Updated on February 26, 2024
Quick Links
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Markets Cube due to the issues we've identified.
Is Markets Cube Scam or Legit Broker? ▲
The assessment of Markets Cube's legitimacy raises serious concerns, highlighting it as a brokerage to steer clear of. The broker has found itself on the blacklist of a prominent regulatory body, casting a shadow over its operations. Markets Cube is under the ownership of Prisma Global LTD, a company with its roots in the Marshall Islands, a jurisdiction notorious for its lax approach to forex broker regulation.
The Marshall Islands have become a refuge for forex brokers looking to evade stringent regulatory requirements, thanks to the island nation's minimal oversight and low setup costs. This lack of regulation has paved the way for various dubious brokers, including the likes of MegaTradeFX and Finbitex, to operate freely. The absence of stringent oversight in the Marshall Islands should serve as a red flag for potential traders and investors considering Markets Cube.
Delving deeper into the structure of Markets Cube reveals its foundation lies in the Marshall Islands, under the corporate umbrella of Prisma Global LTD. Markets Cube positions itself as a Forex and CFDs broker, a claim tarnished by its lack of regulatory transparency and the shadowy presence of PayOpt Services LTD in Limassol, Cyprus, tasked with handling the broker's payment processing.
The omission of crucial details such as office locations and regulatory adherence casts a pall over Markets Cube, earmarking it as another offshore broker operating without a license. This modus operandi is a common trait among unregulated entities, setting the stage for potential financial risks for investors.
Further exacerbating the cautionary stance towards Markets Cube is the warning issued by Spain's CNMV. This regulatory body has explicitly stated that Prisma Global LTD and its website, marketscube.com, lack the authorization to offer investment services or related auxiliary services, including foreign currency transactions. This warning serves as a stark reminder of the perils associated with dealing with unlicensed brokers.
The consensus from our in-depth review is unequivocal: investors and traders should unequivocally steer clear of Markets Cube and similar unregulated entities. The broker's lack of transparency regarding regulations, trading conditions, and even basic contact information is a glaring red flag. Such obscurities are often indicative of investment scams operated by such companies.
For those looking to navigate the forex market safely, it is imperative to engage with brokers that operate under well-established regulatory frameworks, such as those regulated by the FCA in the UK or ASIC in Australia.
An important update to note is the current status of the Markets Cube website, which appears to be inactive. This development suggests a cessation of their trading services. However, caution is advised, and potential proposals from this broker should be approached with vigilance.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Markets Cube Review 2024
