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Markets.online Review - is it scam or safe?

Markets.online Review - Is markets.online scam or good forex broker?

RATING: 1.2 / 8 REVIEWS Markets.online
Markets.online is an offshore broker. Your money is not safe.

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Markets.online is a forex and CFD broker, offering several account types on a web-based platform. The trading instruments include CFDs on crypto currencies and futures. If you are considering opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Starter Account $250 1:300 2 pips, floating
Average Account $1000 1:300 n/a
Master Account $5000 1:300 n/a

 

Markets.online advantages:

 

CFDs on crypto currencies are available

 

Markets.online offers 30 forex pairs, including exotic currencies such as Russian Rubla, Norwegian Krona, Swedish Krona, Chinese Yuan, Danish Krona, South African Rand and Czech Krona. The broker also offers CFDs on silver, gold, copper, oil, and other commodities like coffee, sugar and wheat, as well as futures, stocks and the Vix index. 

 

Markets.online also offers some crypto currency pairs. On their trading platform we found Litecoin, Dash, Bitcoin, Ethereum, Golem,  Monero, Ripple and Zcash. Still here you may check our list of brokers also offering Bitcoin as a trading option:

 

>>Bitcoin Forex Brokers<<

 

Generous leverage

 

Although the leverage on the tested platform was up to 1:100, on its website Markets.online says the maximum leverage could go up to 1:300 with all the accounts. Having in mind that higher leverage means higher risk, here you can check our list of brokers, offering leverage of up to 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Three account types with a swap-free option

 

Markets.online offers three account types – Standard, Average and Master with a minimum trading volume of 1000 base currency units for all the accounts. The broker also offers the option for a swap-free, Islamic account, where no interest is accrued on positions left open overnight. Here you can check our list of brokers also offering swap-free accounts: 

 

>>Islamic Forex Broker<<

 

Markets.online disadvantages:

 

Lack of regulation

 

Markets.online is an unregulated forex and CFD broker, owned by Bankxi Ltd – a company with a post address in Bulgaria and a contact number in the UK.

 

As a rule of thumb all investments with unregulated brokers are extremely risky. Unregulated brokers are not legally bound by any fiscal or ethical rules and in many cases are simply a scam.

 

On the other hand brokers with a license from a well respected financial authority, such as  the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have to abide by strict rules and do provide security to investors.

 

They have to maintain a minimum capital adequacy ratio and keep all customers' funds in a segregated, protected form creditors account.

 

In addition FCA and CySEC brokers have to participate in client compensation schemes, under which traders can receive part of their capital back in case the broker goes insolvent. With FCA brokers the insured capital is up to 50 000 GBP, while with CySEC brokers the compensation can reach 20 000 EUR. Here you can check our list of FCA regulated brokers:

 

>>Find FCA regulated Brokers here<<

 

High minimum deposit requirements

 

You can open a Starter Account with Markets.online with 250 USD, an Average Account with 1000 USD and a Master Account with 5000 USD. On the other hand with most brokers you can open an account with a hundred USD or less, while with some big names such as XM and FXTM the minimum deposit is just 5 USD.

 

Uncompetitive spreads

 

On its website Markets.online says the spreads with its Average Account are “tights” and with its Master Account - “competitive”. When tested on their platform however the EURUSD spread was between 1,9 and 2 pips, which is way above the levels we usually expect to see with a standard account. Here you can check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Unusual withdraw conditions

 

With Markets.online you can not withdraw less than 100 USD with a credit card or an e-wallet. 

 

In the same time the minimum amount that can be withdrawn via bank wire is 500 USD with the special condition that a profit of at least 500 USD is made before hand. 

 

Besides, in addition to the usual bank charges the broker will charge you 25 USD withdrawal request fee for card and e-wallet transfers and 50 USD for a bank wire transfer.  

 

 

For card payments the broker also takes a 10 USD processing fee in addition to the 25 USD withdrawal fee. Needless to say all those fees are highly unusual with most brokers.

 

No MetaTrader4 available

 

Markets.online offers a web-based trading platform with charts provided by TradingView. The platform has an user friendly interface, in-build array of market indicators and live news stream. 

 

 

It lack however the option for automated trading – feature that has made MetaTrader4 so popular among traders. With MT4 you can even compile your own market indicators and trading bots on a specially designed scripting language - the MQL4. Here you can check our list of brokers offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

No sufficient information about the payment methods

 

With Markets.online you can deposit or withdraw funds by a credit or debit card or bank wire. The broker also mentions the option for payments via e-wallets, but does not specify which e-wallets are accepted. Here, you can check our list of brokers, offering Skrill as a payment method:

 

>>Skrill Forex brokers<<

 

Conclusion:

 

Markets.online is an unregulated broker with a Bulgarian post address, offering mediocre spreads on a web-based platform, lacking the functionality of MetaTrader4. In addition the minimum deposit requirement is high and the broker has some highly unusual withdraw conditions.

Latest news about Markets.online
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Traders` reviews for Markets.online

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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watch out

Hi please please stay away to market online please I m now fighting them to give back my money and they are not regulated they dont have lisence please stay away from market.online

nkanyiso 01/11/2019

Scam scam scam stay away

Hello good people

Please never invest your money on marketonline they are group of scammers when you try to withdraw to your money you will struggle until you give up. I have tried to withdraw and failed . I have given up now ii lost $1300 on this unregulated broker

michael 01/11/2019

Markets.Online is a scam

After being contacted over months I decided to give them a try and it was doing well at the beginning I was interested in doing it long term. My first account manager began ignoring my emails and wasn't assisting with trades. I got a second manager and she was more responsive and trading went well. I was then given one really bad trade and it drained my account. A different person kept calling to offer risk free trading to give back the balance and within days of getting back the balance I was given another bad trade and everything is gone down to $200. Before getting to this point my manager stopped responding to emails and didnt call back. When I did get a call they were telling me it was my fault and that I didnt have to let the trade get that bad. They claim that nothing that is left is mine to get back based on a rule on bonus that wasnt stipulated before

A very disgruntled person 01/08/2019

Withdrawal scammed

Market online is bloody scam people should not invest their hard earned money on this unregulated broker . i have been scammed $1300 and when try to withdraw they send me from pillar to post . I regret why i didn't do my research first before making the deposit . And their accounts managers will forced you to use your credit cards and insist on you.

Micahel 01/07/2019

Markets.online trial

I signed up for the free markets.online trial about 2 weeks ago. My trial is almost over and my account is currently +$4897.23 in closed trades but -$8834 in open trades. Just a word warning to anyone considering putting money in, it might make money over the short term but over a longer term there's a good chance it will drain your account. The trading bot doesn't use stop losses, they say it offsets losing positions but it doesn't look like it does. This makes it very risky.

D De Wet 01/05/2019

Withdraw funds and being scammed

I took part with the Global markets trial trading. I deposited $280 and was given $280. Most of my trades have been a loss and only made $125 profit on one trade. When I wanted to withdraw I was told that my turnover had not yet been reached and told to trade further. I had $1183 and the last trade lost me $1096. Now I only have $79 left. I want to close my account and get out my$280. I used my debit card to deposit. Please help me URGENTLY. Thanking you Carol Lowden.

Carol Lowden 12/28/2018

Markets online very problematic

Markets online very problematic when trading by cell phone and they will not let you withdraw your funds. I have begged on numerous occasions to withdraw my funds but they simply refused. My advice to anyone. Please stay away from this trading platform.

I have pleaded with the staff from Markets online to get my initial deposit back with no joy. Please be careful as they will not let you withdraw your money.

Dawie Kruger 10/22/2018

Markets.online scam

I got interested to invest with markets.online to use my money wisely. But to my dismay they insisted me add 250USD from my initial investment of 250USD, which I did so total invested amount is 500USD.

But what so annoying, my account not yet validated due to Proof of Billing I sent is not valid with them, they need my bank account statement as Proof of Billing. This was really scam, they still continue sending me emails & calling my mobile number, but I lost my trust already so I ignored them. But my 500USD, they are not willing to give back to me as they are insisting me to send my bank statement.

Lourdes P. Mergal 08/23/2018
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