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Markets.Online
Rating: Rated with 1 star
Binary Option Programs Award
Min. Deposit
$250
Min. Investment
Regulated Broker
No

  1. Markets.Online

    Founded in 2017, Markets.Online is a recent entrant to the Financial services industry, providing non-regulated Forex and CFD trading across 300 asset pairs on a robust, web-based trading platform.  Markets.Online claims to provide high-end trading services with flexible leverage, tight spreads, 24/7 customer support and a free demo account. Our in-depth review of Markets.Online looks at the most important aspects of trading with the brokerage, including payment methods, trading software and account types. Customers in South Africa can discover the benefits of trading with Markets.Online compared with other global Forex brokers.

    Markets.Online Special Features

    Customers can choose from three types of live trading account, designed to meet the trading requirements and personal goals of individual traders. Each account type is available as a swap-free Islamic account for followers of the Muslim faith. We that a Demo account with $5,000 is advertised, for traders to practice risk-free, before investing real money. Traders in South Africa can hone their trading skills and start real money trading from a stronger position.

    Markets.Online Starter Account

    • Available as a USD, GBP or EUR account
    • Minimum first deposit £$€250 – 999
    • Maximum leverage 1:300
    • Floating spreads from 2 pips
    • Markets updates
    • Trading instruments
    • 24/7 customer support

     

    Markets.Online Average Account

    • Available as USD, GBP or EUR account
    • Minimum first deposit £$€1,000 – 4,999
    • Maximum leverage 1:300
    • Tight spreads
    • Markets updates
    • Trading instruments
    • 24/7 customer support

     

    Markets.Online Master Account

    • Available as a USD, GBP or EUR account
    • Minimum first deposit £$€5,000 – 50,000
    • Maximum leverage 1:300
    • Competitive spreads
    • Markets updates
    • Trading instruments
    • 24/7 customer support

     

    Markets.Online Demo Account

    At the time of writing this review, we saw that a demo account was offered with $5,000 of virtual funds to anybody who wanted to try out practice trading at Markets.Online. However, when we tried to register a demo account, we were directed to a live account registration form with a deposit request. When we addressed our enquiry to customer support, we were informed that the demo account does not exist.

    Markets.Online Islamic Account

    To open an Islamic account, traders need to select one of the three live trading accounts, complete the registration process and provide all the required documents for account validation. Only then can they request an Islamic account from their assigned account manager. Notably, the Islamic account is swap-free, which means there is no daily crediting, withdrawal or losses related to swap operations. Importantly, traders are not offered separate spreads on the tradeable assets and there is no time limit on open positions. Real-time trading takes place in the same trading environment as the non-Islamic accounts and traders receive 24/7 support.

    Markets.Online Bonus Policy

    Customers who make a deposit of at least $250, may be offered a voluntary deposit bonus by Markets.Online to increase their investment capital. Whilst bonuses appear attractive, it’s important to realise that they are not ‘free’ money but come with strict trading conditions attached. We recommend that customers read the terms and conditions carefully before accepting bonuses, as they may find it difficult to withdraw money, whilst the bonus conditions remain unfulfilled.

    Markets.Online Trading Software

    Customers are given access to a user-friendly, web-based trading platform, without requiring a software download. It means that traders can use a desktop or mobile device to trade with Markets.Online, from anywhere they happen to be. The trading platform on the Markets.Online website, promises more than 300 tradeable assets including a broad selection of cryptocurrency pairs, such as Bitcoin, Litecoin, Dash and Ethereum. Clients can choose from 42 traditional currency pairs offered on the platform together with CFDs in commodities, futures, stocks and indices. Notably, Markets.Online offers 24 ‘less popular’ currency pairs, under the ‘FX Extra’ asset class, for traders who enjoy trading in exotic currencies.

    Nevertheless, we were surprised to discover that the total number of tradeable assets on the platform, were fewer than the 300 advertised on the Markets.Online website. Perhaps the broker plans to add more assets over time as the company matures.

    Trading tools on the platform, include charts from TradingView and 20 technical indicators, for making trading decisions. Unlike the popular MT4 trading platform, automated trading is not available, which may be a disappointment for traders who like to create automated trading strategies. Customers in South Africa seeking social trading opportunities, should look to an alternative broker offering copy trading on the trading platform.

    Markets.Online Customer Support

    Markets.Online puts a lot of emphasis on customer service through a variety of channels 24/7. The live chat help line on the interface, gives customers instant access to a friendly support agent. Notably, the live chat service is not anonymous, but requires customers to provide a name and email address before it can be activated. Alternatively, customers can phone the payable UK phone number on the contact page or send a Fax or email. Customers in South Africa may find the phone support too expensive and can request a call back from the support team by submitting a contact form from the contact page.

    Markets.Online Payment Methods

    Customers can choose to deposit in GBP, USD or EUR, using credit/debit cards and bank wire transfer to their Markets.Online trading accounts. We were surprised that a modern, recently launched Forex broker like Markets.Online does not support any electronic payment methods such as Skrill and Neteller. This could be inconvenient for customers in South Africa. Furthermore, bank wire deposits must be at least £$€500 per transaction. They are processed within one working day and not charged any handling fees by the broker. Deposits made with credit/debit cards, must be at least £$€100 per transaction. They are free of deposit fees and instantly credited to live accounts, allowing customers to begin trading almost immediately.

    Withdrawals by bank wire transfer take between 5 and 7 business days and charged a fee of 50 EUR, USD or GBP. Withdrawals to credit cards are cheaper, with each transaction charged a 25 USD, GBP or EUR withdrawal fee plus a $10 USD processing fee (or currency equivalent). Moreover, credit card withdrawals are delivered in 3-5 business which makes them more convenient as well as less expensive. To comply with anti-money laundering regulations, withdrawals are sent by the same method used to deposit to the account and in the same currency.

    Importantly, customers must provide several compliance documents to the team at Markets.Online to verify the trading account. Documents include copies of a valid ID and proof of residence, as well as a copy front and back, of the credit card used to deposit. Clients are asked to block the CVV code on the card along with most of the digits of the account number, for security purposes. Withdrawals can’t be processed without these documents, and clients must confirm each withdrawal over the phone, by speaking to the assigned account manager. We were pleased to see that customer funds are kept in segregated accounts, and not with the corporate accounts used for running the business.

    Markets.Online is an unlicensed broker, operated by Bankxi Ltd, registration number 203875863, with offices at Todor Alexandrov No 8, Ground floor office, Sofia 1000, Bulgaria.

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