Circle Markets Review: Be Careful With CircleMarkets.Com
CircleMarkets is claiming to be a forex broker and trading service provider that offers over 140 instruments through a comprehensive cTrader platform and pure STP connectivity.
But even though they offer over 140 instruments, they are still an offshore broker that is pretending to hold an official license and regulation. On top of that, they have also lied about having a license and being a regulated broker.
And Circle Markets is not the first fraudulent broker that has lied about owning a license, since RXK Capital and OpoFinance scam brokers have done the same and you can read more about them on our website.
Because of that, in this CircleMarkets broker review, we will talk more about this investment scam attempt to look legitimate. So read on!
|Broker Status:||Offshore scam broker|
|Regulated by:||FMA and VFSC|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||New Zealand and Vanuatu|
|Online Trading Platforms:||MT4|
|Crypto Asset Trading:||Yes (BTC,ETH, USDT)|
|CFD Trading Option:||Yes|
|Available Trading Instruments:||Forex, CFDs, metals, Crypto|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
Circle Markets Compliance and Safety
Appointing the facts about Circle Markets’ offering it is also important to mention that the broker states its head office in New Zealand, as well as its registration as a New Zealand Financial Services Provider. However, while looking closer it was revealed that the company is only registered in New Zealand, but not regulated.
That means that the firm indeed has a registration number with a respected FSP, yet its register allows only to trade financial products or foreign exchange on behalf of other persons. Therefore, financial services, broking services, and the offering of trading and providing are not permitted or regulated.
Another license of the Circle Markets company, which indeed allows the processing of the trading service to international clients, is a Vanuatu license issued by VFCS. Since Vanuatu’s registration is an offshore one, the company has very low establishment standards and is never checked in regard to its reliability of service delivery.
That’s why it’s for the best to stay away from this or other scam brokers alike. You will only lose your money and your time.
Trading Platform at Circle Markets
Circle Markets offers its clients the most widely used trading platform MetaTrader4, that is available as desktop and mobile versions.
The MT4 platform, developed by Russian software company MetaQuotes, is preferred by most experienced traders, because it is equipped with an advanced charting tools, 23 analytical objects, 30 built-in technical indicators, a wide range of Expert Advisors (EAs) and extensive back-testing environment for them. Almost any trading strategy can be formalized and implemented as an Expert Advisor, so that it automatically does all the work for you. Traders can download ready-made or create their own EAs, scripts and custom indicators in the MQL programming language.
Circle Markets Account Types Available
In regards to the trading accounts, CircleMarkets offer three types and those include the following ones:
- Standard – $50
- ProTrade – $1,000
- Institutional – $10,000
The leverage on all three accounts can go as high as 1:500, the leverage can be selected when opening up an account and can be changed by sending a request to the customer service team.
But remember that this leverage is set up to high and all Tier-1 regulators such as FCA only approve leverage set to 1:30.
Good thing that CircleMarkets offer is a demo account but considering they are an offshore broker with no license, it’s better to just avoid them.
Deposit and Withdrawal Method
After checking CircleMarkets website, we saw that this fraudulent broker offers the following deposit methods:
- Visa or Master credit or debit card
- Wire transfers
Although this is a good selection of deposit methods, we still want you to remember that this broker doesn’t hold any license or regulation so it’s best to stay away from them.
And in regards to the withdrawals, we weren’t able to find anything about that matter. That leads us to believe that the withdrawals are impossible.
How the Fraud was Perpetrated
Once you leave your details on one of the CircleMarkets ads, their agents will start by sending you an email that will then turn into phone calls.
Remember that their agents are trained in harassing you and pushing you to invest. And once they get you on the line, they will do anything and everything in their power to get you on board. Of course, the motto is the more you invest the more you will make.
That is all a lie and just a scheme to take all of your money at any cost. Stay away from this or any other fraudster alike! And always think twice before investing online.
CircleMarkets is a broker based in New Zealand with an offshore entity based in Vanuatu. This offshore entity is regulated by VFSC but keep in mind that these regulatory bodies don’t really do a proper job of overseeing trading firms of this kind.
As for trading platforms, they claim to offer MT4 but this platform is nowhere to be found on their website. And lastly, CircleMarkets claims to be offering a demo account but we could not access it at all.
FAQs About Circle Markets Broker
Is Circle Markets Legitimate Broker?
No, Circle Markets is not a legitimate broker you can trust so stay away from this fraud.
What is the Minimum Deposit for Circle Markets?
The minimum deposit that Circle markets demands is set at $50, which can seem like a good offer but remember that this firm has no license.
What Trading Products Are Available With Circle Markets?
Circle Markets broker is offering deposits via Visa or Master credit/debit cards, wire transfers, SEPA and FasaPay.