Markets.com Review
Markets.com is one of the leading online forex brokers. It provides traders multiple commodities and instruments across several regions. Started in 2008, the broker invests in top of the range trading tools and partnerships for continued growth. It is part of the TradeTech Group, a constituent of Playtech PLC, which is listed on the London Securities and Exchange.
Markets.com is multi-awarded with gongs of Best Forex Provider 2017(UK Forex Awards), Best FX Platform 2017(UK Forex Awards) and Runner Up Best FX Broker 2019 (DayTrading.com)
Follow this article for a detailed review of the Markets.com trading site. It will look into the website’s safety, commission and fees, leverage, account types, deposits and withdrawals, and education materials.
Let’s get to it.
Security and Regulation
Trading in Markets.com is entirely secure as it is registered and regulated by several regulatory bodies. The principal regulator is the Cyprus Securities and Exchange Commission (CYSEC). Otherwise, for the UK jurisdiction, it’s under the UK Financial Conduct Authority (FCA) and the British Virgin Islands Financial Services Commission (FSC). The Australian Securities and Investment Commission (ASIC) and Financial Sector Conduct Authority of South Africa (FSCA) also regulates the site.
Even though the different jurisdictions come with various provisions, they all offer negative balance protection. They also ensure the segregation of client funds from those of the company.
As part of the TradeTech Group, which is also part of the Playtech PLC, a listed company on the London Stock Exchange, MarketsX must comply with several regulations.
However, some security concerns come with trading at MarketsX. It provides for a maximum broker default compensation in case of closure at EUR 20,000.
Commissions and Fees
The trading platform charges relatively high spreads. It provides an average of 2 pips for EUR/USD and GBP/USD pairs. However, the high spreads cover for commissions; hence traders don’t incur the cost. It also comes with highly-priced index CFDs, albeit with structured commodities and equity CFDs.
The platform provides for an overnight rollover fee and spillage at execution, especially during high volatility. The prices might also vary depending on the trading platform.
Markets.com charges an inactivity fee of $10 when a trader doesn’t use it for more than 90 days. While it charges deposit fees, it reimburses any costs above $2500.
Leverage
Leveraged trading is available in Markets.com. Even though it had been high before 2008, the European Securities and Markets Authority reduced the amount allowed. Currently, the platform provides for leverages of 30:1 for EU traders and 300:1 for the Australian and other regions traders.
The higher the leverage, the higher the risk. Hence by reducing the leverage, it also manages the risk factor. However, the site allows for individual traders to organize for custom leverages depending on the platform. It also notifies the user in case of significant changes in the leverages. It has the liberty to deny any leverage for change of more than 50%.
Account Types
Markets.com provides for two main types of accounts; retail and professional. Retail is the basic that everyone gets immediately; they sign up to the platform. It comes with over 8,000 tradable assets and manageable leverages.
The professional account on the other is great for the ardent traders. It is ideal for traders with more than $500,000 in assets. It also comes with additional leverages depending on customer needs.
The platform also provides an Islamic account run in line with the Sharia laws. It also offers a demo account. The account comes with simulated money that allows prospective traders the feel of the site before investing real money. It will enable one to learn more and develop stellar trading strategies for a better chance of success.
Deposit and Withdrawal timeframes
Markets.com supports multiple withdrawal and deposit methods. It allows debit and credit cards and bank wire transfers.
It has online payment functionalities like PayPal, Sofort, and Ideal. The broker also supports Skrill/Neteller, however, not for the UK users.
The broker is quite popular due to the no deposit or withdrawal fees. It provides for a minimum deposit of 250 for the base currency the trader uses. It also seeks to ensure zero money laundering by only accepting withdrawals from the same deposit method.
The minimum withdrawal requirements are $10 for PayPal, $5 Skrill, $10 for credit/debit cards, and $100 for bank transfers. The other difference is also on the withdrawal processing days, where some like bank transfers can take as much as up to 7 days to process the payments.
Trading platforms
Markets.com has some of the most advanced multi-asset trading platforms. It provides for the in-house MarketsX trading platform that offers a premium touch. The platform comes with several risk management tools, and some of the lowest spreads ever. It also comes with a wide range of technical analysis tools and advanced charting systems.
This web-based and easy to access platform also comes with 14 trading tools and multiple market insights from numerous bloggers. It also has a trading cube that allows traders to view various assets at once. Ultimately, it has a real-time news feed feature for convenient market monitoring.
Markets.com also provides for Marketsi trading platform that allows for trading in thousands of stocks. The trading platform offers industry-leading research tools for the best trading experience. It also comes with an investment strategy builder and competitive commission rates. It provides free commissions for the first three months.
On top of the customized platforms, MarketsX also has the popular MetaTrader 4&5. The platforms work exceptionally well in both Mac and PC. The only downside is that they come with limited functionalities. Otherwise, the trader can still download plugins from other third-party developers.
Market and Products
Markets.com looks to provide extensive trading experience to the users. It thus provides over 2200 assets across eight classes. It has 67 major, minor and exotic currency pairs, 43 major stock indices, 59 ETFs, four bonds, and 26 commodities like metals and energies. The site also has spread betting for UK residents only and over 2,000 shares on major global companies.
Customer Service
Markets.com has reliable customer support for every kind of concern. It provides dedicated 24/5 customer service.
The primary support is through the phone and live chat. The live chat is quite convenient due to the fast response. Otherwise, traders can get the respective regional number from the “Contact Us” page. The customer support agents are quite knowledgeable on a wide range of concerns on the page.
The site also saves the users time in checking for legitimacy by providing a fraud watch page. It helps in identifying fake websites and emails. Otherwise, it is not often that users seek customer support due to the easy to use interface and multiple resources.
The site also comes with an extensive FAQ page for common concerns and additional user guides and videos. Otherwise, traders are not in luck if they might need support over the weekend.
Education Materials
Even though Markets.com does exceptionally well in almost all sections, it might do better in customer education. It invests in webinars that offer different educational topics. By the end, the trader is likely to know more about market analysis, trading strategies, and trading psychology.
The site could do more by having an archive page for the webinar. That would allow for refreshing in case one forgets or fails to grasp some concepts in the first try. The site does also not offer much content on the “fundamental” page.
This is not to take it away from the web platform that provides more robust educational content on technical analysis.
Pros and Cons
MarketsX comes with come with several benefits for traders like multiple assets to choose from. It also supports various platforms for the best trading experience in any device. Trading is also quite efficient with the free deposit and withdrawal.
The platform is quite flexible to allow for both long- and short-term trading depending on trader preference. It also comes with multiple tools and lower margins for higher returns.
Markets.com also comes with its fair share of drawbacks like no weekend support and a little complex navigation. It also lacks automated trading that is quite a letdown compared to the other brokers of its caliber.
The platform also has limited access. Even though it’s available in Eurozone and other African countries, it is not accessible in several countries like Canada, the US, Japan, and India. The site can also do better by revamping educational and research tools.
Wrapping Up
Markets.com is a reliable trading platform that comes with both strengths and weaknesses. Even though it needs more revamping on education, it has proper trading tools. It also charges quite high spreads and margins that might not be ideal for some. However, it shines where it matters the most.
By providing multiple trading assets, functionality, and simplicity, the platform is a great trading facility. It also comes with security and ease of use for both beginners and professional traders.