MarketSpots is an offshore Forex CFD broker that wants to boost your investment using leverages. There’s a wide selection of trading instruments offered by MarketSpots which might appeal to new traders looking for opportunities to trade the market.
First of all, the features provided by this broker are amazing and attractive. The diverse range of trading instruments and the professional website can make a new investor fall for them. However, the most outstanding feature that MarketSpots claims to offer is the ”800+ Crypto Currencies and Initial Coin Offerings (ICOs) available for trading”.
When we review a Forex and CFD broker, we check for the possibility to use a metatrader platform that supports automated trading robots and expert advisors (EAs). Expert Advisors (experts) are programs in the terminal that have been developed in MetaQuotes Language 4 (MQL4) and used for automation of analytical and trading processes.
We tested the trading platform offered by this Forex & CFD broker and observed that it was indeed basic, therefore we cannot use it for our best Expert Advisor(EA).
There are 5 account types offered by this CFD broker. The account types have been dubbed Standard, Silver, Gold, VIP and Pro. We’ve noticed that these account types require ridiculously high minimum deposits.
Look at the screenshot below to see the high amount required to open their various accounts.
Is MarketSpots Safe?
MarketSpots is not a regulated broker. In the UK and Australia for example, brokers are required by law to operate under the observation of regulatory authorities.
One of the requirements here is that all brokers must keep the funds of their clients in a segregated account. If MarketSpots is not regulated, there’s no way they can keep your funds in a segregated account where they’re 100 safe from the firm’s operational capital.
Therefore, in short, your funds are not safe in the hands of this broker.
MarketSpots Account Offering
MarketSpots allows trade on over 1,000 global assets across popular markets like forex, stocks and commodities, as well as a range of major indices.
Minimum deposit – The minimum deposit to open a standard account at MarketSpots is $10,000, which is way above what other brokers charge for standard account level.
Most Forex brokers have cheaper, mini accounts available that are perfect for newer traders that wish to trade with little risk, as they cost about $100 to open at most.
Leverage – MarketSpots provides access to a leverage of up to 1:400. This is about as much as expected from an offshore broker with no regulatory oversight.
Since high-leverage trading is highly attractive to retail traders they offer it to them, with no regard to their safety of funds. When you see such amounts, odds are that you are dealing with a scam broker.
Account manager – MarketSpots provides a level of account management and control across its account types.
Just remember, account mangement by your broker can be risky and might lead to conflict of interest. Your broker can decide to manipulate your account and make you lose money. The purpose of an account manager is to familiarize you with the features of their trading platform, but not to trade your account for you.
Choice of Trading Platform
MarketSpots offers their own in-house custom made trading platform for trade execution. It is very essential that you invest your money, with a broker that offers a metatrader platform. Metatrader facility is the standard in the Forex industry, with features for automated trading via expert advisors (EAs)
The entire routine work of technical analysis and trading can be given to experts advisors. An expert can perform analytical and trading operations for any symbols or periods independent on whether the corresponding chart was opened or not.