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MultiplyMarket Review - is it scam or safe?

MultiplyMarket Review - Is multiplymarket.com scam or good forex broker?

RATING: 1 / 5 REVIEWS MultiplyMarket
MultiplyMarket is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

Account type Minimum deposit  Maximum leverage Spread
Mini $500 1:200 3.0 pips
Classic $5,000 1:200 2.0 pips
Premium $20,000 1:200 1.0 pips

  

MultiplyMarket is a forex broker, which is heavily connected to another company – Nostrobank. Their offers are practically identical, which leads us to believe this is either a brand operated by the same people or another team, which has partnered with them. We don’t like either offer, but be sure to check out the full review to see why. 

 

MultiplyMarket Advantages

 

Proven trading software(MT4) 

The platform at MultiplyMarket is one of the few positives about the company. MetaTrader4 has definitely stood the test of time and while it may seem dated it still works flawlessly. The main strength of MT4 is the charting package, but it is also accompanied by a lot of features. For instance, this is by far the most easy to access automated trading environment one will find. The so called Expert Advisors can be found in the built-in marketplace, as well as in third-party vendors. 

 

That being the case, we had issues with running the platform provided by this broker.

 

>>Browse our list of MT4 brokers<<

 

Popular payment methods

There are multiple ways to deposit funds to MultiplyMarket. They cover both the traditional ones, as well as more modern e-wallets. The full list includes: Bank Transfer, Credit Card, Neteller, Skrill, WebMoney iDeal and Sofort.

 

Sufficient leverage

One must always proceed with caution, when it comes to margin trading. Still this way of trading is a necessity if you are to profit from a forex trade, as the moves are small, in absolute terms. The 1:200 ratio is one which will allow every type of trader to follow his strategy. 

 

MultiplyMarket Disadvantages

 

No regulation, based offshore

MultiplyMarket is registered on the Marsha Islands, which by itself is a troublesome factor. Even more crucially, the company isn’t overseen by the local or any foreign financial regulatory institution. We don’t recommend trading with unregulated intermediaries, as they don’t guarantee any form of security for your investment.

 

Connection to the other company not disclosed

MultiplyMarket is a brand, operated by TVACENTY FINANCE LIMITED. Our test of their demo platform (which, we’ll get to below) revealed a connection to Norstrobank. At the time of writing of our review, of the latter broker, they claimed to be owned by Keyds Lydya Ltd. It is a bit unusual for neither company to mention their partnership, but it’s not unheard of.

 

High deposit levels

The different account types with MultiplyMarket require substantially higher sums, which isn’t that big of a deal. The high starting point is what troubles us - $500 will limit some of the smaller potential clients. That being the case, there are many brokers who offer you the ability to enter the world of trading wit a smaller investment. Whatever your financial situation may be, never risk more funds than you are willing to loose, without a serious consequence. 

 

Tight spreads only for big traders

The costs of trading at MultiplyMarket aren’t that competitive, until you get to the last account type, which requires a $20,000 commitment. Needless to say, this makes them a rather non-competitive broker. Be sure to check our special spread comparison platform to see what some of the industry leaders provide.

 

>>Some of the tightest spreads, in real time<< 

 

Demo not instantly available

Once we tried to run the MetaTrader4 platform provided by MultiplyMarket, we were redirected to Nostrobank. Oddly enough, we weren’t able to create a demo account with them.

 

Conclusion

 

MultiplyMarket is an unregulated, offshore broker, partnered with Nostrobank (another similar company). While we aren’t certain of the actual terms of their cooperation, this isn’t that big of a factor when comparing them. Both companies offer the exact same trading environment, which isn’t that competitive.

 

The thing which influenced our score the most is the lack of a regulatory framework in which this broker operates. The more credible companies are under oversight by an agency which monitors the financial services sector. On of these so called watchdogs is the United Kingdom’s Financial Conduct Authority (FCA). 

 

>>FCA regulated brokers can be found here<<

 

All of the brokers registered with the FCA must obey the code of conduct. We will highlight only two of their rules, the ones which guarantee you a secure investment:

 

1) all client accounts are segregated – this rule means the broker doesn’t have unlimited access to your balance (and can’t steal the funds at will).

 

2) the Financial Services Compensation Scheme (FSCS) is in place. Think of this as an insurance policy against your broker going bankrupt. 

 

To recap this review, the main pros and cons, one more time:

 

Pros Cons
Proven trading software(MT4) No regulation, based offshore
Popular payment methods Connection to the other company not disclosed
Sufficient leverage High deposit levels
  Tight spreads only for big traders
  Demo not instantly available

 

 

Latest news about MultiplyMarket
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Traders` reviews for MultiplyMarket

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

 

 

Lesson learned

Same as everyone here. After my first deposit of 200€, Mr Cedric Winfield, called me again for more 300€.

He kept asking for more but stopped at 500€.

Then he disappeared, and here came Mr Mike Lebson.

But since i refused to send more money, I've lost contact or access to the account.

Nuno Cardoso 11/15/2018

MultiplyMarket withdrawal problem

I deposited a $500 with this broker, they have been calling me a lot. ended up depositing. I provided all required documents and they confirmed that acc. verified and compliant.

The trading acc. shows the money but non are responding to my emails now, when requesting refund with required documents its says congratulations you have submitted your withdrawal successfully but refunds none is coming

Regards
More Poor and disappointed
client

Velaphi Mokgabudi 11/01/2018

Do not send your money to these criminals

This company is a very fraudulent do not work with them they swindled me out of thousands of dollars and will not return my withdrawal. I am currently trying to find other people who have been frauded by this company to help with my case. DO NOT SEND YOUR MONEY TO THESE CRIMINALS!

Lisa Holmes 09/22/2018

Multiply market - Nostrobank. Fraudsters, scammers.

i am absolutely shattered and gutted.i have been just robbed of $2500 by peter young and william reece,which are there false names.i am 55 years of age and have a disabled autistic boy to look after.the fact that people rob and steal other peoples money is a disgusting act of humans.i am going to go to the federal police as well as the media.my banks fraud team is trying really hard to get me my money back.what a sad sad world we live in.i do believe in karma and i hope these crooks get there's.Mr Dragi Jovanovic.

Dragi jovanovic 05/26/2018

Multiply markets - Scammers!!

I cannot tel you have sad I am that the world is full of so many people willing to scam others out of their money. I have been dealing with James Gordon, Eric Pearl and and then Charlotte Montgomery of Multiply markets. AS soon as I wanted to withdraw my money everyone one disappears, telephone number do not exist, Web sites do not work!! I am so very disappointed and feel so stupid and so gullible. I should have learnt my lesson that you can trust no-one!!

Jo Palmer 05/24/2018
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