Clover Markets FX Review: The Importance of a Trading License
One of the most important things when looking for a trading brokerage is their license. If a company is unregulated, like Clover Markets FX you’re not protected and cannot request assistance from the financial authorities in case of an adverse outcome.
This is why our detailed Clover Markets FX review will deal with the company’s regulatory status, but also other issues. Don’t leave until you read everything.
|Regulated by:||No regulation|
|Is This Company Safe?||It’s not safe|
|Have Warnings from:||N/A|
|Deposit Bonus:||Up to $500|
|Trading Assets:||Forex, commodities, indices, shares|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Since this company is unlikely to return your money, you can contact your bank, the local financial regulator, or simply reach out to us for professional assistance in recovering your funds.|
Legal Information: Clover Markets FX Regulation
In the website disclaimer, Clover Markets FX claims to be a brand of Clover Market Co. Ltd registered in Thailand. Upon checking the Companies House of the country, we found this untrue. Such a company has never entered the local commercial register, meaning it doesn’t exist.
Furthermore, the Forex market is regulated by the local Central Bank, BOT. Their register once again showed no results for this company or their alleged owner. All this means that the company operates illegally, and your money is unsafe.
Who Are the Victims of Clover Markets FX Scam?
Now that we’ve determined whether Clover Markets FX is legit, let’s move on. Let’s see how the brokerage finds victims and where.
Like most scammers out there, they advertise their services through social media channels, such as Instagram, Facebook, and YouTube. However, the links on their website leading to official channels are actually redirecting you to send an email. Therefore, they have no genuine pages, only fake adverts.
According to website traffic analysis, the majority of scam victims come from:
- South Africa.
Clover Markets FX website domain was registered in May 2020, and the brokerage has been soliciting investors ever since.
Trading Features – CloverMarketsFX Trading Platform and Accounts
Another critical aspect of any brokerage firm is its trading features. If the platform is not good or there is not a wide enough range of trading assets, you might miss out on certain opportunities. This is why we will review everything this broker offers.
Available Trading Platform
According to its website, Clover Markets FX offers its customers the latest distribution of MetaTrader, MT5. It’s an immense platform with a vast number of tools, including EAs and social trading.
Note that none of the icons leading to the platform are functional. Therefore, we cannot confirm whether the platform is MT5 or some poor proprietary software that scam brokers usually offer.
In addition, it’s unclear what trading assets are on offer. For instance, the website advertises over 200 different CFDs but without specifying any. From the online reviews, we understood that you could trade Forex pairs, commodities, indices, and shares. It’s unclear whether crypto trading is available or not.
In addition to Windows and macOS, there are Android and iOS mobile app icons. Like desktops, they’re advertised as MT5. However, we weren’t able to access them either, meaning we cannot confirm anything.
Sadly, the company doesn’t offer a risk-free Demo account. In fact, Clover Markets FX login is only possible after investing the initial sum. This leads us to suspect that they really offer MetaTrader platform. As you may know, most MT5 distributions come with a dedicated trial account.
Leverage, Commissions, and Trading Fees
Welcome to another section of the unknown. The company has no dedicated account types and doesn’t specify the trading terms. The leverage is hidden, and so are trading costs.
If you’re wondering how much you should pay for spreads and swaps, we cannot answer. You seem to have no choice but to start the account with the minimum deposit and see for yourself. The only problem is that the minimum deposit is also unknown.
Clover Markets FX Bonuses
The only thing that’s clearly specified is the deposit bonus. After activating your trading account, you can get a 25% deposit bonus of up to $500. With it, you can increase your trading capital.
However, you should be aware that bonuses and other incentives are prohibited by most Tier 1 regulators, such as FCA and ASIC. This is because scam brokers use malicious clauses to prevent their victims from withdrawals. Sadly, this firm has no legal documents that would elaborate on bonus terms.
Clover Markets FX Support Team
The company’s website offers phone number with Thai country code and social media links. However, these links actually lead to sending an email rather than accessing Instagram or Facebook pages.
In addition, there’s no online chat, meaning that instant support is not available. If you have any urgent questions, you can only hope the broker’s call center works 24/7. Furthermore, the reviews indicate that customers who need help with Clover Markets FX withdrawal were ignored and never received the necessary assistance.
Withdrawal Methods – How to Get My Money Back?
Without legal documents, we cannot determine whether there are any withdrawal fees. In addition, we didn’t find a list of payment methods you can use for a deposit or a withdrawal.
All in all, we cannot say that this company is very transparent. Just like InvestusPro, this company is hiding all the relevant information. This is a final red flag and a final reason for you to avoid it.
What to Do If I Was Scammed by Clover Markets FX Broker?
Let us know if Clover Markets FX or any similar unregulated trading brokerage scammed you. Our chargeback experts and CipherTrace crypto analysts may assist you with this issue and find a way to help.
It’s important to act quickly and find the best recovery method. Scammers quickly disappear with clients’ funds, so you must act promptly. Book a free consultation with our financial experts today, and let us evaluate your case in detail.
What Is Clover Markets FX?
Clover Markets FX is an unregulated Thai-based trading brokerage. If you experience any issues with this firm, book a free consultation with our recovery experts today.
Is Clover Markets FX Available in the United States or the UK?
The company provides its services in both countries without valid financial regulation.
Does Clover Markets FX Offer a Demo Account?
No, Clover Markets FX doesn't offer a risk-free Demo account for its customers.