In this Needful Markets review, we will talk about anonymous, deregulated foreign exchange and crypto coins brokerage provider. The broker Needful Markets also claims to provide different investment plans to suit every investor need. Total of seven trading accounts are provided and trading conditions like spreads and leverages are not disclosed on the official site. It also fails to share information about the owner and license they have to procure to perform trading business. In this particular review, we will share a detailed synopsis of the broker. Please follow through the very end.
About Needful Markets:
We always try to share unbiased and trustworthy information in that procedure it’s our duty to discuss possible advantages of the broker along with disadvantage. In the case of Needful Markets, the required minimum deposit for the basic account is the only advantage we can discuss. Details are given below. The offered 7 distinct trading accounts are Basic or Bronze, Silver, Gold, Platinum, VIP Basic, VIP, and VIP Premium. All the above accounts need the initial investment of EUR 250, 2500, 10000, 25000, 50000, 100000, and 250000 respectively. Apart from the Basic Bronze account, all the required investment is far more than what is a legitimate broker charge to open an account. The major disadvantage of Needful Markets is it’s deregulated and anonymous nature. The official website of the broker shares only one telephone number with the country code of the United Kingdom (+44). However, generating or registering for any country based number is very easy over the internet. That does not necessarily mean the broker is operational from the UK. Nevertheless, the United Kingdom-based brokers must be regulated by the UK’s local financial body Financial Conduct Authority (FCA). Unfortunately, the broker Needful Markets registration could not be found in FCA’s registry. It means the broker is completely unknown and not authentic to provide its services in the regulated markets. Such deregulated brokers are mostly scam brokers. As discussed above the broker’s official website fails to shed light on spreads, leverages and trading lots provided for each account and it is an alarming fact. In addition to this, there is no demo account so traders can experience the real trading environment provided by this broker. MetaTrader is not supported by Needful Markets. It also provides unnecessary trading bonuses to lure its clients. All this is an indication of a potential scam broker.
Is Needful Markets scam or legit?
The broker does not carry a valid license and it is completely unknown. Trading conditions are also missing from the website. Therefore we call Needful Markets a potential scam broker 2020.