MarketsBank Review: Reasons You Can’t Trust This Broker
MarketsBank review shows why you can’t trust a broker company without doing thorough research. This trading firm claims to be located in the UK, which we have a hard time believing. Something fishy is going on with them.
Overall, there is no reason why a trader should trust an unlicensed company with handling his money. They are outright lying about their information because they are trying to hide the fact they are operating illegally.
MarketsBank License and Funds Security
MarketsBank broker is an anonymous trading firm. The alleged owner is Tech-Stat Solutions Ltd, and the governing law in the Terms and Conditions is the law of Hungary. However, their official address is in London, UK.
A search of general company registers in the United Kingdom shows that there is a newly incorporated company by that name. However, it’s listed as an advertising agency, and the address is not matching the one on MarketsBank’s website. Therefore, we firmly believe the two are not related.
Without a said license, it cannot be operating from there legally. Since their address has nothing to do with this entity, we can only guess where their headquarters are.
Indicating that the governing law is the law of Hungary implies that MarketsBank’s regulation is with the Hungarian Financial Supervisory Authority (HFSA). Furthermore, the firm should comply with ESMA rules and limit leverage at 1:30 as all EEA zone brokerage houses.
Additionally, the leverage for the FX market goes up to 1:500, directly violating the ESMA regime. If you want to trade on financial markets without being scammed, you can turn to some of the legitimate brokers we listed at the end of this article.
MarketsBank Trading Platform Overview
Markets Bank claims to offer an award-winning trading platform, but we can’t confirm whether this is correct as Markets Bank does not offer new account registration functionality. There are only some images of a simple web-based trading platform.
Why would a legitimate company limit access to its trading software? In the end, their goal is to make as many new users as possible.
But, without accessing the platform, how are potential clients supposed to know whether a firm is a good fit for them and if they can expect reliable service from it? Offshore brokers like Primafx Invest probably have these funny imitations of real platforms like MetaTrader 4 and MetaTrader 5.
You shouldn’t risk your money to try their trading software. It’s not worth it when you have broker companies you can trust. They do everything “by the book”. We have listed some of them for you, at the end of this article.
Account Types Available at MarketsBank
There are 7 MarketsBank account types, including:
- Bronze – $10,000
- Silver – $25,000
- Gold – $50,000
- Premium – $100,000
- Platinum – $250,000
- VIP – $500,001
- Managed Account – $500,001
The main difference is in access to better educational materials, higher leverage, risk-free trades, and managed account services.
Markets Bank claims that deposits and withdrawals can be made by wire transfer or credit card. We had no way of confirming this, but it struck us that the domain of the account login subpage is “crypto wallet”. Fake brokers love crypto payments because there are no chargebacks.
While some legitimate brokers accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit cards, bank transfers, or popular e-wallets like PayPal, Sofort, or GiroPay.
MarketsBank states that it charges a significant fee of 5% when withdrawing via credit card and up to 25 USD via wire transfer. Added to this is the strange condition that the amount withdrawn by card cannot exceed the amount of the deposit, i.e. it cannot include potential profits. Genuine brokers place no such restrictions and rarely charge transaction fees.
MarketsBank Offers Bonuses and Promotions
Markets Bank claims to offer a generous deposit bonus, a practice that is completely prohibited for licensed brokers in the UK or EU. If the account has received from above-mentioned bonuses, the withdrawal becomes virtually impossible.
To withdraw the money, the customer must have traded one standard lot of 100,000 currency units for every 1 USD bonus. It’s a common scam technique. We have seen this many times.
How the Scam Is Implemented
One of the most usual online trading scams is to initially display profitable trades that give the investor a false sense of confidence, and get them hooked on the idea of “easy money”. Once this confidence is established, the investor will be sold the idea of investing more money to earn greater returns.
Additionally, fake brokers also encourage investors to get their friends and family onboard the platform too. Once the brokerage believes that they have extracted all available funds from an investor, they will then proceed to suspend the account.
In case you got scammed by this one or any other financial fraudster, you shouldn’t blame yourself. These are experienced thieves and everyone could end up as a victim.
The broker is an investment scam. MarketsBank broker is an anonymous trading firm. The alleged owner is Tech-Stat Solutions Ltd, and the governing law in the Terms and Conditions is the law of Hungary. However, their official address is in London, UK.
But they aren’t regulated by the FCA. Also, the firm should comply with ESMA rules and limit leverage at 1:30 as all EEA zone brokerage houses. But this is not the case, as well.
The minimum deposit is an absurd amount of $10,000. Why would anyone invest that kind of money in an unlicensed trading provider?
FAQs About MarketsBank Broker
Is My Money Safe with MarketsBank?
MarketsBank can’t be trusted. They aren’t licensed, and they will steal your money overnight.
Is MarketsBank a Regulated Broker?
MarketsBank isn’t regulated, even though they are telling us they are. They are frauding innocent people.
What Is The MarketsBank Minimum Deposit Amount?
The minimum deposit is $10,000, which is absurd. With legit brokers, you can start trading with as little as $5.