MarkeTrip – Should You Trust This Broker?

| Publish date: 03/15/2020 (Last updated: March 23, 2020 01:28 PM)
Share

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

MarkeTrip - DO NOT TRADE WITH THIS PROVIDER
2.7/10
$100
Minimum Deposit
X

updated 2020

MarkeTrip offers its clients the following trading accounts:

  • Basic: To start a Basic account, traders need to make a minimum deposit of $250.
  • Silver: To use a Silver account, traders need to deposit $5,000 first.
  • Gold: To register for a Gold account, you need to first deposit $15,000.
  • Platinum: To register for a Platinum account, the first deposit needs to be a minimum of $50,000.
  • Diamond: For a Diamond account registration, you need to start with a deposit of $100,000.
  • VIP: To open a VIP account, you need to deposit a minimum of $250,000 first.

Besides the account types and the minimum deposit requirements, we don’t know much about the trading conditions. There is mention of a leverage of 1:150 for the Basic account, as well as a fixed spread of 3 pips, but the details for the rest of the accounts are missing.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: https://www.marketrip.com/

Founded: N/A

Regulations: No Regulation

Languages: English

Deposit Methods: Debit Card, Credit Card

Minimum Deposit: $250

Free Demo Account: Yes

Number of Assets: Not Specified

Types of Assets: Forex Pairs, CFDs for Cryptocurrencies, Indices, Stocks, Commodities, Precious Metals\

Trading Accounts and Conditions

MarkeTrip offers its clients the following trading accounts:

  • Basic: To start a Basic account, traders need to make a minimum deposit of $250.
  • Silver: To use a Silver account, traders need to deposit $5,000 first.
  • Gold: To register for a Gold account, you need to first deposit $15,000.
  • Platinum: To register for a Platinum account, the first deposit needs to be a minimum of $50,000.
  • Diamond: For a Diamond account registration, you need to start with a deposit of $100,000.
  • VIP: To open a VIP account, you need to deposit a minimum of $250,000 first.

Besides the account types and the minimum deposit requirements, we don’t know much about the trading conditions. There is mention of a leverage of 1:150 for the Basic account, as well as a fixed spread of 3 pips, but the details for the rest of the accounts are missing.

MarkeTrip – Advantages

The one advantage of trading with MarkeTrip is that you get to trade with a wide range of assets in a variety of asset classes. You get to choose from a ton of forex pairs, as well as CFDs on many indices, a range of stocks, major commodities, most precious metals, as well as a large number of cryptocurrencies.

MarkeTrip – Disadvantages

Here is the list of disadvantages which make it dangerous to trade with MarkeTrip:

  • No Corporate Identity – Unregulated

The biggest issue we have with this broker is that it seems to have no corporate identity. We do not know who owns and operates MarkeTrip, what the entity’s headquarters are, what its registration number is and so on.

The only piece of information we were able to find on this broker’s website was a contact number for the UK. This isn’t much since technology today allows you to get a number from almost any country without having to be based there.

This basically means that this broker is virtually anonymous, and because of that we can safely assume that it is not regulated by any government authority at all.

Trading with anonymous brokers is very dangerous since it means that you do not get any regulatory protection, and do not even know whom to complain against if your money is lost.

Plus500
$100
Minimum Deposit

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

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.

 

  • Vague Trading Conditions

One of the key pieces of information a trader requires in the trading conditions. The trading conditions tell the trader how much money they stand to make and what kind of a fee the broker is asking for the use of its trading platform.

With MarkeTrip, we could only find the bare bones of information. There is mention of a maximum leverage offered for the Basic account. We also know what types of accounts are available for trade. But we do not know what spreads are available or what the other transaction fees are.

Such scarcity of information is a tactic usually used by scammers, so the fact that MarkeTrip is withholding is key information raises a huge red flag against this broker.

  • Trading Platform Unproven

When you visit MarkeTrip’s website, you are told that this broker offers its clients two types of trading platforms – a web-based trading interface and the famous MT4 platform. However, when we checked, we were unable to access the MT4 platform.

We were able to access the web-based trading platform, and what we saw was very disappointing. The only people who could possibly be impressed with this platform would be those who know nothing about trading!

  • High Spreads

While there is no information given on MarkeTrip’s websites about its spreads, when we logged onto its web-based trading platform, we found that the broker was offering a spread fixed at 3 pips.

This is much higher – two times higher, in fact – than the industry averages. And such high spreads are very unfavorable for traders. So, the fact that this broker offers high, trader-unfriendly spreads is another red flag for us.

  • Unfair Fees

This broker seems to be out to make as much money as possible from its clients – and not in a good way. MarkeTrip has some really unfair fees besides its unreasonably high spreads.

For one, if a client’s trading account remains inactive for 45 days or more, then they are charged an inactivity fee of $100 per month! Most legitimate brokers will only charge inactivity fees if an account has been dormant for more than 12 months. And even then, those fees will be nominal.

Second, if you use this broker’s auto trading option, you are required to meet a certain trading volume target. If you don’t meet that target, you will be charged a penalty of $100!

Third, each withdrawal will cost you a hefty $25, and a credit card withdrawal will see you charged a 3.5% withdrawal fee.

  • Unknown Withdrawal Methods

We have not been given any information about the various methods by which you are allowed to withdraw your funds from your account. All that we were able to find was a Withdrawal Funds button.

From the Terms and Conditions, it seems that you may be able to withdraw your funds using bank wire transfers or credit/debit cards, but we cannot confirm this claim since we were unable to do so. This leads us to suspect that this broker may not even allow its customers to withdraw their funds!

Conclusion 

After going through MarkeTrip’s website, we can conclude that you are dangerous ground when trading with this broker. This is an unlicensed broker and your money is not safe with it.

MarkeTrip

2.7

User Experience

3.6/10

Payment Options

2.4/10

Security

2.6/10

Support

2.3/10

Reputation

2.5/10

Pros

  • Range of Trading Instruments

Cons

  • No Corporate Identity
  • Vague Trading Conditions
  • Trading Platform Unproven
  • High Spreads
  • Unknown Withdrawal Methods

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

AvaTrade
$100
Minimum Deposit

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.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% 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.

Share

Related Posts

AT-Markets – Is It a Scam?
Website URL: https://at-markets.com/en/at-markets/ Founded: 2019 Regulations: Unregulated Languages: English,…
ExTickPro – Is Your Money Safe?
Website URL: https://www.extickpro.com/ Founded: 2017 Regulations: Unregulated Languages: English…
Limit Markets – Is This Broker a...
Website URL: https://www.limitmarkets.com Founded: N/A Regulations: Regulated by Vanuatu…

Leave a Comment