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Selected Markets review ; An offshore brokerage scam !!!

Selected Markets review ; An offshore brokerage scam !!!

The estimated reading time for this post is 303 seconds

Selected markets reviewSelected markets Review : Selected Markets is an offshore broker that without a license. This broker offers a wide range of tradable assets with generous leverage. They are located in St Vincent and Grenadines. And they operate under the company name Halsted Holdings Ltd.

Meanwhile, this broker appears to be a huge scam, as they have numerous features of a scam. Moreover, in this selected markets review, we shall highlight their weaknesses and strength. Therefore, finish the review and find out why we consider it a scam.

Moreover, to get across to them, potential clients can send a mail to support@selectedmarkets.com.

Their physical address is Suite305, Griffith Corporate Center, P.O. Box1510, Beacmont Kingstown, Saint Vincent and the Grenadines 1510.

Selected Markets review

Selected markets reviewWe wish to let you know that selected markets is a big scam. After our extensive research, we arrived at this conclusion. The first red flag you will notice about this broker is their high minimum deposits. This ranges from €5000 to €100,000. This is far greater than the normal market standard. In areas where brokers are regulated like UK, USA, Canada, the minimum deposit is usually $250. This is important in keeping checks and balances, thereby preventing dubious activities.

In addition, this broker is not regulated by any body. Therefore, once you invest your money, you will definitely loose it; Since there is no means of getting it back. If selected markets is a legit; Then it should be under the regulation of any financial authority like FCA, CYSEC etc.

Moreover, selected markets don’t keep clients funds in a segregated account. This implication is that once this company folds up, your money disappears for good. In addition, since it’s not regulated, Selected Markets don’t have clients compensation fund scheme. Which should be a means of paying back some percentage of lost funds to investors.

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Any available demo accout?

Through this Selected Markets review, we found out that there this people don’t even offer a demo account. Therefore, clients don’t have a means of getting use to the trading conditions. We don’t really think it’s okay to open a live account and invest such amount of money without familiarizing with their trading conditions.

Moreover, they claim to offer trading education, so the question is where will one practice what ever they teach.
At this moment, we encourage you to avoid investing your money in selected markets. If you really want to trade forex or CFD, always choose a licensed and regulated broker.

Advantages of Selected Markets.

As a broker, there are still some good things about these people. Although, the disadvantages of selected markets are far greater than the advantages. Therefore, this selected markets review will definitely be incomplete if we don’t highlight their advantages.

(1) For all its faults, Selected Markets at least does provide traders with a wide variety of CFDs and generous leverage ratios. Actually, all levels offered by this broker (1:100, 1:200, 1:300) are high enough and suitable for most trading styles. That being said, such ratios can also lead to relatively quick losses, so be sure to learn about the risks involved and how to manage your risk.

(2) Clients of Selected Markets are offered over 200 tradable assets including many forex pairs, CFDs on commodities, indices and stocks. A cryptocurrency offering is also in place, however, if you are into Bitcoin, you’d better trade it with a reliable and regulated broker.

Disadvantages of selected markets

Outside the previously highlighted problems of this broker, there are still challenging issue they have.

Currently this broker does not offer Mt4 trading plartform. Which very worrisome since majority of traders prefer it as their trading plartform.

Moreover, we don’t see any evidence of trading in by this broker. If they really trade forex, then they should provide verifiable evidence to convince us. Meanwhile, they do this by providing a third-party verifiable account. Which is either a fxblue or myfxbook account.
This way, we will be able to cross check their trading history and determine if this broker is really profitable.

Account types and commission

There are 5 different account types available in selected markets. The minimum deposits ranges from €5000-€100,000. This is far beyond what reputable brokers offer.

Moreover in the course of this selected markets review, we found out that these people charge very high commission.

For example, withdrawals are charged with $20 for cards and $50 for bank wire. The monthly inactivity fee amounts to $50, In case there hasn’t been any trade executed in a broker’s account for 90 days.

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Conclusion.

Selected markets is nothing to right home about. They are just a bunch of unregulated forex scammers, looking out for vulnerable traders. But with this selected markets review, we believe that you are not going to invest in it.
If you want to trade forex, invest in any of these regulated brokers.
Thanks for reading and don’t forget to tell us how to serve you better by leaving a comment.

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