MarketsBank Review – Read The Truth About The Illicit Broker

Here, in the MarketsBank Review, we intend to put this shady broker on full blast. At the time of this writing, the fraudster’s website was unavailable but we managed to get the job done by checking various sources. This dubious entity will attempt to make you break the bank. So, we’re here to prevent that from happening. Buckle up and let’s get into it!

​​What’s more, we strongly recommend that you avoid the fraudulent brokers Bitech Max, CMTPRO, and EXolid.

How Much Is MarketsBank a Legitimate Company?

We shall first address the utter mess that MarketsBank made while trying to present itself as a perfectly legal entity. The financial swindler claims to be owned by Tech-Stat Solutions Ltd, based in the UK. This company does exist there but is it engaged in providing services in the financial market? Let’s ask the local financial regulator – the FCA.

Apparently not. Thus, we conclude that these two entities share no connections. Next up, the broker mentions the governing laws of Hungary. Again, the Hungarian Financial Supervisory Authority has nothing on Markets Bank.

Some Reasons Why It Is Better To Trade With a Licensed Broker

If you’re wondering why such fraudulent brokers should be avoided, it’s mainly because they don’t provide security for your funds at all. For example, a provider in the UK is obliged by the FCA to have a minimum operating capital of GBP 730,000.

Furthermore, clients’ funds must be stored in a Tier 1 bank in a segregated account. In case the provider files for bankruptcy, clients can sleep soundly knowing they have negative balance protection and indemnification conditions. With MarketsBank, there’s no chance you’re covered.

So, Is MarketsBank a Good Broker or a Scam?

MarketsBank is just another fraudulent scam broker without an official license that targets traders from Ireland, Norway, Belgium, Australia and Switzerland. The provider has been blacklisted by the Belgium FSMA.

Warning From the Belgium FSMA

Fortunately, the Belgium financial market watchdog, the FSMA, was quick to issue a warning against this illicit entity. Not looking good for MarketsBank. Add that to all that was previously said about this broker and you’ve got reason enough to avoid it. We have provided the link to the warning below so check it out.

What Trading Software Does MarketsBank Offer?

MarketsBank claims to offer an award-winning trading platform. In reality, it’s just typical web-based software. Often rigged to create fake trading and always lacking advanced features that facilitate trading, the platform known as WebTrader is not a great choice if you want to become a successful trader.

Most legitimate brokers offer clients a wide range of tools and options for advanced trading. The most widely used platforms in the industry are MetaTrader 4 and MetaTrader 5 (MT5). 

Trading Instruments Traded – Assets List

From what we gathered, the broker claims to offer five different assets. Yet, there are no details about the specific instruments available. Not very professional. Here’s what MarketsBank allegedly offers:

• Forex pairs;
• Indices;
• Cryptocurrencies;
• Commodities;
• Stocks.

What Are Traders Saying About MarketsBank?

After reading reviews about MarketsBank on Trustpilot, it’s safe to say that our claims were true. Unfortunately, some people fell victim to this malevolent scheme. Below, we’ve provided some confessions. May you learn from the mistakes of these individuals.

I felt like I was doing the right thing…

I felt like I was doing the right thing by investing here, I was making good progress but when I tried to take out my profits excuses began to come up, it took the intervention of extigènt replèvy to get me a refund.

– Trustpilot Customer

This website is a scam

Do not under any circumstance send money to them, as you will never see them ever again. They are unregulated, not FCA approved, the address is most likely not real, the company may be based in England but it follows Hungarian law not English and it is not even set up as a trading company but as an advertising firm, everything screams suspicious. I am still waiting on a pending payment from a whole ass month ago, dont trust these people, they might be good at talking but its all a lie. If anyone has information that can be helpful so that I can give MORE information to the authorities, please send it to this instagram account: beloved_nature7.

– Trustpilot Customer

Can I Withdraw My Deposit Bonus?

Bonuses? Nothing more than a shady instrument used to prevent clients from withdrawing funds. Top-tier regulators have banned bonuses. So, to answer the question, no. We wouldn’t be surprised if MarketsBank used this clause against you in the event you protest about not being able to withdraw.

MarketsBank  – Countries Of Service

MarketsBank is very selective when it comes to clients. Our assumption is that after making contact, the scammer uses sweet talk to persuade unsuspecting victims to invest. Then, MarketsBank embezzles the money and vanishes. We found out that the fraudster targets traders from the following countries:

• Ireland;
• Norway;
• Belgium;
• Switzerland;
• Australia.

Also, remember the names of the ETF Corp, BCH Advance and XTB Global trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!

What Do We Know About MarketsBank Account Types?

MarketsBank offers clients five different account types:

• Bronze – $10,000;
• Silver – $25,000;
• Gold – $50,000;
• Premium – $100,000;
• Platinum – $250,000;

That’s about it regarding the account types. As you can see, the sums that the scammer requires are enormous. $10,000 just to start?! MarketsBank is out of its mind!

Can a Trader Open a Free Demo Account?

No. There’s no demo account and that’s really problematic. How are you supposed to know what you’re getting? Any legitimate broker is obliged by a regulator to include a demo account.

About Leverage, Spreads, and Fees

In addition to the no demo account, key trading conditions were not disclosed. We know nothing about leverage, fees and commissions. MarketsBank claims in one instance that the spread starts at 0.0 pips, which is as favorable as it gets. However, we firmly believe that’s a lie.

High Minimum Deposit and Withdrawal Terms

As mentioned, the minimum deposit is $10,000. Not in this lifetime, we’re afraid. At 50 times lower prices, you can start trading with licensed brokers. On top of that, it’s unlikely that you’ll be withdrawing anything due to the aforementioned bonus clause. The fee is allegedly 5% for cards and $50 for wires.

Choice Of Payment Methods

It seems that MarketsBank accepts credit/debit cards and wire transfers. Pretty unsophisticated if you ask us. There’s no e-payment option. We also have reason to believe that the scammer deals with crypto transfers, i. e. the anonymous method.

Scammed by MarketsBank Broker? – Let Us Hear Your Story

Getting your money back is very hard but possible. Depending on the method through which you’ve deposited funds, there are three ways to get a refund. Enter a chargeback, recall and crypto tracing. The chances may be small but we recommend you at least try.

But What Is A Chargeback?

• A chargeback is used to reverse credit/debit card transfers. It can be performed by the issuing bank within 540 days.
• A recall is the process of reversing wire transfers, also performed by the bank.
• It’s only possible if the transaction is incomplete.
• Crypto transfers can be traced to a wallet within an exchange. Afterward, a refund can be requested from the exchange.