Overview & History of Markets.com
Regulated in Africa and Europe, Markets.com is an established Forex and CFD (contract for difference) provider offering several options when it comes to in-house trading platforms. Originally, Markets.com was founded in 2008 as GFC Markets but has since evolved over the years. Fast forward to the present day and Markets.com is now a brand and trademark of Safecap Investments LTD, an online and CFD broker that is owned by Playtech, a public company on the London Stock Exchange’s Main Market and a constituent of the FTSE 250 Index.
Basically, Markets.com enables seamless trading of more than 2,200 assets via its web-based and mobile-friendly trading services. Along with FOREX, Markets.com offers the ability to trade stocks, indices, commodities, and cryptocurrencies, via its secure CFD platform.
When it comes to operating as an online brokerage firm, Markets.com is licensed to operate within the European Economic Zone by the Cyprus Securities Exchange Commission (CySEC) and in South Africa by the Financial Sector Conduct Authority (FCSA) via TradeTech Markets Pty Ltd as well as Australia which is now regulated by ASIC under STA Global Investments Pty. Limited.
As for foreign exchange, Markets.com has more than 50 currency pairs, and this includes all majors, minors, and exotics. So whether you want to trade British Pounds, U.S. Dollars, Japanese yen, you will find these major currencies to trade. Although Markets.com does offer a leverage of up to 1:30, it is important to now that leverage does vary by the asset and the regulatory region.
Since its launch, Markets.com has achieved a successful track record with 189 million registered accounts, 227 MM trades placed and 1089 billion trade value traded just in the previous year. In addition, Markets.com takes pride in offering unparalleled training, stellar service, and attentive customer support.
Accommodating the needs of its international clientele, Markets.com offers services in a number of languages. Furthermore, customers should know that there is zero commission or trading fees on both their mobile or web trading platforms, but customers do benefit from fast execution as well as support and assistance available 24 hours/five days a week. Other features that users may find helpful are daily market analysis and webinars.
- Amount to Get Started
Also, the minimum initial deposit to trade is $100.
Spreads. Markets.com offers both fixed and floating spreads, with forex having minimums such as 3 pips for EUR/USD, GBP/USD, USD/CHF and USD/JPY for example.
- Methods of Payment
As for methods of payment, there is great flexibility. In fact, Markets.com accepts a wide range of deposit methods and account funding including major debit and credit cards, bank wire transfer, Neteller, Skrill, and PayPal. When it comes to withdrawals, it is important to note that they have to be done with the same method as the deposit. While there are no withdrawal fees, there are withdrawal minimum requirements in place.
There are three types of accounts on Markets.com. The Real Account is the one the majority of users sign up for and it’s a traditional live trading account, while the Demo Account are for those people who want to practice with simulated money and get a better understanding of the platform and trading foreign exchange in general. Finally, the Swap-Free account adheres to interest-free trading of the Islamic Sharia Principle.
Now to the Markets.com proprietary trading platforms–Markets WebTrader is a secure, web-based system that allows users to trade right away without downloading additional software. Easy to use, the platform offers a number of user-friendly features including technical indicators and displays of updated pricing, to name a few. There is also a comprehensive education section and other useful resources including Traders Trends and Market Consensus to give users a snapshot.
Syncable to Markets WebTrader is Markets Mobile, an app with similar features such as charting available for Android and iOS. Unlike the computer version, Markets Mobile does not feature chart indicators, live news. However, MarketsMobile does feature technical analysis resources and risk management features from an entry limit to stop loss and more. If you plan to do a lot of trading via the mobile app, it may be worth it to consider how you plan on obtaining the information you need to make smart decisions about trading Forex.
Markets.com users may also request access to download both MetaTrader 5 and MetaTrader 4, which are available for Mac and PC. Features include advanced charts, in-depth analysis, and custom indicators.
There seem to be a good number of people out there who feel that Markets.com offers several advantages to trading Forex. Here is a quick snapshot.
- Simple Sign Up
Most people say that registering an account for Markets.com is a straightforward process. There is even a video that takes users through the process, which includes filling out several forms and answering questions about your experience with trading. One thing that is important to keep in mind is that users will have to submit documents for verification if they want to trade Forex on any of the Markets.com platforms. Required documents include identification such as a valid driver’s license or passport and proof of residence, which could be a credit card or bank statement. All of these items must be submitted by uploading to the Verification Center.
- Low Minimum To Get Started
You don’t have to save hundreds of dollars if you want to get started in trading foreign currency. Well, at least not on Markets.com which has $100 minimum deposit to trade. Plus, you can never lose more than your initial deposit because the platform also has negative balance protection feature.
When it comes to different types of Forex and trading platforms, Markets.com offers users a range of choices to match their preferences.
At any given moment, users of Markets.com can go to the Funds Management section to see their account balance. For those that need a full statement, there is an option to see one.
- Speaks Your Language
Markets.com understands the needs of its international audience and that is why the platform is many major languages including Arabic, Dutch, English, French, German, Italian, Norwegian, Russian, Spanish and Swedish. Customer service representatives who speak different languages are available as well.
Traders can trade Forex and have peace of mind given that Markets.com is subject to regulation from a number of different parties around the globe, from Europe to South Africa and Australia.
Markets.com wants to protect its customers’ privacy and keep their data safe and secure from others, so it has implemented a number of helpful features to achieve that goal including strong firewalls, advanced encryption, and SSI technology, among other important protocols.
Of course, no Forex trading system is perfect and Markets.com did miss the mark on a few things according to people who have used the platform before. Here is a breakdown.
- Not Savvy With Social Trading
Given that many people who trade Forex are quite interested in social trading, Markets.com isn’t exactly the place for that given there are no online chat rooms or a similar forum for these type of exchanges.
- Automated Trading Not Available
On the Markets Mobile app platform, there is no ability to perform automated trading, a feature which many traders want.
- No Customer Service Phone Support on Weekends
While Markets.com does offer 24/5 service, this isn’t enough for some traders who may require assistance or have questions on Saturday and Sunday.
- Limited Access
Since Markets.com is only regulated to operate in the European Economic Zone, South Africa, and Australia, this lack of access to Forex traders in other countries is not beneficial to those who may be interested in using the platform.
- Delay with International Wire Transfers
It may take up to eight business days to see money posted to a trading account if your method of funding is international fund transfer. There are quite a few people who feel that this is a big drawback since they want immediate access to their funds.
With any type of Forex trading, there is always risks involved. Markets.com even has a disclaimer on its website with the message “CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.” However, most traders understand this notion.
For the most part, Markets.com has received positive feedback for its trading platform especially when it comes to the currencies available, the comprehensive features and great customer service during the week. In fact, over the years, Markets.com has been the recipient of several awards for its customer service including recognition from the Global Banking & Finance Review and the London Investor Show Forex both in 2012, as well as a Forex provider and trading platform in the UK Forex Awards in 2017.
With its wide range of tools to help users make informed decisions about their Forex trading, it seems that Markets.com is here to stay for a while.
David is a financial expert who graduated from the University of Fordham (Master in Finance) in 2001. He has 10+ years of experience in private equity and wealth management. With strong expertise in senior-level financial planning, personal financial analysis, and mortgages, David knows his way around personal finance. Before working at CCR he used to be a financial analyst at McKinsey.
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