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ShineMarkets Review - Is it scam or safe?

Shine Markets Review - is shinemarkets.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ShineMarkets
ShineMarkets is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type  Minimum deposit Minimum trade size Maximum leverage Spreads
Light $10 0.1 1:400 From 2.5 pips
Bright $1 000 0.1 1:500 From 1.6 pips
Sparkle $5 000 0.01 1:100 From 0.6 pips + $5/lot

 

ShineMarkets offers its clients 3 account types, depending on their initial investment amount. All of them have “shining” names, provide variable spreads, NDD environment and high leverage levels (except for the Sparkle account).

 

PAMM & VIP services are also available with this broker.

 

While the minimum initial deposit of $10 required by ShineMarkets looks attractively low, one has to invest at least 5 thousand bucks in order to get decent spreads. Spreads on both Light & Bright accounts are above the average range of 1.0 – 1.5 pips on EUR/UISD. By comparison, Trading212 (holding FCA license) offers spreads averaged 0.9 pips for the EUR/USD pair. For further information and comparison, you may look up  real-time spreads of 15 leading brokers here.

 

ShineMarkets allows news trading, hedging, and scalping, but scalping is permissible on special scalping authorized accounts.

 

The Company. Security of Funds

 

Company

Country

Regulation

Shine Markets Limited

UK

N/A

 

Established in 2016, ShineMarkets is a UK-based broker that offers trading in currency pairs, share & indices CFDs, as well as precious metals on MetaTrader 4 and ActTrader platforms.

 

The company behind the brand, Shine Markets Limited, is registered in the UK, but is not authorized to provide financial services by the FCA (nor by any other regulator).

 

All companies offering or selling financial services or products in the UK have to be licensed by the FCA, which supervises their activities and also provides a compensation scheme in case of bankruptcy. Unlicensed companies are not subject to client protection requirements and what is worse, they could be running investment scams.

 

That is why we advise traders to avoid non-regulated (and offshore) companies, as doing business with such is extremely risky.

 

Trading Platforms

 

Like most brokers, this one supports the MetaTrader 4 (MT4), and also uses ActTrader (Bolt) platform.

 

The Bolt platform is offered as web and desktop versions. It is flexible, easily to customizable and features built-in one-click trading capabilities.

With ShineMarkets you will be offered desktop and mobile versions of MT4. The platforms is globally popular for its ease of use and offers a number of technical analysis indicators, extensive back-testing options, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to automate their trades.

 

Methods of Payment

 

ShineMarkets offers its clients the following payment methods: bank wire transfer and via credit/debit cards, as well as e-wallets such as Skrill, Neteller, and WebMoney.

 

Conclusion

 

ShineMarkets is a UK-based forex and CFD broker that supports the popular MT4 platform and claims to offer STP execution.  Our main concern with ShineMarkets is that it is not licensed by FCA, nor by any other authority. Besides, the spreads on commission-free accounts are high. To sum up the above:

 

Pros Cons
Low min. initial deposit Not regulated
Commission-free trading High spreads on commission-free accounts
MT4 and ActTrader available  

 

Latest news about ShineMarkets
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Traders` reviews for ShineMarkets

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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this broker full scam nevre pay our deposit beware

hello sir broker scam do not invest even they don't pay 100 usd so beware do not join. thank you

sameer 07/11/2017
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