If you are looking for a reliable and trustworthy broker to trade forex and CFDs, you might have come across Markets Bank. Markets Bank is a new broker that claims to offer exceptional trading conditions, such as low spreads, high leverage, and a user-friendly platform. But is Markets Bank a scam or a legit broker? In this blog post, we will review Markets Bank and reveal some worrisome facts about this broker that you should know before investing your money with them.
Markets Bank broker Review
Markets Bank: General Information
Markets Bank is a UK-based broker that was launched in 2022. According to its website, Markets Bank offers trading on various assets, such as forex, stocks, indices, commodities, and cryptocurrencies. The broker also claims to provide educational resources, market analysis, and customer support to its clients.
However, there are some red flags that indicate that Markets Bank is not a reputable broker. Here are some of them:
- Markets Bank is not regulated by any authority. The broker claims to operate from a UK address, but it does not have a license from the Financial Conduct Authority (FCA), which is the regulator for forex brokers in the UK. This means that Markets Bank is operating illegally and does not comply with any rules or standards to protect its clients’ funds and interests.
- Markets Bank does not offer a demo account or a clear fee report. The broker does not allow potential clients to test its platform or services before opening a live account. Moreover, the broker does not provide any information about its fees, commissions, spreads, or other charges on its website. This makes it impossible to compare Markets Bank with other brokers and to know the true cost of trading with them.
- Markets Bank offers bonuses and high leverage. The broker offers various bonuses and promotions to attract new clients, such as a welcome bonus of up to 100% on the first deposit. However, these bonuses come with strict terms and conditions that make it hard to withdraw any profits or even the initial deposit. Moreover, the broker offers leverage of up to 1:500, which is very risky and can lead to significant losses in volatile markets.
- Markets Bank has negative reviews and complaints online. Many clients have reported that Markets Bank is a scam and that they have lost their money with this broker. Some of the common complaints include difficulty in withdrawing funds, manipulation of prices and trades, aggressive marketing tactics, and poor customer service.
Based on our research and analysis, we conclude that Markets Bank is an offshore broker that should be avoided at all costs. The broker is not regulated, transparent, or fair, and it poses a high risk of scamming its clients. There are many other brokers that are licensed, reputable, and offer better trading conditions than Markets Bank. Therefore, we advise you to stay away from Markets Bank and look for a more trustworthy broker instead.
What to Do If You’ve Lost Money with Markets Bank?
If you have been scammed by Markets Bank or any other broker, you’ll want to seek assistance from Broker Dispute immediately. Our experts will consult with you and bolster your claim to help you get your money back. Broker Dispute is a leader in recovering your funds and will help you retrieve your funds from a broker scam