Status Markets Review – Broker To Avoid At All Costs
As an offshore company registered in 2020, they vanished very quickly. The official owner of the company is MarCo Global Projects Ltd with headquarters in the Marshall Islands. With nothing competitive to offer, they couldn’t compete with some Tier 1 licensed brokers.
|MarCo Global Projects Ltd
|FCA, FMA, FSMA, Finanstilsynet, AMF
|Web Trader, MT4
Is Status Markets Reliable? Safety and Regulation
The safety of the funds with the Status Markets broker is the least important thing for this scam broker. Not only that they were not regulated by any institution. But also, they have earned multiple warnings from trusted regulators.
Firstly, the Status Markets scam broker should have a license. Since the Marshall Islands doesn’t have a reliable regulator, they should opt for another. Mainly in the countries where they operate. Therefore, we are checking first Tier 1 regulatory bodies like FCA, BaFin, and CONSOB.
Thus, very quickly you can realize that Status Markets was nothing but an investment scam. Instead of license information, you can only find warnings from regulators. Primarily from the FCA, but also from numerous others. For example, FMA New Zealand, FSMA, and AMF France.
Overview of the Broker’s Trading Platform
This company is a perfect example of how good software is irrelevant with scam brokers. Besides web-based software, the company also offers widely accepted Meta Trader 4. With this in mind, traders might expect some transparency and reliability. However, once you start trading brokers often promote their web trader.
In many cases, the reason for that is because the platform is manipulative. Traders can see fictive market changes but also fictive profits. This leads to the conclusion that it’s just a part of the scamming tactic. Above all, such software can’t be compared to Meta Trader 4.
With availability on any iOS and Android device, MT4 makes a huge gap. Also, it provides traders with advanced trading tools. Primarily, social and copy trading. But also with many advanced indicators and charting options.
Status Markets Account Types
Another mystery with this scam broker is their account types. As we can see from Status Markets reviews their only goal was to extort more money. However, the company didn’t offer anything competitive. Actually, they didn’t offer anything at all.
There were 3 account types with the broker
The only known fact is that leverage goes up to 1:400 and that Islamic account is available after reaching Platinum level. With such high leverage, they shouldn’t trade anywhere in Europe. Mainly because many regulators limit leverage to 1:30 because of high risk.
Available Funding Methods
As for the funding methods, Status Markets broker only accepts cards. It’s not something that you should worry about. Firstly, because you are entitled to a chargeback. On the other hand, it’s not rare that broker suddenly implements anonymous funding methods like crypto.
As expected, funding is never the issue. But withdrawals are. The main reason for that is malicious bonus policies. Whether you know it or not, the broker provides you with bonus funds. The catch starts once you request a withdrawal.
In fact, traders must reach an enormous trading volume to get a withdrawal. Important to realize is that the broker was giving you 60 days for that. To put it in perspective, for $200 you have to trade 50 lots. Which is approximately 5 million turnovers in 60 days. Practically impossible.
How Does the Scam Intervene?
Brokers mainly advertise on social media ads. However, lately, they are contacting people directly. Not rarely happens that they also have an affiliate program. Once traders leave their contact details they get harassed by the agents from boiler rooms.
Thus, if you don’t deposit money you can expect more and more calls. But also from different companies, because many of these scam brokers sell your information. But if you stick with them and make a deposit, you are in a deep problem.
They will do anything in their power to attract you to make higher deposits. Greedyness is the thing that makes traders fail. But once you want to take money out you will face issues like fees, taxes or AML laws. Be aware of this and choose your broker wisely.
Status Markets Summary
A completely anonymous offshore company without regulation. Status Markets broker quickly earned multiple warnings and vanished. Even Meta Trader 4 can’t make up lack of licensing. On top of that, the user’s reviews are catastrophic.
It’s not a shame getting scammed. It is if you don’t do anything about it. If you were scammed by this or any other broker, our fund recovery team is available for consultation. Get your first completely for free and start recovering your money today!
FAQs About Status Marekts Broker
Status Markets is regulated?
No. The company doesn’t have any regulations. It has only warnings from regulators.
Is Status Markets a Safe Place for My Money?
Absolutely not. The company doesn’t comply with any trusted and reliable laws and regulations.
Is a Demo Account Available on Status Markets?
Yes. Via web-based software offered by the broker you can access a demo account.