The overseas-based FX and CFDs provider MySafeMarkets has three trading accounts. The broker also offers to trade on the world-famous trading platform MetaTrader with a lucrative leverage ratio. However, similar to other overseas brokers, this broker is unregulated. Apart from this, we came across several other problems with this broker. In this MySafeMarkets review, we will make sure to give our readers a full-fledged analysis of this broker. Follow this review to know more.
The three trading accounts are Silver, Gold, and Platinum, with leverages of 1:200, 1:300, 1:400, respectively. The selection of trading assets is vast, with 46 fx pairs like USDZAR, USDSGD, USDTRY, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDHUF, USDCNH, USDCZK, and USDCLP. The offering also includes CFDs on Silver, Gold, Cotton, Coffee, Soybean, Sugar, Zinc, Nickel, Aluminum, Natural gas, and oil. The cryptocurrencies are Ethereum, Bitcoin, Zcoin, Ripple, Tron, NEO, IOTA, and many many more. Such divers readable products are useful in minimizing trading risk. The leverages provided are generous at 1:400. Nevertheless, high leverages are risk-oriented and must be treated with caution. Another possible advantage of MySafeMarkets will be the MetaTrader trading platform. MySafe Place LTD, based on the Marshall Islands, is the owner of the brand MySafeMarkets. However, the Marshall Islands is the unregulated territory, and most of the brokers operating from here are scams. Also, such unregulated brokers aware not allowed to provide brokerage services in regulated markets like Australia, Europe, and America. So the broker MySafeMarkets is not safe for trading. The broker also offers trading bonuses that are banned in several regulated markets. These bonuses are entitled to unacceptable withdrawal terms and conditions. The broker, in its client’s agreement, also mentions these terms and conditions can be changed without prior notice. It means traders will not be able to withdraw their profits. The information about the trading environment like spreads and the minimum deposit is not mentioned on its website. Also, the payment gateway Skrill is absent; it can be noted that the Skrill has changed its policy to anti-scam. This may be the primary reason. Also, the demo account shows unrealistic spreads of 0.2 pips on the Euro-USD fx pair. These are raw spreads and have added cost.
Is MySafeMarkets scam or legit?
The broker is not regulated and does not share valuable information on the trading conditions. It misleads its clients and is not a good sign. We can say that MySafeMarkets is a potential scam broker 2020.