Should you trust and trade with MarketsSoft?
First, trading contracts for differences (CFDs) and binary options is often a high-risk investment route. So don’t just take any negative MarketsSoft review at face value. The negative comments may very well be from disgruntled traders who lost their investments legitimately.
But, while up to 89% of investors lose most or all of their initial deposit on trades, losing your hard-earned cash to a fraudulent stocks broker is the worst.
Scam forex brokers game their trading platforms to con unsuspecting traders.
So it may not be that you actually lost money trading, but because someone behind the brokerage’s name wants to make quick, illegal bucks at your expense.
That is illegal.
Do note, though, that if you have fraudulently lost money, you don’t have to sit back helpless. You can do something about it. Simply book a free consultation to know how to get your money back.
So, is MarketsSoft legit?
Here’s what you need to know now.
MarketsSoft Review: In a Nutshell
MarketsSoft claims on its website to be a world-renowned financial services company that offers over 1,000 investment options. The site goes on to claim that MarketsSoft dabbles in forex, CFDs, cryptocurrencies, and the commodities markets worldwide.
Horizon Ltd is the parent company to MarketsSoft. MarketsSoft also operates in different markets as Horizon Ventures Ltd, according to the Financial Management Association (FMA).
The website domain age shows the website was claimed in 2019. Scam brokers keep changing domain names to avoid getting caught and “ruining their name.” So they prefer to change domains frequently.
Could it be the MarketsSoft domain name is so recent because it was changed to cover up a scam reputation?
Where is MarketsSoft located?
Horizon Ventures Ltd claims to have its base at Suite 305, Griffith Corporate Center, Kingstown in St. Vincent and the Grenadines.
That is an offshore location, popular with scam brokers that want to keep their covert operations away from countries with robust financial regulations.
Interestingly, three more scam forex brokers claim to operate from the same address. One of those is Aronex Holdings Limited, and the other two are Finacom Limited and FinOperate — all of which are suspicious.
Is MarketsSoft licensed?
MarketsSoft is honest about not being licensed to operate in the United States.
But check this out:
The company outrightly claims that it is a licensed entity under registration number #FFA000322. It also emphasizes the registration was done by the “ministry of economic affairs and communications.”
The claim does not specify in which country that license is supposed to work.
The name of the ministry implies that MarketsSoft is licensed to operate in Estonia, which has a department that uses a strikingly similar name.
However, on June 18, 2019, the Estonian Financial Supervisory Authority, Finantsinspectsioon, issued an investor warning against Horizon Ventures OU and registration number 14643552.
The warning states Horizon Ventures OU and its subsidiary, MarketsSoft, do not hold a license, and neither are they authorized to provide payment services in Estonia.
A supposedly legitimate trading company lying about being licensed when it clearly is not is a major red flag to any trader looking into MarketsSoft and Co.
MarketsSoft claims it is registered in an offshore scam-haven
Here’s something else:
St. Vincent and the Grenadines may be a legal jurisdiction. Still, it is a well-known fact that fake forex and CFDs brokers register there because of the loose financial regulations in the country.
Here are several loopholes that scammers exploit, as examples:
- No minimum paid-up capital is required to incorporate a company.
- A company can skip holding annual general meetings altogether.
- A company can incorporate with just one director and a sole shareholder.
- An IBC does not have to share its shareholders’ and directors’ details publicly.
- BCs can issue registered shares without voting or non-voting rights or par value.
What that means is MarketsSoft can do what it wishes without worrying about facing legal consequences.
Also, since shareholders’ and directors’ details are shielded from public scrutiny, the entity’s corporate structure, leadership, and overall accountability structure are opaque and suspicious.
So even if the company committed fraud, the financial regulators of St. Vincent and the Grenadines would not bother to protect conned traders.
Is MarketsSoft Regulated?
Both MarketsSoft and Horizon Ventures Ltd are not licensed or regulated in the U.S., U.K, and the rest of Europe, and Australia.
MarketsSoft is not even regulated by the Cyprus Securities and Exchange Commission.
It is not clear whether the St. Vincent and the Grenadines authorities actually regulate any financial dealings that the two suspect entities transact.
FMA issued a warning against MarketsSoft
On August 17, 2019, the Australian Financial Management Authority published in an official gazette that both MarketsSoft and Horizon Ventures Ltd were unauthorized to conduct business in Australia.
Specifically, both entities are not allowed to conduct any banking transactions that require a license.
The notice also clearly indicates that both entities should not transact any business on their accounts or on behalf of anyone else.
So even when MarketsSoft claims to have professional personal account managers, they are not to make any trades on your behalf because they are illegal swindlers.
MarketsSoft has four more scam alert signals
Here are more red flags to watch out for.
Lacks basic SSL encryption
For a company that explicitly claims to offer world-class financial information, anti-money-laundering (AML), and Know Your Customer (KYC) protections, it is mind-boggling how it lacks basic SSL encryption.
That means it is possible for hackers, or the company’s staff, to steal your personal information, rob your deposits, bank account details, and even your identity.
Apparently, MarketsSoft offers good leverage.
However, there is not a single mention of the leverage customers get. And that puts your money in an easy-to-lose position.
Too high a spread
MarketsSoft offers a spread of 6.5 pips. That is a remarkably high spread, considering typical spreads that legit brokers offer play around the 1.5 pips threshold.
The deal is too good to be accurate based on how the overall market works.
No MetaTrader 4
MarketsSoft and Horizon Ventures Ltd claim to offer a desktop and mobile trading platform similar to MetaTrader 4.
Unfortunately, their native applications are of their own making. That may mean the apps can be “market matched” or gamed to fraudulently convince traders that their deposits burned in the course of trading on margins.
MarketsSoft review verdict
From lying that it is licensed by the Estonia Government to making a well-known scam haven home to being on the receiving end of several investor warnings, MarketsSoft is clearly a scam waiting to pounce on unsuspecting traders.
If you or a person you know lost money trading with MarketsSoft or Horizon Ventures Ltd, you can begin the process of getting your money back by scheduling a free consultation here.