Selected Markets Review
Selected Markets is an offshore based forex broker. It provides five types of different trading accounts. The trading platform offered by the broker is unknown, unproven and web-based. In this Selected Markets review, we will prove all the necessary information about this brokerage facility provider in a detailed manner. Please follow it completely. Read the full Selected Markets review here.
About Selected Markets:
The advantage of this broker is that it provides significant trading assets for CFDs and generous leverages. The leverages provided are in the range of 1:100 to 1:300 depending upon the account type. Also, these provided leverage are sufficient to entertain all types of trading styles. However, the traders advised being cautious while dealing with such high leverages. Higher leverages can bring traders big profit and can cause huge loss. Selected Markets has more than 200 trading assets in its product portfolio. These include forex pairs, commodities, stocks and cryptos.
Halsted Holdings LTD situated in Saint Vincent and the Grenadines (SVG) owns the brand name Selected Markets. The licensing authority of the SVG is not up to the mark and does not have any control over the brokerage facility provider. The fact that the Selected Markets is unregulated. Various financial authorities, including Australia’s ASIC, issued a potential scam warning against Selected Markets.
Furthermore, the broker does not share any valuable information regarding its trading environment. It lacks information on provided spreads. The average accepted spreads are one pip. This spread gives sufficient margin to traders and has a low cost of trading. The most worrisome thing is that the Selected Markets does not provide any demo account to test its provided trading conditions. One has to pay for a subscription to peep into its trading conditions. As briefly mentioned in the introduction, the trading platform provided by this broker is unproven and very little is known about it. The best features that provided in the MetaTrader trading platform are not present in this web-based trading platform. It is another downside of Selected Markets.
A minimum deposit of Dollar 5000 is required to open a basic account with Selected Markets. This amount is multi-fold when compared to other forex brokers. They provide the same services at $100 to $250. Besides, there are several, and higher withdrawal fees are associated with this broker. For credit cards, the $20 charge applied, and for bank wire transfer $50 is charged. The monthly inactivity fee is $50, and after three months inactivity, the account gets deactivated.
Is Selected Markets scam or legit?
There are several disadvantages associated with the Selected Markets. These disadvantages surpass all the other few advantages. The prime concern about the regulation is there, and traders can be scammed at any given time. It is one of the potential Australian forex scams. Traders advised staying away from Selected Markets.