de | cn | ru

MarketsFX Review - is it scam or safe?

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

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

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Bronze  $250 1:400 3 pips
Silver 

$2 500

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.

 

 

>> The spreads of top brokers compared in real-time <<

 

 

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.

 

 

>> Choose some of the best MT4 brokers <<

 

 

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. 

 

 

>> Trade with a broker regulated in Cyprus <<

 

 

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

 

Pros Cons

Many tradeable assets, high leverage

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

 



Latest news about MarketsFX
No news about MarketsFX . Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5, Iress $100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for MarketsFX

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

 

 

Operadores telefónicos que parecen idiotas o no entienden el castellano

Markets Fx o marketsfx.com la peor empresa del mercado financiero son spam... Además hacen llamadas telefónicas basura... ya les puedes decir mil veces que no te interesa y no hacen mas que llamarte de diferentes numeros de telefono. Son empleados captadores de capital, son tan cortos y retorcidos que no entienden que se convierten en basura cuando repiten una y otra vez la misma llamada para el mismo mensaje... creen que insistiendo pueden sacarte el dinero. Buscan dinero desesperadamente.

Translated by Google:

Telephone operators who look like idiots or don't understand Spanish
Markets Fx or marketsfx.com the worst company in the financial market are spam ... They also make junk phone calls ... you can already tell them a thousand times that you are not interested and they only call you from different phone numbers. They are capital capture employees, they are so short and twisted that they do not understand that they become rubbish when they repeat the same call over and over again ... they believe that insisting they can take your money. They desperately seek money.

Miguel Ángel Hermida 12/10/2019
de | cn | ru