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Selected Markets Review - is it scam or safe?

Selected Markets Review - is selectedmarkets.com scam or good forex broker?

RATING: 1 / 1 REVIEWS Selected Markets
Selected Markets is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Practitioner €5 000 1:100 N/A
Advanced €10 000 1:100 N/A
Preferred €25 000 1:200 N/A
Selected €50 000 1:300 N/A
Infinite €100 000 1:300 N/A

 

Selected Markets is an offshore forex and CFD broker that offers the above account types and trading on some unproven web platfor. Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them this low score.

 

 

Selected Markets Advantages

 

Generous leverage

For all its faults, Selected Markets at least does provide traders with a wide variety of CFDs and generous leverage ratios. Actually, all levels offered by this broker (1:100, 1:200, 1:300) are high enough and suitable for most trading styles. That being said, such ratios can also lead to relatively quick losses, so be sure to learn about the risks involved and how to manage your risk.

 

Plethora of markets 
Clients of Selected Markets are offered over 200 tradable assets including many forex pairs, CFDs on commodities, indices and stocks. A cryptocurrency offering is also in place, however, if you are into Bitcoin, you’d better trade it with a reliable and regulated broker.

 

 

>> Regulated brokers offering Bitcoin trading <<

 

 

Selected Markets Disadvantages

 

An offshore broker without a license

According to their presentation, Selected Markets is a trading name of Halsted Holdings Ltd., which is registered in Saint Vincent and the Grenadines (SVG). Companies in this offshore zone just have to follow a simple and inexpensive registration procedure with the Financial Services Authority (FSA), which has explicitly stated that there is no licensing regime for financial services providers.

 

As a rule, unregulated, offshore brokers are not to be trusted, as they are completely unaccountable for the funds invested with them. Furthermore, they are not allowed to operate on any regulated market - USA, EU, Japan, Canada, etc.

 

Spreads not announced, no free demo accounts

Another disadvantage of this broker is the lack of clarity on the cost of trading. Selected Markets has not announced any reference spreads on its website, which is always a sign of trouble, as their clients have the right to know what their trading costs would be in advance.

 

Furthermore, they don’t provide free testing service either. Not providing free demo accounts is very typical of scams and another reason why we gave this broker such a low rating.

 

As most of you know, most brokers offer a spread within the average range of 1.0 – 1.0 pips on EUR/USD. Here is a list of brokers with good pricing that also hold legitimate licenses:

 

 

>> Compare the spreads of top forex brokers <<

 

 

No access to MT4

Selected Markets offers its clients some oversimplified and unproven web-based interface, instead of the internationally acclaimed MetaTrader4 (MT4), and that is another downside of the broker’s offer. Here is a screenshot o their trading interface:

 

 

 

Surely, nost traders would prefer the industry's leading software, the MT4.

 

>> Choose some of the best MT4 brokers <<

 

 

High minimum deposit, fees

In order to open the most basic account type with Selected Markets – the Practitioner – one has to deposit at least EUR 5 000, which is excessive. Most brokers allow you to open a standard account with $100 - $250 or less, while some big names like IG do not have a minimum deposit requirement at all. 

 

 

Besides, we found out that some of the fees charged by this broker are also comparatively high. For example, withdrawals are charged with $20 for cards and $50 for bank wire. The monthly inactivity fee amounts to $50, In case there hasn’t been any trade executed in a broker’s account for 90 days.

 

 

Conclusion

 

Although we pointed out two possible benefits of Selected Markets , we don’t recommend this forex and CFD broker for two main reasons: it does not hold a valid license, and is not transparent about its trading conditions.

 

As usual, we advise our readers to deal only with brokers that are regulated by trustworthy organizations like the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC). These governmental agencies work closely with the law, enforce it when called for, and have strict requirements for those under their supervision. Not to mention that brokers licensed by them are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

 

 

>> Trade with a CySEC-regulated broker <<

 

 

And finally, here are the highlights of our review of Selected Markets:

 

Pros Cons
Generous leverage No financial regulation
Wide range of instruments No access to MetaTrader, no free demo accounts
  Spreads not disclosed
  High minimum deposit, fees

 

Latest news about Selected Markets
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Traders` reviews for Selected Markets

Spread

Pros

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Slippage

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Requotes

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Cons

 

 

Price feed

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Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Its a con

I am trying to get my money back from these people, I have no confidence at all, Its a BIG CON. Don't give them your money.

Sandra Helen Tanguy 08/13/2019
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