Is market4now a legit broker? Are you safe trading with market4now.com? Read this review to get your answers before trading with this broker.
Forex is one of the risky businesses of the 21st century. The question is, is MarketForNow worth that risk? This review covers all you need to know about MarketForNow broker.
What to Know About MarketForNow Brokers
Marketfornow is a recently kicked-off brokerage company that trades in forex and cryptocurrency CFD. It started off in April 2020 and is owned by DaViko’s Business Ltd/, Czech Republic. They also trade indices, commodities, USA, Australian and Canadian stocks.
market4now.com allows for 5 account types with capitals ranging from $250 (for starter account) to $50,000 (for platinum account. In order to sign up on MarketForNow, you would need to provide details such as your name, email address, phone number and date of birth.
They do not offer demo accounts so users with little or no experience are usually required to begin with the starter account ($250).
Reasons Not to Trade with MarketForNow Brokers
While going through the MarketForNow website, we found a bunch of red flags that you might want to consider before trading with them.
Deposits and Withdrawals
Market4now.com claims to offer multiple deposit methods such as Qiwi wallet, Yandex Money, WebMoney, MasterCard, Visa Card, etc. However, upon attempting to make a deposit, you will discover that the only acceptable deposit method is Bitcoin, an untraceable transaction. How convenient! This was enough to narrow our eyes, but that’s not even all.
We were able to find out from the withdrawal policy provided us by MarketForNow, that withdrawal charges will be borne entirely by the client. However, it is not explicitly stated, what those charges are. There’s also the issue of withdrawals taking up to 5 working days to process, which is longer than it has any right to be.
Not to mention the shocking withdrawal minimum of $250. Do you still want more reasons to tread with caution in MarketForNow?
After going through their terms and conditions we discovered that market4Now.com is not obliged to inform clients about any sudden changes or additional agreements. At least not until a calendar week after publication on the company website.
They also reject responsibility for any losses the client may incur due to this “mishap”. What this means is, terms of service can change without your knowledge and you will be unable to hold them accountable if it doesn’t favour you.
By now you’re probable asking if it could get any worse. That brings us to the final red flag.
We advise our readers to always trade with a broker who is registered and regulated by their local regulatory agency. Market4now.com provides an office location in East Africa, Seychelles. However, after going through the registered company list from the Island of Seychelles, we were unable to find a match for this company name.
But hold on! We did mention this to be a Czech company earlier. This is because the contact phone number provided by their market4now.com ( +420234094759) has a Czech country code. If the fact that their unlicensed address and their phone number aren’t from the same region isn’t enough to dissuade you, we don’t know what is.
Is MarketForNow Brokers a Scam?
We have reason to believe so. The fact that they are not licensed, coupled with a bunch of other inconsistencies is enough reason to doubt their legitimacy. We encourage you to trade with licensed brokers who have regulatory bodies to keep them in check.
That way, you’re more assured of your funds safety.
As a result of the above points mentioned, we don’t recommend this broker as you might get scammed.
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!