Markets.com is operated by Safecap Investments Limited – a Cyprus Investment Firm (CIF) which is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 092/08. Markets.com is licensed and regulated under the Markets in Financial Instruments Directive MiFID, an EU law that establishes harmonized safe-practice benchmarks for investment services across the EEA. In order to be MiFID compliant, Markets.com adheres to strict regulatory guidelines.
Markets.com introduced bitcoin trading in December, 2013. Similar to their other offerings of non-Forex products, bitcoin trading is provided in the form of a contract for difference (CFD) which comes with a weekly expiration, as all open orders are closed at market prices at the end of each Friday. The product offers leverage trading of 5:1 as well as the ability to go both long and short. Spreads are fixed at $12.00 which at current prices is around 1.5%. This compares to leading bitcoin exchanges whose fees are in the range of 0.1% to 0.5% Similar to major currencies, bitcoin trading is available for opening and closing orders 24 hours a day between Monday and Friday.
When it comes to the trading platforms, Markets.com also displays complete flexibility. They offer several downloadable platforms, including its own Meta Trader, Market Auto Trader and Market Mobile Trader, which offers mobile Forex trading for users of iPhones, Androids and all smart phones.
The site also offers some basic Forex education as well as market analysison both technical and fundamental spheres.
Contrary to many other brokers, Markets.com makes it completely easy and even enjoyable to contact them. There are phone numbers, emails, and even an instant chat right from the home page, which was truly appreciated during this Markets.com review.
Types of Trading Accounts
With Markets.com, traders have 3 types of account which they can trade from:
- Mini Account
- Standard Account
- VIP Account
With a mini account, traders receive a welcome bonus of a maximum of $250. An initial deposit of at least $100 is needed to open a mini account. With a standard account, traders need to make an initial deposit of at least $2500. The welcome bonus for a standard account is also considerably higher with a maximum of $2000. VIP account traders are required to make an initial deposit of $20,000. This type of account also gets to receive free news update as well as free FX signals.
Commissions and Spreads
Markets.com fixed spreads starts from as low as 3 pips for the major currency. However, with Markets.com, traders also have the option to trade with floating spreads. This is done by simply requesting the Account Manager to switch from a fixed spread status (default) to a floating spread status.
With regards to customer service, Markets.com also stands out with the way they approach this. Multiple language support is available and they offer 25 local phone numbers for their clients.
They also channel email support into several compartmentalized departments: Customer Support, Customer Relations, Finance, General Inquires, Marketing, Trading Desk, Compliance Department.
The above mentioned are in addition to live chat and fax support. As for their education center, Markets.com also separate the tutorials out for novices and professional. The various Forex topics are comprehensively covered in a very simple and concise manner making it easy to grasp the key points.
Without a doubt by being properly regulated by the FSA and Cysec, Markets.com has managed to settle the main question of legitimacy. This is something which many online Forex brokers fail to achieve. Without being properly regulated, many traders are wary of depositing their hard earned funds with a broker based solely on the broker’s claims of being honest. With Markets.com, none of these issues arise as there are regulatory safeguards in place to ensure the safety of the trader’s money.
Date posted: November 8, 2014