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MarketTM Review - is it scam or safe?

MarketTM review - is markettm.com scam or safe forex broker?

RATING: 1.2 / 3 REVIEWS ForexBrokerz MarketTM
MarketTM is an offshore broker. Your money is not safe.

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 Market TM is a forex brokerage with no information on its website regarding registered address or regulation, only a London address of the payment service provider. After further research on our part, we must say that we have our doubts about this brokerage. Read the whole review to find out why:

 

Account types Minimum Deposit Spread Leverage
Standard €250 2 pips 1:200
Silver €5000 2 pips 1:500
Gold €10 000 2 pips 1:400
VIP €50 000 Variable 1:1000

 

 

Disadvantages 

 

 

Strong security concerns 

 

There is no explicitly stated regulation on the brokers website, but there is a regulatory number mentioned. Having in mind the address the broker has given, we checked the online registry of the London regulatory authorities, only to find no such company listed among the registered entities. Furthermore, reading through the terms and conditions of the brokerage we find the following “This Agreement shall be governed by and construed in accordance with the laws of the Marshall Islands”. One of the “perks” of a brokerage registering in the Marshall Islands is that they needn’t even physically be there. Obviously, the London address is given only to mislead potential traders and we have on our hands an unregulated brokerage with already doubtful credibility. We must make notice of the missing regulation since this opens up an amalgam of risks for potential clients of Market TM. 

 

Most importantly, the safety of their funds is not guaranteed and they have no official authorities to turn to if the brokerage attempts to scam them. They will also not participate in any compensatory scheme such as the Financial Services Compensation Scheme (FSCS) where by the traders losses will be covered in the unlikely case the broker goes bankrupt. Having outlined all this, we would suggest to interested traders to be always on the look out for watertight compliance with a reputable regulator on part of the broker and orient themselves to better trading options. Here is a list of our recommended FCA-regulated forex brokers: 

 

>>List of FCA-regulated forex brokers<<

 

Further uncertainty 

 

Market TM also claims to specialize with Binary options trading, however, having stated it is registered in London (which is most probably false), it makes no sense to mislead clients into thinking it offers Binary options, because binary brokers are prohibited from operating in Europe. A lot of the information on the website is at best not well thought through, or at worst, purposefully inaccurate. 


Sleeky withdrawal conditions 

 

Buried deep in the terms and conditions we come across a couple more nerve-wracking things about the brokerage. Market TM has a so called “turnover requirement” for clients who wish to withdraw funds. Let us first state that credible brokers should not have any such conditions – the clients money is his to dispose with and must be able to withdraw it at any time. Back to the withdrawal conditions – we read that if a client deposits $500, the client must achieve a turnover of $500 or more in order to be eligible to withdraw any funds. In such a case, the client will be charged a one percent procession fee (or $50 if the amount is less than that). If the client does not meet the turnover requirement, his funds will be subject to a further 20 per cent procession fee. Frankly speaking, such possible pillaging of the clients money should raise red flags for any trader, newbie or seasoned. 

 

Minimum deposit 

 

Market TM requires a deposit of at least €250 from potential clients. Usually, such an amount is nothing out of the ordinary, maybe a bit above the average, however, having in mind all the security concerns outlined above, we must say that it is too high an amount to risk with a brokerage so slippery with the information it posts on its website. For a comparison, IG forex broker asks only the meager sum of $1 and complies with the highest regulatory standards. 

 

High fixed spread 

 

Through a demo account we had access to the brokerages trading platform and could see a fixed spread of 2 pips on EUR/USD which is the average fixed spread brokers offer. Most probably, the spread gets better if you deposit more and get a fancier trading account, however, having in mind the regulatory status of the brokerage, such an investment is unlikely to shower a trader with success. Interested traders should check out our list of recommended fixed spread forex brokers: 

 

>>List of fixed spread forex brokers<< 

 No crypto

 

Clients of Market TM may trade CFDs on currency pairs, stocks, commodities and indices. The brokerage does not, however, provide clients participation in the crypto market which is an exciting financial market to be experienced. Here is a list for interested traders of our recommended Bitcoin forex brokers: 

 >>List of Bitcoin forex brokers<<

Advantages 

 

 

MT4 trading platform 

 

Market TM provides for clients the MetaTrader 4 trading platform which we view always as an advantage for a number of reasons. Firstly, the platform is the preferred choice for more than 80 per cent of the trading world and brokerages would do well to have that in mind. Furthermore, its unique features such as the MQL programming language, advanced analysis tools, indicators and signals greatly enhance the trading experience for any potential clients. Here is a screenshot of the platform: 

MetaTrader 4 trading platform. Click to zoom.

 

All this being said, the MT4 is best when it comes hand in hand with a regulated and credible brokerage. Interested traders should check out our list of recommended MT4 forex brokers: 

 

>>List of MT4 forex brokers<< 

 

High leverage 

 

Through the demo account we could see that Market TM offers traders a leverage of 1:500 which is significantly high. It must be said that a higher leverage extends more freedom in the traders dealings, as well as the chance for higher profits. It does, however, also hide the risk of contingent heavy losses. Taking notice of the security concerns surrounding this brokerage, such a high leverage should at best be viewed as a “doubtful advantage”. 

 

Plenty of payment methods 

 

Clients of Market TM may deposit or withdraw via Visa, OK Pay, Payza, DixiPay, Fasapay, Maestro, Neteller and Skrill Direct. A wide range of payment methods is always a welcoming sign and should be counted as an advantage. 

 

 

Conclusion 

 

 

Market TM is an unregulated forex brokerage with a lot of misleading information on its website, uncertainty around its registered address and scary withdrawal conditions. What most made us question the brokers legitimacy are the inconsistencies between the given address and the mentioning of Marshall Islands law in the terms and conditions. It certainly inclines to state that there is a serious lack of assurance for the safety of the clients funds. Having in mind all that was highlighted throughout the review, we recommend interested traders direct themselves to better trading options to which we have linked above many times. 

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Traders` reviews for MarketTM

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

 

 

My experience with MarketTm - Very negative and I am doing law actions

At the beginning of April a friend of mine suggest to me to have trading with marketTm: I open an account startuing with 300 Euro and with the assistance of the suggested Senior Account manager, Mr. Adam Biton (that on the 15 th March 2018 pass from CMB to MarketTm. I worked well with him and the assiatnce katerina Clark and I arrive toinvest about 4,5 kEuro with profit that at the beginning of July arrive to be 3,6 KEuro; so I have on my account > 8KEuro of equity + the entry bonus and no operatins open. I asked for a withrawal iof 2,5 KEuro on about 9th July and I receive confirmation by Mr. Adam Biton, in 2-3 days my money had to arrive on my credit card. After 1 week I ask a new time to Mr. Biton and Katerina Clark info and Mr. Biton disappear without any other mail or call but Mrs Clark was in concat with me till the 24th July and she wrote on whatsapp and mail to be quite that all was only a little bit delayed. After 24th July no other info and no money received but on my account in the website I have seen till beginning of Augst the right situation, about 8 KEuro and no position open, The problem is that after the first week of August I had no possibility to enter in the MarketTm website and naturally no contact; all the marketTm mail (also support and compliance) send an erro message; it seems they closed and disappear and I have to recover my money. Do you have suggestion and contact to recover my money?If yes I will pay 15-20% of the recovered money to the person that will support me.

Keep in contact, it is urgent

Carlo Biava 09/20/2018

MarketTM Truffa

Per me è una delusione avevo mese 650 euro per mesi ho guadagnato 250euro una settimana volevo fare un prelievo non ho più trovato neanche un centesimo volevo sapere perché

Translated by Google:

For me it's a disappointment I had 650 euros month for months I earned 250 euros a week I wanted to make a withdrawal I have not found even a penny I wanted to know why

Marthe ngo nguimbus 08/20/2018

Derubato dei miei soldi

Sono stato derubato di473 euro..dal mio conto!!!un giorno go chiesto di ritirare..i miei..soldi..alla mia consulente..dal fiorno dopo..nn mi ha più risposto al telefono..go mandato email..ma nn ho ricevuto risposta..mi hanno cambiato consulente.l'ho sentito una volta..ed é sparito anche lui!!nn so se voi potete fare..qlc..con l'occassione vi ringrazio anticipatamente!!

Translated by Google:

I was robbed of € 473.from my account !!! one day go asked to withdraw..i my..soldi..alla my consultant..dal the afterno .. nn more replied to the phone..go sent email .. but I have received an answer .. I have changed consultant.I''ve heard it once..and is gone too! I do not know if you can do..qlc..with the occasion I thank you in advance !!

fabio vastano 08/20/2018

Market TM - dangerous scammers

I confirm that Market TM is a full scammer website, be careful: Please, see the decision of Italian Control Authority on Trading Online Services CONSOB http://www.consob.it/web/area-pubblica/bollettino/documenti/hide/interdittivi/divieto/2018/d20510.htm which declared Market TM without license to perform brokerage and consulting towards Italian consumers. I personally denounced Market TM to Consob and Italian Police. The assumed company Market TM ltd doesn't exist, they say the base is in London, but it is not enrolled at UK company register and elsewhere; they write in the website they got awards in previous years, but those awards where won by other entities; if you ask to get back your money, they doesn't reply to you. I collected all tetails about them, they surely are a call centre in east Europe, when they speak Italian they have Albanian accent.

Paolo Donolato 07/10/2018
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