Concept Markets – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Concept Markets - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
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://conceptmarkets.pro
Founded: 2023
Regulations: Not Regulated
Languages: English, Polish, German, Turkish, Hungarian, Slovakian, French
Deposit Methods: Cryptocurrencies
Minimum Deposit: $250
Free Demo Account: Not Provided
Number of Assets: Not Clear
Types of Assets: Currencies, Commodities, Indices, Stocks
Trading Accounts and Conditions
Concept Markets offers their clients the following trading accounts:
- Start: $250 is the required minimum initial deposit. Leverage is up to 1:10.
- Standard: $2,500 is the required minimum initial deposit. Leverage is up to 1:30.
- Silver: $10,000 is the required minimum initial deposit. Leverage is up to 1:50.
- Gold: $15,000 is the required minimum initial deposit. Leverage is up to 1:80.
- Platinum: $25,000 is the required minimum initial deposit. Leverage is up to 1:100.
- VIP: $50,000 is the required minimum initial deposit. Leverage is up to 1:120.
The spreads for the main currency pairs were at the following:
- EURUSD: 3 pips
- GBPUSD: 4 pips
- USDJPY: 3 pips
Other trading conditions are missing.
Concept Markets – Advantages
There are no advantages to trading with Concept Markets.
Concept Markets – Disadvantages
Listed below are all the disadvantages we have found in Concept Markets that tell us that we are dealing with a scammer:
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Lack of Regulation
When dealing with a new broker, it is imperative to check their regulation status. Only a scammer will operate without regulation. It is quite a simple matter to see if a broker is regulated or not.
First, we need to see if their corporate information is complete. This means finding out if the broker has clearly published their company name, their location and their contact details.
Next, we need their regulation details. This means finding out if the broker has clearly published the name of the financial authority that they are registered with and their registration/license details.
This information is usually on the footer of every broker’s website.
When we checked Concept Markets’ details, here is what we found.
There is no company or regulation information on the footer of their website. There is a single email address provided in their Contact Us section. There is no other information at all about the company, where this broker may be located or which authority has given them license to operate. The only thing that the broker claims is that they are based in Poland.
We checked the online database of the Polish financial regulator, the KNF (Komisja Nadzoru Finansowego) to see if this broker may have forgotten to mention these key details. We were not surprised to find out that there is no broker by this name listed with the KNF.
This tells us that Concept Markets is operating without a license and is therefore a scammer.
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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Warning Issued Against Broker
In our search for this broker’s regulation status, we also found out that one of the top financial regulatory authorities in the world, the German BaFin (Federal Financial Supervisory Authority) has issued a warning against Concept Markets.
According to this warning, Concept Markets is operating in Germany without the required permissions. The authority also warns all traders from dealing with this broker.
This is clear proof that this broker is a scammer.
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Issues with Trading Platform
Another sign that a broker is not legitimate is when there are issues with their trading platform.
Legitimate brokers understand that their one product offering is their trading platform. So, it must be top notch. Therefore, they go out of their way to publicize their product. They describe their product offering in detail on their website. They also offer a demo account where prospective clients can test their trading platform before deciding to commit to that broker.
With Concept Markets, we get none of these benefits. We do not even know what kind of a trading platform this broker has. And there is no demo account for us to be able to test that platform.
We had to register for an account to see what Concept Markets had to offer. When we did, we found out why this broker did not bother to advertise their trading platform. They do not have one!
We found out that this broker has just shown off a set of charts imported from TradingView.com and has tried to pass it off as a real platform. There is no functionality at all.
The lack of a trading platform clearly tells us that we are dealing with a sloppy broker.
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Issues with Trading Conditions
Yet another sign to watch out for is any issue with trading conditions. The trading conditions are the service that go along with the product, i.e., the trading platform. Therefore, the trading conditions need to be detailed and precisely spelled out. If there is any kind of discrepancy in these trading conditions, then you know that that is a broker that must be avoided.
With Concept Markets, we only know the minimum deposit, the spreads and the leverage. The minimum deposit is within industry standards – barely. But the spreads are massive. So, along with the commissions, the cost of each trade that this broker charges are exorbitantly high.
The leverage of 1:200 is much too high – and illegal in all EU member countries.
And the rest of the trading conditions are missing!
All of this proves to us that this broker is a scammer.
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Issues with Payments
On their website, this broker boasts of offering multiple payment options. And yet, in their payments section, we found out that the only way we can make payments with Concept Markets is via cryptocurrencies. This tells us that this broker is a scammer. Only scammers offer cryptos as a single payment method since crypto payments are all anonymous and permanent. A trusted broker would offer their clients a range of payment options.
Conclusion
Concept Markets are scammers and must not be trusted.
Concept Markets
Pros
- None
Cons
- Lack of Regulation
- Warning Issued Against Broker
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payments
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.
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