Table of Content
Motion Markets Review – Reasons to Avoid This Scam Broker
Table of Content
How can you discern whether the broker that you’re dealing with is legit or not? Surely, you notice something dubious about the whole thing but you cannot quite put your finger on it. That’s why the Motion Markets Review is here to help you. May you never struggle again with these fraudsters after reading this.
We shall discuss the background of this anonymous scammer, what it has to offer in regard to the trading platform, instruments & conditions, and which payment methods are acceptable. Let’s not waste any more precious time.
|Leverage||Up to 1:100|
|Minimum Deposit||EUR 250|
|Broker Type||Forex, Crypto, Indices, Commodities, Stocks|
Is Motion Markets Legit or Scam? Regulation
First of all, nothing is known about where this suspicious broker comes from and who is behind it. Like a thief in the night, Motion Markets slowly creeps up on your funds. This makes the scammer all the more dangerous.
Thus, it goes without saying that the shady broker operates under no jurisdiction. Furthermore, this little scheme was destined to fail sooner or later. Several authorities have issued a warning against Motion Markets, most notably the Canadian British Columbia Securities Commission (BCSM).
Trading with a reliable broker that’s regulated by the likes of the FCA, BaFin or ASIC is advisable. Your funds are bound to be secured in a segregated account in a Tier 1 bank. Also, negative balance protection will ensure stability during your hardest trading days.
Motion Markets Trading Software Overview
When it comes to trading software, Motion Markets offers a simple web-based platform, nothing out of the ordinary. It doesn’t have to be rocket science but come on Motion Markets. Give us at least some more advanced tools aside from charts and indicators. Ever heard of automated trading? Dynamic charts? Real-time market reports?
If you truly yearn for these neat options and cool trading conditions, then you should look for a broker that has Meta Trader 4 or 5, the industry’s best platforms.
Account Types Option at Motion Markets
Motion Markets allows clients to choose from five different account types:
- Basic – EUR 250, leverage up to 1:100, limited trading assets;
- Standard – EUR 10,000, 1:200, standard trading assets;
- Professional – EUR 50,000, 1:500, advanced trading assets;
- Elite – EUR 250,000, 1:1000, high-level trading assets;
- VIP – EUR 1,000,000, customizable.
As you can see, the leverage goes above and beyond – 1:100 for the basic, i. e. beginner account?! Unbelievable! At such high leverage, you are more likely to lose everything rather than gain, thus it turns regular trading into pure gambling.
Because of that, regulators have imposed a leverage cap at 1:30 (EU, UK) or 1:50 (US, Canada) for retail clients.
Also, the financial swindler lied about spreads. It said 0.1 pips for EUR/USD when in reality, the spreads reach up to 1.6 pips. Such wide spreads are a disadvantage but lying is a major red flag. If you wanted to try out a demo account, you won’t find one here. No, sir. Yet another reason to avoid Motion Markets.
Trading Instrument Available
The unscrupulous broker offers clients the following trading assets:
That’s all we know. This info was made available on the BCSM website. If you want our 2 cents on it, it matters little which instruments the fraudster promises. If it is unregulated or even worse, blacklisted, then nobody guarantees you’ll actually get to trade all these. Moreover, their only purpose is to act as bait, to lure you into the scheme.
Deposit and Withdrawal Process
The minimum deposit is EUR 250, too much for an unlicensed and shady provider if you ask us. Now that we’ve gotten that out of the way, let’s discuss the payment methods and fees. From what we found, Motion Markets accepts credit/debit card payments, wire transfers and Bitcoin.
And of course, we have the good-old scammer fee clause. EUR 50 for wire transfers, EUR 35 for card payments, EUR 25 for Bitcoin and an additional 10% levy as an icing on the cake. These fees are preposterous, not to mention the bogus bonus conditions that violate every reasonable rule and prevent clients from withdrawing money.
Motion Markets Scammed Me – How Can I Recover My Money?
If this is the case, we feel for you. It’s unfortunate. The reason scammers thirst for crypto payments is that it allows them to remain anonymous. However, these payments can be traced to a crypto wallet in an exchange. Thus, it’s possible to request a refund, albeit a long shot.
For the traditional payment methods, i. e. credit/debit cards and wire transfers, you can request a chargeback or a recall depending on the method at your issuing bank. The former can reverse card payments and needs to be requested within 540 days of the transaction. The latter applies to wire transfers and will work only if the transaction hasn’t been completed.
Motion Markets Summary
- Motion Markets is an anonymous and pesky scam artist;
- The illicit broker has been blacklisted by several financial market authorities;
- The minimum deposit is EUR 250;
- Acceptable payment methods include Bitcoin, credit/debit cards and wire transfers;
- The leverage caps way too high and the spreads are unfavorable, to say the least.
FAQs About Motion Markets Broker
Is Motion Markets A Good Broker?
Motion Markets is not a good broker because it is anonymous, unregulated and shady.
Is My Money Safe at Motion Markets?
Your money is not safe because the broker has been blacklisted. Without regulations in place, your money is not kept in a safe bank account.
What Is The Minimum Deposit for Motion Markets?
The minimum deposit that Motion Markets requires you to make is EUR 250.