The offshore broker SELECTED MARKETS offers foreign exchange and CFDs on five different accounts. It provides its services on the web-based platform. Please follow this review until the end.
About SELECTED MARKETS:
The accounts provided are Practitioner, Advanced, Prefered, Selected and Infinite with the maximum leverage from 1:100 to 1:300. The minimum deposit is Euro 5000, 10000, 25000, 50000 and 100000 respectively. The leverages provided by SELECTED MARKETS are comparatively high and can be liked by the traders. The traders of SELECTED MARKETS are provided with more than two hundred assets consisting of currency pairs, CFDs, commodities, indexes and shares. It also offers its services on cryptocurrencies. Halsted Holdings Ltd. is the owner of SELECTED MARKETS registered in Saint Vincent and the Grenadines. In the SVG area, anyone can get licensing done with very few and simple steps. Hence it can be said that this company is unlicensed to offer its products and services in regulated markets.
The unregulated offshore brokerage providers are not trustworthy. No one can keep such firms accountable for any loss. The cost of trading with SELECTED MARKETS is invisible on the website and this is another disadvantage. The website does not show the value of spreads and this is also troublesome. The market average spread provided by other brokers comes around 1 pip. This broker refuses access to a demo account and provides a hint about the potential scam. Furthermore, SELECTED MARKETS is not equipped with MetaTrader4. There are several advantages of MT and with this broker, trader misses it completely. It does provide some unproven web-based trading platform. While handling it we came across many glitches and is not a good sign. Another bad thing about this broker is that the initial deposits are comparatively high. Several brokers provide these services at the cost of 100 euros or so. There are several unnecessary fees and commissions associated with this broker. There is a twenty euro charge on withdrawal from cards. Euro fifty is applied to a bank wire transfer. Monthly euro 50 is deducted from the accounts for the three months inactivity.
Is SELECTED MARKETS scam or legit?
In this review, we have come across a few advantages of SELECTED MARKETS. Unfortunately, they are not convincing. It fails to show any legitimacy considering licensing and regulations. The opaque trading environment is also worrisome. In our view, traders must do trading with licensed and well-regulated brokers. SELECTED MARKETS can be a potential scam broker and one should avoid it.
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