Markets.com Review: Fees, Withdrawal Complaints among other Things
Markets.com is a broker that provides an assortment of assets for trading which include Forex, CFDs, metals, indices, commodities, Cryptocurrencies, bonds, shares, ETFs, and Blends. Markets.com is operated by a company known as Safecap Investments Limited which is regulated by both CySEC and the Financial Services Board (FBS) in South Africa. Their license number for Cysec is 092/08 while that of the FBS is 43906. The company that is overseeing the activities of Markets.com broker was established in 2006.
However, licensing to provide Forex trading services was granted in 2008. The company’s present title (Safecap) was assumed in 2009.
A quick who.is search reveals that this domain was created in 1994 and updated in 2017 when the current owner actually took possession of it. The registrant of the domain has not been revealed. However, the company in charge of its operation is obviously Safecap.
They have a 70K following on Facebook, and that page seems to be relatively active. However, it offers no insights into whether or not I should trust this broker.
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This Markets.com review is a quick highlight of some of the most important things you should know concerning this broker.
Since the broker is quite popular and seems to be serving a lot of traders on the internet , it is only wise to know what to expect before you can commit yourself to trading on their platform.
Actually, monitoring popular search terms related to the domain reveals that people have been searching Markets.com withdrawal review, Markets.com complaints, Markets.com trading fees, Markets.com forex peace army and Markets.com Australia review.
I will just go through some of the most important things that a new trader should know concerning this broker as the rest are not very necessary to talk about.
This broker claims that they are an award winning CFD broker, although there is neither a badge nor a link that is pointing back to evidence of this award being issued to Markets.com.
They are instead building credibility by relying on the reputation of Safecap, which is a subsidiary of PlayTech PLC. PlayTech PLC is an active stock in the London Stock Exchange’s main market.
This is supposedly what visitors landing on this website should know in order to trust that Markets.com will preserve their funds and that they won’t play any silly games with their trades.
However, there are already enough complaints out there. My faith is almost wavering because the amount of Markets.com complaints that are coming up when you search the reputation of this broker is quite alarming.
Like we have said before, this broker seems to be providing a wide assortment of trading assets.
According to the landing page, Markets.com is providing 2000 trading assets, an advanced trading platform and a user-friendly interface from where these assets can be traded at.
Leverage is up to 1:300 (Terms and Conditions Apply), tight spreads, zero commission and a secured web and mobile trading platform.
Also, this broker is offering their in-house trading platform which means no MetaTrade 4, MetaTrade 5 or the popular cTrader platforms. That’s a big blow to traders who are used to these platforms as well as the security and stability that come with them.
Here, we prefer brokers who run cTrader and MetaTrader 4 and 5 respectively.
Markets.com withdrawal review
This section titled ”Markets.com withdrawal review” is a very important part of this review because nearly all traders want to know the experience of cashing out their profits with this broker.
Well, there are some complaints here and there. I was able to fish out a couple of those complaints on social media where traders alleged that this broker was not processing payout requests.
Markets.com seem to be responsive to these complaints, although they are always telling the complainants to submit a ticket for the issue to be addressed professionally.
Whether or not these complaints end up getting solved is something that is hard to tell.
Markets.com complaints: there could be more than meets the eye
There are currently no discussions of this broker on Forex Peace Army, which I find quite perturbing. It is not usual for FPA to keep silence on brokers especially if they are popular in the industry.
In as much as no broker is 100% perfect, there are some things that can be considered as red flags.
Quite a number of users claim that Markets.com freezes its platform so that traders can enter positions with unfavorable prices.
Other users have also alleged that Markets.com is manipulating their charts with ”special algorithms” and ”tracking software”.
Markets.com trading fees
Although this broker claims that they are not charging commissions, some of their traders have complained and even warned others to stay away from them because they do not understand the criteria which this broker is using to deduct undisclosed fees from their customer’s trades.
Whether these claims are true or unfounded is something I cannot confirm. But at least I can speak on behalf of these brokers because they charge no commissions and have managed to build their reputation for some time now.
The best broker is one that is regulated and is providing solid features and all round support.
Also, I like dealing with brokers who have at least a couple of reviews on the FPA forum. A good example would be fxchoice Forex broker. They have managed to maintain a positive reputation all along.
In as much as Markets.com is offering a diverse range of trading products and quality of service has not deteriorated to the point of being called a scam, they fail in terms of customer experience on their platform. There are also a few nasty comments here and there regarding this broker. Hopefully, they will polish their name and gain the trust of their traders. However, right now I can’t recommend working with them.