While looking at MarketsX, you cannot see the precise and quick functionality, how are you supposed trade swiftly? Moreover, when inspected strictly, the additional features that the broker claims to offer are absent too. Let us look at MarketsX review in detail and understand the nuances of the trading firm.
MarketsX Scam or Safe:
The authorities regulating the broker are not considered as the safest one. So, its activities are suspicious. The broker also doesn’t offer any additional security like segregated bank accounts and advanced encryption systems. There are many reviews that users have faced bad experiences with this broker. Therefore, it is recommended that you investigate thoroughly before opening the account with this broker. There are plenty of top brokers available in the market like TradeATF, ETFinance, HFTrading are reliable and trusted by thousands of active traders.
Trading Account Types:
The broker does not provide any information about its account types. This is the most significant setback for customers as they will not know the account types and the services offered by the broker. The account types are an essential part of the trading as different accounts come with additional services and features. This reflects the service provider’s security as it doesn’t want to provide clear information to its clients. This can be against the law, as every customer has rights to know all the information before opening the account with any broker.
Account Opening Process:
The account opening method of MarketsX appears to be completely blunt and amphibolic. On the website, there is a tab for account opening. There is nothing but a pop-up form advising you to fill in details like name, phone number, email, and more when you go through it. Nothing is mentioned about how the process will release. This produces confusion and uncertainty on the potential client or user’s part. It would have been much more beneficial if the broker had provided a guide or a step-process on how the entire account opening process will occur.
For desktop, the service only feeds to Windows software. The complete tool on mobile applications and PC trading is very rumpled and convoluted for mobile phone loopholes. There is no formation and system. It seems like all labels and functions are put together, one after the other, without any structure or plan. This leads to ill user interface and user experience. It becomes notably challenging, especially for novice and new traders to figure out how to go about the trading platform. The broker also offers a trading platform named markets and markets with limited trading tools and services. Trading platforms play a vital role while trading as it depends on the platforms how you predict the entry and exit point and other market analysis.
The broker offers a limited range of trading instruments. These are the following instruments on which one can trade through MarketsX like, Forex, Metals, Cryptocurrencies, Indices, CFDs.
Also, there are restricted tokens available for trade within each category of instruments. This could lead to less diversification for the traders and limited opportunity for making profits.
Commission, fee, leverage and minimum deposit
The minimum deposit associated with the broker is not mentioned on the official website of the broker. But when you want to open an account, the minimum deposits are 1000 dollars. The broker claims that the leverage up to 1:20 is available. And at the same time, one needs to have at least a trade worth 25,000 or more to enjoy this leverage ratio. The broker doesn’t allow different margin levels on each trading product. The commission per lot is pretty high. Spreads are variable and too high.
Deposit and Withdrawals:
The broker allows traders to deposit and withdraw funds via limited payment option. The available payment options are Bank wire transfer and credit/ Debit cards. The withdrawal also takes several days, and at the same time, charges also applied. The broker also charges some amount on the deposits. The delayed processing timings can be frustrating for the clients, affecting their trading and potential profits.
When we looked at the broker’s website, we found extremely fundamental blogs and articles. There are no vlogs, VOD, webinars for traders and investors to look up to. A broker must include a wide range of educational resources as newcomers require trading and platform-related information and training.
The broker doesn’t offer any research tools and indicators. This is the significant setback for the traders as through all these trading and research tools traders can predict the entry and exit points. And they can execute different trading strategies. Absent of the research and trading tools can reduce the potential profit while trading in the financial market.
Why do not go with MarketsX?
We gained plenty of reasons to say that you are better off without MarketsX.
- Not regulated with reputable financial authority.
- The broker did not mention any account types of information on its website.
- Minimal resources for research and educational purposes
- Trading Platform with restricted features
- High commissions
- Poor user interface
- Does not provide trade-in significant countries like the United States of America
- Limited securities to trade in each category of instrument
- The account inactivity fee is charged.
The customer service team of the broker is the worst ever. The broker claims 24/5 support, but in reality, they do not respond to emails and telephones. The main live chat option is not available with the broker. The delayed support can be hectic and risky while online trading in the highly volatile markets. It can attract colossal loss.
This was the detailed MarketsX review based on various criteria. The broker fails to fulfil our analysis criteria. In every section, you can find much better options than the broker is offering. The broker provides limited tradable assets, with high commission and spreads. The brokers provided trading platforms are also not up to the mark. The Brokers safety level is also questionable. Overall the broker is not perfect for the trading, especially the newcomers.
We would recommend the much better and secured trading platform like TradeATF, HFTading, ETFinance are reliable and trusted by the thousands of active traders and investors. All these brokers advanced the level of trading platforms and features with relatively low spreads. By opening the trading account with these brokers, you can increase your potential profits.
Is MarketsX Safe and Reliable?
The MarketsX is regulated, but the financial authority is not up to the satisfaction and secured criteria. Several customers had faced the bad experience with the broker. Thus we could not state that it is safe. Do a thorough investigation before opening the account with this broker.
How many Trading Products does MarketsX offer?
The markets provide a limited range of trading instruments including few currency pairs, cryptocurrency, stocks and commodities.
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