Scala Markets (Scalamarkets.com) is a CFDs, Crypto Currency and Forex scam broker that all investors should made aware of. ScalaMarkets is purporting to have over 10 years of trading experience and has competitive spreads. SCLM is another name their refer themselves and claim to be based in Ukraine. That’s why we decided to conduct a thorough investigation regarding Scala Markets. Read this detailed and honest review to get the truth.
Claiming to have 10 years of trading experience is no mean fete, results have to show. Sadly, there are no results that can solidify their experience in Forex trading. Scala Markets is claiming to have over 35,000 tradable instruments that users can choose from. It should be noted that scammers will do or say anything to make their product appear legit. That’s what ScalaMarkets is doing with all these claims and promises.
Scala Markets is claiming to have a unique trading platform as well as offering competitive spreads. With their claim of over 10 year-experience, the internet has negative feedback regarding this broker. Most of these comments are from users who have been conned by this broker. This is a classic scammer’s move.
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Details regarding ownership of ScalaMarkets are sketchy to say the least. This broker does not reveal any real information regarding ownership of a 10 year old brokerage firm. Everyone can see the irony in that. Disclaimer at the bottom of their homepage claims that this broker is registered in Ukraine. As we said above, scammers will do or say anything to make their product appear legit. Scala Markets is no different.
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Why have they failed to mention the CEO or CFO of this company? To be honest, there’s no mention of the founding members of ScalaMarkets. This makes us question everything regarding this broker. Most Forex scams have a lot of anonymity riding on them and Scala Markets is no different. Level of anonymity with this broker is too big for us to ignore.
Scala Markets has not shown any licensing or registration documents to prove that they have been regulated. Disclaimer at the bottom of their homepage does not reveal any license or registration number. This is odd as most legit brokers will post their licensing and registration number for all to see. Why have these brokers with years of experience failed to mention this important information?
It’s clear that we are dealing with a broker who is not licensed or registered to conduct Forex business. That’s why they have not posted any Licensing or registration numbers on their homepage. Anyone who signs up with this broker is dealing with a rogue broker. That’s why there are negative comments regarding Scala Markets.
Scala Markets is offering users four different account types to choose from. These accounts include White plan, black plan, silver account, and free account. Problem with these accounts is that they fail to mention depository requirements. This makes this platform squeaky to say the least. Why would they fail to give details regarding how their accounts work? It’s because they are a professional scam outfit.
These scammers will gauge the person and ask for different depository number at a time. That’s why we cannot trust anything this broker claims. These accounts are all a gimmick to make newbie traders sign up with SCALAMARKETS.
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Scala Markets is claiming to offer MT4 trading platform to users who sign up. They continue to claim that their platform is designed to target certain traders. This platform targets traders who are looking for an edge in their trading. They also claim that they have a user-friendly interface that helps improve trading performance. In order to verify these claims, we had to test their platform for ourselves.
Once download started, we faced the first hurdle as progress stalled at 15%. A platform that does not finish downloading is bad news for any investors. This means that their platform is unstable and users face high risks trading with Scala Markets’ platform. Hackers can easily gain access to unstable platforms and steal credit card information. That’s not all; hackers can steal personal data and start an online theft ring with your details.
Funds are not secure with unstable platforms and with anonymous brokers. That’s a fact that we will always state to all investors. First problem we encountered with this broker is that they fail to mention their depository bank. Where do they bank money deposited by users? Did you know that users maybe depositing money straight to the owner’s personal bank account? These are just a few red flags to mention in regards to security of funds.
This broker does not segregate accounts as they claim on their homepage. In fact, this broker is pooling funds in one account which is very dangerous. Bankruptcy or insolvency can occur at any time and members will automatically lose money. ScalaMarkets does not participate in a compensatory scheme which means funds are not protected. Once you lose money with this broker, you won’t be compensated by Scala Markets.
It may seem that they have live chat support on their homepage; this is just a bogus dashboard. Once you click on it, you are directed to a Whatsapp page. This page is not online and users simply leave messages there. It’s clear that we are dealing with a broker who doesn’t want to be in contact with users. This is another scammer’s move where they don’t plan on interacting with victims or worse, authorities.
Lack of live chat support with a broker who claims to have 10 years of experience does it for us. One would expect that with this day and age, they would at least have a bot service. Not that we are for use of bots, but they at times help answer a few questions immediately. This broker has no concern over how users use their platform. All they are concerned with is how much each user will deposit with them.
Without a doubt, Scala Markets is a Forex scam that investors should be wary of. This broker will without a doubt make investors lose money. Make sure not to sign up with this rogue broker. Mark all their emails as Spam and never click on any links sent by their email marketing team. Warn your friends and relatives from signing up with ScalaMarkets. This is a rotten scam that plans to steal all your funds.
Evidence we have on our hands leaves us with only one option, to add Scala Markets to our scam blacklist. Relevant authorities are asked to look into this platform and shut their whole operation down. Once this is done, newbie investors will be safe from this brutal Forex scam.
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Finally, we wish you all the best in your Forex trading experience.
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