The long list of shady brokers continues. We will add Marketspots to that one as well. The broker does not provide any crucial information about its activities. Is Marketspots regulated?
Let’s see in our unbiased Marketspots review!
|Broker status:||Unregulated Broker|
|Regulated by:||No Regulation|
|Cryptocurrencies:||Yes – BTC, LTC, XRP.. 50+ assets|
|Types of Assets:||Forex, Cryptocurrencies (Crypto), CFD, Stocks, Commodities, Indices|
|Free Demo Account:||No|
|Accepts US clients:||No|
Marketspots Regulation and Security
An unknown entity owns the company, and there is absolutely no information about where it is based. Usually, when some company does not give any details, it means that it’s based offshore, far from the sight of regulatory bodies.
What’s Wrong With Marketspots Regulation?
Marketspots regulation does not exist. We’ve checked several offshore registers from Belize, Saint Vincent and the Grenadines, Vanuatu, Marshall Islands. All the places where offshore brokers love to hide. And there was no mention of Marketspots in any of those registers.
The broker is not safe to trade with and not secure at all.
What Are Trading Platforms Available?
When we tried to check the Marketspots trading platform, we saw that only a web trader is available. However, since there is no Demo account, we could just take a brief look at the platform itself. It looks way less professional compared to MT4 and MT5 platforms.
The maximum leverage broker is providing is 1:400, which puts your money at high risk. When opening an account, make sure to do it with a regulated broker.
Why is Regulation so Important?
Because, first of all, the regulatory body is protecting you from high risks by limiting the leverage. And if there is an issue with the broker, a regulatory body is responsible for your funds. Bear this in mind when starting an account and find a broker regulated by CySEC, FCA, ASIC, or any other tier-one regulatory body.
What can you trade with a Marketspots broker?
The broker offers trading with currency pairs, commodities, indices, stocks, cryptocurrencies, and CFDs on cannabis. The offer is pretty broad; we will give that to this unregulated broker.
The Marketspots minimum deposit is $10,000! And no, this is not a joke. An unregulated company actually believes that it’s alright to start trading with a Standard account that requires $10,000! And for this incredibly high amount of money, you are not getting almost anything!
The deposit can be made via debit/credit card and wire transfer. When it comes to withdrawals, you can only take back to your card the amount you deposited from the card. Everything that exceeds your deposit needs to be sent to your bank account.
The minimum amount to withdraw is $50 for card withdrawals and $100 for wire transfers. However, nowhere could we find the list of fees.
Scammed by Marketspots broker? What to do?
If you were misled or scammed by Marketspots broker, there is a possibility to get your money back. The company is not legit and you are not the only victim of Marketspots scam.
To help you get your money back, contact our support via chat. Book your free consultations, and let’s start!
We can help you get your hard-earned funds!
What is Marketspots?
It’s an online trading broker without regulation and an unknown country where the headquarters are located.
Is Marketspots regulated?
No, the broker is not regulated by any regulatory body.
What is the Marketspots minimum deposit?
Marketspots broker requires you to deposit a minimum of $10,000!