Marketscg.com is an offshore broker that promises more than it can give. Then they show their true colours using shady terms and conditions. Read this MarketsCG broker review to understand why you should avoid this broker.
Forex trading can be as dangerous as it is lucrative. The former can be partly ascribed to online scammers and false brokers. We have made it our duty however, to review forex broker websites, then help you tell which one’s legit and which one’s not. This review tells you all you need to know about MarketsCG Broker.
About MarketsCG Broker
MarketsCG is a forex brokerage company located in St. Vincent and the Grenadines, at least according to their Terms and Conditions. This broker did not lack for red flags even from the most tiny details. If their Contact info section is to be followed, they have two locations; the United Kingdom and Australia.
The name of the parent company also seems to be quite the tussle for them. The T&C section claim their parent company name is Conaltech Ltd. On the Withdrawal and Refund Policy section, it’s SpeedTrading Ltd.
The only kind of company that cannot decide their name or location is definitely a scam broker. Here are other red flags we found on marketscg.com.
Marketscg.com: Red Flags Found
Here are the reasons your funds won’t be safe if you trade with MarketsCG broker;
MarketsCG Withdrawal and Deposit
The minimum deposit amount is $250, a common amount among illicit brokers. The payment methods include; debit/credit cards and bitcoin. It is worthy of note that bitcoin transactions are untraceable, and cannot be reversed. As a result, it is a payment method used by scam brokers.
Furthermore, the minimum withdrawal amount for this broker is $100, while the processing could take up to 10 days. Legit brokers will let you withdraw whatever is in your account with them, and will take a maximum of 24 hours to process this withdrawal. This is another huge red flag.
Finally, marketscg has a policy that says accounts that have been dormant for up to 30 days will be charged a dormancy fee of $99 per month. This is extremely outrageous and is enough proof that this broker should be avoided.
MarketsCG Trading Platform
Marketscg.com does not use either the Metatrader 4 or the Metatrader 5 platforms. These two trading platforms are at the forefront of forex trading. They have features that make them stand out and are use by every legit broker there is.
MarketsCG on the other hand, uses a platform that’s quite familiar to us . It’s one we see often with shady brokers. As a matter of fact, it was at this point we discovered the entire marketscg.com website (including the trading platform) is an exact copy of Walton Chase brokers (another scam broker). A very huge red flag!
Marketcg.com does not offer demo accounts, and that is a bad sign. They have their maximum leverage at 1:150.
MarketsCG Licensing and Regulation
MarketsCG claims that it is registered in St. Vincent and the Grenadines. In addition, the Contact Info section has two locations; Australia and the UK.
St. Vincent and the Grendadines is an offshore zone. The SVGFSA has already publicly warned traders that they do not give licenses to forex traders. Since then, the country has become a breeding ground for scam brokers. Any broker who claims to be here is definitely not licensed.
On the other hand, the FCA and the ASIC (UK and Australian regulatory agencies), are some of the most reputable in the industry. We ran a quick check on both registries, using both names the company claimed as their parent company name. They both don’t exist!
Conclusion: Is Marketscg.com a Legit Broker?
No! Marketscg is an unlicensed broker, unregulated by any agency at all. This makes them a great risk to any funds you deposit with them. We cannot recommend this broker to you, and we advise you deal with a transparent broker who’s licensed by a reputable agency.
If however, there’s something else you wish say about this broker, do mention it in the comments section.
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!