The BrokerMasters has four trading accounts to provide forex trading and other related services. It also facilitates trading on the world leader MetaTrader trading account. Fairly good leverage ratios and high spreads are provided. The company BrokerMasters is not regulated and it is a worrying fact. In addition to this, there are several other issues this broker have. In this BrokerMasters review, we will collectively analyse all of them. Read the full Broker Markets review here.
The four distinct trading accounts namely are Mini, Standard, Gold, and Platinum that require initial funding of $5000, $50000, $1000000, and $1500000. The maximum leverage of 1:50 and spreads as high as 3 pips are offered. To make an unbiased review we shall discuss the possible advantages and disadvantages of BrokerMarkets one by one. The possible advantage of BrokerMarkets is its provided trading platform MetaTrader. It is a very trusted trading platform with additional features like Expert Advice, Auto Bots, Top Class Charts and more than 50 Market Indicators. It also has the facility to manage multiple accounts simultaneously. The leverages of 1:50 are offered on the website however the trading platform shares other information. The leverages seen on the trading platform are 1:200. These are quite favourable and attract many traders. The complete website of BrokerMarkets is anonymous. We could not find any company behind the brand and any regulation whatsoever. However, only Switzerland based address is provided and the UK based telephone number can be seen. So it is evident that the broker is not regulated and it can turn out to be a scam. It is also blacklisted by Switzerland’s local financial regulator Financial Market Supervisory Authority also known as FINMA for providing illegal brokerage services in the territory of its jurisdiction. The initial investments are whopping $5000 and above and it is not at all acceptable. Many legitimate brokers are very cheap and provide highly regulated trading services with many trading assets.
Is BrokerMarkets scam or legit?
The broker is completely anonymous and we don’t know anything about the brand’s owner. Also, merely a UK based telephone number and Switzerland based address are provided and we could not deduct any valuable information from it. It is also blacklisted by Switzerland based financial regulator FINMA. The trading condition is not feasible and the initial investment is very very high. In short, the broker BrokerMarkets is a potential scam broker 2020. Traders investments are highly vulnerable to fraud with BrokerMarkets.