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MarketsPremium Review - is it scam or safe?

MarketsPremium review - Is marketspremium.com scam or good forex broker?

RATING: 1 / 0 REVIEWS MarketsPremium
MarketsPremium is not regulated. We cannot guarantee your money is safe.

MarketsPremium is a unregulated, offshore broker with a fresh warning from the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy for targeting EU customers without proper authorization. If you are thinking about opening a trading account with them better read this review first:

 

Account type Min. deposit Max. leverage Spreads
Mini Account $250 1:200 n/a
Silver Account $1000 1:200 n/a
Gold Account $5000 1:100 n/a
Platinum Account $15 000 1:100 n/a
VIP Account $50 000 1:100 n/a

 

MarketsPremium Advantages:

 

Comprehensive selection of forex pairs

 

MarketsPremium says to be offering a nice selection of over 60 forex pairs, most of which crosses and exotics like USDTRY, USDZAR, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD, USDDKK and USDCZK. And they also say to be offering CFDs on oil, natural gas, coffee, sugar, silver, gold, platinum, palladium, 10 indices and even some crypto coins like Bitcoin, Ethereum and Litecoin. 

 

However, as we were not able to open a demo account and test the spreads, here you may also check our list of brokers without competitive trading conditions:

 

>> Lowest spread forex brokers<<

 

Leverage of up to 1:200

 

A leverage as high as 1:200 should be definitely enough to fit even the most aggressive trading strategy. And yet as higher leverage comes with higher risk, it was not a surprise when last year the EU financial regulatory agency - European Securities and Markets Authority (ESMA), followed the regulatory authorities in the US, Canada and Japan and capped the maximum leverage allowed with forex transactions at 1:30, leaving Australia basically the only major regulated market, where unrestricted margin trading is still allowed. Besides, here you may check our list of brokers regulated in Australia:

 

>>Brokers regulated in Australia<<

 

Acceptable minimum deposit requirement

 

MarketsPremium will allow you to open a trading account with an initial deposit of 250 USD and that is inline with what most other broker would ask you for. Still, bear in mind that with some big, well known brokers like FBS and IG you can start trading with virtually 5 USD or so.

 

Various payment methods

 

MarketsPremium accepts payments with credit and debit cards like VISA and MatsreCard, as well as some popular e-wallets like NetellerSkrill, WebMoney and PayPal. However, as we do not see the option to pay with crypto coins, here you may check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

MetaTrader5 supported

 

Along with MetaTrader4, MetaTrader5 is one of the most widely use trading platform on the market. It features nearly 100 in build market indicators, advanced set of charting tools and even customizable trading robots, which can help you run automated trading sessions. In any case, here you may also check our list of brokers offering MetaTrader5:

 

>>MT5 Brokers<<

 

MarketsPremium Disadvantages:

 

No license, CONSOB warning

 

MarketsPremium is owned and operated by an offshore company, the Marshall Islands based SILVER WOLF LIMITED. The broker is not regulated, meaning they do not have legal right to offer their services on regulated markets like the European Union, the UK, Australia, the US, Canada or Japan. And as we already noted they have been blacklisted by the Commissione Nazionale per le Società e la Borsa (CONSOB) in Italy exactly because of this – for targeting EU customers without proper authorization. 

 

The problem with all unregulated brokers is the simple fact that they are completely unaccountable for the way they handle your money. On top of that, the question whether you will be payed back with such brokers basically depends on the integrity of the people who run them.

 

That said, our advise is to avoid such websites altogether and to trade only with brokers holding legit licenses by respectable institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) instead.

 

Not only your funds will be completely secure with let say a FCA broker, but also you will benefit from a client compensation fund, which in practice insures your account for up to 85 000 GBP even in the unlikely case your broker files for bankruptcy. Here you may also check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Market maker offering managed accounts

 

MarketsPremium acknowledges that they act as a market maker – e.g. they act as a counter party to all of your trades, making profit whenever you lose money and vice versa. 

 

 

Here we should note that many brokers, including a number of legit ones, also act as market makers. 

Legit brokers, however, never offer managed accounts, especially if they are market makers, because of the implicit conflict of interest – if a broker is a market maker and manages your account, they will have the incentive to “lose your money” to themselves. Unfortunately MarketsPremium do offer managed “ MAM TRADING ACCOUNTS”, with which you will not have the right to withdraw for at least 6 months. Honestly, this sounds to us as a 100% recipe for a scam.

 

Trading bonuses with unusual withdraw conditions

 

MarketsPremium offers various trading bonuses – a highly controversial practice, which has been banned in Europe and on many other regulated markets. The problem with all trading bonuses is that they always come with some unusual withdraw conditions – in the case of MarketsPremium for every 10 USD bonus you have accepted, you will have to trade at least 3 million USD. See for yourself: 

 

 

1.5% withdraw fee plus possible additional unspecified charges 

 

Bear in mind that MarketsPremium charges a 1.5% fee of the withdraw amount, which is also not a standard practice. Most legit brokers do not have a withdraw fee at all. On top of that  MarketsPremium reserves the right to impose, without any notice, additional charges such as statement fees, order cancellation fees, account transfer fees, telephone order fees, as well as to impose withdraw limits and additional withdraw fees in it system.

 

Conclusion:

 

As we already established MarketsPremium is low credibility, unregulated, offshore broker, which has been flagged by CONSOB in Italy for targeting EU customers without authorization. As always in such cases our general advice is to deal only with legit brokers, licensed by respectable regulatory authorities such as the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for MarketsPremium

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