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Selected Markets Review
Selected Markets was an offshore Forex CFD Broker, that opened in March 2020. It seems like their website is not longer working!
For broker complaints or withdrawal problems, read this.
Selected Markets Broker Review
Our in depth review of the brokers at Selected Markets finds that their Forex trading software is the one from Airsoft. This is a very basic web-based only trading platform, with no mobile trading app or the standard MT5 (Meta Trader 5) software which most brokers use. Take a look at the screenshot below, and you will see how the web-based trading platform looks.
Selected Markets’s website and trading platform is only available in English, as they seem to be targeting investors in Western Europe. New investors are required to deposit a minimum of $250 to start trading. Day traders will find more than 300 underlying assets available to them, for CFD trading including; Crypto Currencies, Forex Pairs (Major and Minor), Individual Stocks, Commodities and Market Indexes.
Automated trading software like Crypto Genius, advertise via Fake News articles and illegally use the images of celebrities and famous actors. Before falling victim of one of those get rich quick scams, read this article.
Selected Markets Forex Broker Reviews
Is Selected Markets a Licensed Forex Broker?
No, Selected Markets is not a licensed broker.
Owned and operated by: Halsted Holdings Ltd, and located at: Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont, Kingstown, St. Vincent and the Grenadines. They list contact phone numbers in Australia of: +61871705861 and in United Kingdom: +442033180760, and a contact email address of: [email protected] Official website is at: https://www.SelectedMarkets.com/.
Scam Broker Investigator uses a very simple method to analyze a broker to see if they are legitimate or a scam broker. We look to see if the broker is licensed and regulated by the governement financial regulators; FSCA South Africa, FCA United Kingdom or ASIC Australia. You should look at today’s most popular brokers that are licensed and insured, see here.
Complaints and withdrawal issues you can read about here.
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Warning from ASIC Australia
“ASIC urges all investors considering trading in Forex to check they are dealing with an entity that holds an Australian Financial Services Licence.”
Compare Online Brokers
There are many good Crypto and Forex CFD brokers to choose from online, therefore, you should first look at the best brokers.
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Are you already invested with this broker? Please share your investing experience, with new investors reading this review.
SelectedMarkets.com Review: Is Selected Markets A Licensed Broker?
Selected Markets is your first step to prosperity and power of knowledge, so claims the website. In those few words, this broker manages to grab attention of anyone interested in making profit. It further states that the intention behind designing selectedmarkets.com is to “put smart people on their own path to financial freedom”.
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This brokerage poses as an educational trader with its strategy of “The Pillars of Success for your Investment”. They are namely: education, research, execution and discipline. Each is briefly explained on the page. Selected Markets mentions that it is run by Halsted Holdings Ltd. The address is Suite 305, Griffith Corporate Centre, P.O. Box 1510, Beachmont Kingstown, Saint Vincent and the Grenadines.
The address above is in an offshore location. This already means that it is impossible for Selected Markets to be a licensed broker under any reputable authority. Another red flag is that this is the same address that another suspected scam broker, Alaska Capitals, uses.
Selected Markets Trading Platform
Despite finding a statement on Selected Markets website about trading platform, none is not clearly indicated. This leads to the conclusion that Selected Markets Trading Software uses a web-based platform. A demo account reveals that the spread is a very low 0.4 pips on EURUSD. It also offers traders a leverage of 1:400 which is a generous and tempting.
How To Make Deposit and Withdrawals On Selected Markets
Selected Markets offers clients a wide range of payments options with Visa, MasterCard and wire transfer just a few. There are options to use electronic wallets like Skrill, Webmoney, Netteler, Sofort, Astropay and many more. Minimum deposits differ on the account type a client chooses. There are five types that range from a minimum of $5,000 to $100,000 deposits.
There is information on withdrawal charges depending on the medium used. Withdrawing with credit cards will attract 0.3% fee (minimum of $20, maximum of $500). Using Bitcoin, a charge fee of 1% (minimum of $20, maximum of $500) will apply. For wire transfer, it will attract 0.3% fee (minimum of $50, maximum of $750).
The minimum withdrawal allowed on Selected Markets is 100 USD/EUR/GBP. But while all this may be viewed as a transparency only associated with legit brokers, a catch is placed on withdrawal. It is stated in the conditions that any account using a bonus promotion will not be able to withdraw money until it has reached a trading volume of 40,000 times the bonus.
This is an extravagant condition that is placed on clients by scammers. They give promotions and then use it to prevent clients from pulling out when they want.
Is Selected Markets Licensed?
No. Selected Markets is not a licensed broker. This means that it is not under any regulated body and misappropriation of funds cannot be questioned by authorities.
The medium of contacting a customer care representative of this broker is by emailing [email protected]
On the surface, the level of transparency of Selected Markets seems like a good sign. However, the fact that it lacks a license is a big indication not to trust this brokerage completely. The offshore address is a big disadvantage as we have come to know that this location is a den for con artists. Considering the restriction placed on bonus accounts also shows that this is not a good investment.
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Selected Markets Review – is it scam or safe?
RECOMMENDED FOREX BROKERS
Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
Selected Markets is an offshore forex and CFD broker that offers the above account types and trading on some unproven web platfor. Read the full review to see both the strong and weak sides of this broker and why we ultimately gave them this low score.
Selected Markets Advantages
For all its faults, Selected Markets at least does provide traders with a wide variety of CFDs and generous leverage ratios. Actually, all levels offered by this broker (1:100, 1:200, 1:300) are high enough and suitable for most trading styles. That being said, such ratios can also lead to relatively quick losses, so be sure to learn about the risks involved and how to manage your risk.
Plethora of markets
Clients of Selected Markets are offered over 200 tradable assets including many forex pairs, CFDs on commodities, indices and stocks. A cryptocurrency offering is also in place, however, if you are into Bitcoin, you’d better trade it with a reliable and regulated broker.
Selected Markets Disadvantages
An offshore broker without a license
According to their presentation, Selected Markets is a trading name of Halsted Holdings Ltd., which is registered in Saint Vincent and the Grenadines (SVG). Companies in this offshore zone just have to follow a simple and inexpensive registration procedure with the Financial Services Authority (FSA), which has explicitly stated that there is no licensing regime for financial services providers.
As a rule, unregulated, offshore brokers are not to be trusted, as they are completely unaccountable for the funds invested with them. Furthermore, they are not allowed to operate on any regulated market – USA, EU, Japan, Canada, etc.
Spreads not announced, no free demo accounts
Another disadvantage of this broker is the lack of clarity on the cost of trading. Selected Markets has not announced any reference spreads on its website, which is always a sign of trouble, as their clients have the right to know what their trading costs would be in advance.
Furthermore, they don’t provide free testing service either. Not providing free demo accounts is very typical of scams and another reason why we gave this broker such a low rating.
As most of you know, most brokers offer a spread within the average range of 1.0 – 1.0 pips on EUR/USD. Here is a list of brokers with good pricing that also hold legitimate licenses:
No access to MT4
Selected Markets offers its clients some oversimplified and unproven web-based interface, instead of the internationally acclaimed MetaTrader4 (MT4), and that is another downside of the broker’s offer. Here is a screenshot o their trading interface:
Surely, nost traders would prefer the industry’s leading software, the MT4.
High minimum deposit, fees
In order to open the most basic account type with Selected Markets – the Practitioner – one has to deposit at least EUR 5 000, which is excessive. Most brokers allow you to open a standard account with $100 – $250 or less, while some big names like IG do not have a minimum deposit requirement at all.
Besides, we found out that some of the fees charged by this broker are also comparatively high. For example, withdrawals are charged with $20 for cards and $50 for bank wire. The monthly inactivity fee amounts to $50, In case there hasn’t been any trade executed in a broker’s account for 90 days.
Although we pointed out two possible benefits of Selected Markets , we don’t recommend this forex and CFD broker for two main reasons: it does not hold a valid license, and is not transparent about its trading conditions.
As usual, we advise our readers to deal only with brokers that are regulated by trustworthy organizations like the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC). These governmental agencies work closely with the law, enforce it when called for, and have strict requirements for those under their supervision. Not to mention that brokers licensed by them are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
And finally, here are the highlights of our review of Selected Markets:
|Generous leverage||No financial regulation|
|Wide range of instruments||No access to MetaTrader, no free demo accounts|
|Spreads not disclosed|
|High minimum deposit, fees|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for Selected Markets
Selected Markets – 100% Scam – Avoid
I invested with Selected Markets in May 2020, !rst $250, then foolishly another $5000. IвЂ™ve seen the funds in my online account grow (вЂon paperвЂ™) to over $20,000 then almost get completely wiped out due to bad management. It then went back in profit but they did everything possible to block me from withdrawing funds – my own money. I told them I was sceptical after reading some emails, as clearly some investors were dissatis!ed. They told me (in fact they shouted down the phone) that none of the emails were not genuine, but all complaints were coming from their competition, just trying to make them look bad, and how could I possibly be believing any of it. I can assure you I was a genuine investor, who has genuinely been conned here. I had a similar experience as most investors, being pressured to invest more money. I asked them why they would possibly think I would do that when the money invested so far was still not in pro!t. Why would I invest more funds into something I canвЂ™t see working yet. I was then told I was a liar for suggesting I would invest more, and I had the phone put down on me. After agreeing with them to try a funds withdrawal so that I could see the end to end cycle through, more trades were suddenly loaded onto my account, preventing me from withdrawing the funds. I wasnвЂ™t able to close the trades myself, I was told they were вЂspecial tradesвЂ™. When I eventually managed to stop those, I still wasnвЂ™t able to withdraw the funds online and now I was told there were pending trades. My dashboard showed no pending trades, but again I was told they were special trades I would not be able to see ! Then 9 further trades were loaded onto my account. Between the 25th October and mid November I asked 3 TO 4 TIMES A DAY, EVERY DAY, to close the trades on my account. I was unable to close them myself online – something I should be able to do. I have email addresses and WhatsApp numbers both of which are being ignored. The telephone numbers they call on do not allow you to call back (what genuine business would do that . ). One person had the decency to reply, but only to tell me that my account manager has been informed and that they will contact me. they never do. I have been exceptionally patient with these people but my patience is now all used up. They have been unprofessional, they have been rude, and their behaviour in the last 3 weeks just con!rms that this is not a legitimate business, and not one that can be trusted. They are stealing money. I have seen one suggestion that in fact the money was lost the moment I paid it, and in fact everything else is an elaborate con, effectively with ‘videos’ playing to make you believe your money is being traded.
TRADE SELECTED MARKETS
THIS IS A SCAM ..NO MATTER HOW YOU LOOK AT IT ..IT IS A SACAM . THEY HAVE JUST DISAPPEARED ALONG WITH MY MONEY . DESPITE BEING GIVEN A REVIEW OF BEING ONE OF THE BEST . THEY ARE BLOODY SCAMMERS AND NOT TO BE TRUSTED вЂ¦.
Scam, scam, scam, 100% scam.
I have also been scammed by the вЂselectedmarkets.вЂ™ They will do their best to show you that they are a reliable investment company, your deposit money is safe showing the right way how to deposit with a sure receipt, and how to withdraw the money. They will ask you to send your credit card details pretending they are trustful companies. Whatever they promise and ask, NEVER EVER trust them. Once you deposit at least $250 USD, a few days later they will close up everything on the website and never return to your requests. ItвЂ™s a scam, scam, and scam more than 100%. They are totally evil liars.
Scamming Thieves That Can Destroy Your Life. Please Beware.
Selected Markets is a scam, unfortunately I found this out the hard way.
I started with Selected Markets with a deposit of $250 US as per the advertisement. An account manager contacted me and offered to trade on my behalf since this is the service they offered for persons who were new to trading. I was concerned about losing my money but he explained that my exposure would only be 10% maximum, so that if I lost in a trade, the loss would be small. I deposited $1,300.00 US more into the account. The initial trading went well, and the account grew to $1,834 in the first three weeks. Then he asked my permission to do another trade. I gave my permission. My account balance kept fluctuating around $1,200, then in 4 days it dropped to $124.00. We had agreed that if the trade was losing their software would stop it automatically. Since this occurred all my messages to him have not been delivered. I have sent a message to the clerical staff and they have advised that it was passed on to my account manager’s manager, but I have not heard from them. I have come to the conclusion that this is a bogus company and they are only after your money. I imagine they are all the same. They will make all sorts of promises to get you to deposit all of your hard earned dollars, including your super. I did a trial with $1,550, and I am happy I did not listen to them and their empty promises and put in more. Beware of this company.
Selected Markets are Scammers
I stupidly made an initial payment to Selected Markets and before the payment was even processed I reviewed them and realised my mistake so contacted them that I did not want the service. They then told me, also written on their website, that I needed to provide 3 types or personal identification before my account could start trading. I refused to provide this and asked again for a refund. They told me the request was being processed. Within 2 days i was sent trading notices. I sent more requests through the website for withdrawal of funds. No reply. 4 weeks later still no reply so iвЂ™ve Lost my money.
Selected Markets is complete fraud
These company or trading platform is complete fraud . They pretend to be professionals but they have nothing to do with trade or real work . I placed starting 300 e . Than i got offer to place 2500e more . I said i will think about it after i check the facts . The guy that was telling me he is profesional broker that worked in NEW YORK for years as brooker lost his temper so i knew immediately he is a fraud because I dealt with brokers before and they are don’t lose their temper so fast . I told him i am not crazy to give him 1 euro more and that he supposed to build the trust with customer first if he expects me to invest anymore money to him . Hes answer was : ‘U dont build trust with 300 euro you need to put in some money . I dont give a fuck for you or your 300 euros’ .
Non return of funds
I recently invested ВЈ3,500 with Selected markets but became concerned at a very hard sell approach by the consultant called Jay Wild. He rang on a number of occasions in the first few days vigorously encouraging me to invest more. I became very uneasy and requested my funds back and received confirmation that they had received my withdrawal request on the 9th August 2020 and am still waiting despite numerous e-mails and finding that they are still trading my account downwards despite direct instructions to cease any trading.
Its a con
I am trying to get my money back from these people, I have no confidence at all, Its a BIG CON. Don’t give them your money.
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