not offer all that favorable trading conditions. We are not certain regarding the validity of the presented spread and most importantly – the broker falls short when it comes to the safety of the clients funds. Without proper regulation we just cannot confirm the security of the client’s funds and that is what most of all inclines us to recommend traders look into better trading options to which we have linked throughout the review.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
UK FCA Web €29 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for MarketsSoft

Spread

Slippage

Requotes

Price feed

Platform

Deposit/Withdraw

Customer service

Summary

MarketsSoft spam

MARKETSOFT is the biggest SPAM company ever.

1. With the first call. they will ask you to add 250$ and they will promise you that you will have an account manager who will be helping you and providing all the information.
2. Then they will call and ask you for more 250$ for their help, otherwise, they can’t help you.
3. So once you already add your 500$, they will call you and you will start with the trading.
4. The first 2 trades will be in profit for around 200$ more or less and you are happy and excited, then you are receiving another call that will be perfect if you can ADD more money to your account. Even that was your last money and you are not in the position to add more they will push you and push you to add more.
5. They will ask you to join Webinar and your listening and trading same as MS. Kristy Leroy will do, and once you are doing that you are taking profit from one trade and you are loosing from another one and you don’t know what to do next because she will say one hour finished and will not explain what you need to do. Once you will talk to her because you are not a BIG MONEY PLAYER or you are just beginner, she will ask you to add 1000$ so she can help you not losing all your money. Once I told her I don’t have, she told me: ” You don’t have a credit card?, or maybe you can take\barrow from someone and I will be able to help you”
6. Once you can’t add more next step it’s losing money. Your Account account manager will call you and tell you there is a good moment to open this position and after 30 min you are losing it all your money. Y. Because they will ask you to open 2 trades and both will be loosing and you will have no enough money on your account or how they call it MARGIN, so the trades will be automatically closed.
7. Once you lost all your money no one will call you, even the online chat will not work anymore. Because there are no options to call your account manager, the only option to send messages to an online agent.
My first account manager was MAX and he was so rude and not responding at all, the second one who should help me to recover from the first loss was Steven, he was calling once I need it, till he saw they I won’t be able to add more money.

THIS IS MY SPAM STORY. DON’T BE VICTIM OF MARKETSSOFT

MarketsSoft scam

This company is a total cheat group. I lost USD 35,000 in less than a month. Once you put in a modest USD 250 as a starting fund, someone claiming your Accounts Manager will call you from an unknown telephone number (you cannot reach the guy in this number ever). This person will offer you advisory services to double your investment in a day or two and will exhibit it in a small way. Then he will tell you, to out in more funds so that you can exponentially increase your earnings in a short time period. First USD 1,000 for bronze account status, then 5,000 for silver status and then 10,000 for gold status. When you trust and do the investment into MarketsSoft’s account, then the game begins. The Advisor will lure you to open trading positions assuring returns swiftly. You do it on trust. Then after some time, he will call you and inform you that your available balance is too less as the market is crashing and you have to top up your account and if you do not do it immediately, then you stand to lose all. You continue to invest more thinking it will save your precarious situation, but no result. You gradually start losing all.

I’ve personally lost USD 35,000 as per above narrated events.

I do not want any saviour for me. I have considered this amount lost due to a scam firm’s activities.

My sincere advise. Never invest through MarketsSoft… They are dangerous and secretive.

MarketsSoft review – 5 things you should know about Marketssoft.com

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

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

MarketsSoft is an offshore Forex brokerage registered in St. Vincent and the Grenadines. It provides a web-based trading platform, not the MT4 trading platform and the leverage is not disclosed. The required minimum deposit is the industry average of $250 and the spread is absurdly high at 6.5 pips on EUR/USD.

МarketsSoft regulation and safety

On the brokers website we read that the broker brand is owned and operated by a SVG-based company. Saint Vincent and the Grenadines is a well-known offshore zone and a preferred location for shady brokerage. However, we further learn that the brokerage is owned by other companies as well, one of which is registered in Estonia. Such unclear corporate information is a certain red flag but we do remind readers that Forex brokers in Estonia have to be licensed by the local Finantsinspektsioon in order to operate legally in the country.

Without being much surprised through a quick check on the website of the regulatory agency we understand that the brokerage does not fall under regulatory oversight there as well. Discrepancies in the contact and corporate information are another sign that the brokerage is shady and should not be trusted. Furthermore, purposefully presenting false information is a major red flag in Forex trading.

On top of all this through further research on our part we discover that the Austrian FMA has issued an official warning against the brokerage claiming that it is targeting traders in the country without proper authorization and that it is further suspected to be part of scam operations.

Overall, the lack of regulation and the regulatory warning inclines us to suspect that potential clients of the brokerage may be open to substantial risk.

Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the FCA in the UK or CySec in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. With the FCA the compensation is up to 85 000 pounds, where as with CySEC it is up to 20 000 euro per person.

MarketsSoft trading software

Putting all this aside – the brokerage also does provide the MetaTrader 4 trading platform which we always consider a disadvantage since it is the foremost trading terminal at the moment equipped with features such as almost a 100 market indicators, as well as customizable trading robots. It is also the preferred choice for more than 80 percent of the traders in Forex. Instead, we are presented with a web-based trading platform which we were able to get a look at through a demo account. We must take notice of the availability of a test-drive since it is not so common among unregulated brokerages.

We could see a spread of 6.5 pips which is to put it bluntly – absurdly high. No trader may hope to yield a profit through such a high spread and we further stress that it’s among the most unfavorable trading conditions we have seen and we advise interested traders not to register for a live account due to the many security concerns surrounding the brokerage which we outlined above.

MarketsSoft deposit/withdrawal methods and fees

Potential clients of the brokerage may deposit or withdraw via plenty of payment methods. They include the standard Visa and MasterCard, as well as e-wallets such as Skrill, Neteller, QIWI and AstroPay.

Going through the terms and conditions of the brokerage we did discover that MarketsSoft charges a 3.5 percent withdrawal fee which is a bit excessive and definitely should been as a disadvantage. There weren’t any other noteworthy provisions, but we do remind readers that many scammers choose not to disclose such information to would-be clients. Without proper information on the website we cannot be certain whether clients won’t be charged with any unexpected withdrawal or deposit fees once they invest. This is why we advise traders to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.

How does the scam work?

Even though the Forex trading world is extremely large and encompasses millions of people around the globe, the most common scamming is pretty simple and straightforward and as such – it’s not particularly daring to avoid. Here is a quick overview of how it is done:

Through clicking an ad with promises for fast money, you will be redirected to a website such as DaxRobot or CryptoContracts where registration will require you to give your address, email and phone number. After sharing your personal information, you will being receiving calls from brokers, compelling you to invest with them and win big. After a few minutes hearing their pitches, you decide to deposit some $200-250. And just like that – the scammers take a fat commission from this initial deposit.

After they are done with you, senior scammers begin working you into putting even more money. They say it’s the only way to profit from trading even more. After making the mistake of investing even further, you’ll begin wanting to get out of this and withdraw what you have left.

Unfortunately, the con-artists have no such thing in mind. They will now begin persuading you to wait it out and not withdraw right now. The angle here is pretty blunt – traders have a limited time period for filing a chargeback with their bank and get their money back. The “recovery department” will simply want to mislead you into missing thе crucial period and, along the way, losing any chance you might have of getting the money back.

It is important here to take notice that both Visa and MasterCard are taking measures to combat unregulated forex brokerages by classifying all forex transactions as high risk. And with the case Traderia – they are correct in doing so. Furthermore, supporting their intention with clear actions – MasterCard has increased the previous time period of six months for filing a chargeback to a year and a half.

What to do when scammed?

As was mentioned above, scamming is quite the common in the trading world and, sadly, even you might suffer from it. In such an unfortunate case there still may be some available options for you.

You may contact your bank or credit card provider and file a chargeback.

If, however, you have provided the broker with your credit card details, immediately cancel your credit card.

If you have given information regarding your online banking pass – you should switch it asap!

Beware of potential calls from self-described “recovery agencies”! They prey on scammed and vulnerable traders who are desperate to recover their losses. They will require an “up-front” payment to help you, but after paying them, no such help will be coming your way!

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