MarketSpots Scam or Legit? A Comprehensive MarketSpots Review

MarketSpots Review
  • Broker Rating
4.4

Summary

You will discover that MarketSpots offers extensive educational resources to its clients for increasing their knowledge, the trading tools are impressive and their trading conditions can help traders in making the most of their investment. You can invest in as many instruments as you like, thanks to the variety available, and use the resources to maximize your profits.

Introduction

MarketSpots logoHave you ever thought about trading in the forex market or the stock market? At one point or another, everyone has contemplated the idea after they heard about someone making a fortune through trading. In fact, if you were to look into the background of some of the wealthiest individuals in the world, you will find that most of their wealth was generated in the financial markets because they are brimming with lucrative opportunities. Yet, there was a time when tapping into these markets was easier said than done and so, people could only wish for it and not really take the chance.

But, if you are tired of your 9-to-5 grind and thinking of making a career change, are looking to supplement your income or want to have a new hobby, trading in the financial markets fits the bill. The question is what makes it different now? To put it simply, everything changed with the beginning of the 21st century because this about a technological boom that no one could have anticipated. We are now living in a digital age where everything is accessible through our devices and in the world of the internet. This also applies to the financial markets, for people can now trade their instruments online.

Indeed, online trading is now a global phenomenon and people no longer have to go down the traditional route in order to get the taste of these markets. What does that mean? It means that most of the challenges or barriers that existed before no longer exist. Hence, it is not surprising that people rusk into these market in droves because they now have the opportunity of tapping into the various opportunities that can be found. You can start small and without any experience or knowledge and do it while you also do your job.

If you are wondering about the how, then all you require is a company that can provide you with trading services. Referred to as brokerages, there are a horde of them to be find, which specialize in online trading and claim to offer you the solution you need for fulfilling your goals. But, much like you shop for any other product or service, you need to do the same in this regard. This means taking all the claims made by a company with a grain of salt and making up your own mind about them.

To find a broker, you use the common route i.e. do a search on Google. A list of options will be provided to you, but you cannot just pick the first one you find. Not all companies are the same and it is up to you to find the one that will work for you. How do you accomplish this goal? You can do it by asking some essential questions and then making your decision based on the answers you find. MarketSpots is one of the options that you will be on your list, as the forex and CFD broker is offering its services to traders from different parts of the globe.

The essential questions that you need to ask about this company are mentioned as follows:

MarketSpots Review – Essential Questions to Ask the Broker

Broker MarketSpots
Website https://www.marketspots.co
Trading Accounts 5 Account Types; Standard, Silver, Gold, VIP and Pro. Demo Account also available
Minimum Deposit $250
Assets Coverage Forex, Commodities, Shares, Indices and Cryptocurrencies
Trading Tools Live Charts, Economic Calendar, Risk Management Tools, Price Alerts and Trading Signals
Education and Training Yes; free market research, Trading Academy, Webinars, Tutorials, E-books, Sessions with Market Analyst
Customer Support 24/6 through live chat, online contact form, email and phone number
Security Policy KYC (Know Your Customer) AML (Anti-Money Laundering) and Customer Acceptance (CFT)
Parent Company Marketspots LTD

MarketSpots trading instruments

  • What trading instruments can you find?

One of the most vital questions that you need to ask about any brokerage before looking at any other aspect is about their asset index. What trading instruments are they offering to you? If you do a search, you will discover that there are hundreds of thousands of financial instruments that can be found in the market and each of these has a different profit potential because they belong to different categories. Some traders may have a specific asset in mind while others may want to go with variety. No matter which category you fall into, knowing what instruments are provided is necessary.

Therefore, you need to ask this question first thing before you move forward. MarketSpots has gained popularity for the fact that it offers traders more than 1,000 trading instruments and they belong to varying markets. Hence, traders have the opportunity of trading multiple instruments from one platform. This is undoubtedly a benefit and you should check what options are available to ensure they can give you the kind of profits you expect. The categories available are:

  • Cryptocurrencies

One of the most in-demand trading instruments in today’s world are cryptocurrencies, which came onto the scene in 2009 with Bitcoin. Their volatility has helped them in becoming popular amongst traders because it can lead to high profits. You can trade a variety of cryptocurrencies on this platform, such as Bitcoin, Ethereum, Bitcoin Cash Litecoin, Ripple, DASH, Monero, NEM, IOTA, EOS, NEO and Zcash.

  • Forex

Another currency market, but not a digital one, is the foreign exchange market, which is also profitable. It is also not lacking in opportunities because there are numerous currency pairs that can be traded and these pairs have different levels of volatility. NZD/CAD, EUR/USD, AUD/USD, USD/CHF, GBP/USD, NZD/CHF, USD/JPY, GBP/AUD, GBP/NZD, EUR/CAD, EUR/JPY and GBP/JPY are just some of the options to explore.

  • Stocks

Trading in the stock market is a dream of many and this can be realized when you opt for MarketSpots as your brokerage. It has added shares of some of the most notable firms in the world and it includes some very powerful names. These are Apple Inc., Microsoft Corp, Amazon.com Inc., eBay, Netflix, Alibaba, Alphabet Inc., Facebook, Tesla, Twitter, Citigroup, AT&T, Coca Cola, Adidas, Total and Sony Corp.

  • Indicies

For those who don’t want individual stocks, but prefer betting on markets as a whole will find the indices option quite suitable for them. These can also offer you lucrative returns and there are some good ones available, such as NASDAQ, Dow Jones 30, S&P 500, DAX, CAC40 Nikkei 225, Poland20, London SE, STOXX Europe 50 and plenty others.

  • Commodities

Another one of the oldest markets that you will come across is that of commodities and it is a stable one that can offer constant returns to traders. There are different types of commodities to be found and a ton of options that can be explored. Gold, silver, copper, palladium, platinum, oil, natural gas, corn, coffee, cocoa, wheat, rice and cotton are options that can be used.

With such options available on MarketSpots, traders have the option of diversifying their portfolio as much as they want. Doing so can help them in minimizing risks and maximizing profits, which is the purpose of diversification.

MarketSpots security

  • Is any security provided?

A prominent concern that traders tend to have these days when doing anything online is safety. This could be the safety of the information you are putting out there, or it could be the safety of your money. These are legitimate concerns and they become front and center when you are thinking about trading online. After all, you will have to sign up with a broker, which means providing them with detailed personal details and also depositing your funds with them. If their platform is compromised, you could end up in a lot of trouble, which is something everyone wants to avoid.

The best way to do this is by knowing whether you are provided with any security or not. MarketSpots, from all appearances, has not taken security lightly. They are aware how sensitive the information they collect is, so they have opted to use the highest level of SSL (Secure Socket Layer) encryption on their website. It encrypts data as soon as it is shared, which reduces the risk of anyone getting away with it. They also have several security policies in place, such as AML (Anti Money Laundering, KYC (Know Your Customer) and CFT (Customer Acceptance).

The aim of these policies is to root out any criminal element from MarketSpots’ platform. They do so by checking the identity and address of anyone signing up on their platform. It can eliminate fake profiles made by cybercriminals for gaining access to the broker’s software and compromising it in any way. Compliance with these policies means that traders will have to provide some documentation. These documents include:

  • A form of ID with photograph, such as an identity card issued by the government, a valid passport or your driver’s license. This will confirm your identity.
  • A utility bill, whether water, electricity or gas, a bank statement, credit card bill, tax statement or any other document showing your address and not more than three months old.

In the event that you plan to use your credit or debit card for making your payments on MarketSpots, you will be required to submit a photograph of the card to verify it. In addition, it should also be in your name. Your funds will be kept in segregated accounts i.e. separate from the company’s and this is done for your protection. This confirms that your money is only for your use and not for the company’s own obligations or needs. Your account is also monitored, along with the trading activity, to ensure there is nothing suspicious going on.

MarketSpots trading platforms

  • Are the trading platforms useful?

If you have wondered why you need the services of a broker to trade, then you need to know it is because they provide traders with the trading platform. This is the major tool you need for accessing the financial markets and executing your trades, without which you will not be able to do anything. The whole of your trading rests on this platform, which means it has to be a good one to make it worth your while. Brokerages tend to offer their own respective platforms and the same is applicable here. You will find that MarketSpots has also developed a proprietary trading platform for their clients.

Amongst the various options, they have chosen to go with a web trading platform, which means that you can access it through the web browser. There is no form of downloading or installation required with this platform, which is a plus for traders who don’t want to be tied down to a device. They are able to use it on any device that has a browser, which provides flexibility. MarketSpots has not made any compromises when it comes to the functionality aspect because their platform may be simple, but it is powered by state-of-the-art technology. They have created a next-generation platform that comes with one-click trading features and offer ultra-fast execution speed.

The best thing about the platform is that it is easy to use and navigate, so traders with no experience will be able to figure out how to go about it without any problems. Moreover, you will discover that MarketSpots has equipped it with all the latest tools and features that can assist traders in fine tuning their decisions to make the most of their investments. Ranging from the latest market news, trading signals, fundamental and technical analysis, live charts and graphical tools and real-time data feeds can make all the difference.

You will also come to know that MarketSpots has provided separate mobile trading apps for iOS and Android devices. These apps can be downloaded within seconds and are a strong option for those who like to trade on the move and not from one place. The apps give you access to your account 24/7, no matter where you might be or what time it is. Plus, they also have the right tools and a simple user interface to make them useful.

MarketSpots accounts

  • What are the account choices given?

How comfortably you can trade with a broker will depend on the account choices you are provided. If you compare a couple of platforms, you will come to know that offering choices in accounts is the norm and even more so for companies that target traders from all skill levels, rather than a particular group. However, the number of options and the features they include can vary. Some platforms have limited options and they come with very little room, which can complicate trading. MarketSpots has opted to provide five account choices and they have kept them flexible and diverse to suit different trading styles and risk appetites.

But, before you look at these options, it should also be noted that there is a demo account also provided to traders. MarketSpots has added this account to give traders the chance to get in some practice before they dive into the real markets and put their hard-earned money on the line. It is also an opportunity to test any new strategies to see how they will turn out. Furthermore, anyone who may have doubts about the brokerage can use the practice account to test their conditions and platform as well. Now, let’s move onto the account choices:

Standard: With a minimum deposit requirement of $10,000, this account has been developed with newcomers in mind. The features start with a leverage of 1:200, daily news, a weekly market review and a weekly portfolio progress report as well. Traders are also provided an account manager to guide them and access to the Trading Academy so they can polish their knowledge. A margin loan of 25% is included in this account.

Silver: The minimum deposit requirement for this one is $50,000, so it is for traders with some exposure in the financial markets. The features also change, like the margin loan going up to reach 35%, market reviews coming in daily, along with the portfolio progress report. A portfolio manager is also added here and top analysts monitor the market round the clock to give insights. Another incentive is to reduce the trading commission by 25%.

Gold: Traders who are at the intermediate level will find this account choice a good one because its minimum deposit is $100,000. A personal portfolio manager comes in and the margin loan is now 50%. Sessions with a certified accountant are available monthly, a weekly live streaming webinar can be attended and one-on-one sessions are available weekly with a market analyst. A certified tax specialist can also give you an end of year summary and the trading commission is reduced by 35%.

VIP: Those who fall in the advanced and skilled category will find this account to be quite comfortable and they can open it for a minimum deposit of $250,000. Changes are made to leverage as it goes up to 1:300, a 75% margin loan is provided, market analyst sessions are now given daily and customized education is also added. Other additions include a VIP advisor, a managed portfolio, invitation to VIP events, daily market research and in-depth research, all of which can be extremely handy. Lastly, the discount on commission for this account is 50%.

Pro: This account, as obvious from its name, is meant for professional traders, so its minimum deposit requirement begins at $1,000,000. The perks are for professionals as well, so the leverage begins at 1:400 and the margin loan is now at 100%. Traders can get higher payouts and their discount on commission is also 75%. A personal chief portfolio manager is provided and unlimited access to exchanges is also given. Now live stream trading webinar is possible on a daily basis and traders can also take advantage of a wealth manager, while getting super tight spreads.

  • How can you make deposits and withdrawals?

When you have taken a look at the account choices, it becomes obvious that in order to open one, you will have to make a minimum deposit. No matter which option you go for, it is a requirement, but the question is how to fulfill it? To find the answer, you need to see what methods are supported by the broker you are choosing. In this regard, MarketSpots offers several choices to their clients. You can choose to use your debit or credit cards, including Visa and MasterCard for doing so. If you don’t want that option, you can try using your bank account for adding funds.

The currencies you can use for making your deposits include EUR, GBP or USD, if you want fiat. Otherwise, cryptocurrencies can also be used, such as Bitcoin, for making your deposits. Deposits do not incur any cost and are typically processed immediately, unless third-parties like banks cause delays. The same methods are also applicable when you want to make a withdrawal. As long as you have verified your account by submitting the documents mentioned earlier, you will not have a problem in doing so. Bear in mind that withdrawal requests are processed in 3 to 4 days.

In addition, there are minimum withdrawal limits applicable as well, which vary according to the method you use. For cards, this limit is set at 50 in the currency you are using, while for bank transfers it is 100. There are charges applicable on withdrawals, which involve a 3.5% commission or $30 in case the amount is less than or up to this limit. An important thing to remember is that third-party accounts or cards are not supported and should be in your name in order to be used on the platform, as per the AML policy.

What is the final verdict?

Other than these offerings, you will discover that MarketSpots offers extensive educational resources to its clients for increasing their knowledge, the trading tools are impressive and their trading conditions can help traders in making the most of their investment. You can invest in as many instruments as you like, thanks to the variety available, and use the resources to maximize your profits.