Marketrip Review: A Deep Look Into this Sneaky Forex Broker
Investing in forex has become quite common. However, most investors are losing money due to the increasing number of scam forex brokers in the market. Unfortunately, it might be a challenge for most people to distinguish between a scammy broker and a genuine one.
How does Marketrip stack up? Should you be trading with this company? Read this in-depth Marketrip review before depositing any money with this brokerage firm. It could save you from a scam.
If you’ve already traded and lost money to Marketrip, schedule a free consultation with us. Our team of experienced experts will guide you to recover your lost cash.
Here’s the truth about Marketrip.
An Honest Marketrip Review
This forex brokerage firm started its operations in 2019. While it claims to be an expert in trading, there’s no clear information about who owns the company.
According to the company’s website, there’s no mention of its exact location and management, which raises the question about the legitimacy of its operations.
When investing with a company, you need to know every detail. Depositing your money with a brokerage firm that doesn’t seem to exist is the quickest way to lose cash. And when you do, it might be hard to trace the company.
Is this a sign that this company is a scam? Let’s take a closer look at its activities.
Is Marketrip A Legitimate Company?
To answer this question, we’ll examine all the details about the company’s operations and product offerings. We’ll also determine whether any reputable organization regulates this company. With this information, we can develop a verdict about the legitimacy of Marketrip.
Marketrip Review: A Brief Company Profile
Marketrip specializes in indices, stocks, CFDs, and commodities. Customers who sign up can access popular instruments from cryptocurrencies to forex pairs.
According to the website, the company provides educational tools for traders, copy trading platforms, and reliable customer service in 15 languages.
The contact number is a UK number; however, this broker has no exact address.
Who Regulates Marketrip?
Marketrip is an unregulated offshore broker. On its website, it claims to have regulatory licenses across six jurisdictions; however, there’s no evidence of this.
Lack of regulation is one of the obvious signs that this company is a scam that you should stay away from.
How The Company Baits Investors
Like every other scammer, Marketrip has some “good” features that it uses to bait investors, especially the inexperienced ones. These include,
- Education tools for new and seasoned customers to learn how to trade.
- Deposits can be made via Mastercard, Visa, Skrill, and Citi Bank.
- Trading platforms that can be accessed via a mobile device.
- Different account types for customers to choose from.
While the company claims to provide all this, what’s the real truth?
Marketrip Scam Signals
If you take a closer look at this brokerage firm, there are so many loopholes that paint the company in a bad light. Here are some of them.
The Company Is Unregulated
Forex traders that are regulated have licenses from authority bodies such as the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). These bodies help protect customers’ cash within different jurisdictions.
However, in Marketrip’s case, it’s not authorized or regulated by any of them. Without these brokerage licenses, customers can’t access legal recourse if their funds are compromised.
If a company is not regulated, you need to avoid it at all costs.
Marketrip Has Been Issued With Several Warnings
Apart from not being licensed, this company has been in trouble for its activities. The Financial Conduct Authority (FCA) in the UK issued a warning against Marketrip in 2020.
According to the warning, the regulatory body raised the alarm that Marketrip has been providing services in the UK without authorization. This is a huge red flag and proof that this company should not be trusted.
In addition, the Central Bank of Ireland (CBI) also issued a warning in June 2021 about the brokerage firm. Marketrip has been operating in the state without proper authorization.
Would you like to invest with a company that’s constantly in trouble? This is clearly not an ideal investment.
Questionable Location and Ownership
According to its website, there’s no clarity about who owns the company, who operates it, and its location. This anonymity is a red flag that you could lose your money.
While the company’s contact number is from the UK, Marketrip claims it’s governed under the St. Vincent and Grenadines’ laws. This location is suspicious because it’s quite popular with rogue brokers.
An offshore location provides more loopholes for the company to scam its investors. There are also no solid trading regulations to protect customer funds in these territories. Therefore, if you invest your money in this company, you could lose it all.
Multiple Negative Reviews
If you check reviews on reputable site Trustpilot, the company has a 1.5/5 score and tons of negative reviews.
The most common issues from the customers include.
- Customers are unable to withdraw their funds when they need them
- Several individuals are posing as Marketrip managers to scam investors.
- They push customers to invest more money so that they can scam you.
- Company staff are rude and use different websites and numbers to scam customers.
- They pass customers from agent to agent when it’s time to withdraw funds.
The complaints are the same on different review websites.
It’s clear that Marketrip doesn’t respect its customers and will make it hard for you to withdraw your funds.
Marketrip Scam Verdict: It is a Scam Forex Broker
Marketrip is definitely an unregulated scam.
The brokerage firm is not authorized by any regulatory body and has no exact location and ownership. From the customer reviews, there’s no doubt that this company will disappear with your hard-earned cash. And when they do, you can’t trace them because nobody knows its location.
Have you fallen prey to Marketrip before? If you have lost money to this brokerage firm, we can help you. Trader Protection specializes in recovering customer funds from unscrupulous brokers. Book a free consultation session today.