MarketsFX Review Is Marketsfx.com A Legit Broker

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MarketsFX Review: Is Marketsfx.com A Legit Broker?

Marketsfx.com Review: this is the website of a Forex broker that claims to be based in Bulgaria. Is MarketsFX a scam Forex broker or not? Read this review to get the complete details about this broker before investing with them.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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MarketsFX disclosed that it is located in Bulgaria and properly registered there. Forex trading is regulated in Bulgaria by the Financial Supervision Commission. However, when we checked online, this broker is not licensed to trade in this region.

Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of MarketsFX

The broker claims to be offering the most innovative trading and investing methods. Its platform is said to have all the proper tools and features. To help inexperienced traders become better, they also offer an “education center”. Funds are said to be safer with the firm.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

MarketsFX Trading Platform

The trading platform made available to clients of MarketsFX is a web-based sort. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are currency pairs and CFDs on various commodities like metals. Stocks, indices and cryptocurrencies are also offered. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

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The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 3 pips on the EURUSD pairs, which is quite high.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on MarketsFX

The means that traders are to use to make deposits and withdrawals are VISA, MasterCard, Bank Wire, Skrill, Neteller, WebMoney, Yandex Money, and so on. The fact that there are e-wallet options are available is encouraging.

This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

The minimum deposit required is $250 and this is within the obtainable average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is MarketsFX Licensed?

No. MarketsFX is not a properly licensed broker. Although it claims to be registered under the Bulgarian Financial Supervision Commission, it appears to be a false claim.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the broker or a representative of its customer service, clients are to dial; 44 20 80587387 or send an email to [email protected]

Conclusion

As we have pointed out, MarketsFX is not properly regulated and as such we cannot recommend it or even rate it high. Most of the important details we look out for are missing on the website as well. It uses a spread that is too high and will lead to loss of funds. If you have anything to say about this broker, do so in the comment section.

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MarketsFX Review – is marketsfx.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Bronze $250 1:400 3 pips
Silver N/A N/A
Gold $10 000 N/A N/A

MarketsFX is a Bulgaria-based CFD broker that offers trading in wide range of financial instruments on a web-based trading platform. If you consider investing with them, take a note of the following review. As you can probably guess by the low score we gave this broker, we don’t recommend it, and the reasons for that are highlighted below.

The broker operates via two domains – marketsfxcap.com and marketsfx.com.

MarketsFX Advantages

Comprehensive selection of tradeable assets, generous leverage

MarketsFX offers huge selection of assets for trade. Its product portfolio features many currency pairs from all over the world and a broad range of CFDs, including commodities, indies, precious metals, various stocks and many digital assets like Bitcoin.

Besides, the broker provides generous leverage levels, reaching 1:400, which is high enough for any trading strategy. While the risk-takers among you will probably enjoy this option, we would advise newbies to educate themselves about the risks involved in margin trading before using high leverage levels.

MarketsFX Disadvantages

Not licensed, blacklisted by the CONSOB

MarketsFX says to be owned and operated by Gam Group Ltd., a firm allegedly based in Bulgaria, which, however, is not licensed by the local Financial Supervision Commission, nor by any other governmental agency.

Click on the image to view larger.

This means that MarketsFX is not allowed to provide financial services as a forex and CFD broker in the EU or other regulated markets like those in the USA, Japan and Australia. Yet, it seems that this broker illegally targets European investors, as it was blacklisted by Italy’s financial regulator CONSB.

Click on the image to view larger.

Doing business with unregulated brokers is not recommended in general, but if a reliable financial regulator like the CONSOB has officially blacklisted it, you’d better stay away. There are too many scams operating on the forex and cryptocurrency markets.

Spreads aren’t clear, high ones in the platform

MarketsFX has not indicated any reference spreads, which always leaves a bad impression, as it shows lack of commitment and transparency. Nonetheless, the ones we saw on the broker’s platform are quite high – the benchmark EUR USD spread was floating around 3 pips.

Click on the image to zoom in.

This is by no means lucrative for traders, as most brokers offer significantly lower spreads. For further information and comparison on trading costs, check out the below link.

Unproven web platform, high spreads

As you can see from the image in the previous point, MarketsFX offers its services on a simple web-based trading interface. The platform is easy to use, but lacks many of the advanced features the MetaTrader4 offers, such as advanced charting, automated trading via Expert Advisors, a lot of customization options, and more. Besides, the platform is available as desktop download, web version and mobile apps.

Conclusion

MarketsFX presents itself as a world-renowned CFDs and FX broker, but we haven’t heard of it before we saw the warning of the Italian regulator CONSOB against it. The brokerage doesn’t hold a legit license and is not allowed to operate on any regulated market. Nonetheless, judging by the languages its website supports (English, Italian, German, and Spanish), it seems to target mainly European investors.

We keep reiterating the importance of regulation in the wild west of forex and cryptocurrency trading. Regulation is crucial for the safety of any investment and only well-established financial institutions like the UK’s FCA, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC) can provide sufficient security to traders.

And finally, here are the highlights of the present review of MarketsFX:

Many tradeable assets, high leverage

Pros Cons
Not licensed, blacklisted by the CONSOB
Spreads unclear, high ones on the platform
No access to MT4
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.

MarketsFX Review: Is Marketsfx.com A Legit Broker?

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