July 29, 2021


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Markets.com Experience/Review 2018 – Legit or scam?

14 min read

Markets.com Test – Our experience – The focus is on the features

Table of Contents & the result of our test:
Strengths and weaknesses
Serious/Legit or not?
Trading Offer & Conditions [8.2 out of 10 points]
Bonus for new customers [7.0 out of 10 points]
Demo account [8.5 out of 10 points]
Trading platforms [8.4 out of 10 points]
Payment methods [7.9 out of 10 points]
Safety/regulation [9.2 out of 10 points]
Customer Service [7.5 out of 10]
Mobile App [7.8 out of 10 points]
Loyalty program/VIP program [4.3 out of 10 points]
Account opening [8.6 out of 10 points]
Overall score 81 out of 100 points

Markets.com offers a variety of tradable underlyings to its clients. In addition to more than 2,000 available stocks, 50 currency pairs and commodities, indices, ETFs, and bonds are among the products offered by Markets.com for trading via its in-house platform. Based in Cyprus, the SafeCap Group company is regulated by the Cyprus Securities and Exchange Commission (CySEC), which has historically been characterized by reliable work. Also, a no deposit bonus is currently not missing at Markets.com – which conditions you have to meet and whether an account opening is even worthwhile, we will reveal in our Markets.com review later!

Markets.com Review
Around 50 tradable currency pairs
Fixed spread EUR/USD 2 pips
Demo account for free & permanently usable
Trading on Markets Webtrader and MetaTrader-4
Advertising partner of Arsenal FC London

Strengths and weaknesses
No Deposit Bonus of $25 + additional bonuses
Commission-free trade
Extensive base offers with more than 2,000 tradeable products
Mobile Trading App
24/5 customer support
But there is no MetaTrader 4

Serious/Legit or is it a Scam?
Before opening an account with the Cypriot online broker, one should first answer the question of whether Markets.com operates seriously or whether one must fear fraud here. We’ve got to the bottom of this question and tested the company in ten different categories to provide a transparent test result for all traders looking to gain experience with Markets.com.

Trading Offer & Conditions [8.2 out of 10 points]
For traders, an extensive range of tradable underlyings in search of the best online broker is of great importance – after all, not every forex strategy is compatible with every product. While some strategies are based on particularly volatile underlying assets, others require less volatile products. Therefore, in order to meet the needs of each client, the largest possible supply of tradable currency pairs and securities is of great importance to a broker.

Traders who wish to gain experience with Markets.com can benefit from a rather broad range of underlyings, as our test has shown: In addition to around 50 available currency pairs, Markets.com clients also have more than 1,900 shares available for trading – as well as 20+ most important indices, 12+ commodities and around 28 ETFs. As far as the trading offer is concerned, we can therefore report a positive result in the Markets.com test.

Markets.com Review: Favorable fixed spreads
In the Markets.com review, we must note that the spreads in forex trading are quite favorable: With 2 pips fix on EUR/USD, GBP/USD, and many other majors Markets.com can prevail in the test against some competitors. For more details on fees and spreads, however, traders can see the full list of all currency pairs available on the company’s website. Traders know exactly what the spread of their preferred product is and whether it is a fixed or a variable spread.

Commissions and other fees at Markets.com
While the spreads at Markets.com are comparatively high, we can positively note that Markets.com completely waives commissions. This means that in regular trading via Markets.com, only the spread must be paid by the customer. Information about the remaining costs can be found in the detail page of the respective product – just as we were able to record it in our other broker reviews. By looking at this detail page, the customer not only learns the spread per unit and the spread in percent, but also the amount of the margin, the amount of the leverage, and the minimum margin. In addition, with a look at this detail page, the customer can also find out what the opening hours of the respective exchange are and from when the overnight fees will apply. These are expressed as a percentage here – with a buy position of EUR/USD at -0.0056 percent and a sell position with -0.0035 percent. These fees [swap] apply to any position held overnight – this position triples when holding a position over the weekend as the position must be held for three consecutive nights.

Market maker trading at Markets.com
If you want to gain experience with Markets.com, you have to prepared for trading via a market maker. This means that the trader cannot enjoy direct market access, but instead trades in with the broker itself, who in turn opens appropriate positions in the market. In order to hedge one’s own position, the broker takes counter-positions to those of the customer, which can lead to a conflict of interest. However, the Forex test shows that even market makers such as Markets.com are serious/legit and that, nonetheless, some traders automatically assume a worse trading experience – even though order execution is actually slower than with a DMA broker.

The most important points summarized again:
The spread is rather high with 2 pips fixed – beyond that there are no commissions
Markets.com knows how to convince users with over 1,900 products through its comprehensive range of underlyings

Bonus for new customers [7.0 out of 10 points]
If a broker wants to secure the title of “Best Forex Broker,” it has to present a bonus offer to its clients. Especially new customer bonuses, with which potential customers are to be motivated towards registration and depositing money. While an extensive bonus offer, in the binary options industry, has become a standard rule, new customer bonuses are rather rare to find at forex brokers.

In December 2016, CySEC banned its regulated brokerages offering regular bonuses. Markets.com is a broker with CySEC regulation and is therefore no longer allowed to offer bonuses linked to deposits and sales.

The Cypriot forex broker offered his clients an offer that made him a good performer in the “Best Forex Bonus” category: Not only for their registration but also for verification, they received a No Deposit Bonus of $25. This Markets.com Bonus Code has been provided for registration and proof of identity and residency – giving the customer a total of 3 x $25 as a bonus.
Here is what bonus the company used to give out:

  1. Register
    To gain the company’s No Deposit Bonus at Markets.com, customers must first register and confirm their email address. As a result, they will already receive the first $25 credited to their trading account.
  2. Verify
    In the second step, it pays to go through the verification to receive the further no deposit bonuses. By giving the broker a copy of a valid passport or identity card, the trader receives another $25 bonus – for sending a utility bill, tax return, or any document that can be used as proof of residence; the client will then receive another $25 credited to his/her trading account.
  3. Make a deposit
    In order to finally be able to withdraw the bonus, the customer still has to make a deposit first. It proves positively that Markets.com does not require a minimum deposit. Nevertheless, the customer must first deposit money into the trading account by bank transfer, credit card, WebMoney, or via local payment methods in order to finally be able to withdraw the bonus.

The most important points summarized again:
No more bonuses for registration and verification
Account opening and deposit easy and fast

Note: Irish broker AvaTrade is offering new customers a bonus of up to $10,000 as part of a recent first deposit promotion.

Demo account [8.5 out of 10 points]
A forex demo account is beneficial to traders of all levels of experience by trading on realistic or realistic terms with virtual capital. Since no deposit is necessary for this and since the trade itself does not take place with real capital, newcomers can make their first steps in forex trading without any risk. However, even advanced traders can take advantage of a demo account that allows them to test trading strategies and develop their own strategies. Even professionals can use a demo account to test the hitherto unknown functions of the trading platform, without having to accept real losses.

If you want to gain experience with Markets.com, you should definitely use a demo account first. The Cypriot company provides its customers with a demo account that offers simulated trading conditions with real-time market data. Not only does this allow customers to gain their initial experience with the broker’s Forex trading and trading platform, but they can also use charts and analysis tools available to create and test various trading strategies.

In order to gain first-time experience with the features and the trading platform of the broker without risk and without obligation, traders should use the demo account of Markets.com. With a click on “Free demo account,” customers can directly access the demo account page from the start page. From here you can click on “Get started” to go directly to the online form, which must be completed to open an account at Markets.com. After the customer has confirmed his/her email address, the user can then can log in to the demo account.

Trading platforms [8.4 out of 10 points]
Our comparison of providers has shown that most online brokers rely on MetaTrader 4 as a trading platform – and not without reason: The MetaTrader 4 enjoys great popularity with traders from around the world, as it has a professional user interface, a variety of indicators, and tools as well as a simple programming language that also allows laymen to create automated trading systems called Expert Advisors.

The review has shown that Markets.com unfortunately does not offer MetaTrader 4. Instead, customers can trade here through a proprietary platform available as WebTrader and Mobile Trader. This powerful and robust platform offers integrated exchange rates and a user-friendly interface. In addition, traders can benefit from the fact that this platform is a pure WebTrader – downloads are therefore just as unnecessary as installations.

Overview of the web platform from Markets.com
This is especially beneficial for traders who cannot or do not want to waste space/time on installing trading software – as well as for traders who trade frequently on changing PCs and cannot install a program on any PC. Also, the risk of viruses or Trojans is reduced to a minimum with a WebTrader, which is also beneficial for the trader. However, there are point deductions in the overall rating. The company does not provide detailed information on the functional scope of the trading platform and that no images from the user interface of the platform can be found on the website.

Payment methods [7.9 out of 10 points]
In order to start trading through the Cypriot broker, customers must first make a deposit. Although this is not necessary to if you want to use the company’s demo account; traders must first deposit money into their trading account for trading in live account. This can be done in different ways at Markets.com.

If you want to deposit money into your trading account at Markets.com, you can either use the well-known bank transfer, your own credit card, or the online payment service WebMoney. Transaction fees do not need to be underestimated by the trader – as our experience with Markets.com has shown, however, the external bank fees that may apply to transfers, the broker has no control over it.

Traders must note that withdrawals are always made in the same way/method that was used for the deposit – so if you have made your deposit by bank transfer, the withdrawal payment will also be made by bank transfer. The Markets.com experience has shown that customers are not faced with any costs – but to be on the safe side, it is also worthwhile to contact the customer support of the bank to confirm.

In order to make a withdrawal, customer must log in to his trading account and fill out the payment request. This requires, for example, the specification of the desired payout amount and the transaction method. Within a few days, the payment request will be processed and, depending on the selected transaction method, the customer will receive his money within a few minutes or within 3-5 business days.

Traders must note, however, that verification must be made prior to disbursement request. This is for the security of your own account and requires the sending of an identity and a proof of residence and, if necessary, a copy of the credit card. The proof of identity may be a copy of an identity card or passport, but the proof of residence is provided by a copy of a consumer invoice, tax bill, or a bank account statement.

Safety/regulation [9.2 out of 10 points]
The Markets.com experience has shown that the company’s customers do not have to worry about their money or data. This is ensured primarily through the regulation of the operating company Safecap, a subsidiary of Playtech PLC. Regulation is done by the Cypriot Cyprus Securities and Exchange Commission (CySEC,) which is subject to MiFID requirements. Following the accession of Cyprus to the EU, the Cypriot Financial Supervisory Authority has recognized the MiFID requirements and adapted its activities to the EU standard, allowing traders to assume a high degree of security when trading through a CySEC-regulated broker.

In order to manage clients money as safely as possible, Markets.com not only has a deposit guarantee scheme through the Deposit Guarantee Fund, which secures the customers’ funds up to an amount of $20,000 per person in case of insolvency of the broker, but manages the company accounts separately. The customer funds are kept separate from their own resources and attaches importance to the latest protection mechanisms, which should make deposits and disbursements as safe as possible.

The Markets.com experience has shown in this regard that all transmission paths for deposits and withdrawals are protected by firewalls and that the actual communication is SSL-encrypted. In addition, transactions will be handled by so-called Level 1 PCI payment service providers, which should provide additional security – as well as the fact that all trading servers are housed in SAS 70-certified data centers.
Sponsorship & Awards
Awards that would enable the customer to understand the customer-friendliness, seriousness, and focus of Markets.com are unfortunately not available on the company’s website. However, we do know that Markets.com is acting as the official forex and CFD trading partner of Arsenal, which enhances the company’s image.

Customer Service [7.5 out of 10]
For questions and problems, Markets.com customers can rely on the reliable help from competent and customer-friendly support. For this reason, the customers of the Cypriot broker can contact the support 24 hours a day, 5 days a week via the contact form. In addition, a telephone support service is available, as well as an English-speaking trading desk, where customers can also place orders by phone. The support offer is rounded off by a complaint form and a live chat, which promises quick help with urgent questions.

In addition to the personal customer support that customers can turn to for questions and problems, Markets.com also provides hands-on trading tools and a small education offer that customers can take advantage of. In addition to an economic calendar, the trading tools also include the margin call guideline and various trading signals. The educational offer, which can be found on the company’s website under “Training,” however, provides written guidelines on the basics of trading, CFD trading, and technical and fundamental analysis. Webinars can also benefit the company’s customers.

Finally, the service offering is rounded off by the Help section, which includes information on CFD trading, deposit insurance, deposits and withdrawals, and the trading platform. Basically, the service offering is quite extensive, although the education could be extended by other offers such as video courses or eBooks.

Mobile App [7.8 out of 10 points]
A mobile trading app has meanwhile become very important – and not without reason. Applications for user-friendly trading of smartphones and tablets make trading easier and make it possible for traders to use optimal entry points and track open positions while on the move. Therefore, such a Forex app must not be missing from Markets.com: Customers can use the company’s own app from their iOS and Android device. Traders not only enjoy access to the latest courses, but also dynamic tools and state-of-the-art trading technologies.

Download & install the Markets.com app
As with the other forex brokers, the App is available on Google Play Store and in the App Store downloads section in the company’s website. If the customer downloads their app from the associated store, then it should definitely make sure that the app comes from the right publisher – otherwise you risk the download of viruses and Trojans. After the download, the app is automatically installed – after that, you have to log in before you can pursue the trade.

Loyalty program/VIP program [4.3 out of 10 points]
The forex bonus comparison has shown that now almost every forex broker provides its customers with a new customer bonus as well as a loyalty program that can help to strengthen the bond between existing customers and brokers. Not only this increases the number of new customers, but also the loyalty of existing customers is important in order to reach an increasing number of customers.

The only bonus that existing customers at Markets.com can take advantage of is the company’s advertising bonus. This allows existing customers and successfully recruited new customers to benefit from a small free bonus. Decisive for the amount of the bonus is the deposit amount of the new customer: For a deposit between 10 and 500 dollars, the bonus paid is around $50. With a deposit of between 10,001 and 20,000 dollars, this bonus can amount to up to $400 for the existing customer and up to $2,000 for a new customer. Again, traders must meet certain requirements in order to be able to actually get this bonus amount; this is what makes this referral program bad…

Account opening [8.6 out of 10 points]
If you are now convinced by the offers and features of Markets.com, you should first pursue trading in the demo account. If then you are still satisfied, you can switch to trading in a live account. We reveal how the account opening at Markets.com works.

To register as a customer with Markets.com, you must first fill out an online form. This requires the disclosure of some personal information as well as information about the customer’s trading experience. Once all this information has been provided and checked, the customer can send in the opening form. As soon as it has been received by the broker and checked, the customer receives a confirmation e-mail.
The next steps: deposit & verification
It is advisable to carry out the verification immediately after the registration, as the examination of the documents takes some time. To do so, the customer must provide the broker with copies of an identity and proof of residence. This can be an identity card or a passport or a current consumer bill or a current account statement. The broker will then review the documents and notify the customer once the review is complete.

After the customer has sent his identity and proof of residence, he can proceed directly to the deposit. This can be done at Markets.com by bank transfer, credit card, WebMoney, or local payment methods. If the deposit has been received into the account, which can take a few days, especially for transactions by bank transfer, the customer can finally start trading.

Overall score 81 out of 100 points
Finally, we can state in our test/review that although Markets.com has some weaknesses, in general there is no reason to complain. As a result of CySEC regulation and deposit protection of up to $20,000, we can say that Markets.com is acting reputably, and the offering of over 2,000 tradable underlyings speaks for the company – as well as few new customer bonuses that are available. On the other hand, there were deductions for the lack of loyalty/referral program and the fact that Markets.com only provides an in-house web platform and that the MetaTrader 4 is not available for trading.

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