13markets.com Review: Is 13 Markets Scam or Safe?
13markets provides managed account services to investors willing to part with at least $2000. The domain 13markets.com was created in November 2018 and registered to Vineeth Ruby who appears to be based in India.
13markets promises guaranteed monthly returns of 30%. However, in any investment venture, one must not expect guaranteed returns because this is simply out of the reality.
On top of this, they claim to have guided thousands of traders and have operated 13 markets for over a decade.
This is simply a marketing tactic because to be honest, there is no way a website that is only a couple of months old will have provided a service for 10 years.
To contact 13 Markets, investors are required to use the email firstname.lastname@example.org or use an integrated contact form on their website.
13 Markets does not provide phone support and we also did not see a chat feature.
To make money in trading, you need to use trading products that have proven performance.
This managed account service provides 3 different account types of below $10,000 and up to $50,000.
Investments below $10,000 will attract a 30% management fee. Investments above $10,001 will attract a fee of 25% and anything above 5K will attract a fee of 20% per month.
These management fees are charged on high water mark basis.
13Markets proclaims that they are transparent and consistent but the fact that they are lying about their trading background and experience shows that they cannot be trusted.
They also claim that they will handle their clients account with dignity, privacy and extreme professionalism but of course there is no way to find out unless you actually take the risk of leaving your account into their hands.
The only advantage of this managed account service is that they are working with regulated brokers such as IC Markets, Alpari, Forex Time and My FX Choice. Otherwise I do not see any other advantage.
There is an FXblue account to showcase their past and live performance.
While scrutinizing their performance, I discovered that this FXblue account was created in September 2018.
So the question is, why is there no trading history for the last 10 years of allegedly serving thousands of clients?
Well, this account shows monthly average returns of +30.1% and a peak draw down of -37.6%.
Under these conditions, your account might survive for a while but such high draw down can really set you back.
I am not considering this to be an act of displaying how 13Markets is transparent since they lied about their years of experience trading their clients accounts.
Finally, I expect to see a trading report for the last 8 months in order to believe that these guys can consistently return 30% per month on average.
Otherwise, 30% per month is not bad profit.
Why 13Markets is not a very reliable managed account service
I still cannot verify their trading prowess and even though there is a verified FXblue account showcasing how this service has returned 30% per month, the draw down is big and the site operator is also lying about their trading experience.
This managed account service does not have any client endorsement or testimonials.
Feedback is really important and if there are zero reviews about 13markets and their performance, I wouldn’t be so naive to believe that they are the best.
Finally, there is a sense of anonymity on this site. None of their traders have been introduced.
Even a client would feel completely detached from this site because their traders are anonymous and it is not possible to establish a personal relationship with those traders.