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MarketCFD Review - is it scam or safe?

MarketCFD review - Is marketcfd.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz MarketCFD
MarketCFD is an offshore broker. Your money is not safe.

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MarketCFD is forex and CFD broker, which says to be offering fast and flexible access to over 1000 major financial assets, including forex pairs, stocks, commodities and indices with 6 account types, leverage of up to 1:200 and a web based platform.

 

Account type Min. deposit Max. leverage Spreads
Green Account $250 1:200 n/a
Silver Account $2500 1:200 n/a
Gold Account $5 000 1:200 n/a
Platinum Account $10 000 1:200 n/a
VIP Account $20 000 1:200 n/a
Black Account $100 000 1:200 n/a

  

Unfortunately the broker is not regulated and we are not even sure where it is based, so if you are considering investing your funds with them better read this review first.

 

MarketCFD advantages:

 

Generous leverage

 

With forex pairs and other CFDs MarketCFD is offering leverage as high as 1:200 and that looks quite attractive especially since regulators throughout Europe, the US, Canada, Japan and now even Australia caped the leverage levels allowed for retail clients well under 1:100, because of the higher risks involved.

 

The fact that MarketCFD offers such leverage however is also an indicator that the broker is not licensed and authorized to offer financial services on any of the above mentioned markets.

 

Acceptable minimum deposit requirement

 

At MarketCFD you can open a trading account with just 250 USD and that is more or less what most other brokers would also require. Take a note however that with some well established brokers like FBS and IG you will be able to start trading with just 5 USD or so.

 

MarketCFD Disadvantages:

 

Shady ownership, no license

 

MarketCFD says to be owned by a company called  Plus One Ltd, while all payments are processed by  EverStride OÜ, another company based in Estonia. 

 

And as we already noted in the beginning of our review, we just do not known where  Plus One Ltd is incorporated. So the broker is pretty much anonymous, and that combined with the absence of a legit forex license makes trading with them quite risky. 

 

Bear in mind that the safety of your funds can be guaranteed only with regulated brokers, licensed an authorized by an official institution such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC), 

 

And besides with a FCA broker your trading account will even be insured for up to 85 000 GBP, so here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Unusual withdraw procedure

 

MarketCFD says it will take them 15 business days to approve your withdraw request, and yet another 15 business days to process the withdraw, before you will supposedly see your money in your account. That we should note is highly unusual. Most legit brokers will process your withdraw request within 24 hours and you will see your money in your bank account within 3 to 5 days the most.

 

Unusual fees

 

First there is a 3,5% Withdraw Fee, which can never be less than 50 USD. And than you have a Profit Clearance Fee, which varies between 1,5 USD and 5 USD per trade, and also a monthly Maintenance Fee of 20 USD. Finally you have something called Verification Fee of 75 USD, which will be charged every month in case you have not verified your identity.  

 

We should note that those are not usual fees. Most legit brokers profit solely through their spreads and do not charge any of the above mentioned fees.

 

Trading bonuses

 

Depending on the account type MarketCFD offers welcome bonuses of between 30% and 100%. And although that may seem attractive on first glance, you should be especially wary with brokers, which offer such kinds of promotions. 

 

The general issue with all trading bonuses is that they always come with strings attached, usually a minimum trade volume requirement, which quite often is used as a pretext to cancel your withdraw request. It is not a surprise that trading bonuses are prohibited altogether on most regulated markets like the European Union.

 

No demo account 

 

Unfortunately MarketCFD does not offer the option to test their trading platform with a demo account, so we can not comment on their trading conditions. Just have in mind that spreads are generally considered attractive with a standard account, only if they start below 1,5 pips. Here you may check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Few payment methods

 

MarketCFD says to accept payments with major cards like VISA and MasterCard, bank wire, PaySafeCard, and various e-wallets like NetellerSkrill, WebMoney, QIWI Wallet, Yandex Money and AstroPay. As we proceeded with our registration however, it turned out they accept payments only with VoguePay and bitcoins. So here you may check our list of brokers accepting bitcoins as well:

 

>>Forex Brokers Accepting Bitcoin<< 

 

And besides the absence of Skrill is also notable because of its new anti - scam policy, according which Skrill can be used only by licensed brokers. As we already noted, MarketCFD is not a regulated broker.

 

MetaTrader4 not supported

 

MarketCFD offers a web based trading platform, which we were not able to test, because the broker dos not offer a demo account. In any case we miss MetaTrader4 – undoubtedly the most famous trading platform on the market, featuring numerous market indicators and customizable trading robots, with the help of which one can easily run algorithmic trading sessions. On top of that MT4 is equipped with an excellent set of advanced charting tools, so here you may check our list of brokers, which do offer the platform:

 

>>MT4 Brokers<<

 

Conclusion:

 

Although MarketCFD presents itself as a reliable forex and CFD broker, it turned out to be yet another anonymous website, trying to lure investors with dubious trading bonuses. And as we already discussed  MarketCFD is not regulated and that additionally erodes their credibility. As always in such cases our best advise is to trade only with brokers regulated by reputable financial watchdogs like the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

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Traders` reviews for MarketCFD

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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