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Is MarketsSoft a scam broker?
MarketsSoft is the brand name of brokerage company Horizons LTD registered in St. Vincent and the Grenadines. Client transactions are being controlled by Horizon Ventures located in Estonia. MarketsSoft is an ashore Foreign Exchange broker that provides a web-based platform for trading. MarketsSoft provides five user accounts up to a 100% signup bonus. In this review, we will provide an in-depth analysis of the pros and cons of the company.
About the MarketsSoft:
MastersSoft’s accounts are Basic, Bronze, Silver, Gold, and Platinum with minimum deposits of $250, $1,000, $5,000, $10,000, and $25,000 respectively. The information provided on the broker’s website suggests the firm is governed by the SVG-based company. Saint Vincent and the Grenadines is the hub of dubious brokers. The website confirms that it is “regulated” by the local financial body. In contrast, the government of SVG publicly anticipated the fact that it does not inspect forex trade. So, we can say that MarketsSoft is unregulated. Also, the payment operations that are carried out by the Estonian company is unlicensed. The spread provided by the broker is 6.5 pips and is considered quite high compared to the market average that is 1.5 pips. We acquire zero information about the leverage provided to account holders on MarketsSoft’s site. The scam brokers usually provide gigantic leverage of more than 1:100. So, the traders can be ripped. MetaTrader4 and 5 platform is absent and makes it difficult for traders to trade. Due diligence provides information on withdrawal fees and it turned out to be 3.5 % on the withdrawal amount. The FMA of Austria issued several warnings against the MarketsSoft and lawfulness is jeopardized.
On the other hand, MarketsSoft provides a plethora of payment options like standard Visa and MasterCard, as well as e-wallets such as Skrill, Neteller, QIWI, and AstroPay. MarketsSoft offers diversity on CFDs trading like currency pairs, indices, stocks, futures, commodities, crude oil, and cryptocurrencies. MarketsSoft also provides detailed study material, webinars, eBooks, and video tutorials for forex and CFDs trading. Another problem with this MarketsSoft is it compiles all the assets in one single account which is dangerous.
Is MarketsSoft scam or legit?
The MarketsSoft is in offshore location and lacks a license is a red flag. Also, the high spreads provided by MarketsSoft are unworkable in real-time trading conditions. Missing Meta Trader and several warnings issued by the Austrian government makes it worse. All in all, this broker is not safe to trade with.