Markets Bank Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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The fact that Markets Bank charges 5% for card deposits and withdrawals makes me uncomfortable. I tend to choose companies that do not have additional deposit and withdrawal fees to reduce my transaction costs.
Summary: Markets Bank has garnered a mix of reviews, with many users expressing concerns about its legitimacy and high minimum deposit requirements. Notably, the broker lacks regulation, which raises significant red flags regarding fund safety and withdrawal processes.
Note: It's crucial to be aware of different entities operating under the same name in various regions, which can complicate matters of trust and reliability. This review aims to provide a fair and accurate assessment based on available data.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 2 |
| User Experience | 4 |
| Additional Rating (Platform) | 3 |
How We Rate Brokers: Our ratings are derived from a comprehensive analysis of user feedback, expert opinions, and factual data regarding the broker's services and conditions.
Established in 2022, Markets Bank presents itself as a forex and CFD broker operating from the United Kingdom, specifically claiming an address at 85 Great Portland Street, London. However, the legitimacy of this address is questionable, as it has been associated with other businesses. The broker offers a proprietary trading platform known as Markets Bank Trade Station (MBTS), which is available for web, mobile, and desktop use. Users can trade a variety of assets, including forex, stocks, commodities, indices, and cryptocurrencies. However, it is important to note that Markets Bank is not regulated by any recognized authority, which raises concerns about fund safety and operational transparency.
Markets Bank claims to operate from the UK, but it is unregulated by the Financial Conduct Authority (FCA) or any other reputable regulatory body. This lack of regulation is a significant concern, as it means that traders have little to no legal recourse if issues arise. The broker also mentions compliance with Hungarian law, but it is not listed with the Hungarian Financial Supervisory Authority (HFSA) either. This lack of oversight makes it difficult to trust the broker's operations.
Markets Bank accepts deposits via credit/debit cards and wire transfers. However, the minimum deposit requirement is notably high, starting at $10,000, which is considered excessive compared to other brokers that allow entry with much lower amounts. Users have reported difficulties with withdrawals, often citing that their requests are delayed or denied altogether, raising suspicions about the brokers practices.
The minimum deposit of $10,000 is a major deterrent for many potential clients. Most reputable brokers allow for much lower initial investments. This high threshold could be interpreted as a tactic to lure unsuspecting traders into committing significant funds without sufficient assurance of safety or legitimacy.
Markets Bank offers a 100% bonus on initial deposits, which may seem attractive at first glance. However, such bonuses often come with stringent conditions that make it nearly impossible to withdraw funds. Reports suggest that clients must trade an exorbitant volume to access their bonuses, making this an unfavorable offer for most traders.
The broker claims to provide access to a diverse range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies. However, the specifics of these offerings are often vague, and many users have expressed frustration over the lack of transparency regarding the actual assets available for trading.
While Markets Bank advertises spreads starting from 0.0 pips, users have reported mixed experiences regarding actual trading costs. Additionally, the broker imposes withdrawal fees that can reach 5% for card transactions, which is considered high. Such fees can significantly eat into profits, making trading with this broker less appealing.
The broker claims to offer high leverage options, which can be enticing for traders looking to maximize their potential returns. However, this is concerning given the lack of regulation and oversight, which means that traders may be exposed to significant risk without adequate protections in place.
Markets Bank promotes its proprietary MBTS platform, but there are no indications that it offers more widely recognized platforms like MetaTrader 4 or MetaTrader 5. The absence of a demo account further complicates matters, as potential clients cannot test the platform before committing their funds.
While Markets Bank claims to service clients globally, it is essential to note that many reviews indicate that the broker primarily targets traders from specific countries. This selective approach raises questions about the brokers overall legitimacy and intentions.
Customer support is reportedly available in English, but users have expressed dissatisfaction with the responsiveness and effectiveness of the support team. Many have shared experiences of delayed responses or lack of assistance during critical times.
| Category | Final Rating (out of 10) |
|---|---|
| Account Conditions | 3 |
| Tools and Resources | 4 |
| Customer Service and Support | 5 |
| Trading Setup (Experience) | 3 |
| Trustworthiness | 2 |
| User Experience | 4 |
| Platform | 3 |
In conclusion, the Markets Bank review indicates a broker that poses significant risks to potential investors. The lack of regulation, high minimum deposits, and questionable withdrawal practices suggest that traders should exercise extreme caution before engaging with this broker. If you have already invested with Markets Bank, consider seeking assistance to recover your funds.
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