Markets.com is operated by Safecap Investments Ltd which is a Forex and CFD broker. The firm was previously known as GFC Markets and had been offering online FX and CFD trading services since 2008. In 2010, Safecap Investments Limited which owned and operated GFC Markets merged with TradeFx. Continue reading to find out everything about Markets.com!
TradeFx is a developer of software solutions for Forex and CFD operators. After the merger, GFC Markets was rebranded and it started operating under the brand name Markets.com. Playtech acquired TradeFx and thus Markets.com at a price of 485 million Euros in 2015.
The licensing of Markets.com
Safecap Investments Limited which is based in Cyprus is regulated under the Cyprus Securities and Exchange Commission (CySec). The company is also licensed by the Financial Services Board (FSB) of South Africa. The company’s license number under CySec is 092/08 while under FSB it’s 43906.
Opening an account with Markets.com?
Opening an account at Markets.com is easy as the only thing you need is your email. You will then be required to create a password. However, you will be required to verify your account which can be done through proof of identification, proof of residence, or the company’s National Client Identifier (NCI) system. There is enhanced verification which can be done using proof of phone number or bank confirmation letter. This letter is from your banking institution based in the EEA or an equivalent country.
What type of accounts does Markets.com have?
Once you have opened an account, you will be required to fund it with a minimum of $100. You can familiarize yourself with the platform by opening a free demo account. You will only be able to navigate the platform in the demo account mode and not the live mode. The default leverage for account holders is 1:50 while maximum leverage is 300:1. There are accounts for individuals and corporates. For a corporate account, there are additional features to enjoy.
Deposits and withdrawals
There is a wide range of deposit and withdraw options for users. The platform accepts credit and debits card transactions from Visa, Diner’s Club and MasterCard. Wire transfer is also accepted and in special cases, local bank transfer can be done but upon discussion between the firm and the client. The platform also accepts Skrill, PayPal and Maestro Card. Withdrawal of funds and also depositing money into your account has been simplified. There is even a guide on how to do it. The broker does not charge any fee on withdrawal and deposit of funds and promises to refund clients any charges incurred to the financial intermediaries for deposits exceeding $2,500.
Instruments offered by Markets.com
The broker has over 2,000 shares based on 12 different markets. There are no commissions charged when you trade in shares. Leverage for shares is up to 1:10 and traders can enter into as many share CFDs as they wish. For Forex traders, Markets.com offers more than 50 currency pairs. The spreads are as low as 2 pips and leverage can go to as high as 1:300.
Like many other modern casinos and ECN brokers, Markets.com allows traders to trade in cryptocurrency. According to the official website, you don’t need to download a crypto wallet in order to trade in crypto. You can practice using the demo account before using real fiat or cryptocurrencies. The platform also offers traders over 25 indices, ETFs and commodities to trade in and all of them come with different tight spreads.
The company has a support team which responds 24/5. You can call or use the integrated chatting system. You can also send an email and wait for a reply which according to the company is within a short time. There are several detailed FAQs on the platform which might help you get an answer to your question.
Navigating the Markets.com website is to understand and navigate. There is a lot of informative material on the site that one can use to understand the platform and even enter into trades. MT4 is the standard platform that you can access when you enter the trading screen. The low $100 beginner deposit is attractive especially to beginner traders who don’t want to risk a lot of money. Traders can withdraw $10,000 at a time which is good.
As for reliability, Markets.com is one of the best Forex and CFD brokers in the market. The team behind the platform offers above average service. In 2012, the company received the Best Broker in Customer Service Europe in 2012 (Global Banking & Finance Review). The company also received Best Customer Service 2012 award during the London Investor show Forex.