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MarketsPilot Review 2020 – Can You Trust Them?

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MarketsPilot Review 2020 – Can You Trust Them?


Website URL: www.marketspilot.com

Founded: 2018

Regulations: Unregulated

Languages: English

Deposit Methods: Credit Card, Debit Card

Minimum Deposit: $250

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Cryptocurrencies

Trading Accounts and Conditions

MarketsPilot offers its clients 7 different account types:

  • Student Account: The minimum deposit required for this account is $1,000. The maximum leverage is 1:200 for Forex.
  • Advanced Account: The minimum deposit required is $5,000. The maximum leverage is 1:200 for Cryptocurrencies.
  • Semi-Managed: The minimum deposit required is $10,000. The maximum leverage for cryptocurrencies is 1:500.
  • Fully-Managed: The minimum deposit is $25,000. The maximum leverage for cryptocurrencies is 1:500.
  • Pro-Account: The minimum deposit is $100,000. The maximum leverage for cryptocurrencies is 1:500.
  • Expert Account: The minimum deposit is $500,000. The maximum leverage for cryptocurrencies is 1:500.
  • 1 Million Club: The minimum deposit is $1 million and the maximum leverage is customized for cryptocurrencies.

There is no information on the spreads offered, and since we were unable to access the broker’s trading platform, we could not check this information for ourselves.

MarketsPilot – Advantages

There are no advantages you will find in trading with MarketsPilot.

MarketsPilot – Disadvantages

Here are all the disadvantages we found with this broker:

MarketsPilot claims to be owned by Click World Ltd., which is a company that is supposedly located in the Commonwealth of Dominica. However, the telephone number provided is a UK-based one.

Dominica does not have regulatory oversight for forex and CFD brokers, so being registered in this country does not give a brokerage license to operate. Since this broker has given a UK-based phone number, we also checked the Financial Conduct Authority’s online register to see if it was regulated in the UK. We came up with nothing.

This means that this broker is operating illegally.

$100

Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

$100

Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

 

  • Sirix Software Unavailable

MarketsPilot claims to offer its clients support for the Sirix trading platform. While not as popular as the MetaTrader 4 software, the Sirix platform is a very good trading interface.

However, this broker’s claim is actually a lie. When we tried to access the platform, the page showed that it was loading. And that’s all we got. Then, after a few minutes, an error message was displayed and we were asked to get in touch with MarketsPilot’s support team.

The trading platform is the core of what a broker offers, so if this itself is missing, then that broker is basically not worth doing business with.

  • No Clear Information on Trading Conditions

This broker has 7 different account types on offer. However, it has omitted to give key details about its trading conditions. We know that it has a maximum leverage for forex of 1:200 in its basic account, but there is no other information about the leverages offered in the rest of the trading accounts.

The leverage information in the other 6 accounts focuses on cryptocurrencies, but there is no information about the leverages offered for forex.

We do not know anything about the spreads or any other fees or commission this broker may charge.

  • Conflicting Information About Minimum Deposit

On its Account Types page, the broker states that the minimum deposit requirement is $1,000. But when we checked their client area, that amount was shown to be $250. Such conflicting information shows a sloppy broker that is not too concerned with critical details.

  • Cannot Make Withdrawals from Account

When we went to the Withdrawals section of MarketsPilots’ website, we found out that there is no withdrawal option available. The only message we found on the screen was that we needed to contact our Account Manager to submit a withdrawal request.

This shows that this broker cannot be trusted. In fact, this is a clear indication that MarketsPilot is a scammer!

The only two ways by which you can make deposits is via credit or debit cards. There are no other deposit options available. Most regulated brokers offer their clients multiple ways in which they can deposit funds in their trading accounts, so this is yet another red flag that MarketsPilot should not be trusted.

  • Bonus Withdrawal Conditions

This broker offers bonuses, which is another highly controversial subject. Bonuses have been banned in most countries because of their unfair withdrawal policies. And sure enough, we find this broker also putting down unfair withdrawal conditions.

To be able to withdraw your funds if you have taken advantage of the bonus offered by this broker, you need to have traded a volume of at least 0.1 lots times the bonus offered. This means that for a $1000 deposit plus a $100 bonus, you need to have traded 10 lots (=$100,000) before you will be allowed to withdraw your funds.

Like we said, this is an extremely unfair condition since most traders would not be able to meet that turnover requirement. This also means that they would not be able to withdraw their money at all.

  • Account Closure if Charge-Back Requested

If you make the mistake of filing for a chargeback, then your account will be closed and your profits will not be returned to you. This is yet another way via which this broker will stop you from taken your money out of your account.

  • Indemnity Clause in Place

This broker also protects itself from legal action by using an indemnity clause in its terms and conditions. If you try to take legal action, you will fail, since the contract with MarketsPilot states that you agree not to take legal action of any sort against them!

Conclusion 

Everything about MarketsPilot shows us that this broker cannot be trusted. This broker shows all the signs of being a scammer and we would advise all traders to stay away from them.

MarketsPilot

Cons

  • Unregulated Broker
  • Sirix Software Unavailable
  • No Clear Information on Trading Conditions
  • Conflicting Information about Minimum Deposit
  • Cannot Make Withdrawals From Account



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