Although the broker has an enticing website, there’s nothing legit about Marketspots. When a broker tries to hide vital information, we are there to expose them. With Market spots, the signs of illegitimacy are hard to find. The broker does an impressive job trying to fool investors by creating an aesthetically appealing website. Our investigative team made sure to uncover the truth regarding Marketspots.co. What we found out will shock you beyond words. Find out more in this MARKETSPOTS Review.
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The broker claims to be a world-renowned brokerage firm. They claim to have over 1,000 world-class assets. Their vision is to provide cutting-edge technology through their intuitive platform.
Once you go through their about us page, you feel that this is not the average broker. The platform has done a pretty good job trying to convince investors to sign up. Most probably do due to the industry jargon found on the website.
For the scam to work, the broker has to sell a real trading platform. They even claim to offer the next-generation trading platform and competitive spreads. What we find hard to believe is the assumption that members get high returns and ultra-fast execution.
Scam brokers will do or say anything to make their platform appear worthy. We implore investors to do due diligence before using their impulse to sign up.
The broker claims to offer CFDs on cannabis, commodities, crypto, forex, indices, and shares. We see that the broker claims to offer over 800 Cryptocurrencies. The broker has a leverage cap of 1:400, which is way above the industry requirement.
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In the States, regulators have put leverage at 1:50, and Europe sets it at 1:30. There’s a good reason for it, and the risk is high, especially when you make losing trades. Members end up losing more when the leverage is set at 1:400.
Opening an account with the broker is easy, and the process takes less than five minutes to complete. We do have a problem with their verification process as the broker demands valuable information.
There’s no reason to give an anonymous broker a copy of your ID and credit card details. Marketspots is asking investors for these documents as part of the verification process. This raises suspicion that they are harvesting banking information from wealthy clients.
A few victims have come out enraged with the services provided by the broker. Ahmed is one of them who deposited $3,000 with the broker. Before making the decision, the broker had constantly been calling with a promise to double his money.
Once he made the deposit, he did not even get the chance to trade. The account balance reflected, and he waited for the balance to increase. A week later, he could not access his account. All facts point to this being another online scam.
One important piece of information missing from the website is the names of individuals behind it. We thought that this broker would be impartial and give names of owners. This is another red flag found on the platform.
The disclaimer at the footer of their homepage only uses the words ‘the Company’ with no name. Investors should note that this is an anonymous trading website. Funds are not safe with any broker who hides their true identity.
As we were publishing the post, the website Marketspots.co was 259 days old. The website was created on July 28, 2020. From domain records, the name of the registrant is redacted for privacy reasons.
We expected this as no scam artist wants their name plastered on a proven online scam. It’s also a short-term website, and we believe the broker will likely shut it down soon. With regulators circling, there’s no other alternative.
Market spots offers five account types to members. These accounts include Standard, Silver, Gold, VIP, and Pro. We found that these accounts had monthly sessions with certified accountants. If this were true, we would have the names of these accountants on the homepage.
It would help sell the platform’s legitimacy. Most of the account features are not making sense, such as unlimited access to brokers. You can access brokers at any time.
With the industry against brokers who offer bonuses and commissions, Market Spots works its way around it. The broker claims to offer what they term as margin loans. Newbie investors will greatly appreciate a loan from any broker.
Here’s what they don’t get, these loans are financial traps. You won’t get to withdraw funds even if your account has funds to clear the loan. The broker will hold your account for ransom with calls to deposit a certain amount of money.
The broker claims to have a next-gen platform, and they lack live chat support. You would expect the broker to have some form of live chat. On their contact page, you realize there’s no phone number.
All you get is a message board where clients or investors leave their messages. Don’t expect any responses as this is not a valid broker. They use the message boards to know when a member wants out of the platform. It’s then they take the step of blocking your account.
Market spots lists several payment options, including AstroPay, Comodo, Visa, Wire transfer, and more. Before making any deposits, ensure you check whether a broker allows withdrawals. All the victims have the same experience with the broker.
None of them gets to withdraw funds despite the broker having several options. This is a scam that we must expose to ensure others don’t fall for it.
The broker offers a custom-built trading platform that fails to deliver results. What’s the use of customization if members won’t withdraw funds? These are the hard questions the broker refuses to respond to in our emails.
Their platform fails to offer any trading advantage making it a worthless terminal. The platform is also insecure and highly unstable. Users who test it claim execution of trades is slow.
Ensure you check whether a broker is on the good books of regulators. Check to confirm whether their details match those found on the regulator’s page. Marketspots is an invalid broker who doesn’t have a trading license.
It would be best if you steered clear as this broker is likely to make you lose funds.
There’s no safety of funds with an anonymous broker. We suspect the broker is transferring funds to a persona account. Segregation of accounts is not taking place, and no recovery agent will help recuperate your funds. The best option is to stay away from Market Spots.
Marketspots is a scam waiting to pounce on naïve and unsuspecting investors. Please stay away from them.
We don’t recommend interacting with Market spots as it’s a proven scam.
The alternative to these scams is using valid brokers. These brokers enjoy the backing of experts and the trading community.
We wish everyone a happy and prosperous trading experience.
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