SelectedMarkets.com Review: Is Selected Markets A Licensed Broker?

Selected Markets is your first step to prosperity and power of knowledge, so claims the website. In those few words, this broker manages to grab attention of anyone interested in making profit. It further states that the intention behind designing selectedmarkets.com is to “put smart people on their own path to financial freedom”.

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This brokerage poses as an educational trader with its strategy of “The Pillars of Success for your Investment”. They are namely: education, research, execution and discipline. Each is briefly explained on the page. Selected Markets mentions that it is run by Halsted Holdings Ltd. The address is Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, Saint Vincent and the Grenadines.

The address above is in an offshore location. This already means that it is impossible for Selected Markets to be a licensed broker under any reputable authority. Another red flag is that this is the same address that another suspected scam broker, Alaska Capitals, uses.

Selected Markets Trading Platform

Despite finding a statement on Selected Markets website about trading platform, none is not clearly indicated. This leads to the conclusion that Selected Markets Trading Software uses a web-based platform. A demo account reveals that the spread is a very low 0.4 pips on EURUSD. It also offers traders a leverage of 1:400 which is a generous and tempting.

How To Make Deposit and Withdrawals On Selected Markets

Selected Markets offers clients a wide range of payments options with Visa, MasterCard and wire transfer just a few. There are options to use electronic wallets like Skrill, Webmoney, Netteler, Sofort, Astropay and many more. Minimum deposits differ on the account type a client chooses. There are five types that range from a minimum of $5,000 to $100,000 deposits.

There is information on withdrawal charges depending on the medium used. Withdrawing with credit cards will attract 0.3% fee (minimum of $20, maximum of $500). Using Bitcoin, a charge fee of 1% (minimum of $20, maximum of $500) will apply. For wire transfer, it will attract 0.3% fee (minimum of $50, maximum of $750).

The minimum withdrawal allowed on Selected Markets is 100 USD/EUR/GBP. But while all this may be viewed as a transparency only associated with legit brokers, a catch is placed on withdrawal. It is stated in the conditions that any account using a bonus promotion will not be able to withdraw money until it has reached a trading volume of 40,000 times the bonus.

This is an extravagant condition that is placed on clients by scammers. They give promotions and then use it to prevent clients from pulling out when they want.

Is Selected Markets Licensed?

No. Selected Markets is not a licensed broker. This means that it is not under any regulated body and misappropriation of funds cannot be questioned by authorities.

Support

The medium of contacting a customer care representative of this broker is by emailing support@selectedmarkets.com

Conclusion

On the surface, the level of transparency of Selected Markets seems like a good sign. However, the fact that it lacks a license is a big indication not to trust this brokerage completely. The offshore address is a big disadvantage as we have come to know that this location is a den for con artists. Considering the restriction placed on bonus accounts also shows that this is not a good investment.

COMPARE WITH A TRUSTED BROKER

Fortrade

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

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