SafeMarkets offers trading in popular assets like Forex and CFDs. They are also placing more focus on Bitcoin trading and yet the spreads here are so high to the point that a trader will feel like they are being ripped off. On top of this, SafeMarkets has a poor credibility and it’s very difficult to trust them.
This broker offers 4 different types of trading accounts. These include standard, Gold, Platinum and Diamond respectively. Standard account does not need any form of minimum deposit, meaning that we can start using it with any amount. Gold account requires a minimum investment of 10,000 USD while Platinum and Diamond require 25K and 50k respectively.
All of these accounts offer leverage of up to 1:400, which is good for the aggressive but experience trader who does not mind leveraging their accounts this much. Now, all of the accounts offer fixed spreads, which is 3 pips. This is very high indeed because many reputable brokers out here provide both fixed and variable spreads which are within reasonable limits. That is why we said in the beginning of this review that SafeMarkets feels like a rip off.
On the other side, SafeMarkets tends to have some advantages as well. These include a rich diversified range of trading portfolio which they are offering on their platform. While there aren’t so many good things that we can say about this broker, at least we can point out that they are offering a wide range of financial products which again can be beneficial to all types of traders out there.
To be specific, these include currency pairs, CFDs on indices, commodities and stocks. For Crypto currencies, they offer a wide range of coins which include Bitcoin, Ethereum, Litecoin, Monero, Zcash, and more.
Having said that, we will go back to the main issue which has prompted us to write this review in the first place. Is SafeMarkets really a safe broker or a scam? According to the title of this review, we indicated that it is a scam, and this is why.
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In the meantime, we ask you to trade with these recommended brokers only. They are the best in class and most reliable.
One of the greatest disadvantages of using this broker’s services is that they are unregulated. The broker in question is based out of the UK and is operated by an entity called Optiumcommerce OU, which is an Estonian company that does not hold a license from the FCA or the Estonian financial regulator.
Therefore, if you trade with SafeMarkets, the risk of losing your funds is really high. Think about this: you have no government protection if something goes wrong and you end up losing a huge sum of your investment. There is no way you can address the problem and get your money back.
We believe that this is a major red flag here. We can never ask anyone to trade with a broker whose papers are not in order. It could be disastrous to your investments.
But this is not the only disadvantage that we have seen with SafeMarkets. Other advantages have been listed below and if you think about them carefully, you will see that this broker shouldn’t be anyone’s favorite.
SafeMarkets is offering a web based platform but not the industry standard which all of us are used to. Those who opt to use the MT4 platform with other brokers can’t find the same with this broker. Although their web-based platform is not that bad, the fact remains that MT4 is a favorite among many traders and sacrificing on this is a really big disappointment. Traders need to decide whether they can live without this feature rich trading platform. Otherwise, this is also one of the disadvantages of using a broker like SafeMarkets.
The spreads are clearly highlighted on the website of SafeMarkets. A pair like EURUSD has a fixed spread of 3 pips and that for BTCUSD is 100 USD. That is an unacceptable spread because the industry standard for a pair like BTCUSD is less than 50 USD.
SafeMarkets clients are required to reach a certain trading volume in order to withdraw funds. This is unfortunate to all traders because it exposes them to a lot of risks since they will be forced to trade frequently and consistently, which is quite a bad thing for their trading account.
Additionally, we don’t see how on earth a broker can justify not processing withdrawal requests of their customers unless they are scammers.
This is typically something that we often witness with dubious brokers who are unregulated.
Even if you are the best trader in the world, you need to realize that this broker’s conditions will not favor you at some point. By the way, you need to realize that trading with an unregulated broker is the worst mistake you can ever do.
The other reason why you cannot make money with SafeMarkets is because of their expensive spread. The cost of spreads on this platform will definitely affect your trading in a negative way.
In fact, it will eat into your trading capital and make your trading experience hellish.
And of course the fact that SafeMarkets does not process withdrawal requests should worry you. The purpose of trading is to make money and if a broker does not want to process your withdrawal requests and they are not giving reasons, this broker deserves to be hung.
There are just too many risks associated with this broker’s platform and if you are going to ignore these red flags, you will blame yourself for the disappointments that you will experience.
Therefore, it’s obvious that the trading conditions are not favorable, and the fact that they are not regulated is also something you have to worry about. Having said that, we will recommend that you utilize the services of these brokers instead.
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