Market Trace presents itself as a legitimate UK-based Forex and CFD brokerage firm. However, upon closer examination of their website, numerous inconsistencies and questionable aspects emerge.
Is Market Trace a trustworthy trading platform, or is it following the same path as Bitmarket-Trader, another scam? Our comprehensive Market Trace Review is dedicated to unmasking the truth. Discover strategies to reclaim your funds from these online fraudsters!
Is Market Trace Regulated?
In the Privacy Policy section of Market Trace’s website, they make the bold claim that their trading brand is affiliated with Hargreaves Lansdown, a prominent UK financial services company. However, it’s crucial to note that there is absolutely no real connection between these two entities.
How do we know this? The Financial Conduct Authority (FCA) in the UK issued a stern warning against Market Trace on September 12, 2023, categorizing the platform as an unauthorized provider, effectively labeling it as a scam. The regulatory authority’s statement explicitly mentioned that this “firm is not authorised by us and is targeting people in the UK.” Therefore, extreme caution is advised.
It’s worth emphasizing that Market Trace, operating without a license, is not registered with the UK’s Financial Services Compensation Scheme (FSCS). Consequently, if you choose to engage in trading with this broker, you won’t have access to the FSCS’s compensation scheme, which covers losses up to £85,000 GBP.
In summary, Market Trace is undeniably an unsafe choice for trading. It is highly recommended to steer clear of this platform and instead seek out a licensed provider regulated by reputable financial authorities like the FCA (UK), CFTC & NFA (US), ASIC (Australia), BaFin (Germany), IIROC (Canada), and others. Your financial security and peace of mind should always be a top priority.
Trader Reviews – Sharing Their Experiences
What is the consensus among traders regarding Market Trace? To gain insights, we explored the broker’s page on trustpilot.com. At the time of composing this report, Market Trace had accumulated 24 reviews with an average rating of 2.7, indicating a poor reputation.
Trustpilot explicitly acknowledges that they are “aware that this company has received regulatory attention.” Numerous negative reviews and complaints have surfaced. Based on the accounts shared by traders, it appears that this fraudulent broker is active on social platforms like Tinder, actively seeking out unsuspecting victims.
Unregulated brokers and questionable offshore entities, much like Spear GPT, often face exposure through the testimonies of traders they have defrauded. This underscores the critical importance of thoroughly researching and reading reviews from other individuals before committing any funds online. Your due diligence can be your best defense against potential scams in the online trading world.
Who Falls Victim to Market Trace?
As per the information available on godaddy.com/whois, the website domain Market-trace.com has been operational since June 13, 2023. Over the course of three months, this unscrupulous entity has primarily set its sights on luring unsuspecting traders hailing from the following countries:
- United States
- United Kingdom
- Canada
- Germany
It’s crucial to emphasize once more that Market Trace found itself on the blacklist of the UK’s Financial Conduct Authority (FCA) just a few days ago. This designation signifies that this fraudulent broker operates outside the bounds of regulatory compliance in the UK and the broader European Economic Area, lacking the necessary license to offer trading services. In light of this, it is strongly advised to steer clear of this platform. Your financial safety should always be a top priority.
Conclusion
In conclusion, Market Trace is a trading platform that raises significant concerns and red flags. The website’s claims of legitimacy and affiliation with established financial entities have been debunked, and it has come under regulatory scrutiny.
The UK’s Financial Conduct Authority (FCA) has explicitly warned against Market Trace, categorizing it as an unauthorized provider and potential scam. This regulatory action, along with negative reviews and complaints from traders, highlights the platform’s dubious nature.
Furthermore, Market Trace appears to target traders from countries like the United States, United Kingdom, Canada, and Germany. Its lack of regulatory compliance and licensing in these regions makes it an unsafe choice for trading.
To safeguard your financial interests, it is strongly recommended to avoid Market Trace and instead seek out trading platforms that are licensed and regulated by reputable financial authorities. Conduct thorough research, read reviews, and prioritize your financial security when considering online trading options.
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