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MySafeMarket Review - is it scam or safe?

MySafeMarket review - Is mysafemarket.com scam or good forex broker?

RATING: 1.1 / 2 REVIEWS ForexBrokerz MySafeMarket
MySafeMarket is an offshore broker. Your money is not safe.

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MySafeMarket is an offshore broker offering a variety of forex pairs and many other CFDs on stocks, indices, commodities, metals and crypto coins, with three account types, leverage as high as 1:400 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
Silver Account n/a

1:200

n/a
Gold Account n/a 1:300 n/a
Platinum Account n/a 1:400 n/a

 

Unfortunately like most other offshore brokers MySafeMarket is not regulated, which means that any funds deposited with them might be at risk. 

 

MySafeMarket Advantages:

 

As we always start our reviews with any possible benefits a broker might offer to their clients, in the following few paragraphs we will outline what we like about MySafeMarket.

 

Good selection of forex pairs and CFDs

 

When we tested MySafeMarket trading platform with a demo account we came across 46 currency pairs lots of which minor or exotic like USDZAR, USDSGD, USDTRY, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDCNH, USDCZK and USDCLP, as well as various CFDs on silver, gold, natural gas, oil, aluminum, coffee, cotton, nickel, soybean, sugar, wheat and zinc, 14 indices, stocks and major crypto coins like Bitcoin, Dash, EOS, Ethereum, Ethereum Classic, IOTA, Litecoin, NEO, Tron, Monero, Ripple and Zcash. 

 

Still, if you like the idea of trading crypto assets we may also suggest that you check our list of brokers, offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 1:400

 

Depending on the account type MySafeMarket offers leverage of between 1:200 and 1:400. We should note however that such leverage levels are not that common these days, especially since virtually all major regulators in the industry caped the maximum leverage allowed for retail traders to levels well below 1:100. So our advise here is to use higher leverage with extra caution as it can easily erase your funds, when the market turns in the wrong direction.

 

MetaTrader4 available

 

This is another piece of good news. MT4 is a highly reliable and multi functional platform featuring over 50 customizable market indicators and a number of trading robots, with which you can easily run algorithmic trading sessions. On top of that the platform is complemented with an excellent set of advanced charting tools so here you may also check our list of brokers offering MetaTrader4:

 

>>MT4 Brokers<<

 

MySafeMarket Disadvantages:

 

No license

 

MySafeMarket is owned and operated by an offshore company – the Marshall Islands based MYSAFE PLACE LTD. And as we already noted, the company and the broker are not licensed, as they should be, if they want to target customers on regulated markets, like for example the European Union. 

 

Depositing any funds with a unregulated brokers is extremely risky as quite too often such websites are run by scammers. So our advise here is to trade only with legit and regulated brokers, like the ones authorized by the Financial Conduct Authority (FCA) in the UK, where your funds will even be covered by a client compensation scheme for up to 85 000 GBP. Here you may check as well our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses with additional withdraw conditions

 

The practice of offering trading bonuses is highly controversial, and it is not a surprise that it has been banned in the European Union and in virtually all other major regulated markets as well. The issue here are the additional withdraw conditions that come with the bonus. For example, before submitting a withdraw request you will have to fulfill some minimum trade volume requirement. See for your self:

 

 

And because brokers like MySafeMarket usually reserve the right to change their bonus policy on their sole discretion, it may happen that you will never be able fulfill the withdraw conditions.

 

 

Bear in mind as well that trading bonuses are a favorite tool scammers usually use as a pretext to cancel your withdraw requests.

 

No information about the minimum deposit requirement

 

Just have in mind that most brokers will let you start trading with about 250 USD, while some big and well known names like FBS and IG will let you open a trading account with virtually 5 USD or even less.

 

Skrill not accepted as payment method

 

MySafeMarket accepts payments with credit and debit cards like VISA and MasteCard, and bank wire, but not e-wallets like Skrill, and this is another indication that we are dealing with a low credibility broker. Bear in mind that since October 2018 Skrill partners only with properly licensed brokers. And as we already discussed MySafeMarket does not have a license whatsoever. Here you may check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Unrealistic spreads

 

As tested with a demo account the benchmark EURUSD spread floated as low as 0,2 pips, which is basically what we call a raw spread. Legit broker profit either by some markup added to the raw spread, so that you end up with at least 0,6 pips – 0,7 pips, or by adding a trading commission. When we executed a trade on the MySafeMarket trading platform no trading commission was taken, which means that what we saw on the trading platform does not reflect the real trading conditions. Besides, here you may also check our list of brokers offering tight spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

MySafeMarket is a low credibility, offshore broker, which is not licensed and authorized to offer any financial services on regulated markets like the EU, the U.S., Canada, Australia or Japan. As we already discussed, dealing with unregulated brokers is extremely risky, so our best advise is to trade only with legit companies, regulated by well respected financial authorities like the FCA in the UK,  the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).

Latest news about MySafeMarket
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Traders` reviews for MySafeMarket

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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Is a scam

I've been scammed by this artists, I'm still trying to get my money back, they keep calling me saying I'm doing money laundry, when I say I don't want to use their services because they are a scam they say I need to play and loose money if I want to get some money back, don't fall for this scamers, block your card and announce the authorities!!!

Ciprian Lebedov 12/23/2019
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