Warning! MarketCFD is an offshore company! Your deposit may be at risk.
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MarketCFD is an alleged forex broker that claims to offer good ground to do your investments on, but are these claims to be believed? Read on to find out.
MarketCFD is a trading name of Plus One Ltd, and is operated by EverStride OU. The location of the parent company, EverStride OU, is said to be in Estonia. In Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, with all regulated companies being officially included in an online register. We went through the online registry and found no results of either MarketCFD or EverStride OU, so we can conclude that the broker is not regulated in Estonia.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The EUR/USD spread is 4 pips. This is typical for shady brokers to offer such ludicrous spread values. The leverage according to the trading platform, goes as high as 1:200.
The trading instruments are Forex Pairs, Crypto Pairs, Stocks, Commodities, Indices.
The language offered her are Russian, English, and Polish.
The trading terminal cannot really be taken seriously; it’s more like a dashboard divided by side tabs each serving a different purpose, like opening a new position, or seeing your active trades. Aside from the bare necessities, this platform is absolutely worthless.
This platform is solely browser based.
MARKETCFD MINIMUM DEPOSIT
For some reason when we entered the Payment Terminal we were unable to continue with the process of depositing. Each time we tried to continue we got an error message. So a minimum deposit from the client portal is not a possibility. Furthermore, the funding methods are also a mystery.
In the T/Cs there is mention of Credit/Debit cards, Wire Transfer, and some alternative methods for depositing. As for a minimum deposit, there is nothing indicated in the Terms and Conditions. The Account Type page gives us a minimum of $250, but as we have seen with previous reviews, trusting this information is never a good idea; the only real payment info is located in the client portal.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
MARKETCFD WITHDRAWAL TIME AND FEES
The minimum withdrawal is $75, or any other currency.
It takes the company up to 15 days to process a withdrawal. This is unacceptable. The time is simply too long for a withdrawal process, but what can you expect from an illicit broker. However, further down the T/Cs, it says that the waiting time is actually 5-6 days. Now, which one to trust is up to the reader.
Platinum, Black and VIP account users will have their first withdrawal free of charge. In general, all withdrawals are charged with 3.5%.
ADDITIONAL FEES AND TAXES
The dormant fee is $75, if an account has been inactive for more than 30 days.
There are certain charges that we would like to turn your attention to: a profit clearance fee of $1.5- $5 per trade; a maintenance fee of $20 that will be deducted from the account on the first day of each month; a verification fee of $75 will be issued if a client has not completed his/her id verification in 30 days.
Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
MarketCFD is yet another unregulated broker that aims only for the content of your wallet. If you value your money, do not invest here.