Is Athens Market Legit or a Scam?
No, Athens Market is not a legitimate firm. The firm does not show any proper regulations and registrations. They also have several reports from their previous customers. You can have the details about this scam broker in this Athens Market scam broker review.
What is Athens Market?
Although their website was operational for a while before their official establishment earlier this year, Athens Markets Forex Broker is a relatively new company in the market.
This broker is a member of the British Virgin Islands-registered firm Athens Markets LTD. They have been in operation since 2022 and ought to abide by all FSA laws in the nation.
Using the reliable MT5 trading platform, they offer FX and CFD trading services. But we know from experience that offshore businesses are invariably speculative. Being under the radar or hiding anything is frequently their aim.
Athens Market Details
Before diving into the more concerning aspects, let’s establish some key details about Athens Market.
Regulated by | Unregulated Offshore Broker |
Is This Company Safe? | The absence of licenses makes any site unsafe! |
Known Websites | AthensMarkets.co |
Have Warnings from | N/A |
Registered in | British Virginia Island |
Operating since | 2022 |
Trading Platforms | MT5 |
Maximum Leverage | 1:500 |
Minimum Deposit | N/A |
Deposit Bonus | Not available |
Trading Assets | Forex, Commodities, Indices, Shares, Cryptocurrencies |
Free Demo Account | Yes |
How to Withdraw from This Company? | Clients’ complaints mostly about their payout. If you face any issues, you can contact our legal department. |
Deposits and Withdrawals
Similar to numerous other aspects of the Athens Markets broker, they neglected to include any details regarding deposit options. Their FAQ section states that Bitcoin is the only alternative available. Legitimate businesses often provide a card or wire transfer; Athens Markets does not.
Numerous evaluations on Athens Markets also revealed that customers were exclusively defrauded via cryptocurrency wallets. They were not releasing the money that clients made, as we have witnessed. Scammers exclusively favor cryptos because of their traceability and encryption. Due to the lack of documentation, cryptocurrency transactions are the riskiest alternative accessible.
Account Types
The selection of account kinds offered by Athens Markets broker is extremely limited when compared to other trading scams. There are just two sorts of accounts available, and they are as follows:
- Athens standard
- Athens pro
Spreads for the Standard account start at 1.5 pip, whereas the Pro accounts start at 0.01 pip. These are unfavorable trading circumstances for both accounts. Conversely, there are flat-rate commissions for the Pro account and no commissions for the Standard account.
The only positive aspect is that they offer a demo account, which is regrettably inaccessible.
Red Flags and Warning Signs
The broker Athens Markets is a trademark of Athens Markets Ltd., which is registered in the British Virgin Islands, according to its website. This offshore island shares a similar lack of regulatory oversight with the Marshall Islands and Saint Vincent and the Grenadines.
Although unofficial, FSC is the official regulator for BVI. Consequently, any business that is registered in this nation ought to choose to obtain a license from this regulatory organization. Athens Markets is not governed by the BVIFSC or any other Tier 1 regulator, including ASIC, FCA, or BaFin.
Customer Complaints and Negative Reviews
There are several customer complaints against this broker. Here are some of them:
Athens Market Alternative Brokers
If you are skeptical about Athens Market or have encountered issues with the platform, exploring alternative brokers is a prudent move.
Some well-established alternatives include Pepperstone, Plus500+, and eToro. Conduct thorough research on each alternative to ensure they align with your trading preferences and requirements.
Got Scammed by Athens Market? We Help Victims!
If you have fallen victim to a scam or suspect fraudulent activity on Athens Market, it’s crucial to take immediate action. Contact your bank to report the issue and explore legal avenues to recover your funds. Additionally, you can contact us to get a professional consultation for free. You can also have some recovery service recommendations to recover the lost funds.
