Needful Markets – Are They a Scam?

Website URL: https://needfulmarkets.com/

Founded: N/A

Regulations: No Regulatory Oversight

Languages: English

Deposit Methods: Crypto Payments

Minimum Deposit: EUR250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Cryptocurrencies

Trading Accounts and Conditions

Needful Markets offers its customers the following trading accounts:

• Basic Bronze: You need to make a minimum deposit of 250 EUR to trade on this account.
• Silver: To trade on this account, the minimum deposit you are required to make is 2,500 EUR.
• Gold: For this account, the minimum initial deposit is 10,000 EUR.
• Platinum: To trade on this type of an account, you need to first put in at least 25,000 EUR.
• VIP Basic: The minimum deposit you need to make to use this type of account is 50,000 EUR.
• VIP: For this account, you need to first deposit at least 100,000 EUR.
• VIP Premium: For this high-end account, the minimum deposit you need to make is 250,000 EUR.

There are not trading conditions mentioned anywhere on Needful Markets’ website, so we cannot tell you what the leverages, spreads, payouts, rollovers, or commissions are.

Needful Markets – Advantages

There are no advantages to trading with Needful Markets. Please read our list of disadvantages to find out why.

Needful Markets – Disadvantages

Here are all the reasons why we recommend that no trader contract with Needful Markets:

• Anonymous Website

Needful Markets has omitted to provide any corporate information about the company that owns it. There is also no physical address given. All we have is a phone number from the UK, but that is no guarantee that this broker operates out of that country, since it is very easy to get a +44 number over the internet nowadays.

Plus500

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AvaTrade

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• Unregulated Broker

Considering the fact that this broker is anonymous, it is safe to assume that they are also unregulated. However, just to give them the benefit of doubt, we checked the online register of the UK’s FCA (Financial Conduct Authority) – because this broker has given a UK telephone number.

However, we were not surprised to see that Needful Markets is not listed on the FCA’s website as a regulated broker.

Thus, you are dealing with an anonymous and unregulated broker.

It is wise to remember that strong regulations have been put in place to protect traders from unscrupulous brokers. Such regulations ensure that your funds are protected from scamming or broker bankruptcy. They also allow you to withdraw your funds as you see fit, and protect you against a negative balance.

Unregulated brokers are usually scammers, which makes Needful Markets highly suspect, which is why we would advise against trading with them.

• No Demo Account

Needful Markets also does not offer its customers a demo account. A demo account is important because it allows traders to check for themselves the trading conditions offered by the broker they wish to contract with. They can also check the condition of the trading platform.

Traders can do so without making a monetary commitment with such accounts. However, when there is no demo account offered, the only way a trader can find out about these critical pieces of information is by investing money and opening a live account, which is exactly what scammers want then to do.

So, the fact that Needful Markets does not offer a free demo account is another indication that you cannot trust this broker.

• Trading Bonuses Offered

Needful Markets offers its customers trading bonuses and this is another red flag. Trading bonuses have been forbidden by many reputed regulators because of the rules that govern these promotions.

When a trade avails of a trading bonus, they are required to meet a trading volume target. These targets are usually so high that almost all traders cannot meet them. Then, the brokers use this as an excuse to deny the traders’ withdrawal requests.

True to this scam, Needful Markets, in its Terms and Conditions, clearly states that you will not be allowed to withdraw your funds if you do not meet your trading volume targets.

As we mentioned earlier, no regulated broker can stop you from withdrawing your funds at any time. So, this is just another sign that Needful Markets is a scammer.

• No Support for MetaTrader 4

Since there is no demo account offered by this broker, we registered for a live account with Needful Markets. However, despite doing so, we were unable to access their trading platform. This is another indication of a scam.

Regulated brokers offer their clients solid trading platforms such as the MetaTrader 4 (MT4) software. This trading platform is the best in the world because it is easy to use for traders with all levels of proficiency.

Furthermore, the MT4 platform offers its users a wide range of features that assist traders execute trades more easily. There are charting tools, technical indicators, Expert Advisors (EAs) that are trading bots, and so on.

• Only Crypto Payments Supported

The only way to make deposits with Needful Markets is via crypto payments. This is another worrisome sign, since crypto payments are untraceable and unchangeable. This means that you will not know where your money is going and you cannot reverse a transaction once it is done.

Scammer tend to use crypto payment methods for all the reasons we have mentioned. Once they get your money, there is not way you will get it back.

• Small Print

When you go to the Terms and Conditions page on Needful Markets’ website, you will find that everything is listed in extremely small print. This makes it all but impossible to read what the terms and conditions are.

Conclusion 

Everything about Needful Markets points to the fact that this broker is a scammer. We recommend that you not contract with this broker at any time.

Needful Markets

2.6

User Experience

3.5/10

Payment Options

2.2/10

Security

2.6/10

Support

2.3/10

Reputation

2.4/10

Pros

• None

Cons

• Anonymous Website
• Unregulated Broker
• No Demo Account
• Trading Bonuses Offered
• Only Crypto Payments Supported