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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 / 5 REVIEWS ForexBrokerz Selected Markets
Selected Markets is an offshore broker. Your money is not safe.

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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

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

 

 

Scamming Thieves That Can Destroy Your Life. Please Beware!!!

Selected Markets is a scam, unfortunately I found this out the hard way.
Invested $17,000 and just 2 months later, I have less than $400 left in the account.
It isn’t a case of the trading going unexpectedly downward or even trading by incompetent brokers. It’s just a scam!
They take your $, make fake profits for a little while and then your $ disappears overnight.
Your broker will not even acknowledge your emails or respond to phone calls from this point on.
For anyone who is trading with this company, please STOP now. They could ruin your life as they have mine.
Two individuals (“brokers”) to be aware of are Jay Wild and Ben Ross. Judging by my own experience with them and other reviews by clients, they are among the head scammers.
Jay Wild is the hard sell contact to con as much $ out of you as possible. When your $ is gone, Ben Ross will step in as a “recovery manager”. He will NOT recover 1c for you, instead what might be left in your account will quickly disappear and so will he.
These thieves have almost destroyed my life. There are genuine recovery companies out there that try to recover your losses but all require money upfront before taking your case. Unfortunately for me, I don't even have any money left to go through with this process.

Eve Beatty 12/02/2019

Unprofessional Company

I started with Selected Markets with a deposit of $250 US as per the advertisement. An account manager contacted me and offered to trade on my behalf since this is the service they offered for persons who were new to trading. I was concerned about losing my money but he explained that my exposure would only be 10% maximum, so that if I lost in a trade, the loss would be small. I deposited $1,300.00 US more into the account. The initial trading went well, and the account grew to $1,834 in the first three weeks. Then he asked my permission to do another trade. I gave my permission. My account balance kept fluctuating around $1,200, then in 4 days it dropped to $124.00. We had agreed that if the trade was losing their software would stop it automatically. Since this occurred all my messages to him have not been delivered. I have sent a message to the clerical staff and they have advised that it was passed on to my account manager's manager, but I have not heard from them. I have come to the conclusion that this is a bogus company and they are only after your money. I imagine they are all the same. They will make all sorts of promises to get you to deposit all of your hard earned dollars, including your super. I did a trial with $1,550, and I am happy I did not listen to them and their empty promises and put in more. Beware of this company.

J Somers 10/03/2019

Selected Markets are Scammers

I stupidly made an initial payment to Selected Markets and before the payment was even processed I reviewed them and realised my mistake so contacted them that I did not want the service. They then told me, also written on their website, that I needed to provide 3 types or personal identification before my account could start trading. I refused to provide this and asked again for a refund. They told me the request was being processed. Within 2 days i was sent trading notices. I sent more requests through the website for withdrawal of funds. No reply. 4 weeks later still no reply so i’ve Lost my money.

Lyn christian 09/11/2019

Selected Markets is complete fraud

These company or trading platform is complete fraud . They pretend to be professionals but they have nothing to do with trade or real work . I placed starting 300 e . Than i got offer to place 2500e more . I said i will think about it after i check the facts . The guy that was telling me he is profesional broker that worked in NEW YORK for years as brooker lost his temper so i knew immediately he is a fraud because I dealt with brokers before and they are don't lose their temper so fast . I told him i am not crazy to give him 1 euro more and that he supposed to build the trust with customer first if he expects me to invest anymore money to him . Hes answer was : 'U dont build trust with 300 euro you need to put in some money . I dont give a fuck for you or your 300 euros' .
I am happy that is 300 e . I can imagine how would I feel if i really invested 2500 e or even 5000 .
When I came home I logged in selected markets account and they made like 20 transactions and lost those 300 e without my approval and without me doing any transactions .
Don't use them , complete unprofessionals and fraudsters . If you don't give them money how they want they will become rude and lose any money that you gave them . I can imagine how they work. If you don't do as they want they will take those 300 . If you listen to them and start investing maybe they will show to you some profit . When you will want to withdraw money problems will start and they will ask for more and more and eventually you will lose all . No regulations you lose all . When they build enough equity they can close company and take all the money as they are not regulated by anyone and their business is illegal under EU regulations . SCAM SCAM
avoid them .
Good luck

Sandro Sm Maric 08/26/2019

Non return of funds

I recently invested £3,500 with Selected markets but became concerned at a very hard sell approach by the consultant called Jay Wild. He rang on a number of occasions in the first few days vigorously encouraging me to invest more. I became very uneasy and requested my funds back and received confirmation that they had received my withdrawal request on the 9th August 2019 and am still waiting despite numerous e-mails and finding that they are still trading my account downwards despite direct instructions to cease any trading.

Tyrone Hillary 08/23/2019

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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