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SafeMarkets Review - is it scam or safe?

SafeMarkets Review - is safemarkets.biz scam or good forex broker?

RATING: 1 / 2 REVIEWS SafeMarkets
SafeMarkets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard  N/A 1:400 3 pips fixed
Gold  $10 000 1:400 3 pips fixed
Platinum 

$25 000

1:400 3 pips fixed
Diamond  $50 000 1:400 3 pips fixed

 

SafeMarkets is following a popular trend in financial markets – the broker offers trading in more traditional instruments such as forex and CFDs, but places a special focus on cryptocurrencies like Bitcoin. Yet, the cost of trading is not low, and what is worse, the credibility level of this broker is rather low.

 

 

SafeMarkets Advantages

 

Rich and diversified product portfolio

There aren’t many good things we can say about this broker, but we have to point out that it offers wide range of financial products for trade. Its product portfolio includes many currency pairs, CFDs on indices, commodities, stocks and numerous cryptocurrencies - Bitcoin, Ethereum, Litecoin, Monero, Zcash, and more.

 

 

SafeMarkets Disadvantages

 

Not regulated

As it already became clear, the biggest disadvantage of SafeMarkets is the fact that it is not regulated. The broker seems to be based in the UK and is operated by Optiumcommerce OU, an Estonian company, which is not licensed by the Financial Conduct Authority, nor by the Estonian financial regulator.

 

This means that clients of SafeMarkets have no assurance of the safety of their investment, nor any governmental protection if something goes wrong. This is a major red flag.

 

MT4 not available

Although the web-based trading interface of SafeMarkets is not bad, many traders will surely miss the industry’s standard MetaTrader 4 platform (MT4). The MT4 is famous for its great charting, and very popular among algo traders for its Expert Advisors.

 

High spreads

SafeMarkets has not announced the spreads it offers, but anyone can see them on their web-based platform, even without logging in. The benchmark EUR/USD spread is fixed at 3 pips, and those on BTC/USD is above $100.

 

 

Click on the image to zoom –in.

 

Such spreads are far from being attractive. In fact, they are significantly higher than what most brokers offer (1.0 – 1.5 pips on EUR/USD). Below, you may find the spreads of some of the best brokers compared in real time:

 

 

>> Spreads of top brokers compared <<

 

 

Withdrawal requirements

Each client of SafeMarkets is required to reach a certain trading volume in order to withdraw. This is rather unfavorable to traders as it exposes them to additional risk.

 

 

 

Conclusion

 

SafeMarkets is a forex and CFD broker with a clear-cut focus on cryptocurrencies. It provides a web-based trading platform, but the trading conditions actually are not good. More importantly, the broker does not fall under any regulatory oversight and could be one of the many scams operating on the financial market.

 

In case you are a crypto-enthusiast, you’d better select a broker from the list below. All of them are duly regulated and offer Bitcoin CFDs:

 

 

>> Trade Bitcoin with a licensed forex broker <<

 

 

Duly regulated brokers have to comply with a number of rules, such as on minimum capital adequacy, client account segregation, transaction reporting, provision of negative balance protection, participation in a compensation scheme, etc.

 

 

To sum up the above

 

Pros Cons

Wide range of financial instruments offered

Not regulated
  Does not support the MT4
  High spreads
  Withdrawal requirements

 

Latest news about SafeMarkets
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $10 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
Australia ASIC MT4, MT5 $100 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website

Traders` reviews for SafeMarkets

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

 

 

Ripped off !!!!!!!

Dont trust this company they will rip you off ive lost only a small amount of money but thats not the point its mine and wanted it back they blocked my account and it comes up with ERROR 403 that ever that means but hope they get caught by a bigger and more aggressive fish that will rip them apart and good luck I say !!!!!!!!

ste snaith 03/04/2019

Scam - fraud - criminal broker - they will rip you off

Dont fall for this crap company. They are criminals. They rip you off, they diny withdrawals. They access your account without your permission and place trades. They enjoy your money and deny access to it.

I have deposited huge amount of my hard earned money and they deny withdrawal for me.

My life changed forever.

You are safe when you are not using their platform and not talking to them.

Please do not use this broker if you want to not lose your money

Dave 12/17/2018
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