IST Markets Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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My account was down by 1% each month due to their “custodian fee.” Add this 1% to the pricey monthly fee on inactive accounts, and the result is a considerable amount spent solely on account maintenance, without even getting into actual trading.
IST Markets has garnered significant attention in the online trading community, with opinions ranging from skepticism to outright warnings about its legitimacy. This review synthesizes various sources to provide a comprehensive overview of the broker's offerings, user experiences, and regulatory status.
Note: It is crucial to be aware that IST Markets operates under different entities across regions, which complicates its regulatory standing. This review aims to present a fair and accurate assessment based on available information.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (or Experience) | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
We assess brokers based on user feedback, expert opinions, and factual data from various sources.
Founded in 2019, IST Markets is an online brokerage that claims to provide access to a wide range of financial markets, including forex, commodities, and cryptocurrencies. The broker primarily operates on the MetaTrader 5 (MT5) platform, which is known for its advanced trading features and user-friendly interface. However, it is essential to highlight that IST Markets is registered in Saint Vincent and the Grenadines and Mauritius, operating without strong regulatory oversight, which raises significant concerns about fund safety and transparency.
IST Markets operates as an offshore broker, claiming to be regulated by the Financial Services Commission (FSC) of Mauritius and the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. However, many sources indicate that these regulators lack the stringent oversight found in more reputable jurisdictions like the UK or Australia. According to Forex Peace Army, the absence of a solid regulatory framework is a significant red flag for potential investors.
The broker accepts various currencies for deposits, including USD, EUR, and cryptocurrencies like Bitcoin and Ethereum. However, users have reported difficulties in withdrawing funds, with some citing high withdrawal fees and lengthy processing times. As highlighted by WikiFX, clients may face challenges in accessing their funds, particularly if they have accepted bonuses that impose trading volume requirements before withdrawals can be processed.
IST Markets requires a minimum deposit of $100 to open a trading account, which is relatively standard in the industry. However, the lack of robust regulatory backing raises questions about the safety of these funds. Many users have expressed concerns about the broker's practices, suggesting that the initial low deposit may lure in inexperienced traders, as noted in Forex Fun.
The broker offers various bonuses, including a $30 no-deposit bonus for new traders. While such promotions can be appealing, they often come with strings attached, such as high trading volume requirements that make it difficult to withdraw any profits generated from the bonus. This tactic has been criticized by multiple sources, including The Forex Review, which warns that bonuses can effectively trap traders into further investing their funds.
IST Markets claims to offer a diverse range of tradable assets, including over 60 forex pairs, commodities like gold and oil, and various cryptocurrencies. However, the actual availability of these assets has been questioned, with some users reporting limited access to certain markets. This disparity between advertised and actual offerings can lead to frustration among traders looking to diversify their portfolios.
The average spread for major currency pairs is reported to start at 1.8 pips, which is not particularly competitive compared to other brokers in the industry. Additionally, some users have reported hidden fees, such as custodian fees that can erode account balances over time. According to WikiBit, these fees can significantly impact overall trading costs, making it essential for traders to read the fine print.
IST Markets offers leverage up to 1:500, which can be attractive for experienced traders looking to maximize their positions. However, such high leverage also entails considerable risk, particularly for inexperienced traders who may not fully understand the implications of trading on margin. The potential for substantial losses is a critical factor to consider, as emphasized by multiple reviews.
The primary trading platform offered by IST Markets is MetaTrader 5, which is well-regarded for its analytical tools and automated trading capabilities. However, some reviews question the reliability of the platform, suggesting that users may encounter issues during trading sessions. The lack of robust customer support further complicates the user experience, as noted by Scam Watcher.
IST Markets does not explicitly state which regions are restricted for trading. However, being an offshore broker, it is advisable for potential clients to verify their local regulations before opening an account. Engaging with unregulated brokers can lead to significant risks, as highlighted in various reviews.
The broker provides customer support in English and Arabic, with 24/7 availability via phone and email. However, user experiences regarding the quality of customer support have been mixed, with many citing long response times and unhelpful answers when issues arise.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 3 |
| Trading Setup (or Experience) | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
In conclusion, while IST Markets presents itself as a multi-asset trading platform with appealing features, the overwhelming consensus from reviews indicates significant risks associated with trading on this platform. Potential investors should exercise extreme caution and consider opting for more reputable, regulated brokers to ensure the safety of their funds.
