SafeMarkets. Can you use them without any problems?
When you are looking for forex brokers, you might come across SafeMarkets. And, if you don’t do research before you decide if you should use them or not, you might regret your decision.
There are brokers out there that are not legit. Not registered and for sure not recommended. SafeMarkets are one of them. And, you need to make sure that you understand everything before you can decide if this is brokers that you can trust or not. Here is some essential information about SafeMarkets and the facts and truth about them.
More about SafeMarkets
SafeMarkets are forex brokers and CFD brokers. They are offering a huge number of cryptocurrencies and they are situated in Estonia. With further research, we found a legit address, email address and telephone. However, we didn’t find other legit information about them.
There isn’t any information about their service, about the platform or positive reviews about them. Making us think that there might be something that they want to hide.
Are they regulated and registered?
The first proof that they aren’t recommended or legit. SafeMarkets aren’t registered. Meaning that they are operating as a broker illegally. This also means that they aren’t regulated. No one is regulating them to ensure that they are doing everything legally. To make sure that they don’t just scam people out of money.
This is one of the most important things that you should look for when you are using a broker for trading forex. If they aren’t registered and regulated, you should not make use of them. And, this is exactly what SafeMarkets is.
The platform that they are using
Because they don’t have a demo account, we can’t test the platform to see what type of platform they are using and if they are using a real platform in the first place.
The only thing that we do know is that they don’t make use of the most trustworthy platform on the market. We are talking about MT4. If you want to make sure that the brokers are legit, then you should just see if they are using MT4 or not. Most of the time if they don’t use MT4, they aren’t legit and they are just trying to make some extra money.
Some unrealistic withdrawal requirements
Why are they making it hard for traders to withdraw the money that is actually theirs? This is because they might not want people to make the withdrawals. You will see that SafeMarkets have some ridiculous and unrealistic withdrawal requirements.
Before you can withdraw your money, you need to have done a certain amount of trades, and they should have a certain amount of money in their account. This is even riskier for brokers, and really not worth taking the risk. There are other brokers that don’t have these ridiculous requirements.
No history about the company
Another problem that we have with SafeMarkets is the fact that there isn’t any history about them. No history about the company, the founders or the founder date. This is strange because this is information that you don’t need to struggle to find.
You need to make sure that you know everything about the brokers that you are going to use. And, if you don’t find any information, this is a sign that you might not want to use them as your brokers.
High minimum deposit required
Looking at the different accounts that they have to offer, you will see that with the premium account, there isn’t any information about the minimum deposit requirements. But, with the other, better accounts, there are minimum deposit amounts.
However, these amounts are really high and risky to trade with this huge amount of money. The best traders don’t require you to pay this high amount of money so that you can just start trading.
Are there any regulators warnings out for SafeMarkets? Yes, there are a couple of warnings out because they are not registered and not regulated. There are some other reasons as well on why they aren’t recommended for using.
It is really important to make sure that you know these warnings and make sure that you trust the regulators. They won’t warn against brokers if there wasn’t any reason to warn traders about them. The fact that they are so dodgy with their business’s information and the withdrawal requirements that traders need to meet, makes them really high risk to use.
SafeMarkets. One of many brokers that you can use online. But they aren’t the most trustworthy and legit brokers on the market to use. And, this is important to make sure that you are using brokers that you can trust. SafeMarkets isn’t registered or regulated. Making them risky to use. Then their platform isn’t the best on the market either. There are much better and more recommended brokers out there that you can use for trading.