Marketsglobal.com couldn’t have picked a name that was more general, so we just used the domain name. In fact, if you look for this broker, you’ll get an endless number of results that lead to real businesses. On the contrary, the broker in question is anything but legit, and in the full Marketsglobal.com review, we’ll explain why.
Marketsglobal.com says that its main office is in the Isle of Dogs business district in Britain, which is one of the most famous and expensive places in the world. One Canada Square is a famous corporate skyscraper in London that is home to some of the world’s most powerful banks and other multi-billion dollar businesses. Marketsglobal.com seems to be trying to make a good impression on the public by using this building. Well, it’s not there, and we did some research and found that this shady brokerage has nothing to do with any licensed companies. This means that Marketsglobal.com is not regulated, and if you deposit, your money will be at risk.
In fact, Marketsglobal.com is not only not regulated, but it is also against the law. Every British Forex broker must have a license from the local regulator, the FCA. Authorized brokers are required to keep their clients’ money in separate accounts.
This makes sure that the deposits won’t be used for anything other than trading. Since Marketsglobal.com is not regulated, it can do anything with your money, including sending it outside of its country, where it may be impossible to find the money. Since regulation is the most important part of trading, you shouldn’t do business with Marketsglobal.com.
Don’t use it. Instead, look at the highly rated EU brokers and British brokers. We recommend licensed European companies because they are part of deposit insurance funds. If you trade with a CySEC broker, you can get up to €20 000 in compensation, and if you trade with an FCA broker, you can get up to £85 000 per person.
Marketsglobal.com can only offer a cheap, ugly, and hard to use Webtrader. At the bottom of the page, you can see what it looks like. Since that’s the case, we’d rather put the best MetaTrader4 brokers and MetaTrader5 brokers on both lists. We recommend both MetaTrader platforms because they have advanced trading tools like Expert Advisors and a marketplace with more than 10,000 apps.
The platform’s EUR/USD spread is 0.1 pips, which is arguably the best Buy/Sell spread on the market. However, since Marketsglobal.com is thought to be a scam, you shouldn’t even consider opening a virtual money account. Most legitimate brokers offer entry accounts with spreads of 1 pip or less, so it’s pointless to work with Marketsglobal.com anyway.
As for leverage, it can go up to 1:400. This is a level that FCA banned a long time ago, so Marketsglobal.com is breaking the law by offering it. In fact, leverage is regulated in many places. Licensed brokers in the EU, UK, and Australia have to limit retail clients to a leverage of 1:30 for FX majors, while brokers in the US and Canada can’t give more than a leverage of 1:50. The ones that offer higher levels are probably not regulated well or at all, so be careful with what they have to offer.
The minimum deposit is $250, but the Account Types page says that customers should put down at least $10,000. That’s still a contradiction, but Marketsglobal.com is too sketchy to trust with your money.
Wire Transfers are the only way to fund your account, but the broker’s website lists a lot of other options, which is another inconsistency. Wires are final and can’t be returned, so Marketsglobal.com probably wants to avoid having to deal with chargebacks. Beware.
Anyway, since we are looking into a possible scam, we’d like to offer our lists of Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or trusted payment system.
The minimum withdrawal is $500 for wire transfers and $100 for credit/debit cards, even though each transaction is supposedly free. But if clients accept bonuses, the conditions for withdrawal will change in a big way: after bonuses, clients must trade the bonus funds plus the deposit 25 times before they can cash out. Since the bonus can’t be taken back, Marketsglobal.com blocks the account, making it impossible to withdraw money. Beware!
HOW DOES THE SCAM WORK
Marketsglobal.com has too many red flags: it doesn’t have a license, it makes false claims, its trading software seems sketchy, and its Terms are hard to understand. Also, the broker makes big promises and makes the FX market look like it has no risks, which gives people a false sense of hope. We have a good reason to think it’s a scam, and we’ll explain how scams usually work.
In short, you fall for a deal that sounds too good to be true, deposit money as scammers tell you to, and then get ripped off. In reality, the Forex scam is a process that is very different from most other types of fraud, which usually only happen once. In Forex fraud, on the other hand, you are always in touch with scammers who will try to get you to keep putting money in.
For example, they will act like they are managing your accounts and show you how much money they have made. Or, if you trade on your own, they’ll change the prices on the market to make your account profitable. This will get you to put more money into the scheme by promising you’ll make even more money.
As soon as you insist on getting your money back, it’s clear that you’re being scammed. Scammers will refuse to let you withdraw your money for no reason and may even tell you to pay your taxes first. When you want to cash out, you should never be asked to send money. In the end, the cons will just stop talking to you, leaving you with losses that are hard to get back.
WHAT TO DO WHEN SCAMMED
Scams can happen to anyone, though. If you fall for a scam, the first thing you should do is think about the other risks. Stop using your bank card right away and call your bank to ask what to do.
Tell someone about what happened to you, make a complaint, call the authorities, or file a report. Actively try to get help!
Then, if you want to get your money back, you should be careful because scam chargeback agencies and people would be happy to take you for another ride. Most of the time, they ask for money up front but won’t do anything in return.
Share your experiences online. It’s important to keep other people safe, too. Be responsible!
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