Are you thinking to start your trading journey with MarketsX? Have you checked the regulations and trading features? If not, then read this unbiased review before getting started and try not to make any decision in a hurry.
MarketsX was established in the year 2008. The firm is relatively old but fails in offering quality trading services. It is regulated by some random authority reflecting that the firm is unsafe for trading. The official website of the broker is slow, complicated and lacks certain vital information.
Is MarketsX Scam or safe?
Some random and local authorities regulate this brokerage firm. Hence it is not regarded as a safe venture. Also, the activities of the firm are suspicious. Moreover, we do not find any information regarding segregated bank accounts, safeguard tools and encryption systems on the official website.
Looking at all the points mentioned about it is recommended that think twice before investing with the firm.
Types of trading account
There is no information regarding the account types offered by the broker. It seems like the broker wants to hide these details from traders. Moreover, it is illegal to conceal these essential and basic information from traders. They should be aware of each point before opening an account. It raises the question of the security and authenticity of the broker.
Account Opening Process:
The brokerage firm has not mentioned anything about the account opening steps. There is just a form asking for name, mail id, country etc. From the various customer reviews on MarketsX, we know that its account opening process is complex and time-consuming. The broker asks for several sensitive information which traders do not feel comfortable providing.
There are various packages for MetaTrader 4. Their charges vary depending on the number of functions. It seems like the broker has opted for the cheapest package as this platform lacks many advanced and essential functions. Also, there are many other issues with their web and desktop trading platforms. It seems like the broker is least interested in enhancing the standards of its user. It is focusing more on grabbing fees in the name of trading platforms.
Tradable instruments and markets
The broker offers a limited range of trading markets and assets. It only includes forex, metals, cryptocurrencies, and indices, leaving the most important stock market. The options in the offered markets are also restricted.
Moreover, there are restricted tokens offered for each trade within each class of instruments. This blocks the scope of portfolio enhancement for traders.
The leverage offered on the trade is 1:20. The broker is offering low leverage that too on several conditions. This value is applicable one when your trade worth is 25,000 or more.
Minimum deposit, commission and fee
There is no information related to the minimum deposit on the official website of the broker. We get to know from an authentic source that it charges the minimum deposit of $1000 beyond normal traders’ reach. Moreover, it charges a high additional fee and spreads are also high and variable.
Deposits and withdrawals
The broker offers limited options for deposit and withdrawal of funds. The process of withdrawal is time-consuming, takes several days and charges an additional amount. The broker also charges a fee on the deposits. The entire process sometimes irritates users and affects its trading and profit size.
The broker’s educational hub is not up to the market and lacks basic things like vlogs, webinars, and VOD. Also, it lacks platform-related trading tutorials and information. The broker requires numerous changes in this arena also.
Research tools help in making a potential trading decision and determine the entry and exit point. Unfortunate, the broker does not provide any research tools. Thus it is declining the level of trading despite enhancing.
Customer support service
The customer support team of MarketsX is inefficient. They do not respond to telephone and emails. Also, the response time is greater than 1 minute in case they receive your call. The team works on only weekdays. The essential live chat option is not available with the firm.
Disadvantages of MarketsX
There are plenty of reasons listed below, why to not go with the broker.
- Not regulated by an authentic and reputable financial body.
- Lack of research tools
- Limited educational material
- There is no information about account types on the official website of the broker.
- Trading platforms with limited functions
- Poor user interface
- High minimum deposit
- High commission and additional fee
- Limited assets to trade
- Does not allow clients from the United States
- Charges fee for inactivity
The Bottom Line
It is an unbiased review about the MarketsX. We have covered every point. As you see, through being a relatively old firm, the firm fails at providing quality service to its clients. It is regulated by the random and local financial body, which clearly points out that the firm is a scam and untrustworthy. It is risky to invest with such a firm.
Moreover, outdated platforms, high minimum deposits, variable spreads, and low customer support services compel us to think about other advanced and renowned firms. You can go with firms like HFTrading, T1markets, GobalTradeATF, Brokereo, PrimeFin and several others. They offer far better and advanced services to enhance your trading standards.