SL Markets is an unlicensed Forex and CFD broker operating out of New Zealand. It is right that you decided to dig more into this broker. SL Markets is offering trades in global markets on a metatrader platform. Minimum deposit is $100 and spreads extends up to 3pips on EURUSD pair.
What is SL Markets (sl-prime.com)? Either is SL Markets scam or legit?
SL Markets is considered not safe, as it is new and not regulated and licensed by top-tier financial authorities, like the CySEC in Europe, UK FCA, the Australian ASIC and the US CFTC. For more details, please continue reading our SL Markets review below.
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SL Markets Review
- Aforementioned, SL Markets is unregulated as they should be regulated if they want to target customers on regulated markets like the European Union, including the U.K, Canada, Australia or the U.S.
- Trading with unlicensed broker like SL Markets hides a lot of risk – there may be commingling of funds, platform intervention, and all type of scam schemes you can think of. And if such a broker decides to scam you and keep your money for themselves, there isn’t much you can do about it, because they are anonymous.
- We confirm that SL Markets is a scam, we saw that it has been blacklisted by the New Zealand Financial Market Authority (FMA) as a potential scam.
Since now it is clear that SL Markets is a scam, so we have Blacklisted sl-prime.com.
Questions to ask to avoid a forex trading scam
- Is the broker regulated?
- If regulated, how trustworthy is the regulatory body?
- Is the broker offering profits or rewards for opening an account?
- Is the broker offering a cash bonus for opening an account?
- Is the broker offering automatic trades or signals to guarantee profits?
- Is any credible information about the company included on its website, such as company history, financials, headquarters’ address, or similar?
- If awards are cited, can I verify their authenticity?
- If a big corporate sponsorship is promoted (e.g. athlete sponsorship), am I doing my due diligence to ensure the company can be trusted?
Is SL Markets Scam or Legitimate Forex Broker?
SL Markets Broker is not a licensed broker.
Scam Expert Advisor uses a simple method to determine if a Forex broker is legitimate or a scam broker. We look to see if the broker is licensed and regulated by anyone of these regulators; FSCA South Africa, FCA United Kingdom, ASIC Australia or the US CFTC.
In our reviews, we keep reiterating that regulation is the most clear-cut indicator of legitimacy and the best trust-creator in the business. We encourage our readers to invest funds only in properly licensed brokers in order to exclude any risk of foul play.
Review Verdict: SL Markets is an Offshore Broker. Your Money is not safe
SL Markets scam broker is unfortunately nothing new on the market, there are many similar brokers, like 247GlobalTrade, Luxstar Group, FXTrader, Pais Capital Group. They all work the same way. They do not have appropriate licensing.
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Conclusion
As usual in such cases our best advise is to deal only with properly regulated brokers, like the ones licensed and authorized by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
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