Scam Brokers

Market Shares Finance – Are They Safe?

Chainbits Staff | Publish date: 01/10/2024 (Last updated: January 31, 2024 07:21 AM)

Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Market Shares Finance - DO NOT TRADE WITH THIS PROVIDER

2.3/10

$100

Minimum Deposit

updated 2024

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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

Plus500 Review - Regulated broker

Plus500CY Ltdauthorized & regulated by CySEC

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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://marketsharesfinance.com

Founded: 2023

Regulations: Lack of Regulation

Languages: English, 40+ world languages

Deposit Methods: Cryptocurrencies / Digital Currencies

Minimum Deposit: $300

Free Demo Account: Not Offered

Number of Assets: 40,000+

Types of Assets: Currency Pairs, Indices, Futures, Bonds, Cryptos

Trading Accounts and Conditions

Market Shares Finance offers their clients packages/plans rather than trading account types. Here is what they have on offer:

Basic Plan: The deposit range for this plan type is from $300 to $999. The duration is 48 hours.
Silver Plan: The deposit range for this plan type is from $1,000 to $4,999. The duration is 72 hours.
Gold Plan: The deposit range for this plan type is from $5,000 to $9,999. The duration is 7 days.
Platinum Plan: The deposit range for this plan type is from $10,000 to $50,000. The duration is 2 weeks.

No trading conditions are mentioned in these plans. However, on their About Us page, the broker states that the maximum leverage is 1:500, commissions start from 0.08% you have access to 1,500 global shares and dividends are paid in cash.

Market Shares Finance – Advantages

There are no advantages to trading with Market Shares Finance.

Market Shares Finance – Disadvantages

Here are all the disadvantages that tell us that Market Shares Finance is a scam operation:

Unregulated Broker

The first issue we have with Market Shares Finance is their lack of regulation.

The first thing we notice is the lack of information about their parent company. We do not know what entity controls this online broker. Furthermore, this broker has not given us a physical address – we do not know where they are located. And neither have they offered up information on their contact numbers; all we are told is that we can connect with this broker over the internet using their messaging service on their website.

By going through their website, we have gleaned information that they hint at being based in Denmark (the broker claims to follow Danish law). The broker also states that they are free from UK Stamp Duty.

These hints tell us that they are targeting customers in the UK and the EU. We checked the registers of both the UK’s Financial Conduct Authority as well as the Danish Financial Supervisory Authority, which is known as the Finanstilsynet. We found out that Market Shares Finance is not regulated by either body. And since there is not other indication of regulation on their website, we conclude that this broker is not regulated at all. And that makes Market Shares Finance a scammer.

Plus500

$100

Minimum Deposit

Start Trading

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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.

AvaTrade

$100

Minimum Deposit

Start Trading

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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.

Warning by FCA

The FCA in the UK has also noticed that Market Shares Finance is operating illegally. While we were checking for this broker’s regulation status, we found out that the FCA has issued a warning to all traders about them. This warning is available on the FCA’s website for all to see.

According to that warning, this broker is operating in the UK without the FCA’s authorization. The regulator also states that dealing with this broker would mean losing all protection from them.

When a regulator of the FCA’s standing issues a warning, it is wise to heed that warning. This broker is a scammer and it would be a truly bad idea to deal with them, no matter what they promise you.

Issues with Trading Platform

On their website, Market Shares Finance claims to offer their clients the MetaTrader 5 trading platform. This is the best software for trading in the market at the moment. It is a hugely user-friendly software, so even novice traders can use this platform without too much of a hassle.

However, this claim is a lie. First, there is no free demo account available where we could check out their trading platform (and trading conditions) for free. All MT5 platforms come with a demo account.

And then, when we registered for an account, we found out that Market Shares Finance doesn’t even have a real trading platform. There is no functional platform available with this broker.

This is a clear sign that we are dealing with a scammer.

Plans Offered with Profits

We also have issues with their account types – there are none. This broker offers their customers packages and plans. Each plan has a deposit range and then you are told the duration of that plan. The assumption is that you will be given a profit at the end of that period.

This is a complete scam. No broker can offer a profit. The forex market is so volatile that losses are much more common that profits.

Issues with Trading Conditions

We also have issues with this broker’s trading conditions – they are fake and incomplete.

First, the minimum deposit of $300 is too high, especially when accounts can be opened with legitimate brokers for as little as $10. The leverage of 1:500 is not only dangerous, it is illegal – both in the UK and in Europe. And no spreads are mentioned at all!

All of this tells us that this is a fake broker – a scammer.

Cryptos for Payments

Another red flag that tells us of Market Shares Finance’s scam is that they offer only one payment method – cryptos. Only scammers do this. Cryptos are notorious since all transactions are untraceable and permanent. If you are dealing with a trusted broker, it is acceptable. But when dealing with a broker such as Market Shares Finance – a broker that is clearly a scam – then it is very dangerous. Chances are that you will never see your money again.

This is why we advise all traders that use a safer payment option such as credit cards when dealing with a new broker. This option allows you to file for a chargeback in case you are scammed.

Conclusion

Market Shares Finance is a scammer and they should not be trusted.