Market TM is a CFD forex brokerage firm that is registered in the Marshall Islands. Unfortunately, this broker has been getting a bit of bad press, and in July 2018, along with AXE Cryptocurrency, it was blacklisted by CONSOB, the Italian financial authority. The reason for the blacklisting is that the broker is not only unregulated and unauthorized.
Market TM Review
An unregisters and an unregulated forex broker, Market TM is operated by the Market TM Ltd Islands and based in London, UK. Its website does not, however, bear any details of the broker’s actual address. While the company mentions FT Global Services Ltd as the payment services provider, this information is not quite verifiable.
Under the company’s terms and conditions, it states that the broker is under the Marshall Islands’ jurisdiction, but there still isn’t any information about the forex broker’s actual registration.
Unfortunately, there are many other missing pieces to the Market TM puzzle, and we hope that you get a clear view of the company before you get scammed.
Market TM Pros
- Account Types
Like other forex brokers, Market TM offers various account types for its traders. These accounts are Standard, Silver, Gold, and VIP accounts. All these accounts, except for the VIP account have a spread of 2 pips, but the VIP account’s spread is variable – the spreads are quite high, compared to what’s offered by other companies. The leverage for the accounts is 1:200, 1:500, 1:400, and 1:1000, respectively. The account minimum deposits are 250 euros, 5000 euros, 10,000 euros, and 50,000 euros.
- High Leverage
A look at the demo account reveals that traders get high leverage of up to 1:500. With the high leverage, you have more freedom on the dealing you can be a part of, and this often translates to significantly high profits.
Note, however, that with high leverage comes a high contingent risk of very heavy losses.
- Multiple payment options
Visa, Maestro, Fasapay, OK Pay, Skrill Direct, Neteller, and DixiPay are the acceptable payment methods offered by Market TM brokers.
- Trading platform
Market TM provides trading on the MetaTrader 4 platform (MT4) which allows analysis of the financial markets, as well as access to Expert Traders. MT4 also offers mobile trading and trading signals to enhance your trading experience. The best bit is that this trading platform is compatible with all operating systems including Mac OS, Windows, and Linux, and you can access it on your PC, smartphone or tablet. MT4 also offers web trading and automated trading.
This trading platform runs on the unique MQL programming language, and it has everything you need for an enhanced trading experience.
Even though the presence of 4 account types and an MT4 trading platform sound like great pluses, things go downhill from there.
Market TM Concerns
- Major Security Concerns
As mentioned above, this forex broker doesn’t have an explicit regulatory body, and then there is the fact that the website lists an address in London which, unfortunately, doesn’t verify much. On the same breath, Market TM is not registered with the online registry of online (or offline) brokerage firms.
What about the Marshall Islands Regulation, isn’t it reason enough for us to trust them? Well, unfortunately not. While the website’s Terms and Conditions for the agreement note that the agreement is construed and governed as per the laws of the Marshall Islands, the Marshall Islands is one of the forex brokerage firms which will register firms even when the firms are physically non-existent. So, despite there being a London address, it should only be seen as a strategy by the company to mislead and scam traders.
The other glaring issue we have to be aware of is the fact that this forex broker doesn’t guarantee the safety of your funds. And with no officials to report to if you get scammed, this broker might not be your best bet when it comes to money. Since the broker is not registered with a reliable regulatory body, engaging with them increases your risk of loss since the company will not and does not participate in compensation schemes like the Financial Services Compensation Scheme (FSCS), a scheme that helps traders recover their losses should the brokerage firm go bankrupt.
Taking all these security concerns into account, you might want to ensure that the next brokerage firm you get into business with comes with a watertight compliance system and also ensure that a reputable company regulates the broker.
- More Uncertainty
Naturally, the internet is a resource minefield and learning about a forex broker shouldn’t be too hard. This is not the case with this broker, unfortunately. The search for some glimmer of hope and the potential of trading on the platform without losing too much money is bleak.
According to the website, Market TM supposedly specializes in Binary trading options. However, claiming that they’re registered in London makes no sense, and is, in the very least, very misleading. Confused? Well, trading in binary options and being a binary broker are two things prohibited in Europe. There is no way a company offering binary options would be registered and legally operational in Europe.
- Minimum Deposits
Every potential client is expected to deposit at least 250 euros. Though not an extraordinary requirement, this amount is certainly above the overall average deposit by brokers.
And with the security risks outlined above, it is clear Market TM is a broker you do not want to engage with.
- High and Fixed Spreads
The best brokers online will have a variable spread below pips. Market TM, on the other hand, has a fixed spread that stands at 2 pips. Even though your average spread could get better as you increase your deposit, trading on a platform with such high spreads is highly unlikely to have any good returns.
- The withdrawal conditions are sneaky
The terms and conditions of Market TM hide some more scary things. Under its conditions for withdrawal, there is a turnover requirement applicable to clients looking to withdraw their funds. Their Turnover Requirement notes that for every $500 deposit by a client/ trader, the trader has to achieve a $500 turnover, or more, to be eligible to withdraw their funds. At the same time, clients have to pay a one percent processing fee or $50, and if unable to meet the turnover requirement, the client’s funds are subjected to a further 20 percent processing/ procession fee. This is obviously a plot to scam unknowing clients. No legitimate broker comes with a turnover requirement and clients are free to dispose of their funds as they wish and withdraw at any time.
- No trades on crypto
Today, top forex brokers offer cryptocurrency as one of their trading assets. This is not, however, the case with Market TM as it only lets you trade in stocks, currency pairs, commodities, as well as indices. The exciting crypto trading is not offered on the site.
Despite the big variety of payment options, the trading on the MT4 platform, and the high leverage, Market TM comes with a host of security concerns. Their turnover requirement for withdrawals is incredulous, and the fact they promise trades in binary options in a country that forbids the trade leaves you with too many red flags. So, before you trade with them, be certain that you read the terms and accept the risk you might be putting your money to.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK