CardanoMarkets – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
CardanoMarkets - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
There is no information provided about the trading conditions, and since there was no demo account offered either, we were unable to verify these details for ourselves. Furthermore, even when we were able to access their terminal, there was no information on trading conditions provided there.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://cardano-markets.com
Founded: 2018
Regulations: Unregulated
Languages: English
Deposit Methods: Visa, MasterCard
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Crypto Coins, Currency Pairs
Trading Accounts and Conditions
CardanoMarkets offers you the following account types:
- Beginner: To use this account, you need to invest between $10,000 and $50,000.
- Intermediate: To use the Intermediate account, you are required to invest between $50,000 and $100,000.
- Pro: To use this account, you need to invest between $100,000 and $250,000.
- Expert: To use this account, you need to invest $250,000 or more.
There is no information provided about the trading conditions, and since there was no demo account offered either, we were unable to verify these details for ourselves. Furthermore, even when we were able to access their terminal, there was no information on trading conditions provided there.
CardanoMarkets – Advantages
There are no advantages to carrying out trades with CardanoMarkets.
CardanoMarkets – Disadvantages
Here is the list of disadvantages of contracting with CardanoMarkets:
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Anonymous, Unregulated Broker
Based on the information provided on this broker’s Contact Us and Terms and Conditions pages, CardanoMarkets is located in the United Kingdom. However, when you actually check the details provided, you will realize that this broker has omitted to mention the name of the company that runs this operation. Furthermore, the address provided is actually a Post Office Box address, which means that the broker also not provided its physical address.
In effect, we do not know who this broker is or even whether it actually operates from the UK at all. Therefore, we can conclude that this broker is anonymous.
Now, with regard to its regulation status, we can safely conclude that this broker is unregulated. If a brokerage is based in the UK, it needs to be authorized to operate from the Financial Conduct Authority (FCA), the financial regulator of the country. However, when we checked the online register of the FCA, we found no broker by the name of CardanoMarket listed there.
Since this broker has not provided any other information regarding its regulation status, we can conclude that it is operating illegally.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Poor Trading Terminal
The broker does not mention the kind of trading terminal it offers its clients.
The best brokers offer their clients the use of the MetaTrader 4 trading platform, which is by far the best software in the world with which to carry out trades. It has a range of features such as charting options, financial calendars, market analysis tools, automated trading bots and so on that make trading much easier.
With CardanoMarkets, what you get instead is a very poorly designed terminal that we feel is completely fake. There are no trading conditions mentioned, so you won’t know your cost of trading until you actually invest money with this broker and carry out a few trades. And the only thing you can do on this platform is buy or sell – there are no tools for more advanced trading.
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Only Cryptocurrency Trading Offered
This broker claims that it offers trading in both forex and cryptocurrencies. However, when we checked their trading platform, we found that the only assets listed were cryptocurrencies. Basically, the broker as lied about the kinds of assets that it makes available for traders on its platform.
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Unfair Bonus Conditions
If this broker actually operates out of the UK, then it is technically not allowed to offer bonuses; bonuses have been banned in the UK and Europe for their unfair conditions. Therefore, what this broker is doing is illegal.
And sure enough, the terms and conditions attached to these bonuses are extremely unfair. If you accept a bonus offered by CardanoMarkets, you will not be allowed to withdraw your funds unless you first meet their conditions. You need to make trades 30x for each bonus dollar that you have in your account.
This is an almost impossible target to meet, which means that you never really get to the point where you are able to withdraw your money.
To make matters more complicated, the broker reserves the right to change its bonus policies any time it wishes, which means that if you actually achieve that massive trading target, you could find a change in the rules which do not allow you to withdraw your money anyway!
This is a typical scam tactic to ensure that once you have put your money into this broker’s account, you never get to see it again.
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Unfair Withdrawal Conditions
It isn’t just the bonus conditions that are unfair. You will find similar conditions for regular withdrawals. You must meet a trading turnover target of 200 times your deposit before your withdrawal request will be accepted. And if you still wish to withdraw your money despite not having met that target, then you will be required to pay a 10% withdrawal fee – over and above the other withdrawal charges already imposed.
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Promise of High Returns
CardanoMarkets also promises its clients high returns – no matter what the risks in the market. In fact, the broker boldly states that you will get back as much as 85% of your investment in one hour of trading!
These are all lies designed to dupe novice traders who have no knowledge of how crypto and forex markets work. The fact of the matter is that these markets are extremely volatile, and the speculative nature of investments mean that traders actually lose more than they make. In fact, about 75% to 85% of all traders lose money while trading – a fact that all regulated brokers are required to publish.
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Conflicting Information on Minimum Deposit Requirement
On its website CardanoMarkets states that you need to deposit at least $10,000 to start trading with them. However, when we checked their trading terminal, the minimum deposit requirement was just $100.
Conclusion
CardanoMarkets is a scam broker through and through and if you invest your money with them, you will lose all your funds.
CardanoMarkets
Pros
- None
Cons
- Anonymous, Unregulated Broker
- Poor Trading Terminal
- Only Cryptocurrency Trading Offered
- Unfair Bonus Conditions
- Unfair Withdrawal Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.