Warning! MarketsSoft is an offshore company! Your deposit may be at risk.
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MarketsSoft presents us with a fine looking website, and seems to offer good grounds to trade on. Is there something else behind MarketsSoft’s seemingly normal facade, or is this one broker that should be avoided? Read on to find out.
The company claims a couple of things concerning its location and regulation. First of, the footer of the website claims that the broker is a trading name of Horizons LTD, and that its current address is located in St. Vincent and the Grenadines, which is a country that does not offer any forex market regulators, thus the company may be registered there, but it is not regulated there.
Second, the footer and the Terms and Conditions all say that the client transactions are processed by Horizons Ventures OU, which is allegedly regulated by the Estonian Financial Supervision Authority, or as it’s more commonly referred to as, the Finantsinspektsioonacts. This agency acts as a regulatory entity for all financial services institutions in Estonia, with all regulated companies being officially included in an online register. We checked the official database for both MarketsSoft and Horizons Ventures OU and unsurprisingly found no results of both, which meant that the broker is UNREGULATED, and thus a risk to all investors.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The leverage at MarketsSoft is capped at 1:400 according to the trading platform. Speaking of the trading terminal, we got a EUR/USD spread of 6.5 pip to 7.5 pips, which is just a complete mockery, and is an impossible spread; a clear sign of the fraudulent nature of this broker.
The trading platform gave us the following assets: Forex Pairs, Stocks, Commodities, and Indices.
The languages are Russia, English, and German.
MARKETSSOFT LOGIN
MarketsSoft tells a too familiar story of a broker utilizing a lackluster semi-platform, whose charts on are offered by a third party provider, meaning that half the terminal is not even owned by MarketsSoft. Basically, this add an extra layer of trustworthiness to the broker.
As you can see from the above snap, the EUR/USD spread is 6.5 pips, which is completely ridiculous. The leverage is 1:400.
The Order Execution Policy states that there is a commission when opening a trading position, yet it does not say how much this fee is:
Such platforms are always exclusively web-based.
MARKETSSOFT MINIMUM DEPOSIT
The minimum deposit is $245.
According to the client portal, the payment methods are QIWI, bitcoin, webmoney, and Credit/Debit cards. The broker claims that there are additional methods for withdrawing, but we assure you that these promises are not met.
As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
MARKETSSOFT WITHDRAWAL TIME AND FEES
The company processes withdrawal requests in 5 days tops.
The minimum amount for withdrawing as mentioned in the Terms and Conditions is $50. The minimum Wire withdrawal is set at $100.
All withdrawals are are charged with a 3.5% commission, while Platinum, VIP, and Black Account holders have their first withdrawal free of charge. If these 3.5% are equal to less than $30, then the fee remains $30.
The withdrawal of bonuses require a trading volume that is the bonus times 40-50:
ADDITIONAL FEES AND TAXES
The dormant account fee is activated after 60 days of inactivity. Dormant account will be subjected to a fee of $100. It does not say if this fee is monthly or annual.
The Profit Clearance fee ranges between $1.5 and $5, depending on the profit of the client.
The Maintenance Fee is $20 per month.
There is also an Incomplete Verification fee that is $100 if the trader has not verified his/her account 30 days prior to the initial deposit.
In typical shady broker style, the company absolves itself of any blame a trader might impose on it with the following clause,
The presence of such charges point out the true scammer nature of this broker. With so many commissions and charges, it’s in MarketsSoft’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain. 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.
ACCOUNT VERIFICATION
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a chargeback, they will use your details against you case.
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
The most sound advice we could give you is to immediately file for a charge back with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
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.
BOTTOM LINE
MarketsSoft is a fraudulent broker that will drain you of any investment you make in it; it’s as simple as that. Stay away from it!
aqim
very helpful info. I’m trying to obliterate my marketssoft account. Is there any advice on how to end it soon as possible? Thanks in advance.
christopher
how to recover my investment fund?