Is marathonfxtrade.com a legit broker? Is it advisable for one to trade with this broker? It would do you well to read this review before making your decision about trading with Marathon FXTrade broker.
With the rate at which online businesses pop up everyday, it has become more difficult to tell the legit ones from the scammers. This happens to be the case particularly in forex trade. It is our duty however, to review websites, investments, etc. to help you detect possible scams from miles away. To this end, this review covers all you need to know about marathonfxtrade.com.
What You Need to Know About Marathon FXTrade
Marathonfxtrade.com is a brokerage company located in Brooklyn, New York. According to the website, they perform trades in forex, binary options and bitcoin mining. Marathon FXTrade employs the services of a multi-functional trading platform. In order to start trading with them, one would have to create an account with about $1000.
Marathon FXTrade looks okay enough to trade, but there are a few things we detected that you might be interested in.
Marathon FXTrade Brokers: Interesting Things Found
Before concluding on whether or not to trust them, we would like you to consider some things we found on marathonfxtrade.com. These bits of information might just be the key to your well informed decison.
Marathonfxtrade.com uses a web-based trading platform that supports forex trading 24 hours a day. One of the first things we noticed is that they do not offer a demo account to help newbies get familiar with the forex market. This means one of two things, or both;
Firstly, this definitely means the website does not run the MetaTrader4 or MetaTrader5 based trading platforms. These platforms are the best on the market today and hardly any legit broker does not employ their services. One of their advantages is that they offer demo accounts. Demo accounts are a good way to get people familiar with the market.
The second is that Marathom FXTrade will require you to make deposits as fast as possible. Demo accounts help you take your time to understand what you want. Most scam brokers don’t have that time, hence absence of demo accounts is a common practice among them.
Deposit and Withdrawal
Marathon FXTrade actually does have certain normal deposit and withdrawal terms. For example, they accept payment methods like WebMoney, QIWI Wallet, Payoneer, OK Pay, Bank transfers, Skrill and various debit and credit cards.
However, one big turn off is their extremely high minimum deposit. The lowest account type offered by marathonfxtrade.com costs $1000. This is about 10 times the normal minimum deposit required by most legit brokers ($100). It might not be much to dwell on, but it does call for caution.
Licensing and Regulation
Marathon FXTrader, according to a footer on their webpage claims to be located in Brooklyn, New York. This implies that they will have to be registered under, and regulated by the Commodity Futures Trading Commission (CFTC). Unfortunately, after checking the CFTC registry, Marathon FXTrader was nowhere to be found.
The meaning of this is that marathonfxtrader.com is home to an illegal broker and should not exist.
It is for reasons like this that we advise readers who have been victims of scam websites before to tell their stories on third party websites. The above photo shows third party site feedbacks of clients who were supposedly scammed or nearly scammed by marathonfxtrade.com.
Marathonfxtrade.com Review: Is Marathon FXTrade a Scam Broker?
Judging by the point above, we have reason to doubt this broker’s credibility. The fact that it is unlicensed just sums it all up.
Unfortunately, we cannot vouch for marathonfxtrade.com, hence, it would be wrong of us to recommend them to you. We advise you rather, to trade with a broker who’s been licensed by a reliable regulatory body.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!