Updated on March 25, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding MarketGBP due to the issues we've identified.
Is MarketGBP Scam or Legit Broker? ▲
Regrettably, MarketGBP emerges as an unreliable brokerage entity, not warranting the trust of traders. The ownership of MarketGBP falls under Silver Wolf Ltd., a corporation entrenched in the Marshall Islands. The Marshall Islands is infamously recognized for its virtually non-existent supervisory and regulatory framework. Given the minimal costs involved in setting up, the region does not oversee forex trading endeavors, morphing into a haven for dubious forex brokerage firms such as Dax300 and Finbitex among others.
This lack of stringent regulation and oversight casts a shadow over the legitimacy and security of engaging in trade with MarketGBP. As such, it is our strong recommendation that traders steer clear of MarketGBP and other similar offshore-based brokerage firms, due to their instability and the significant risk they pose to investors.
MarketGBP presents itself as a broker offering a spectrum of trading options, encompassing Forex, Indices, Commodities, and Precious Metals. However, the broker falls short of providing essential information regarding its operational base or regulatory compliance. While they list a UK phone number for contact purposes, they are not endorsed or regulated by the Financial Conduct Authority (FCA) of the UK. This situation is particularly alarming as it appears MarketGBP has actively targeted UK residents, culminating in a warning issued by the FCA in January 2019. The warning explicitly states that MarketGBP is not authorized by the FCA and is engaging in regulated activities which necessitate authorization.
Furthermore, CONSOB, Italy's regulatory authority, has also issued warnings against MarketGBP, directing the company to halt its infringement related to offering and executing investment services and activities to the Italian public. This pattern of warnings and the affiliation with Silver Wolf Limited, a company linked to other warned-against entities like FXtrade777 and TradeBNP, severely undermines the trustworthiness and reliability of MarketGBP as a trading platform.
In light of the comprehensive analysis and the evidence gathered, our unequivocal advice to investors and traders is to circumvent MarketGBP along with any other brokers based in the Marshall Islands. The lack of robust regulation and oversight in these jurisdictions poses a significant risk to traders' investments. We advocate for trading with brokers that are thoroughly regulated by reputable authorities like the FCA in the UK or ASIC in Australia, ensuring a higher level of protection and reliability for traders.
MarketGBP Update
Upon further investigation, it has come to our attention that the MarketGBP website is no longer accessible, casting doubt on the operational status of the broker. This development further reinforces our recommendation against engaging with offshore-based brokers, given their inherent instability and the absence of rigorous regulatory oversight. Traders are advised to exercise caution and prioritize dealing with brokers that are subject to strict regulatory frameworks to safeguard their investments and trading activities.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
MarketGBP Review 2024
