Overview of About Multiply Market Review
The foreign exchange and CFDs broker MultiplyMarket has three trading accounts. High spreads and leverages are offered on mentioned accounts. However, this broker MultiplyMarket is associated with another scam broker completely. Its name is Nastrobank. All the offers MultiplyMarket have are the same as Nastrobank and presentation as well. We are sure, like us our readers will not like this broker’s offers. We are giving it very low ratings and reasons are shared with you in this MultiplyMarket review. Read full Multiply Market review here.
Three trading accounts offered are Mini, Classic, and Premium that can be opened using the initial minimum deposit of $500, $5K, and $20K respectively. All three accounts are equipped with high leverage levels of 200:1. The spreads of 1 pip, 2 pips, and 3 pips are also offered. To manufacture unbiased and absolute review we shall consider all the possible benefits as well as drawbacks of MultiplyMarket.
We shall begin with all the benefits of it. The broker MultiplyMarket provides trade on an ever-popular and industry-leading trading platform entitled as MetaTrader. It comes with numerous advanced features to provide seamless trading like Expert’s Advice, Multiple Charts, Variety of Market Indicators, and Auto Trading Facility. All sorts of popular payment methods are supported by MultiplyMarket. These include electronic wallets like Skrill, Neteller, WebMoney; also card payment and bank wire transfer. The leverages of up to 200:1 are generous and sufficient to entice many traders. As European markets have capped leverages at 30:1, offered leverage levels are more than enough to allure traders.
Now it’s time to debate on the all the drawbacks of MultiplyMarket. The broker MultiplyMarket is situated on the offshore country of Marshall Islands. The Marshall Islands is one such area where brokers do not fall under any regulatory overview. It means the broker here is unregulated, unlicensed and not eligible to provide brokerage services in the markets like America, EU, Japan and others. As said in the intro the broker has an association with other scam broker and MultiplyMarket may posses high scam risk. Also, the initial investment of $500 to get access for a basic account is high. Other regulated brokers provide many trading assets, generous leverages, and acceptable spreads with the deposition of only $5. As compared minimum deposit is multifold higher than what is considered affordable. 3 pips spreads are very wide. Also, we could not see a free demo account to taste drive live trading conditions offered.
Is MultiplyMarket scam or left?
The broker MultiplyMarket is a potential scam broker 2020. We are claiming this on following grounds. The higher initial investment, a wide spreads, no formal corporate structure, no demo account and association with another shady broker.