Status Markets Review: All About StatusMarkets.Com Broker
Just as the sun shines, you can also expect new investment scams to appear. And today’s topic is Status Markets that is blacklisted by our beloved FCA.
Mainly, Status Markets broker is just one of the many illicit brokerages that are based in scammers haven, St. Vincent and Grenadines. This means that Status Markets broker is unregulated and poses a threat to you and your funds.
With this said, their website is currently down but we don’t doubt that they will reappear again with another name. That’s why this Status Markets broker review will give you all the needed information about them so you can stay safe.
|Company||MarCo Global projects Ltd|
|Address||Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH 96960|
|Regulation||Unregulated scam broker|
|Warning||FCA, BaFin, FSMA, BCSC|
Regulation and Fund Security at Status Markets
As you’ve heard many times for sure, the first thing to check about the broker is their regulation. If the company is not adequately regulated, you have no guarantees for your funds.
And that’s exactly where we started. Just like we always do, we checked the Tier 1 regulatory registers to see if there is any mention of Status Markets. And it came to no surprise that there is no mention of them in the FCA, BaFin, CONSOB or other Tier 1 registers.
In other words, this means that Status Markets doesn’t hold any license nor regulation. On top of that, this brokerage has been blacklisted by none other than the Financial Conduct Authority (FCA).
Additionally, they have official warnings issued against them by BaFin, FSMA and BCSC. So it’s safe to say that you should avoid Status Markets and ProfitLevel altogether.
Trading Software Available at Status Markets
If there’s one good thing to mention, it’s the Status Markets trading platform. The broker offers a web trader, but besides that, there’s also a MetaTrader4. As it’s the best platform in the industry, we praise the Status Markets broker for providing it.
But nonetheless, you should still avoid them at all costs, simply because they are unregulated and there is a big possibility that they are manipulating the software to their advantage. It’s not an uncommon thing for scammers to do something like this so they can take even more money from you. So be aware.
Status Markets Account Type Available
According to the Status Markets before they shut down their website, they offered three different account types. Those account included the following ones:
- Silver – $250
As you can see, the minimum deposit they ask for is $250 which is unheard of in the world of regulated brokers. Legitimate brokers will ask you for little as $5 and some even $0.
Additionally, there is no mention of minimum deposit required for other account types. The only thing we managed to find that differs from account to account is the leverage. Mainly, the leverage caps at 1:400 which is too high and violates the rules set by ESMA where the leverage needs to be 1:30.
The only good thing is that Status Markets does offer a Demo account but we still don’t advise you to invest a penny with them.
|Broker||Status Markets||FXTM||OctaFX||FPMarkets||XM Broker||HFM||FBS Broker|
Deposit and Withdrawal Methods
When it comes to the deposit methods, Status Markets offers only credit/debit cards option. This is actually a very good thing because in the case you deposit your fund with them or any other fraudulent broker, you will be able to ask for a chargeback for up to 540 days after the transaction.
And in regards to the withdrawals, they stated that the minimum amount allowed is $50 and allegedly you will have no fees. But since they offer bonuses, don’t bet that you will be able to withdraw your money. Bonuses are banned by ESMA and they are a common tactic illicit brokers use to enable you to withdraw your money.
How the Fraud Was Carried Out
Similar to Networkfsi scam which we already talked about, this one also uses the same principle. After people leave their personal information online and this broker gets ahold of it, they will try to get in contact with you.
Keep in mind that they always promise many easy earnings or numerous bonuses if you just go ahead and give them a chance to make you rich overnight.
These well-trained agents are advised to call you almost daily to get you to invest at least the minimum amount. However once this dishonest scam broker gets your money, it will disappear without a trace, leaving you with an empty bank account.
But we want to help you, the same way as we did to many of the people who have been through this before you. Just be sure to contact us and you will get your money back!
The Best Forex Brokers
We know that there are way too many brokers out there. And with such a big variety it is so hard to differentiate good from the bad ones. While Status Markets is certainly not a good option for you to start trading with, there are many reliable brokers you can choose from.
Check out the table we are going to leave for you down below. It contains all the necessary details you will need before deciding on the right broker to invest with. Needless to say, these are all user-recommended.
|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|
Status Markets Summary
In conclusion, this Status Markets review should help you know how an offshore scam broker operates. We uncovered that they are an unregulated and unlicensed firm that is just posing as a legit thing to lure you in.
And of course there are far too many red flags. From a non-functioning demo account to a minimum deposit requirement of at least $250.
On top of that, this bogus broker managed to get a few official warnings by some of the best regulatory bodies in the world including FCA, BaFin and FSMA
As for the leverage, it has become a standard for these scam brokers to offer one that is too high, and Status Markets is no exception with 1:400.
FAQs About Status Markets
Is Status Markets a Regulated Broker?
Status Markets is an unregulated scam broker that has no licenses for providing trading services.
Is My Money Safe at Status Markets?
No, your money is not safe with brokers who are unregulated and have their own trading platforms mimicking some trading activity.
What Is The Minimum Deposit at Status Markets?
The minimum deposit here is the same as with many other scam brokers, which is $250.