emarketsTrade is a forex broker that has been accused of being a scam. The company is not regulated by any financial authority and has a poor reputation among traders. In this review, we will take a closer look at market trade and explain why you should avoid trading with this broker.
Company Overview
The company is headquartered in the British Virginia Islands, which is a notorious offshore tax haven. emarketsTrade is not regulated by any financial authority, which means that traders have no protection if the broker goes out of business or engages in fraudulent activities.
Does emarketsTrade Have Any License?
Kalessica Limited, a company said to be based in Cyprus, is said to own and run eMarketsTrade. But they don’t have a license from the Cyprus Securities and Exchange Commission (CySEC) or any other official regulator in the EU or anywhere else. This means they can’t provide financial services in places where they are controlled, like Europe, the US, or Australia.
Is emarketsTrade Regulated By Any Authority?
No, market trade is not regulated by any financial authority. This is a major red flag and should be enough to deter any trader from opening an account with this broker.
Also, the Financial Conduct Authority in the UK recently warned people about eMarketsTrade and Kalessica: “This firm (Kalessica t/a emarketstrade.com) is not authorized by us and is targeting people in the UK.” The information we have leads us to think that it is doing controlled actions that need permission.
Pros and Cons
Pros:
- None
Cons:
- Not regulated by any financial authority
- Poor reputation among traders
- High spreads and fees
- Limited withdrawal methods
- Not a well-established broker
- Lack of transparency
How Does emarketsTrade Reach To Their Prey?
emarketsTrade uses a variety of methods to reach its prey, including:
- Online advertising
- Social media marketing
- Cold calling
- Email marketing
The company often targets novice traders who are new to the forex market. emarketsTrade will often promise these traders high profits and easy money. However, once a trader deposits money with the company, they will quickly realize that market trade is a scam.
Technical Details
emarketsTrade uses a proprietary trading platform. The platform is not user-friendly and has been known to glitch. emarketsTrade also charges high spreads and fees, which can make it difficult for traders to make a profit.
Minimum Deposit:
emarketsTrade’s minimum deposit is $2,500. This is a relatively very high deposit, which makes it tough for new traders to get started. However, it is important to remember that emarketsTrade is a scam broker and you should not deposit any money with this company.
Trading Platform:
emarketsTrade uses a proprietary trading platform chartered by a third-party “TradeView”. The platform is not user-friendly and has been known to glitch. This can make it difficult for traders to execute their trades.
Spread:
emarketsTrade charges 1.5% on its trading products. This means that traders will have to pay more to trade with emarketsTrade than they would with a more reputable broker.
Leverages:
emarketsTrade’s leverage is not specified on the website. This is very dangerous, as it can amplify both profits and losses. Novice traders should avoid using high leverage, as it can lead to large losses.
Packages and Products They Offer
emarketsTrade offers a variety of trading products, including forex, stocks, commodities, and indices. The company also offers a variety of account types:
Account type | Minimum deposit | Maximum leverage | Spread |
Bronze | $2,500 | Unspecified | Around 1.5% |
Silver | $5,000 | Unspecified | Around 1.5% |
Gold | $10,000 | Unspecified | Around 1.5% |
Platinum | $50,000 | Unspecified | Around 1.5% |
Diamond | $100,000 | Unspecified | Around 1.5% |
Satoshi Mogul | $250,000 | Unspecified | Around 1.5% |
Withdrawal and Deposit Method
emarketsTrade offers a limited number of withdrawal and deposit methods. This can make it difficult for traders to withdraw their money from their trading accounts.
What Do Their Previous Traders Say?
There are many negative reviews of market trade online. Traders allege that the company has poor customer support, slow withdrawals, and manipulative trading practices.
Summing Up- Why Should Not You Trust emarketsTrade
There are many reasons why you should not trust emarketsTrade. The company is not regulated by any financial authority, has a poor reputation among traders, and charges high spreads and fees. emarketsTrade also uses a proprietary trading platform that is not user-friendly and has been known to glitch.
If Bad Things Happen, Where Can You Get The Quick Solution?
If you have lost money trading with market trade, you should contact a recovery specialist. A recovery specialist can help you to get your money back from the broker.
File A Complaint Against Scam Broker's
Final Thoughts
emarketsTrade is a scam broker and you should avoid trading with this company. The company is not regulated by any financial authority and has a poor reputation among traders. If you have lost money trading with emarketsTrade, you should contact a recovery specialist.
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