MarketSpots Review – Can This Broker Be Trusted?

MarketSpots Broker Review

9.6

Overall Broker Score

9.6/10

MarketSpots Review

MarketSpots logo

MarketSpots is a brokerage firm which is providing its services in the field of online trading. It is offering all of those features which are beneficial for traders. In this MarketSpots review, we are going to look into the platform and see what it offers, and after going through the features, you can decide whether or not it is suitable for you.

If we go back in history, trades used to happen through physical means. This made traders move thousands of miles away from their homeland in order to buy or sell their products. It can be imagined that trading at that time was not easy at all; traders used to put in a lot of effort and leave their homes in order to earn money. But as technology advanced, new opportunities were unveiled in the world of trading. When the internet was launched, people did not understand the significance of computers. They thought that computers are just meant to be for government and military use only, but it was not true. Now in almost every house, there is a computer, and things have gotten even more interesting with the internet and mobile phones. This allowed people to use the internet on more handy and compatible devices like tablets, laptops and mobile phones.

The introduction of the internet paved new ways for traders. In fact, now trading is accessible to anyone who is just sitting at home and wants to earn some money. Firstly there were a few instruments like forex, stocks, indices etc., but in 2009, a new market evolved known as cryptocurrencies which shook the whole world with its potential and popularity gain. The first-ever cryptocurrency known as Bitcoin started back in 2009 with the price of a few pennies. But at that time, no one believed that it would have such a promising future. Traders thought the idea of cryptocurrencies would flop, and traders who invested their money in this market would lose their money. But the world has seen that traders who invested in Bitcoin at that time are now millionaires, if not billionaires.

Stepping into online trading has become so easy nowadays. There are many ways you can trade online assets, but the most preferred way is through brokers. Brokers basically offer you a platform where traders can come and trade their preferred assets, whether it is stocks, indices, cryptocurrencies, or any other instrument. But the real question is how to find a good broker? To find a good broker, there are some points that a trader should always keep in mind. The first and most important is to verify that whether or not a platform is legitimate or a scam. Yes, there have been many cases reported where traders get attracted by fascinating features and services of platforms, and they turn out to be scams and frauds. This can cost traders some pretty big losses. In order to reduce the risk, articles like this one come in really handy.

For a new trader, it is not easy to distinguish between a scam platform and a legitimate one. Things for experienced traders are much easier. They are already in the market and know what is happening. This is why the majority of the victims of these scams and fraudsters are inexperienced traders who have recently joined the world of online trading. But there are some points that you can keep in mind to avoid such scams. The first and most important is to check that the platform is regulated by regulatory authorities or not. If you don’t know about these regulatory authorities, then I will tell you about them. These regulatory authorities are the bodies that are affiliated with the government and are working to keep an eye on the platforms. It is their responsibility to ensure that no illegal activity happens on the platforms. It is a must for every platform which is working in this field to be regulated by these regulatory authorities.

I have done the research and found out about a regulated broker named MarketSpots. There are a lot of good things about this broker, which makes it distinct and better from other competitors, and in this article, we are going to go through those features. So let us dive into the platform.

MarketSpots website

Wide Variety Of Trading Options

Having multiple options is always better. It gives you the option to choose from your preferred assets which you want to trade. There are plenty of platforms which are offering only one instrument, for example, forex. The problem with such platforms is that it binds the trader to trade only one instrument from that particular platform, and if he is willing to trade any other asset, then he will have to sign up with another platform. But with MarketSpots, it has become very convenient. This platform offers multiple assets like forex, cryptos and stocks through a single interface. This allows a wide variety of traders to choose this platform over any other platform which is offering just one asset because everyone likes to have multiple options just in case the market changes or the trader changes his mind.

If we talk about the forex department, this is the trading of real-life currencies. There are many currency pairs listed on the platform of MarketSpots like USD, EUR and many more. This is the type of market which has been dealt with for a long time now. Experienced traders have invested a huge amount of money in the market of forex, and they earn profits from the price fluctuations of the currencies.

Another market that has gained so much hype is cryptocurrencies. This is the market which was not so popular when it first started. If you don’t know about cryptocurrencies, then let me tell you. Cryptocurrencies are digital currencies just like USD or EUR, but they don’t have any physical form present. Instead, they are just digital assets that are traded. The price changes of cryptocurrencies allow traders to earn some pretty huge profits out of their investment. This market is relatively more potent than any other market because the future of trading is all about cryptocurrencies. Soon there will be no real-life currencies, and the whole system of the world will be run through cryptocurrencies. So in order to keep up with the advancements, MarketSpots has included cryptocurrencies on its platform.

It is listed on the platform of MarketSpots that there are more than 1000 financial assets that can be traded through MarketSpots. Yes, you read it right, 1000 assets and that too under one platform. If we look into other platforms which are offering just a couple of assets, then traders will have to run to another platform if they are willing to trade any other asset. But MarketSpots is offering you a wide variety of trading instruments to choose from. This makes it better than most of the other platforms working in the market.

Trading Platform Of MarketSpots

The trading platform is the interface that is offered by a firm to its customers. This is surely one of the most important factors to decide whether or not a broker is good. Let me tell you why. Remember I stated earlier that a broker provides you with a platform where you can trade your preferred assets easily. For that purpose, brokers have to make a platform where they can list all of their services and help traders to trade through them. This means a trader would have to open that trading platform every time he or she has to buy or sell any asset, so it should be a really good one.

MarketSpots has taken this point into consideration and made a platform which is so well designed that it caters the need of every type of trader. Talking of traders, there are two types. The first type is experienced traders who have been working in the market for a while and require many advanced tools and charts to enhance their trading. On the other hand, there are inexperienced traders who don’t have much knowledge about the market and have recently joined. This type of traders requires a more easy to use and user-friendly platform. So how can one platform cater for both of the trader’s needs? MarketSpots excel in this department, it has designed a platform that has everything that is required by an experienced trader, but all of those features are kept in their places. This makes it easier for the inexperienced traders to get used to the interface, and it becomes easier for them to understand the trading better.

There is a misconception that fancy devices are required to do trading. This is not true at all. At Least if your broker is MarketSpots. This platform is taking this point into consideration and has created a web-based platform. With the help of a web-based platform, traders are not required to download a bunch of applications. Unlike any other platforms, where traders have to download and install a bunch of applications, this restricts the traders from making trades on multiple devices without any hassle. With the help of web-based platforms, traders can trade wherever they are, no matter if you are on the go or travelling somewhere, all you need is a device and internet connection, and you can make money even while you travel.

For the traders who don’t have a computer, or want to trade on a more handy device like mobile phone or tablet, then MarketSpots has something for you people as well. It is offering mobile applications for IOS and Android where traders can trade using their phones. These applications are optimised to provide the best performance to the traders while using their handy devices as well.

MarketSpots trading platform

Security Is An Essential

While trading on the online platforms, you know that you don’t know exactly who you are dealing with, and if you are an inexperienced trader who doesn’t have much knowledge regarding the market, then it is very much likely to become a victim of a scam. But the scam is not only a risk that is available in the market. There are hackers as well, which you have to think about as well. This is the point which most of the platforms neglect, and that is why there have been plenty of cases reported where traders got their account hacked and lost their money. To counter such cases, MarketSpots has implemented many encryption technologies to secure its platform. The latest SSL technology, which keeps the data and money of the traders secure, has been made a part of the platform by MarketSpots. Let me tell you why encryption is so important. There are more than one thing that is at stake for traders. The first one is, of course, the money that is kept by the trader in the account of the platform, and the second thing that is at stake is the data of the trader. When you are registering with the platform, you will notice that you have to provide your personal as well as financial details. These details include extremely sensitive information like your name, address and credit or debit card details. All of this information needs to be secured by hackers, and for that reason, MarketSpots has infused SSL technology to preserve it from hackers and any unauthorised person.

To avoid scammers joining from the platform, MarketSpots has also taken steps to keep their platform secure. This includes many privacy policies which have been made by many financial authorities. Policies like KYC or Know Your Customer policy require any trader who is willing to register with the platform to prove his identity and residence. This proof can be provided with the help of an ID card and utility bill or credit card bill. What this policy does is restricts any scammers from entering the platform because no scammer would ever reveal his identity, and you can’t trade without proving it. The second policy that has been adopted by MarketSpots is AML or Anti Money Laundering policy. This policy restricts any type of illegal activity like money laundering and others from happening on this platform.

All of these security steps are essential because MarketSpots is a regulated platform, and this platform never compromises the security of the trader’s money and data. If security is your major concern, then let me assure you that there is no need to worry about security on the platform of MarketSpots.

Multiple Types Of Trading Account

If we look at the traders, then there are many types of traders depending on the level of understanding of the market and experience. A single account type can’t be suitable for everyone, which is why MarketSpots has designed multiple account types to accommodate a wide variety of customers. Here is a list of the types of accounts that are offered by MarketSpots:

  • Standard account 

This is the first type of account that is designed for beginners or traders who have just joined the market of online trading. This is why the minimum deposit limit of this account has been kept as low as $10,000, which is quite competitive. You must be wondering that the minimum limit is a bit high for beginners that is true but the features that a beginner is getting in this account are remarkable. Leverage of 1:200 and a margin trading of up to 25%, which is quite big for a beginner.

  • Silver account 

This is the account that is designed for intermediate traders. The minimum deposit limit of this account is $50,000, which is quite reasonable. The features that are provided in this account type includes up to 35% of margin trading, daily market review, up to 25% discount on the commission and much more as well.

  • Gold account

This is the third type of account offered by MarketSpots. This account can be opened with a minimum deposit of $100,000 and offers a margin trading of up to 50%. Features include weekly one on one with market analysts, 24/7 account monitoring by top analyst group and much more as well. Along with all of these features, there is a discount on the commission fees as well, which is up to 35%. This makes the gold account one of the best options for traders who have a little bit of experience and want to play big games in the market of online trading.

  • VIP account 

As the name tells us, this is the account that is designed for experienced traders who have enough experience in the field of online trading and are willing to invest a large amount of money. That is why the minimum account deposit limit is $250,000, which is not cheap for inexperienced traders, and only experienced traders can put that much money in it. There are some exclusive features of this account like VIP financial advisor, up to 50% of discount on the commission, daily market signals, and much much more as well.

  • Pro account 

If you are trading in the online market for decades and want everything that would probably help a trader to enhance his trading, then this “pro account” is the right one for you. This account can be opened with a minimum deposit of $1,000,000 and offers leverage of up to 1:400 along with many other exclusive features as well.

Final Verdict

As you have gone through everything regarding the MarketSpots trading platform, now it is up to you. You can decide whether or not this platform is good enough for you. But let me make your decision easier by telling you that there are thousands of positive reviews about this platform on multiple sites.

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