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Manhattan Global Markets Review - is it scam or safe?

Manhattan Global Markets Review - Is manhattanglobalmarkets.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz Manhattan Global Markets
Manhattan Global Markets is an offshore broker. Your money is not safe.

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Trading accounts and conditions


Account type Minimum deposit Minimum trade size Maximum leverage Average spreads
Retail Trading $500 0.01 lots 1:200  
FIX API $5000 0.1 lots 1:100 ECN Spreads
Institutional* $25 000 >1000 lots per month 1:100 Raw ECN

 

*Minimum monthly fee of $2,700 - not an extra commission but rather a minimum amount that we require institutional trading accounts to generate each month. If the commissions are less than this minimum, then you are charged the difference.


Manhattan Global Markets claims to be an STP broker. It offers trading in forex, CFDs on indices, metals and commodities.


In addition to the three live trading accounts, there is also a free demo account for testing purposes.

 


The Company. Security of Funds


Company Country  Regulation
 Manhattan Global Markets Limited SVG None


Despite its name, Manhattan Global Markets is located in the Caribbean offshore zone Saint Vincent and the Grenadines. We could not find any regulatory information, so we suppose the broker is not properly licensed, despite its claims to be registered with the “Financial Conducts Authority” of SVG. As far as we’re concerned, there is no such entity in the country. The financial services provider is called Financial Services Authority. On the other hand, “Financial Conducts Authority” sounds all too similar to UK’s Financial Conduct Authority, which is one of the strictest regulators. Misleading much?


Manhattan Global Markets claims it is also registered in New Zealand, but its financial services provider license is still pending. Our check in the Companies Office registry revealed that the company is indeed registered in New Zealand, but has no financial license.


Nevertheless, we are not tired of repeating that dealing with this type of offshore unlicensed brokers is risky, as many of them are a scam. Being unlicensed and unsupervised, there is no a client safety net, nor a regulator to which one can turn in case of problems with the broker. Clients are entirely at the mercy and integrity of the brokers.


We strongly advise our readers to avoid those offshore unlicensed brokers and go for ones that are properly regulated. Of course, not all watchdogs provide a good level of supervision, but among the best ones are UK’s FCA and the ASIC.


Trading platform


Manhattan Global Markets offers two platforms: the eternally popular MetaTrader 4, preferred by traders and brokers alike and cTrader. The latter is available only for the Institutional account and offers algorithmic trading and copy trading, as well as multiple trading and charting options.


Methods of payment


We could not find a lot of information on the payment options, except that the broker accepts credit card payments. Most likely there is also an option for a bank transfer.


Conclusion


We are not very sure what to make of Manhattan Global Markets at this point. It is not regulated and frankly, its trading conditions are not very impressive. On the other hand it is trying to give the impression of an honest and reliable broker, but these days talk is cheap.


In the end of the day, we would prefer a properly regulated brokers with better conditions.


Pros Cons
MT4 Offshore
cTrader Unregulated
  High deposits

 

 

 

 

Latest news about Manhattan Global Markets
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Traders` reviews for Manhattan Global Markets

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Company dissolved

The broker is dissolved on Jan 23rd, 2018.

Roberto Stefano 01/27/2018
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