Selected Markets (Selectedmarkets.com) is another crude CFDs and Forex scam broker to hit the trading world. SelectedMarkets is professing to be a professional Forex trading service provider which is far from the truth. Conducting a thorough research was on the cards after receiving numerous email complaints. Having over 20 members complaining about withdrawal and fund handling was the key points. Read this detailed and honest SELECTED MARKETS review for more.
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What seems to be a legit broker has turned out to be a horrifying experience for some members. Most of these members have lost over $1500 with this broker due to preventable causes. As it turns out, this broker has broker is out to cause malice by providing fake services. Traders have been crying foul after losing their first batch of deposits. Selected Markets is calling on members to deposit more funds in order to win huge profit margins. Such brokers should be ignored and all attempts to sign up stopped. Dealing with Selected Markets is probably a financial suicide.
After landing on their homepage, one can see why newbie traders are falling for this broker. With a visually appealing website, most investors easily fall for this broker. And this is exactly what these scammers are after. Trying to capture your attention with their sales pitch! Looking at their homepage, pictures of successful people are well placed. What these scammers want is to create an illusion trading with this platform takes you to the next level. It is simply lies plastered by professional scam artists.
Where is this broker situated? After conducting a thorough research, we found the broker is located in St. Vincent and the Grenadines. Halsted Holdings LTD is the mother company which owns this platform. What this broker is trying to do is fool users into believing there are a professional outfit. Disclaimer only proves we are dealing with an offshore broker which is highly risky.
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Another perturbing detail with Selected Markets is level of anonymity. Anonymity is a dangerous partner when it comes to any form of online investment platform. Who are the founding members of this platform? Why have they failed to give users the actual names of people running this website? What looks like a legit broker is nothing but a scam outfit which is likely stealing from members.
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What scam artists are good at is creating ways of getting money quick. In this case, Selected Markets is making sure users deposit funds easily and fast. With depository channels such as AstroPay, Neteller, Skrill, MasterCard easily available, funding accounts is easy. What these scam artists fail to say is these account funding options take funds straight to their personal accounts. Funding your accounts leads to you lining their pockets with your hard earned money.
Main problem with Selected Markets is withdrawing funds. No member has been able to withdraw funds which makes it a huge problem. What these scam artists do is give users reasons as to why they can’t make withdrawals. Sign up with brokers who will make withdrawing easily available. Selected Markets is giving users fake excuses as to why they can’t make withdrawals. A good excuse they are using is lack of reaching required trading volume. Stay away from this broker at once.
Selected Markets is advancing five different account types to choose from. These account types are Practitioner, Advanced, Preferred, Selected, and Infinite. Are these accounts credible or are they part of the scam? Smallest account holder must deposit a minimum of $5,000 to start trading. What an incredible high amount considering the industry set standard of $250.
Another appalling feature we noticed with this broker is issuance of loans. How did a Forex trader start issuing loans? These loans will eventually cost members more and are not credible. What this broker will do is give you a loan and always ask you to make more deposits to withdraw the loan. Selected Markets is operating more like a pyramid scheme. Ensure you stay clear of this broker and any of their accounts. These accounts are mere trigger bombs waiting to explode.
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Another unsettling issue we found with this broker is an unresponsive chat support. Although they have a chat dashboard, getting a representative is hard to get. It’s either they have no chat representatives or are using this chat box as a hoax. They claim users must first send them a message and reply within a day. Why would they require both your email and phone number? So as to constantly harass you with email marketing tactics and phone calls. Selected Markets is also harvesting data.
How can funds be secure with a platform which isn’t licensed? Why would funds be secure with a platform which is based offshore? Offshore brokers are dangerous as they can easily close shop without issuing members any warning. How do they handle funds deposited by members? Which banking institution are they using to deposit funds from members? Is it possible members are funding the personal account of owners of this platform? It’s possibly the case with this broker.
Selected Markets is merging all assets in one account which is extremely dangerous. Lack of insuring funds deposited is a major flaw with this broker. In case something goes wrong, no member should expect any compensation. Lack of a proper compensatory scheme is proof we are dealing with a crooked broker. Make sure to sign up with a broker who offers insurance for your funds.
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Selected Markets is a scam which must be avoided by all investors. To stay completely safe, mark their emails as Spam and ignore all calls to sign up. Hoping relevant authorities will be shutting down this website soon.
By adding this broker to our scam blacklist, we believe we will be protecting our readers. Stay clear of this abominable broker or else face the music. Don’t be their next victim and stay clear of any of their affiliate markets.
Wishing you a safe trading experience!
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