ONLINE MARKET SHARE Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Wide range of trading options, including stocks, options, ETFs, and forex.
Low or zero commission fees, making trading more accessible for investors.
Advanced trading tools and platforms that cater to both beginners and experienced traders.
Limited educational resources for novice traders, which may hinder their learning curve.
Some brokers may have complex fee structures that can be confusing.
Customer support may vary significantly between brokers, leading to inconsistent user experiences.
Scammed by ONLINE MARKET SHARE! They disappeared with my money and I can't get a hold of them. It's such a frustrating and disappointing experience, and I wouldn't recommend anyone to do business with this company. Be careful. I learned this lesson the hard way, and now I have to deal with the consequences.
Online Market Share positions itself as a low-cost trading platform offering a variety of asset classes, including forex and CFDs. However, it operates as an unregulated offshore broker, raising significant concerns for potential users. While it may appeal to beginner traders seeking low fees and high leverage, the risks associated with trading through an unregulated platform cannot be overstated. Negative user experiences, including reports of aggressive sales tactics and withdrawal challenges, highlight a dangerous environment that seasoned traders and risk-averse investors would be wise to avoid. This detailed review will navigate the multiple facets of Online Market Share, providing insights that enable traders to make informed decisions about their trading platforms.
Risk Statement: Trading with Online Market Share involves significant financial risks due to its unregulated status. Users may experience difficulty accessing their funds and will have no recourse from a governing authority in the event of issues.
Potential Harms:
Self-Verification Steps:
| Dimension | Rating (out of 5) | Justification |
|---|---|---|
| Trustworthiness | 1 | Unregulated status with multiple scam warnings issued. |
| Trading Costs | 3 | Low commissions but high withdrawal fees reported. |
| Platforms & Tools | 2 | Limited features of MT4 platform; lacks advanced tools. |
| User Experience | 2 | Numerous negative user reviews regarding support. |
| Customer Support | 1 | Lack of live chat support; poor user feedback. |
| Account Conditions | 3 | High leverage offered but limited clarification on fees. |
Online Market Share, operated by Share Tech Ltd., emerged in 2020 and is based in Dominica. As an unregulated offshore broker, it lacks a valid license from any reputable financial authority. This absence of regulation raises red flags about the company's legitimacy, making it perilous for traders to trust it with their investments. Despite promotional claims of diverse asset classes and competitive trading conditions, the broker's status raises concerns about fund safety and operational transparency.
Online Market Share provides access to a variety of trading instruments, including over 50 currency pairs and nearly 100 CFDs across indices, metals, and energies. The trading platforms offered are primarily the basic version of MetaTrader 4 (MT4), which lacks advanced features such as real-time data feeds, in-depth charting tools, and educational resources. Reportedly, the maximum leverage available is as high as 1:400, which can entice traders looking for amplified exposure but adds substantial risk.
| Feature | Details |
|---|---|
| Regulation | Unregulated (offshore) |
| Min. Deposit | Not specified |
| Leverage | Up to 1:400 |
| Major Fees | High withdrawal fees |
Teaching users to manage uncertainty.
The most alarming aspect of Online Market Share is its lack of regulatory oversight. Reviews consistently highlight the broker as untrustworthy, with warnings from multiple financial authorities labeling it as a scam. Traders should exercise extreme caution and consider this a significant risk.
Analysis of Regulatory Information Conflicts
Online Market Share is unregulated, meaning that traders have no protection against fraud. This lack of oversight results in elevated uncertainty and risk regarding the security of user funds.
User Self-Verification Guide
Negative user feedback reflects serious concerns regarding fund safety.
"Withdrawing funds is nearly impossible, and their sales team is very aggressive."
The double-edged sword effect.
The brokers commission structure appears competitive, but hidden costs can increase the total expenses associated with trading.
Advantages in Commissions
Online Market Share boasts low trading commissions, appealing to beginner traders looking for cost-effective solutions.
The "Traps" of Non-Trading Fees
Many users have reported high withdrawal fees, sometimes reaching $30, as well as hidden costs.
"I deposited money without a problem, but when I tried to withdraw, I faced $30 fees…"
While trading costs are initially attractive, the additional fees associated with withdrawals can disenchant both new and experienced traders.
Professional depth vs. beginner-friendliness.
Online Market Share primarily relies on the MT4 platform, which may not meet the expectations of all traders.
Platform Diversity
The broker offers different versions of MT4 for desktop, web, and mobile, accommodating various trading preferences but lacks upgraded features.
Quality of Tools and Resources
The tools available on MT4 are basic and lack the advanced capabilities demanded by tech-savvy traders, further limiting the trading experience.
Platform Experience Summary
User feedback indicates that the platforms usability is subpar, complicating the trading experience.
"MT4 lacks the features I need to make informed trades, and I feel stuck."
Assessing the challenges through the eyes of the trader.
Traders have reported various challenges while navigating the Online Market Share platform and its offerings.
User Interface and Usability
The interface design lacks intuitive features, making it difficult for beginner traders to thrive, as they may not understand how to execute trades correctly.
Trading Experience Feedback
Users have often highlighted frustrations with trading execution speeds and difficulty accessing assistance.
Summary of User Feedback
"I frequently faced issues with trades executing while prices fluctuated, leaving me at a loss."
Connecting users with reliable support.
Customer service is paramount in the trading experience, particularly in times of issue.
Available Support Channels
Online Market Share offers limited channels for support, which primarily consists of email and phone contact without an option for live chat support, hindering speedy resolutions.
Response Times and Helpfulness
Users reported long wait times and ineffective assistance, which amplified frustrations when issues arose.
Feedback on Customer Support
"If you need help, expect to be left hanging; they dont reply to emails promptly."
Examining the potential terms for traders.
The various account types offered by Online Market Share include notable features and conditions.
Variety of Accounts
A range of accounts is offered, however, the specific details regarding deposits and the benefits of each account type remain vague.
Assessment of Conditions
The conditions appear competitive at first glance, but given the lack of transparency, traders should be wary of potential implications.
Summary of Account Conditions
The high leverage rates are attractive but come with intrinsic risk that traders should understand before investing.
Online Market Share is a broker that presents an attractive front with low trading costs and a diverse array of assets. However, the significant risks connected to its unregulated status and troubling user experiences indicate that it may be more of a trap than an opportunity. While it may appeal to novice traders seeking affordable trading solutions, the overwhelming evidence of negative user feedback and lack of oversight raise significant doubts about the reliability of this broker. Traders are encouraged to thoroughly investigate and consider safer, regulated alternatives before risking their capital with Online Market Share. Always remember, in the rapidly evolving world of online trading, informed decisions are the cornerstone of successful investing.
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