MarketSpots – Can You Trust Them?

Website URL: https://marketspots.co/

Founded:2020

Regulations: Unregulated

Languages: English, German

Deposit Methods:Credit Cards, Debit Cards, Wire Transfers, BPAY

Minimum Deposit:$10,000

Free Demo Account:No

Number of Assets:N/A

Types of Assets:Forex, Indices, Commodities

Trading Accounts and Conditions

MarketSpots offers its clients the following trading accounts:

• Standard: The minimum deposit required is $10,000. The maximum leverage is 1:200, and you can avail of a margin loan of up to 25%.
• Silver: The minimum deposit required is $50,000. The maximum leverage offered is 1:200 and you get a margin loan of up to 35%.
• Gold: The minimum deposit required is $100,000. The maximum leverage offered is 1:200 and you get a margin loan of up to 50%.
• VIP: The minimum deposit is $250,000. The maximum leverage offered is 1:300, and the margin loan is up to 75%.
• Pro: The minimum deposit is $1 million. The maximum leverage offered is 1:400, and the margin loan is up to 100%.

There is no mention of how much the spreads are anywhere on this broker’s website. And since we could not access MarketSpots’ trading software, we were unable to verify this information for ourselves.

MarketSpots– Advantages

There is nothing advantageous about trading with MarketSpots.

MarketSpots – Disadvantages

Here are the numerous reasons why it would be a really bad idea to deal with this broker:

• Anonymous and Unregulated Broker

There is no information on this broker’s website about its identity or regulation status. We do not know the name of the company that runs this brokerage and we do not even know where it might be located. There is also no information about whether MarketSpots is regulated or not.

Considering the fact that this broker offers two language options – English and German – we decided to check if it was regulated by the UK’s FCA (Financial Conduct Authority) or by Germany’s BaFin (Federal Financial Supervisory Authority).

Upon checking both regulator’s online registers, we found that there was no broker/company by the name of MarketSpots listed. All in all, we can say that we are dealing with an unregulated broker that is operating both anonymously and illegally.

Plus500

$100

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AvaTrade

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• Suspicious Terms and Conditions

MarketSpots has a very long legal document, with its terms and conditions couched in convoluted and confusing language. However, we know how important it is to read through any broker’s terms of service, so we ensured that we went through MarketSpots’ terms and conditions with a fine-toothed comb.

One of the biggest red flags we found was that this broker states that your money will be deposited into the same account as all other clients’ funds, i.e., there are no segregated accounts. To make matters worse, the broker goes on to state that once your money is deposited in this account, MarketSpots has the liberty to treat this money as collateral for any open positions that it may have. Of course, the broker does not bother to specify exactly how much of your funds will be used and in exactly what manner.

Another condition states that this broker can change its terms and conditions of service without any prior notice – at its own discretion. Therefore, the terms of service could be changed at any time, and you would not get to know until it is too late to do anything about the new terms.

And of course, this broker, like all other scammers, has a strong indemnity clause which protects it from legal action in case its clients suffer financial or other types of losses while using their services.

These are just a few clauses we have listed to give you an idea about how unfair the terms of service MarketSpots has, and how terribly skewed they are in favor of the broker.

• No Trading Software

While the broker claims to offer a web-based trading software, we were unable to access it. The link this broker has provided does not seem to be working. It wasn’t only the platform we were unable to touch; even the user area/client area was inaccessible.

This is yet another indication that this broker is not one that you should trust your funds with.

• Ridiculously High Minimum Deposit Requirement

The minimum deposit requirement MarketSpots has for opening an account with them is $10,000. This is a ridiculously high amount, especially when you consider that the industry average is between $100-$250. In fact, there are numerous very good brokers who will allow you to start trading with just $10 in your account!

Therefore, even if this broker had been regulated be the most stringent financial authority, we would still not recommend MarketSpots to anyone. Such a minimum deposit requirement is beyond unreasonable.

• Confusing Withdrawal Clause

If you wish to make withdrawals using a wire transfer, then the withdrawal fee is $100. And if you use any one of the other methods (credit/debit card or BPAY), then you need to pay a $50 withdrawal fee. Over and above this, you will also be required to pay 3.5% on all withdrawals.

And then this is where the withdrawal policy gets confusing. From what we can make it, it seems that MarketSpots will take a 4.5% cut if you do not meet a trading turnover requirement of 1% of all deposited monies when withdrawing your funds.

• Trading Bonuses Offered

As with all other scammers, MarketSpots offers its clients trading bonuses. Such bonuses have been banned in most financial markets because they take unfair advantage of traders. They come with extremely unfair withdrawal conditions – conditions that most traders will find almost impossible to meet. And this means that traders end up never being able to withdraw their earnings or profits.

Conclusion

MarketSpots is a broker that is unregulated and is operating anonymously – the worst possible type of a scammer. We would strongly recommend not trading with this broker.

MarketSpots

2.4

User Experience

3.3/10

Payment Options

2.0/10

Security

2.3/10

Support

2.3/10

Reputation

2.2/10

Pros

• None

Cons

• Anonymous and Unregulated Broker
• Suspicious Terms and Conditions
• No Trading Software
• Ridiculously High Minimum Deposit Requirement
• Confusing Withdrawal Clause