Scammed by SELECTED MARKETS Broker?

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Is SELECTED MARKETS a scam broker?

Overview:

SelectedMarkets is an oversea forex broker and CFDs provider. Halsted Holdings Ltd is the owner of SelectedMarkets staying in SVG. This broker provides five account types. Let’s see what this scam broker has to offer and it’s worth.

About the SelectedMarkets:

To start with the pros of SelectedMarkets, it provides Practitioner, Advanced, Prefered, Selected, and Infinite account types. These accounts can be accessed by $5000, $10000, $25000, $50000, and $100000 of minimum deposits.  These accounts feature divers CFDs and high leverage. The leverages of 1:100, 1:200, 1:300 are high and provided by many brokers. Such leverages can make huge profits also a big loss. The SelectedMarkets provide a number of currency pairs and CFDs on several commodities, many indices and a lot of stocks.  This broker also deals in cryptocurrencies. Education is a crucial aspect for SelectedMarkets, that is why it provides an avenue of elements designed to help traders. SelectedMarkets’s live account provides educational materials like webinars, seven-day market charts, financial plans according to the individual trader, etc.

Also considering the cons of SelectedMarkets, the unfortunate thing about this scam broker is it’s unlicensed and unregulated character. As we have always alerted our readers about such unlicensed and unregulated brokers, SelectedMarkets falls into the scam broker category. There is no clarity on the trading conditions available on its website.  In addition, the broker refuses to provide a demo account. This leads to the fact that we are dealing with the scam broker.  The absence of information on the spreads is not accepted by the traders.  This scam broker uses some random trading platform which is not appreciated by traders. The minimum deposits are high compared to the industry standard. Also, there are several fees and charges associated with the withdrawal. There is a charge on withdrawal of $20 with cards, $50 with a wire transfer, 30 days inactivity charge of $50.  Its website claims to offer welcome bonuses on the live accounts. As we have mentioned several times in our previous reviews these bonuses are bound to terms and conditions and also require some trading volume to withdraw.

Is the SelectedMarkets scam or legit?

Based on our research we can say that SelectedMarkets provides several services and many financial gears. Also, its education system is helping traders. Unfortunately, its unlicensed and unregulated nature is not acceptable. The absence of MetaTrader is also a factor for the red flag. In the end, we can conclude that the trader’s funds are at the risk. Please avoid this scam broker.