Costa Markets Review: The Truth About This Scam
Costa Markets Review, As if there aren’t already enough investment scams out there, another one seems to pop out every day. Costa Markets is one of many scam brokers that falsely present themselves in hopes of finding new victims.
When you stumble upon them, you can see that Costa Markets broker advertises itself as an award-winning broker, that is also licensed and authorized in Australia by none other than the ASIC.
And because of that, we have decided to make this honest Costa Markets review, so we can bring you closer to the lies they have said.
|Company||Costa Markets Limited|
|Regulation||Unregulated scam broker|
|Address||Level 36, Gateway, 1 Macquarie Place, Sydney, NSW 2000 Australia|
|Phone||+61 2 80754627|
Compliance and Fund Safety at Costa Markets
Unfortunately, the Costa Markets broker is moles away from being the regulated and award-winning brokerage that they claim to be. On their website, we saw that they are said to be headquartered in Sydney, Australia and that they hold a license for forex and CFD trading from the FSA that is based in Seychelles.
Of course, we had to check this major statement. In order to be able to offer their services on the ground in Australia, they need to be regulated by the ASIC, which is a Tier 1 regulator. Safe to say that they aren’t actually.
And that license number that they have provided on their website, is nowhere to be found in the FSA register either. There is no mention of Costa Markets, CostaMarkets Limited, or Costa Group of Companies Pty Ltd in either the FSA or ASIC register.
Additionally, we want to inform you to stay away from the Bitcoin Trade Pro brokers, as they are also unregulated scam.
Trading Software at Costa Markets
We were a bit surprised when we saw that Costa Markets offers an amazing trading platform, MetaTrader5. However, after we tried to test out and check the platform, we were unable to successfully register.
As a result of that, we are actually unable to confirm if they really do offer the great MetaTrader5 or not. It would be good for them if they really did have it, as MT5 is a great platform offered by many reliable brokers.
MetaTrader5 provides access to a variety of technical indicators, timeframes, chart types, and tools like Expert Advisors that track markets and can trade automatically.
But at the end of the day, Costa Markets is still an unregulated, offshore broker and you should stay away.
Account Types Available
Costa Markets has listed the following account types on its website:
- Standard account – $100
- Islamic account
- ECN account
This broker is asking for a deposit of $100, which can be okay but you can still find regulated brokers that will let you start for much less. As for the other accounts, we are unsure what the minimum deposit is.
Additionally, this scammer doesn’t even offer a real Demo account. Sure, you have a button on their website that says Demo, but once you click it, it does nothing.
Leverage is also set too high, capping at 1:500, which violates the ESMA rules, which states that the leverage cap is 1:30.
|Broker||Costa Markets||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Methods of Deposit and Withdrawal
For the available payment methods, Costa Markets listed the following:
- Visa or Master credit or debit card
- Wire transfers
- Online banking India
- Online banking Pakistan
It took us by surprise that they offer Online banking in India and Pakistan, but yet again, they are unregulated scammers.
According to the broker, there are no fees both for the deposit and the withdrawals, but we wouldn’t be surprised if they actually had some they didn’t mention.
How the Fraud Has Carried Out
In case you have ever wondered how scammers like Fiboda or even this one get your info this is how. It all starts with internet ads that are promising huge wealth by trading. People often become careless and leave personal information in order to learn more about it and that’s how they get to you.
You will soon be overwhelmed with an enormous number of calls and even emails just so you will at least make a minimum deposit to this fraudulent broker. Be prepared to hear many made-up stories so they would appear more legit in your eyes.
Don’t feel ashamed if you have ever fallen victim to this type of deception, many people do, just be sure to report your scammer. We also encourage you to reach out to us as we can help you.
The Best Forex Brokers
Trading was never easy, but it gets significantly harder if all you can find are scam brokers. But we are eager to help you get started on the right foot this time. In the table we provided down below, we included the names, countries, and websites of some of the best brokers you can trade with.
Needless to say, these are all well-regulated brokers that have been in business for a long time, so don’t hesitate, and good luck!
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Costa Markets Summary
In this Costa Markets review, we tried to shine a light on this alleged Australian broker that is targeting people from the UK, the US, Germany, and many more places.
The broker is just yet another in the sea of those operating without a proper license and only trying to steal your money. As for the minimum deposit, it is set at $100, which is a lot in comparison to what regulated brokers seek. And the leverage is outrageously high with the maximum being 1:500.
The demo account does not even exist and the platform is inaccessible even though they claim to offer a MetaTrader 5. In conclusion, there are so many reasons to stay away from this obvious scam.
FAQs About Costa Markets Broker
Is Costa Markets a Regulated Broker?
No, Costa Markets is an Australian-based broker that holds no licenses for providing trading services.
Is My Money Safe at Costa Markets?
Absolutely not, your money is not safe while working with an unregulated broker like this one.
What Is The Minimum Deposit at Costa Markets?
The minimum deposit is $100 for anyone who wants to trade with Costa Markets scam broker.