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Markets YES Review – is it scam or safe?

MarketsYES Review - Is it scam or safe forex broker?

RATING: 2 / 2 REVIEWS ForexBrokerz Markets YES
Markets YES 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
Basic $250 1 contract 1:200  
Standard $1000 1 contract 1:200  
Intermediate $5000 1 contract 1:200 from 0.015
Diamond Pro $10 000 1 contract 1:200 from 0.01 
Black $50 000 1 contract 1:200 from 0.008 

 

Markets YES offers five types of accounts: Basic, Standard, Intermediate, Diamond Pro and Black for trading in CFDs on forex, indices, stocks, some precious metals, oil and agricultural products.

 

There is also a demo account with virtual $3000, but the information about it is well hidden in the FAQ section and there is no readily available link where one can sign up for it.

 

The company. Security of funds.

Markets YES is an offshore forex broker owned by Settlement Company Corp. The company is  registered in the offshore zone of the St. Vincent and the Grenadines and is not regulated. As per the broker's website, it “comprises of the highest industry professionals from the heart of the world’s financial trading centre, London, U.K.” and gives a contact address in London. 

 

Our check with the Financial Services Register of UK's FCA, however, revealed that neither Markets YES, nor the Settlement Company Corp. are listed there.

 

The broker says it is registered and regulated on the Pacific island Vanuatu - an offshore zone with rather dubious reputation. Vanuatu has zero corporate tax, both for international and domestic/resident companies. Companies are also exempt from capital and exchange controls. Accounts must be kept but don’t need to be filed, and there are no auditing requirements and in practice financial transparency is next to none.

 

UK's FCA, on the other hand has strict requirements in terms of company reporting, transparency and capital, client funds segregation and membership in a compensation scheme, among other things. It is one of the most reputatble financial regulators and the companies in its jurisdiction are among the largest, most well regarded and stable in the global financial markets.

 

Doing business with an unregulated offshore broker could be extremely risky. The unregulated brokers often exist with the sole purpose of fleecing people and disappearing with their money. They usually don't keep their clients' money in segregated accounts and are no members of any client compensation programs, which increases the risk of loss even more. 

 

Trading platforms

 

Markets YES is using its own solely web-based trading platform of the same name. The platform also has a version for trading in binary options.

 

There is no alternative trading platform like the popular MetaTrader 4 of MetaQuotes Software, which is somewhat odd for a relatively new and small broker.

 

Click image for larger view

   

Promotions

There is a $25 sign up bonus promotion offered by Markets YES, which is subject to a set of terms and conditions, available at the broker's site.

 

There is also the “Holiday Cheer Bonus” of up to 100% for every deposit of between 250 and up to 1000 USD/EUR/GBP.

 

Methods of payment

Markets YES accepts deposits through a bank transfer and Visa and MasterCard credit cards. The other more or less standard options for account funding through electronic payment systems like Skrill, Neteller and PayPal, for instance, are not currently present. 

 

Conclusion

Markets YES is yet another offshore unregulated forex broker with average conditions and relatively high minimum deposit requirement, though not as high as some other offshore unregulated brokers.

 

Some of the basic trading conditions information was not available at their site, so we had to obtain it through the chat service. 

 

Another striking fact is that Markets YES offers trading in binary options, which becomes clear only when one signs up in their platform. 

 

Pros:  Cons:
Tight spreads Offshore
  Unregulated
  No MT4
  No electronic payment systems
  Demo account not readily available

 

 

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Traders` reviews for Markets YES

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Not user friendly

Minimum amount is higher than most at $25 per trade, which is high when first starting out. When you want to sell early it doesn't let you change your mind or confirm that is what you want to do . It automatically executes the order when the button is selected , I found out the hard way. There are much better platforms out there .

Philip Ralph 06/07/2017
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