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NetMarkets Review - is it scam or safe?

NetMarkets Review - is netmarkets.com scam or good forex broker?

RATING: 2.5 / 0 REVIEWS NetMarkets
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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Basic  N/A  1:100 2 pips, fixed

 

 

NetMarkets is a Belarusian broker that offers several account types (Silver, Gold, and Platinum), but has failed to present any essential trading conditions. That is why we filled the table above with the information we got from the broker’s Demo MetaTrader4 platform.

 

In order to take the best investment decision, read the full review to see both the strong and weak sides of this broker.

 

 

NetMarkets Advantages

 

Licensed in Belarus

The biggest advantage of NetMarkets is the fact that it holds a legit forex broker licensein Belarus. The company behind the brand, One Market East LLC, is regulated by the Central bank of Belarus. It also operates FxNET and Etrades brokerage brands

 

Click on the image to view larger.

 

Belarusian forex brokers must be entered in the National Bank's registry and comply with a set of requirements. According to the legal requirements in Belarus, in order to gain the regulator’s approval, a company must have a capital of at least USD 100 000 and to make a contribution of no less than USD 55 000 to the guarantee fund of the National Forex Center.

 

Part of an international brokerage group

The group of companies to which NetMarkets also includes Fxnet Ltd. – a company regulated in Europe (Cyprus), which adds additional credibility to the broker we are reviewing. The Cypriot company operates  FxNET, NESSfx, and Rynki (which mostly targets Polish investors).

 

Cyprus is one of the most preferred forex broker destinations in Europe and globally due to the well-balanced financial regulation.

 

 

>> Find the best brokers regulated in Cyprus <<

 

 

Supports the good old MT4

MT4 enjoys eternal popularity among both brokers and traders. It is stable and reliable, has many useful functions, offers API connectivity, supports PAMM and MAMM functionality and has a wide selection of technical analysis and charting tools. It is also user-friendly and supports Expert Advisors for automated trading. Here is a snapshot of NetMarkets’MT4 in demo mode:

 

 

Click to zoom in.

 

 

>> Check out the best MT4 brokers <<

 

 

Many asset classes covered

Another advantage of NetMarkets is its rich and diversified prouct portfolio. It includes a number of forex pairs, CFDs on indices, commodities, precious metals and a numer of stocks. It seems that only cryptocurrency CFDs are missing.

 

 

NetMarkets Disadvantages

 

Trading conditions not disclosed on website

Overall, the website of NetMarkets is not very informative. This is a worrisome sign as it shows lack of commitment and transparency on the part of a brokerage. For example, it is not clear what is the minimum deposit required by NetMarkets for the different account types. The broker’s website also does not feature any information on spreads, leverage levels provided, etc.

 

Deposits only by bank wire and credit cards

This is not a major flaw, but we decided to mention it. It seems that the payment methods supported by NetMarkets are quite limited. The broker only accepts wire transfers for deposits and withdrawals. Popular e-wallet payment systems, such as Skrill, Neteller or Bitcoin are not supported by this broker.

 

 

Conclusion

 

NetMarkets is a Belarusian forex broker that is duly authorized by the local central bank, as required by law. It is also a part of international brokerage group with CySEC-regulated members and supports the most popular forex trading platform – the MetaTrader4. Besides, the broker’s spreads seem in line with the average in the sector.

 

In our view, the main problem with NetMarkets is the lack of transparency in terms of essential trading conditions, but fortunately the broker offers demo accounts so everyone can test their services for free.

 

To sum up or review on NetMarkets in a few words:

 

Pros Cons
Licensed in Belarus Zero clarity on trading conditions
Part of an international brokerage group Deposits only by bank wire and credit cards
Supports the MT4  
Many asset classes covered  

 

Latest news about NetMarkets
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Traders` reviews for NetMarkets

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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Cons

 

 

Deposit/Withdraw

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Customer service

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Summary

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