Updated on April 29, 2024
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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 MarketPlus due to the issues we've identified.
Is MarketPlus Scam or Legit Broker? ▲
MarketPlus emerges as a particularly concerning choice for traders seeking a reliable Forex and CFD brokerage. The crux of the issue lies in MarketPlus's failure to secure any form of licensing, making it an unsafe option for both local and international investors. The absence of authorization from any EU regulator is particularly alarming, given that EU financial service providers are required to adhere to stringent regulatory standards designed to protect clients. By bypassing this critical step, MarketPlus significantly undermines its credibility and raises serious doubts about its operational integrity.
Registered in: Bulgaria
Type of License: No License
Is MarketPlus safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
MarketPlus, operating under the umbrella of Affinity Group Ltd and based in Bulgaria, positions itself as a Forex and CFD trading provider. A common tactic among unregulated entities involves employing aggressive marketing strategies to attract new clients, often exaggerating the legality of their operations and promising high returns. It is crucial for retail investors to exercise due diligence, scrutinizing the broker's offerings and reputation through reviews and other sources. Regulatory bodies actively issue warnings against unlicensed companies to safeguard investors. Although MarketPlus has yet to receive an official cautionary notice, negative feedback from traders who have experienced fraudulent activities, such as manipulated trades and blocked withdrawals, suggests that it is only a matter of time before such a warning is issued.
To encapsulate our findings, we strongly advise against engaging with MarketPlus for investment purposes. The paramount importance of selecting a reputable and strictly regulated company cannot be overstated, especially in the inherently risky domain of trading. Numerous well-regulated brokerages across Europe adhere to stringent customer protection protocols and offer a safe investment environment. Investors are encouraged to opt for brokers regulated by reputable authorities such as the UK's FCA or Australia's ASIC, with established firms like HYCM and AvaTrade serving as prime examples of reliable trading partners.
MarketPlus Update
In a recent development, attempts to access the MarketPlus website were met with failure, indicating that the brokerage has ceased operations. This development further underscores the importance of steering clear of MarketPlus and remaining vigilant against any future proposals that may emerge from this entity.
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.
Marketsplus Review 2024
