However, there are many red flags that indicate that Marketsbank is not a reputable broker and may be a scam. Here are some of them:
Marketsbank is not regulated
One of the most important things to check before choosing a broker is whether it is regulated by a reputable authority. Regulation ensures that the broker follows certain rules and standards to protect its clients’ funds and interests. Regulated brokers also have to comply with anti-money laundering and KYC policies, as well as provide compensation schemes in case of insolvency.
Marketsbank claims to be located in London, UK, but it does not have a license from the Financial Conduct Authority (FCA), which is the regulator for financial services in the UK. In fact, the FCA has issued a warning against Marketsbank in July 2022, stating that this broker is not authorized to offer its services in the UK and may be involved in fraudulent activities.
Moreover, Marketsbank does not provide any information about its legal entity, registration number, or contact details on its website. This means that Marketsbank is an anonymous and unregulated broker that operates without any oversight or accountability.
Marketsbank has negative reviews
Another way to assess the credibility of a broker is to look at its online reputation and customer feedback. A good broker should have positive reviews from satisfied clients who can attest to its services and performance. A bad broker, on the other hand, will have negative reviews from unhappy clients who complain about various issues and problems.
Marketsbank has mostly negative reviews on Trustpilot, a popular platform for customer reviews. Most of the reviewers accuse Marketsbank of being a scam and warn others not to invest with them. Some of the common complaints include:
- Difficulty in withdrawing funds
- Harassment to deposit more money
- Lack of communication and support
- Manipulation and deception
- Loss of money
These reviews suggest that Marketsbank does not treat its clients fairly and professionally, and may even steal their money.
Marketsbank offers unrealistic bonuses
Another sign that Marketsbank is not a trustworthy broker is that it offers unrealistic bonuses to attract new clients. For example, Marketsbank offers a 100% welcome bonus on the first deposit, as well as other bonuses for referrals and loyalty. However, these bonuses come with very strict and unfair terms and conditions that make it almost impossible for the clients to withdraw their money.
According to Marketsbank’s bonus policy, the clients have to trade a certain volume of lots before they can request a withdrawal. The required volume is calculated by multiplying the bonus amount by 30. For example, if a client deposits $1,000 and receives a $1,000 bonus, they have to trade 30,000 lots before they can withdraw any money. This is an absurdly high requirement that would take years to achieve.
Moreover, Marketsbank reserves the right to cancel or modify the bonus at any time without prior notice. This means that Marketsbank can change the rules or deny the bonus whenever it wants.
Marketsbank is a scam
Based on our research and analysis, we conclude that Marketsbank is a scam broker that should be avoided at all costs. Marketsbank is not regulated by any authority, has negative reviews from its clients, and offers unrealistic bonuses with unfair conditions. These are clear indications that Marketsbank is not a legitimate broker and may be involved in fraudulent activities.
What to Do If You’ve Lost Money with Marketsbank?
If you have been scammed by Marketsbank 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