Mysafemarket.com Review: this is the name of a Forex broker that is located in the offshore location of Marshall Islands. Is it safe to invest in MySafeMarket or not? Since this is an offshore based brokerage, funds safety is not assured. Find out more about this company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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MySafeMarket mentions on the website that it is located in Marshall Islands, which is an offshore location. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.
Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of MySafeMarket
The company offers clients a reliable platform for them to invest in their favorite assets. Their trading portfolio seems impressive. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
This broker gives clients a generous leverage for them to make profit as well as an advanced trading platform.
MySafeMarket Trading Platform
MySafeMarket offers traders the MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: currency pairs, and CFDs on stocks, indices, commodities, metals and cryptocurrencies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are not disclosed on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on MySafeMarket
The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard and Bank Wire. There is no mention of e-wallet options and this is discouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is also not displayed. We are aware that the average among many brokers is somewhere around $100 to $250, but we would like brokers to let clients know this upfront. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
There is a welcome bonus offered to traders on making deposits. We find this to be more of a disadvantage because bonuses are commonly used to tie down the funds of clients by scam brokers. They attach ridiculous and unattainable withdrawal conditions after giving traders bonus.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is MySafeMarket Licensed?
No. MySafeMarket is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the broker or a representative of the customer service, we find no means made available on the website.
MySafeMarket is not licensed and it is why we will give it a low rating. The offshore location like was stated is also a red flag. We also found trading bonus and we have always warned readers to avoid brokers offering welcome bonus. If you have anything to say about this broker, do so in the comment section.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website