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MercadosG Review: Mercadosg.com Dubious Forex Scam

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MercadosG Review: Mercadosg.com Dubious Forex Scam

MercadosG (Mercadosg.com) is selling itself as the smartest way to invest. Mercados G is a CFDs, Cryptocurrency, and Forex trading platform with a Spanish default language. And this is a clear scam targeting investors from the Spanish speaking countries. The platform’s origin is unknown and yet, claims to be located in Chile. Member are facing a hard time trying to withdraw funds. Read this eye-opening MERCADOSG Review for more details.

MercadosG Review

About MercadosG

Mercados G is a company which claims to be in existence for a while. They claim to have provided financial services in Chile for over 30 years. These claims are mere sales tactics to try and sell their reputation. Scam artists will do or say anything to try and make their platforms appear legit. When it comes to offshore brokers, a lot leaves to be desired. These scam artists will do or say anything to try and make their platforms appear legit. For the sake of safety, it best to use recommended and top rated brokers. With an experienced team behind you, chances of winning multiply.

Assets Offered

MercadosG is offering investors and traders an opportunity to trade assets such as CFDs, Commodities, ETF’s, Forex, Indices, and Forex. CFDs include shares from American Airlines Group, Apple, Bank of America, CitiGroup Inc, Walt Disney, among others. Listed commodities include Copper, Gold, Platinum, and Silver. Cryptocurrency assets include Bitcoin, Bitcoin Cash, Dash, Etherium, Litecoin, and Ripple. The only listed ETF is MSCI Chile Investment Market Index Fund.

Business Owner

According to their about us page, the platform is owned by two primary shareholders. The listed names include Andrew Mackay and Will Armitage. These are people from Scotland and the UK according to details provides. Scam brokers will do anything to make their platforms appear legit. And this is the case as they have associated their platform with IG Group. The IG Group of companies is listed in the London Stock Exchange. These are false claims meant to throw off any prying eyes.

Domain Details

MercadosG Deposit and Withdrawal Channels

MercadosG is a broker whose domain was created on 8th April 2015. Claims of providing over 30 years of trading experience are false. These offshore scam brokers want to sell the illusion they are a reputable organization. And this is where majority of unsuspecting investors fall as they tend to believe anything posted. These scam brokers will claim just about anything to make their platforms appear legit. It is best to stay away from the platform as it has nothing to do with legitimate trading activities.

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License and Registration of MercadosG

They are claiming to be licensed by the Chilean authorities. All they have provided as proof of license is a Logo from the Forex regulator in Chile. Being offshore brokers, we don’t accept any regulation from such countries. The best regulators include ASIC, BaFIN, CNMV, CONSOB, CySEC, FCA, FINMA, FSA, NFA, and SEC. These regulators ensure brokers meet stringent conditions which protect investors. MercadosG is not insuring funds deposited by members which is against trading regulations.

To stay safe when trading online, it is best to use brokers who have passed the set standards. Members who use MercadosG are in for a rude surprise. The broker does not insure funds and puts funds at risk. Funds are not segregated which means they are pooling funds in one account. The best option is to steer clear of unregulated brokers who are based offshore.

Limitations of MercadosG

Account Plans

MercadosG does not list any accounts on their website. And this is a huge problem as it could mean traders give control of their accounts to third parties. The platform has not posted any information about a single account or the leverage and spread available. MercadosG is not giving any details regarding the acceptable minimum deposit. This gives the broker a chance to extort from unsuspecting investors. Members have been depositing different amounts as opposed to the set acceptable price of $250. These are scam artists taking advantage of the loophole created by lack of clear information.

Contact and Support

It is expected that a trading platform offers an effective communication system. These scam brokers are using chat services from social medial platforms. The chat services personalize the communication channel and ensure they bombard members with unwarranted messages. An effective live chat support uses live chat support. A real broker does not need to have you on Whatsapp for communication. By doing so, they are invading privacy as they use the opportunity to call and demand more deposits.

Deposit and Withdrawal

Depository channels listed include American Express, MasterCard, Visa, among others. These scam artists fail to mention deposit and withdrawal conditions. And they do this knowingly hoping to later block withdrawals. The biggest challenge facing members of MercadosG is withdrawing funds. For over an year, the platform is still not able to allow withdrawals. A platform that blocks withdrawal requests ceases to be a trading entity. It is best to stay away from them.

Executive Services

MercadosG is promising traders with personalized executive services. These are account managers who handle funds and trade on your behalf. Sadly, the platform has inexperienced account managers who are losing trades. These brokers are benefiting from members losing trades as this is their way of earning commissions. Stay away from such a platform whose inexperience shows in the results. Members don’t realize it but, these brokers hire call agents to act as account managers.

Trading Platform

MercadosG Trading Platform

The broker claims to have two trading terminals, MT5 and Next generation (NTG). Next Generation platform sells itself as having over 10,000 trading assets. These are false claims as members cry foul over the slow execution speeds. They also claim the platform is unstable due to lack of proper security features. MercadosG is using a custom made platform that lacks SSL encryption. Third parties can easily take over the platform and steal valuable data. Stay away from brokers who use unproven platforms.

Training and Education

Another shocking feature with MercadosG is their training and educational programs. Their educational materials don’t work as claimed. Once you sign up, the broker leaves you hanging and offers another alternative. The broker will claim to have a personalized expert who will trade for you. And this is where unsuspecting investors give control of their trading to these inexperienced account managers.

Safety of funds with MercadosG

With the number of complaints rising, we hope authorities will act and shut the whole platform. Disturbing details emerge about the platform’s inability to segregate funds. MercadosG is pooling funds in one account which is against set industry regulations. Members are unknowingly depositing funds straight to the owner’s bank account. There should not be any member who expects any compensation. Mercados G does not participate in any compensatory scheme.

Scam or legit MercadosG

Evidence clearly shows we are dealing with a rogue online trading platform. These scam artists are fooling anyone who signs up into believing they offer actionable trading signals. With the evidence stacked against them, MercadosG is a scam waiting to steal from investors. Stay away and ensure you mark their emails as spam. Warn your family and friends from joining any of their affiliate programs.

Bottom line

Adding this broker to our scam blacklist will ensure no one else falls for this trap. When dealing with digital currency, it is best to use approved and transparent Cryptocurrency trading robots. That way, you trade safely knowing you have expert recommended tools by your side.

Continue reading our reviews for more details regarding online trading products and services.

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