Been Scammed By This Broker? We Can Help!
Earning off the internet is not a new concept. One of the common techniques to make money via the internet is through brokers. Traders can’t place buy and sell orders without a reputable broker. Unfortunately, many online brokers are out to scam traders.
The significant question to ask as a trader is, “How do you know when a certain broker is a scam? This article will review MarketsSoft broker. You’ll be knowing if this broker is a trustworthy website for trading.
MarketsSoft projects themselves as a word class service provider with over 1,000 world-class assets available for investment. Their financial services range from CFDs to forex and cryptocurrency. MarketsSoft is an offshore unregulated broker located at Suite 305, Griffith Corporate Centre St. Vincent and the Grenadines. They boast of their cutting edge tech that provides the security of data and privacy. Payments can be made to MarketsSoft through several payment methods without glitches. Their over 1,000 investment assets include commodities, forex, stock, indices, and cryptocurrency.
Although this offshore broker is unregulated and owned by Horizons LTD company. Its location is choicest for many scam offshore brokers. MarketsSoft only enjoys the license of its parent company. Trades are facilitated under Horizons ventures, this means they are not licensed to offer trading services. They would charge zero charges (commissions and fees) for deposits or withdrawals made via their platform. They also offer 24/6 support for your account and live assistance while you trade. MarketsSoft boasts of an airtight system (similar to banks) for securing investments made with their firm. They also feature several resources (ebooks, guides, video courses) to help people kick off their forex/trade training on the right foot.
Their selling point includes; 24/6 Customer Service, Multi-lingual Live Support, Personal Account Managers, Choice of Trading Accounts, Advanced charts and analysis tools, Online Education Center, Daily News and Analysis, Live Charts and Data, Easy Account Management, Fast Deposits, and Withdrawals. The Financial Market Authority (FMA) in Australia have reported MarketsSoft operations in the Australian market. This report was made following accusations that the financial firm was targeting Australian residents. The FMA says MarketsSoft is not authorized to facilitate operations to Australian residents or on Australian soil.
MarketsSoft has different account packages with varying benefits. They have six (6) different account packages; Basic, Bronze, Silver, Gold, Platinum, and Black. The education center, resources, 24/6 support are available to all account packages. An account manager is a benefit that comes with all accounts except the basic package. There’s also a varying degree of expertise amongst the account manager assigned to the different account packages. So you would expect the expertise to increase as you climb up the account packages. Gold and platinum users enjoy the exclusive benefit of trading signals and personalized trading strategies. Platinum users further enjoy the exclusive benefit of being informed of exclusive positions and 1-on-1 training. The black account package is for users who are depositing above $25,000. You need to contact the brokers directly to set up their account. Averagely you need $250 minimum to use this broker and $25,000 is the maximum limit set by this financial service provider.
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Sadly, there are very few positive reviews about MarketsSoft. Quite frankly, there is not a single positive review about their services/operations. Many users complain of fraudulence, they were unable to retrieve their cash investments. A few complained about the poor communication ability of the staff; they were rude and disrespectful. Also, the supposed cutting edge technology that’s their selling point doesn’t seem to be any different from Mt4 or cTrader platforms. What’s worth your concern is that it takes a similar outlook of other scam brokers in the financial services market.
MarketsSoft provides varying treatments in their spread for different customers. The issue with their varying spread is, it is disadvantageous to the people who use them as brokers. Apart from the fact that it uses up your money at the advantage of the broker, it also puts your trading on a lower odds of success. This means the odds are high that your trades would fail, and your money lost. The absence of leverage is also another indication that their activity is a scam. Since they claim to be legal and regulated, they should have leverage information on their website. Sadly, there’s no leverage information whatsoever on their website. Leverage information would help you know how sufficient your deposit is for trading.
Again, contrary to the zero charges (commission and fees) proclamation. They charge a whopping 3.5% on withdrawals, this is insanely high. Most of their payment options are facilitated via a third-party, and there is not one known personality the firm has projected as the face of their brand. This explains why their platform has easy payment options facilitated through various third-party platforms. Think of their varying account packages as a way of luring you to depositing bigger amounts of money with them. A victim in one of the reviews described how they keep luring you to make more financial commitment. They even advise you to borrow or you risk losing your interests, isn’t that ridiculous?
The most notable warning signal was made by the FMA in Australia. They warned against the activities of MarketsSoft directed at Australian Residents because they were unauthorized to operate in Australia. Standardly, any unregulated financial service is not authorized to operate in any country.
Fishing out the scam activity is no rocket science task. If you pay as much attention, and you’re careful about where you invest you wouldn’t have a problem. Victims are usually people who fall for their too good to be true schemes. Nevertheless, you should always watch out for the regulation and licensing of any broker. This is the first way you can fish out their scam activity. Mind you, any broker not regulated by a reputable financial service regulator is not trustworthy. It’s beyond been regulated, how credible is the regulatory body? Other things to watch out for include;
There’s no cause for alarm. Many traders do not know what to do when they are scammed. You can always contact Trader Defence Advisory for support through this trying phase. Their legal team would file a report against the fraudulent broker. Quit worrying about the financial implication, request for a free consultation, or file a report.
Given, the negative reviews, facts, and evidence against this broker. The Trader Defence Advisory has marked MarketsSoft as a scam. Beware of their false claims of having solid leverage and an array of tradable assets. This site is not trustworthy and it stands as a complete scam.