MarketsUK (MarketsUK.co.uk) Review: We look at a lot of brokers here, and today we investigate MarketsUK forex broker. This MarketsUK review covers several aspects of MarketsUK broker, taking an in-depth look from the features allegedly offered to the case of its licensing, account types, leverage, withdrawal/deposit methods, and many other things. Read this Markets UK review to see what experts have to say about MarketsUK forex broker.
Table of Contents
MarketsUK Trading Platform
A trading platform, the software that gives access to the foreign exchange market, is one of the important aspects of a broker as it can make the difference between a bad or a good deal. The widely accepted Meta trader 4 and 5 are the industry standard when it comes to FX trading, but they are some brokers who use software that defers from that.
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MarketsUK forex broker uses a web trader to offer its clients access to the market.
We would like to point out that the legitimacy or competency of a broker isn’t solely based on the type of trading platform it supports, as they are a lot of scammers and incompetent brokers that have access to these renowned platforms.
MarketsUK forex broker offers leverage at 1:200
A High leverage can be a double-edged sword in the sense that a trader on a good trade can make a huge profit but also an enormous loss if the reverse becomes the case. Various regulatory bodies have put a cap on leverages for brokers; a limit that most unregulated brokers disregard. We do advise restraint if you ever come upon a broker with a leverage exceeding 1:30, especially if you are new to the market.
MarketsUK Account Types
In this portion of the review, we aim to explore the account types a broker might possess. Here, we check the account with its corresponding deposit and leverage. Doing this gives a clearer idea of how a broker might operate.
After checking, we discovered that MarketsUK broker has NO INFORMATION ON ACCOUNT TYPES.
Different brokers have different account types; most legitimate brokers start their entry accounts at $250, which is the acceptable minimum deposit the industry normalized. We reiterate that this is still not a yardstick to measure the legitimacy or competency of a broker.
MarketsUK Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
MarketsUK forex brokers has Credit/Debit cards and Wire Transfers for funding accounts.
One thing to keep in mind is that a broker might have withdrawal conditions concerning accounts; most fraudulent brokers stipulate a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is MarketsUK Licensed?
Licensing is another important part of our review because we can trust a regulated broker to some extent not to do anything fraudulent. We complete this part of the review by first checking the name of the company attached to the broker and then run that name through various regulatory bodies to discover if it regulates said brokerage.
In checking the license status of this broker, we had to check the regulatory body MarketsUK broker is meant to be under. To know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy. This list of regulatory bodies is not exhaustive by any means.
This broker is not licensed, it can’t even make up its mind if it falls under the FCA or the regulatory body of Estonia.
To see more of our reviews, take a look at dotfx review, marketscg review, hitoptions review.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
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Conclusion
In conclusion, we wouldn’t recommend you to trade with MarketsUK, they do not impress us with the vague information they have provided. They don’t give any valid information concerning if they are a regulated broker, Leading us to the conclusion that they are not.
Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.