Status Markets Review – An Unlicensed Offshore Broker with a Fraudulent Reputation
The Status Markets Review will expose the fraudulent offshore broker from the Marshall Islands. We’ll analyze what Status Markets offers in terms of regulation, trading platform, accounts, and conditions.
At the time of this writing, the broker’s website is down but that won’t stop us. There’s a chance that the scammer will reappear so be on guard.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA, BCSC, FSMA, BaFin|
|Owned by:||MarCo Global projects Ltd|
|Headquarters Country:||Marshall Islands|
|Supported Platforms:||WebTrader, MT4|
|Minimum Deposit:||250 $|
|Types of Assets:||Forex, Commodities, Indices, Stocks|
|Free Demo Account:||Available|
|Accepts US clients:|
Status Markets Is Not a Legitimate Scam Company?
The shady company behind Status Markets is called MarCo Global Projects Ltd, from the Marshall Islands. It’s an offshore domain so basically, anything goes. The local regulator, GLOFSA, isn’t reliable.
If the financial watchdog is lax, then scam brokers can do what they want. That’s why it’s better to find a provider that operates under the jurisdiction of Tier 1 regulators such as the FCA, ASIC, BaFin, etc.
Speaking of trustworthy regulators, some have issued warnings against Status Markets, which is most likely the reason why the broker’s website is down.
Nevertheless, our point is that the financial swindler is unregulated and thus extremely dangerous.
Status Markets is an unlicensed offshore provider from the Marshall Islands. The broker has been blacklisted by several regulators for defrauding traders from the US, UK, Mexico, India and Poland.
Warnings From Financial Regulators As a Red Flag About Scam
Status Markets’ crooked scheme was busted in 2021 by the UK’s FCA. We found more official warnings issued against the broker.
The Canadian BCSC and Belgian FSMA flagged Status Markets as a scam. Also, in early 2022, the German BaFin launched an investigation into the dubious company behind the broker.
Status Markets Software – Platform Tools
Status Markets offers two trading platforms – MetaTrader 4 and WebTrader. MT4 is probably the only good thing about Status Markets, but unfortunately, not enough to consider investing with the broker.
MT4 is the most famous trading software with cutting-edge tools such as automated trading, multiple timeframes, instant execution, a customizable interface, advanced charts, etc.
On the other hand, WebTrader is an oversimplified browser-based platform with limited features. It offers just some basic charts and graphs. Plus, it could easily be rigged.
Status Markets Mobile Apps
The aforementioned MT4 has mobile versions available as well. Status Markets included an Android and iOS version.
Mobile trading features fewer charts and graphs but offers the advantage of trading anywhere on the go. The download link is no longer available though because the broker’s website is down.
Status Markets’ Trading Assets and Instruments
Based on other reviews, we found out that Status Markets used to offer FX and CFD trading. Over 100 trading instruments were available.
There were no cryptocurrencies or ETFs. Nevertheless, the broker’s website featured four main asset classes:
- Forex currency pairs;
Status Markets Broker’s Active Locations
From what we gathered, Status Markets was all over the place, providing unregulated services to unsuspecting traders from the following countries:
- United Kingdom;
- United States;
Luckily, the UK’s FCA was the first to issue an official warning against Status Markets. The website most likely got taken down due to numerous client complaints against the broker.
Either that or the fraudster took the loot and vanished. If you have any relevant info on Status Markets or its deceitful owner, please share it with us.
Status Markets List of Account Types
Status Markets had three different trading accounts available:
These trading accounts differ based on the leverage cap, which reaches a whopping 1:400! In Europe (ESMA), as well as Australia (ASIC), the legal leverage restriction is 1:30 for retail clients.
Only the Platinum type, the most expensive one, offers an Islamic account, which is just unfair. The minimum deposit is 250 $. You can find numerous legitimate brokers that will allow you to open a micro-account for just 10 $.
Leverage, Spreads and Fees
As mentioned, extremely high leverage is available. The higher the leverage the more profits you could lock in but chances are, you’ll face catastrophic losses if the market moves slightly against you.
Moreover, we have a ‘spread bait’. The Status Markets demo account offers WebTrader, which features a spread of 1.6 pips for the benchmark EUR/USD pair.
That’s a notch above the industry’s standard of 1.5 pips but never mind. MT4 is where the problem lies because, on that platform, the spread was floating around 4 pips, which is terrible. You won’t be able to profit with such wide spreads.
Can a Trader Use a Demo Account?
Yes, but traders can only use WebTrader. For MT4, they would have to open a live account. That’s an issue since they would be risking real money.
It’s good that Statsu Markets offered a demo account but as you can see, there’s always a catch. That’s why you should stay away from this broker.
About Status Markets Terms and Conditions
We have no reason to trust the bogus policies of this offshore hoax and neither should you. The T&C section is unavailable at the moment but we wouldn’t be surprised to see a shady bonus clause there.
Credit and debit cards are the only available payment methods. The broker didn’t even disclose the fees, which shows you how foul this scam is.
Scammed by a Status Markets Broker? – We Want To Hear Your Story
Withdrawal issues mean you won’t see your profits ever again. If you’ve fallen victim to the Status Markets scam, you’re going to need a chargeback.
Status Markets is a skilled scammer but there is a way to get a refund. Contact us and get your money back.
What Is the Chargeback Procedure?
The only available funding method is a credit/debit card transaction. The good thing about it is that MasterCard and Visa allow for a chargeback.
You can request a chargeback at the issuing bank within 540 days. If you need assistance, we’ll hook you up with our expert team.
Contact us today and start your chargeback process.
What Is Status Markets?
An unregulated offshore broker from the Marshall Islands that offers FX and CFD trading.
Is Status Markets a Regulated Broker?
No. On the contrary, Status Markets has been blacklisted by the FCA, BaFin, BCSC and FSMA.
Is Status Markets Available in the United States or the UK?
Yes. Status Markets is available to traders from both countries. In fact, the scammer targets those traders.
Does Status Markets Offer a Demo Account?
Yes. Status Markets has a free demo account but only offers WebTrader as the platform.