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Safe Markets
Rating:
Binary Option Programs Award
Min. Deposit
$250
Min. Investment
Regulated Broker
No

Safe Markets Forex Broker Review

  1. Safe Markets

    We do not recommend trading with this broker, try IQoption instead

    Established in 2017, SafeMarkets is an unlicensed Forex/CFD broker offering online trading in FX currency pairs, commodities, cryptocurrencies, indices and stocks. SafeMarkets clients access an innovative web-based ‘Pro’ trading platform where a Simplex version for beginners, provides easy trading on global financial markets. SafeMarkets offers promotional bonuses and 24/7 support in English. The website is available in English and German.

    SafeMarkets Trading Account

     SafeMarkets is seriously lacking in important info required when deciding on whether to open a trading account. We were only able to establish that new customers need to make an initial deposit of at least $250 USD, EUR or GBP to open a live trading account. However, we saw no apparent choice in trading account types, but only passing reference to a Demo account and VIP account in the broker’s terms and conditions.

    Whilst a SafeMarkets live trading account gives clients access to a broad range of assets, there is no asset list published on the website or information about leverage, spreads, trading commission or lot size.

    It would seem that registered traders get access to a ‘learn center’ providing free courses and webinars about financial trading. Moreover, an economic calendar and news events driving financial markets are available to registered customers, along with the services of dedicated account managers and training sessions in cryptocurrency trading.

    Indeed, the focus is very much on cryptocurrencies generally and the advantages of trading crypto CFDs. From the information published about crypto trading, we saw that available crypto currency CFDs include Bitcoin, Ripple, Dash, Ethereum, Litecoin and Bitcoin Cash amongst others.

    However, we can only assume that traders find asset lists and related trading conditions, detailed on the trading platform itself, once they register a live account with SafeMarkets.

    We did establish that SafeMarkets is a ‘market maker’ earning revenue from the spreads between the Buy and Sell prices quoted on the trading platform, as opposed to an ECN broker.

    Bonus Offers at SafeMarkets

    SafeMarkets operates an attractive promotions program awarding new and regular customers with financial bonuses and one-time trading credits.  Welcome bonuses are granted on the first deposit to the online trader’s account, followed by ‘reload’ bonuses on subsequent deposits. Moreover, VIP traders are entitled to ‘no deposit’ rebate bonuses, based on total monthly trading volume.

    Whilst bonuses may appear very attractive, they should be treated with caution, because they have strict trading conditions linked to them. Typically, traders cannot withdraw funds from their accounts before executing a minimum trading volume of 40X the amount of the bonus.

    If they opt to withdraw funds before completing the required trading volume, they are charged a 25% penalty on the deposited amount remaining in the trading account, after the bonus is removed. We suggest that traders read the promotional terms carefully before accepting any bonus, and bear in mind that customers have the right to refuse promotional offers without any adverse consequences on their trading status.

    SafeMarkets Trading Platform

    Once again, we were disappointed by the lack of transparency concerning the trading platform offered by SafeMarkets. By checking online forums and user experiences published online, we found evidence that the trading software used by SafeMarkets could be a new CFD trading platform from Tradologic, designed for Forex and cryptocurrency trading.

    The only information given by SafeMarkets is that it provides a single web-based platform, with two trading options on it. The ‘Pro’ version provides unlimited access to global financial markets and the ‘Simplex’ version allows traders to speculate on financial markets with ‘limited risk’. In our experience, we have seen that the simplex trading tools allow traders to use risk management parameters such as Stop-loss and Take-profit for more simplified trading.

    SafeMarkets Customer Support

    Customers have access to the support services 24/7 through the integrated live chat, email or by phone to a UK number. Alternatively, clients can submit a contact form from the contact page at SafeMarkets, referring to deposit/ withdrawal, trading, technical matter or general topics. SafeMarkets claims on its home page to have a fully comprehensive FAQs section, with answers to a broad range of questions about trading with the broker. However, we could not find a FAQs page on the website. Moreover, whilst the website is available in English and German, we are not sure whether the support team responds in both languages.

    SafeMarkets Payment Methods

    SafeMarkets offers as payment methods, bank wire transfer, plus the following credit/debit cards: Visa, Master Card, Maestro, Visa Verified and Master Card Secure Code. Trading accounts can only be set up in USD, EUR or GBP base currencies, with deposits in other currencies converted at the prevailing exchange rate, and additional fees charged.

    Before customers can withdraw funds from their SafeMarkets accounts they must provide documents proving their identity and address. The required account verification documents include, a colour copy of a passport or driver’s license and a recent utility bill showing the name and address of the customer. In addition to these documents, clients must provide a signed purchase history of online transactions at SafeMarkets.

    Importantly, clients using credit cards to fund their trading accounts must provide copies, front and back of the card, blocking all but the last 4 digits of the number on the front of the card and the CVV code on the back.

    The minimum withdrawal amount to a credit card is 50 USD, and by bank wire transfer 300 USD. Notably, SafeMarkets charges a 20 USD fee for processing withdrawals to credit cards and a 1% fee on withdrawals made via bank wire transfer.

    Submitting a withdrawal request to SafeMarkets is quite a lengthy process. Customers must fill in a pdf. withdrawal form online, print the completed form, sign it manually and return the scanned image with an email to the compliance office at SafeMarkets. Following the submission of a withdrawal request, it takes up to 7 business days for credit card payments to be credited to the customer’s account and bank wire transfers possibly taking longer.

    SafeMarkets sends withdrawals by the same payment method used to deposit to the trading account. It’s important to realise that anti-money laundering regulations require that withdrawals to credit cards do not exceed the amount deposited with the card to SafeMarkets. Funds exceeding that amount must be sent to the customer’s bank account.

    SafeMarkets is operated by Optiumcommerce OU registered to Harju Maakond, Tallinn, Kesklinna Linnaosa, Narva mnt 5, 10117 Estonia, with company registration number 14421704.

     

    The SafeMarkets website is encrypted using a 128-bit Secure Socket Layer (SSL) technology provided by “GoDaddy” and is further protected by a strong firewall that prevents fraudulent access to the interface. Moreover, SafeMarkets monitors and controls the communication of the trading system and records all activities that take place in the system.

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