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MarketSpots Review – Is MarketSpots Scam or Legit?

MarketSpots Broker Rating
  • Overall Rating
4.6

Summary

If you are a new trader looking for a broker that you can trust, I would recommend spending time on discovering MarketSpots. You will be amazed by the features that this broker has to offer once you experience them yourself.

MarketSpots Review

MarketSpots Review

MarketSpots logoTrade markets have proven to be quite ruminative in the last few years which as a result has attracted the attention of many people. The mass attraction towards online trading has led to the emergence of many new online brokerage firms. New technologies are constantly incorporated into the trading platforms of these brokers to ensure that traders have easy access to financial markets. A stable internet connection and a computer device are all that you need to experience the online trade industry.

While it is great to have numerous options to choose from, it is also extremely time-consuming to find the right broker. You will come across all sorts of brokers where some will be good, some will be average, and some will be unsatisfying or scams. I have experienced trading with all of the above-mentioned types of brokers. Today, I want to talk about a broker that I recognized as a good broker. This broker is called MarketSpots and it is a broker that centralizes all of its services towards customer satisfaction. You don’t have to worry about this being a completely biased review. I will address the things that I liked about this broker while also mentioning the features that I found to be underwhelming.

So, let’s take a look at some of the features of MarketSpots.

Broker MarketSpots
Website https://marketspots.co/
Assets Forex, Bonds, ETF, Indices, Stocks, Commodities, Cryptocurrency
Customer Service 24/5
Bonus Up to 50%
Trading Platform Web Based
Mobile App Yes
Accounts Types 5
Minimum Deposit $10,000
Payment Methods Wire Transfer, Credit Cards, Internet Payments
Leverage 1:200
Training Education Center and Webinars

MarketSpots Features You Should Know About

·         Leading Broker for Forex Trading

The word forex is a combination of the coined word foreign exchange and is also called FX or currency trade. The forex market is one of the leading trading markets. So, you might be wondering what exactly happens in forex trading? Well, in simple words, you simultaneously buy and sell a currency. The profit of this trade comes from the differences in the exchange rate. Like all assets, forex markets are very volatile, so you have to make quick decisions when trading with this asset.

MarketSpotsIn forex trading, you can only exchange specific pairs of currency. This means that you cannot pick two currencies on your own and exchange them. MarketSpots is one of the leading forex trading brokers in the field and offers more than 60 plus currency pairs for trade. This is an impressive range because most brokers are not able to support the exchange of so many currency pairs. Some of these pairs are EUR/USD, USD/JPY, GBP/USD, EUR/JPY, among various others.

MarketSpots offers access to the forex market 24 hours a day, five days a week. So, you cannot access it on weekends. Time-zone overlapping during the working hours is something that you should be mindful of because that is when the market liquidity is the highest. Judging by the features this broker offers for forex trading, it is evident why it is one of the leading forex brokers.

·         Provides CFD Trading

MarketSpots is also one of the leading CFD trading providers in the industry. CFD, short for Contract for Difference, is a feature that allows you to trade assets without actually buying or selling them with your funds. So, you might be wondering what exactly goes on in trading with CFDs? Let me explain this in simple words. When you trade with CFDs, instead of buying or selling the asset, you sign a contract for the asset with a broker. When this contract expires, you will receive the profit or pay the loss depending on what happened to the market value of the asset during the contract period.

MarketSpots allows you to use CFD trading with all assets that it supports, including forex. So, you can invest in multiple assets at the same time to develop your trading portfolio. Furthermore, trading with CFDs allows you to trade on margins, which means that you don’t have to pay the entire cost of the asset when you invest in it. You just pay a small fraction of the total cost. The broker offers you instant execution for all your trades with CFDs. MarketSpots operates CFD trading 24 hours a day, 5 days a week.

You should remember that however exciting the notion of quick returns may seem to you, CFD trading may also cause you great distress if the market value of your asset falls. You may end up with higher losses than you can overcome. Caution should always be a priority with trading.

·         ETF Trading Feature

I was surprised to discover this feature on this broker. A majority of brokers do not provide ETF trading in addition to providing CFD trading. This one of the rare features that you will not find on many brokerage sites. ETF trading stands for Exchange-traded Fund and are similar to mutual funds. With ETFs, you can trade a bunch of securities like stocks and continue their trade throughout the day, unlike mutual funds that stop trading when the day ends.   

With MarketSpots, you can enjoy trading with amazing trading instruments such as CFDs and ETFs. So, you can trade in a number of ways with this broker.

·         Other Assets for Trading

While this broker specializes in Forex and CFD trading, it also offers trading with various other instruments. MarketSpots allows you to trade with more than 300 tradeable assets which include commodities, stocks, bonds, indices, and cryptocurrencies. And these assets are in addition to the trade of forex, CFDs, and ETFs. The broker also offers great leverage rates for all assets.

You can trade commodities such as gold, copper, natural gas, and many others with MarketSpots. You will also find a range of tradeable assets for stocks, bonds, indices, cryptocurrencies, and ETFs on this broker. Because of the large range of assets that are supported by this broker, you do not have to look for a new broker if you develop an interest in a different asset for trading.

·         Trading Platform

The trading platform your broker offers greatly reflects its trading environment and conditions. Since you spend all your time as a trader on the trading platform of the broker, you must check the quality of the trading platform the broker offers. In fact, it should be one of the first things you should look into when you are considering a broker. Some brokers use special downloadable software as their platforms while some prefer browser-based web-traders.

MarketSpots has designed an efficient web-trader for its trading platform. I personally prefer web-traders because you just need a device with a stable internet connection to access the broker. You can access your trading account on any device with just your credentials with web-trader platforms. You are facilitated with a variety of trade tools such as market signals, and a variety of trading orders among other tools. Moreover, the platform is a user-friendly interface that allows easy navigation. So, you can browse the platform without any complications. The design of the web-trader supports one-click trade and offers quick execution for all commands. There are many more features that this broker has incorporated into their trading platform to provide you an excellent trading environment.

Not only does the broker provide you with a reliable trading platform in the form of a web-trader, it also offers downloadable applications for Android and Apple devices. However, the downside of this is that the performance of these apps may affect the storage and speed of your devices. Moreover, your device also needs to be updated with the latest software. Besides, I was really impressed with the trading platform that MarketSpots offers to its customers.

·         Safety of Funds

When you are part of the trading market, you have to regularly make deposits and withdrawals from your account on the broker. Your account with the broker is like a bank account so, it holds all your deposits and earnings. Therefore, you need to select a broker that ensures the safety of any fund that you store with them.

MarketSpots guarantees the safety of your funds by implementing various policies. This broker is fully regulated which requires it to be compliant with the KYC and AML polices, which expand to Know Your Customer and Anti-Money Laundering respectively. The KYC policy requires you to submit a Proof of Identity every time you want to make a withdrawal from your account. This is done to prevent hackers or the broker itself from accessing your funds. Furthermore, the AML policy ensures that no illegal funds are transacted or withdrawn from any account.

Another precaution to protect your funds from third-parties, hackers, etc. is to keep them in segregated accounts. MarketSpots keeps all your funds in a segregated account which means that your money will not be mixed with the broker’s money. This prevents the broker from accessing your funds and using them for its own investments. The fund security measures provided by MarketSpots allow you to trade with a peaceful mind since you don’t have to worry about losing your money to illegal acts.    

·         Clear Risk Disclaimers

As a trader, you must be aware of the risks that are involved in online trading. While this field allows you to earn substantial profits, it can also leave you broke if you end up investing in wrong trades. You should learn about the different risks that are associated with the trading or various assets. The volatility of the financial market makes it impossible to guarantee a high return on any asset. It all depends on the timing and whether you use the recourses correctly.

MarketSpots clearly states the risks that are associated with each of the trading instruments they offer. They provide clear statements of the risks that are involved with CFD and forex trading. Furthermore, you will also find rick disclaimers for the bonuses and leverages they offer for trade. You should be mindful of these risks before you start trading with an asset.

This feature works as a reminder for experienced traders and is useful for new traders as well who may not have paid close attention to the risks before.

Final Thoughts

MarketSpots is a broker that prioritizes customer satisfaction which is evident from the services it offers. The broker also provides reliable customer service that has competent and trained staff to help you with your worries and questions. It offers some of the best trading conditions which allow you to have a pleasant trading experience. I consider MarketSpots to be one of the most reliable brokerage firms available online.

So, if you are a new trader looking for a broker that you can trust, I would recommend spending time on discovering MarketSpots. You will be amazed by the features that this broker has to offer once you experience them yourself. While I cannot force you to pick this broker, I will strongly advise you to consider signing up with this broker.

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