MarketSpots Broker Score
It’s safe to say that MarketSpots is one of the versatile brokers out there that is suitable for almost all traders. So, whether you are a new trader looking for direction or an experienced trader looking for something new, then you should definitely consider opening an account with MarketSpots. I am sure that you will not be disappointed by the features and services that this broker offers.
Online trading has become a global phenomenon. There was a time when people couldn’t have imagined not having to step out in order to trade in the stock market or the forex market. Today, it is possible for you to buy and sell currency pairs or invest in the shares of any global company right from the comfort of your home. All of this is due to the advent of the internet and the massive technological advancement that has taken place in the last couple of decades. Not only are these trading markets more accessible, but they also don’t have the same perquisites as they did before.
For instance, you don’t have to have thousands of dollars to start trading and neither do you need to be experienced or well-versed in the art of trading. Sure, if you have knowledge and experience, it does improve your chances of success, but it is not a requirement. Moreover, you don’t have to be restricted to one market. There are a lot more options to explore than just the foreign exchange market or the stock market. You have the option of investing in commodities, indices and now cryptocurrencies as well, and do it all at the same time.
Previously, it was difficult for traders to spread about their investment because it required a great deal of time and attention to do so. This is another aspect that has been simplified by online trading because now you have the option of trading in different markets from a single platform. But, where will you find such a platform? This is where you start looking for a broker. They have been a significant element of the traditional form of trading and they remain an essential part of online trading as well. They can help you connect to the different markets and provide you with the tools, conditions and resources needed for trading.
As the convenience and ease of online trading has boosted its popularity, the demand for brokers has also gone up. There are a horde of brokers that you can find easily once you run a search. However, this doesn’t mean that you pick the first one that you come across. It is important to remember that no two companies will ever be the same. Some may offer you good trading conditions, but not enough variety in trading instruments. Likewise, there are those that offer a secure trading environment, but don’t have a reliable trading platform.
You need to take a close look at a brokerage before you decide to avail their services. Their ability to do their job will have an impact on your overall trading experience and success. So, you shouldn’t make any compromises in this regard and be thorough. One of the options that you will find during your search is MarketSpots, a forex and CFD broker, which claims to provide you access to different markets via a single platform. While this does sound appealing, you need to check what you are getting into. Let’s see exactly what this company can offer:
|Trading Accounts||5 Account Types; Standard, Silver, Gold, VIP and Pro. Demo Account also available|
|Assets Coverage||Forex, Commodities, Shares, Indices and Cryptocurrencies|
|Trading Tools||Live Charts, Economic Calendar, Risk Management Tools, Price Alerts and Trading Signals|
|Education and Training||Yes; free market research, Trading Academy, Webinars, Tutorials, E-books, Sessions with Market Analyst|
|Customer Support||24/6 through live chat, online contact form, email and phone number|
|Security Policy||KYC (Know Your Customer) AML (Anti-Money Laundering) and Customer Acceptance (CFT)|
Trading Instruments at MarketSpots
When you decide to take a look at a broker’s offerings, the first place you should start with is their trading instruments. After all, the whole point of trading is to buy and sell these instruments for profits, and you want to make sure that you have access to a strong combination that allows you to make the kind of returns you want. There are a ton of companies that claim to provide numerous instruments, but traders come to know that these are just empty statements because their asset index is fairly limited. It can be frustrating to have to find this out after you have completed all registration and account opening requirements.
Hence, it is best to get this out of the way first by ensuring that the broker can offer you the variety you require. In this regard, MarketSpots can do a good job because they have more than 1,000 trading instruments available on their platform. These are spread across various categories, so you will definitely not have a problem with diversification. Some of the top markets that you can explore here are:
- Forex: Known as the world’s biggest financial market that has a trading volume of more than $5 trillion, the forex market offers a wide array of opportunities to traders. At MarketSpots, you can invest in this market and trade different currency pairs, both major and minor. Some of the options that you can get include GBP/USD, NZD/CAD, EUR/USD, CHF/JPY, USD/CHF, AUD/USD, USD/JPY, NZD/USD, USD/CAD and EUR/MXN amongst others.
- Commodities: If you are one of those traders who are looking for steady returns, commodities are a great trading option for you. There are different kinds of commodities that can be traded, such as soft and hard. Some of the ones that come under the former category are sugar, cocoa, wheat, corn, rice and cotton. The latter include gold, silver, platinum, copper and palladium, along with natural gas and crude oil.
- Indices: Those who enjoy risks and lucrative opportunities will enjoy the chance of trading in the indices market. There are a number of top indices that you can find at MarketSpots, which include the S&P 500, NASDAQ, Swiss SE, Nikkei, Dow Jones 30, Madrid SE, STOXX Europe 50 and Frankfurt SE.
- Cryptocurrencies: One of the newest additions that have been made in the financial markets is that of cryptocurrencies, which have become a hot trading instrument. Their volatile nature have made them quite profitable, so numerous traders are rushing to invest in them. You can opt for some of the most profitable options like Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Stellar, IOTA, XEM, Ripple, Monero and DASH.
- Shares: The stock market has is one of the oldest trading markets that exist today and it can offer major returns to traders. Shares of the leading companies all around the world can be bought and sold for profits in this space. Some of these companies include IBM, Alibaba, Pfizer, Apple Inc., Amazon.com Inc., Alphabet Inc., eBay, MasterCard, Tesla, Netflix, AT&T, Morgan Stanley and BMW.
You can diversify your investment portfolio by trading a combination of these assets on MarketSpots.
Trading Platform at MarketSpots
Now that you have figured out what you can trade, the next offering of the broker that you should assess is their trading platform. This is the primary tool that you need for trading in the financial markets and it determines whether you will be able to trade easily or have to deal with complications. There are different kinds of trading platforms that can be found, so it is best to see what kind is being offered by the company. The same applies to MarketSpots and they have developed their own trading platform for their clients.
The first thing you need to know about the trading platform at MarketSpots is that it is web-based. This means that it is accessed via their website and there are no downloading or installation requirements associated with them. This saves you from a great deal of hassle and provides cross-device functionality because it can be accessed on various devices. Even though it is powered by innovative technology, the broker has kept their trading platform simple, so every trader, no matter what their background can adjust to it easily. It connects you to the world’s financial markets quickly and offers ultra-fast trade execution, along with one-click trading.
The next-generation trading platform by MarketSpots performs smoothly, with no lags or breaks and has been equipped with some of the latest trading tools for the convenience of users. The dashboard is easy to navigate and provides you with real-time data feeds, live charts, market analysts, latest news and chances taking place and price alerts. You can also receive trading signals and different kind of order types can also be used. It allows you to monitor all your trades with ease and make trades without any problems.
Apart from this trading platform, MarketSpots has also kept up with market trends and have incorporated mobile trading applications for their clients. These can be easily downloaded on your mobile devices, as they are available for both iOS and Android platforms. They have also been equipped with the latest trading tools and are extremely easy to use. With these apps, traders can trade from anywhere and at any time, which allows them to take advantage of even the smallest market movements easily.
Signing up with MarketSpots
Once you are aware how you can trade and satisfied with the offering, you should take a look at the requirements that you have to fulfill for signing up. Every broker is different in this regard; some ask for detailed and extensive information before allowing traders to sign up. There are also those who review your application before deciding to let you open your account. Verification procedures are also applicable in some cases. So, what does MarketSpots involve? In order to sign up on this platform, you can visit their website and fill out one form that’s provided for signing up.
Here, the sign up process will be complete and your application is immediately accepted. There are some documentations that traders are required to provide to MarketSpots for verification, but these can be submitted later on.
Account Options at MarketSpots
After completing the registration form, the next step that you have to take is to open an account with the broker. This is also an aspect that should be evaluated because you need to ensure that the choices offer something that’s convenient for you. MarketSpots has been established to cater to clients from different backgrounds, due to which they have put together a number of account options. Each of these accounts targets a different type of broker. You can go over the options available and choose one that’s in accordance with your risk tolerance and background.
There are a total of five options available and they are:
- Standard Account: The first account option that you will find is called Standard and it requires you to deposit a minimum amount of $10,000. This account is for traders who are just starting out and don’t have any previous experience under their belt. It provides them with leverage of 1:200 and a 25% margin loan to help them in getting started. Apart from that, this account comes with features, such as an account manager for providing guidance, a weekly market review, daily news and access to a Trading Academy that comes with educational resources. A weekly portfolio progress report is also provided, so traders can evaluate their own performance.
- Silver Account: The second account option provided by MarketSpots is called the Silver account and it needs a deposit of $50,000. It is better for traders with some knowledge and experience, as they can take advantage of the 35% margin loan as well. Daily market review is available here, along with a daily portfolio progress report. You can also work with a portfolio manager in order to decide which instruments you wish to trade. The account is also monitored 24/7 by a top analyst group. A monthly session with a certified accountant is also included and 25% discount is applicable on commission.
- Gold Account: The third account option is referred to as the Gold account and this one is for intermediate traders. Therefore, it needs a minimum deposit of $100,000 to be made. The margin loan for this account goes up to 50% and it now includes a weekly live stream trading webinar, a 35% discount on commission and a weekly one-on-one session with a market analyst. The account also provides end of year summary to traders with certified Tax specialist.
- VIP Account: The fourth account option you will come across on MarketSpots is called the VIP account and it is for advanced traders, so its minimum deposit requirement is increased to $250,000. This account offers a higher leverage of 1:300 and a 75% margin loan for better trading conditions. A managed portfolio, daily market signals, and invitation to VIP events are also available. The account also provides you with a VIP advisor, in-depth research, customized education, a 50% discount on commission and a daily one-on-one session with a market analyst, all of which can be extremely useful for the traders.
- Pro Account: The last account option that you can check out is called the Pro account, and as the name indicates, this account is for professional traders. Thus, it has the highest leverage i.e. 1:400 and the margin loan reaches 100%. You are also provided with unlimited access to brokers and personal chief portfolio manager is assigned for your ease and convenience. There is daily live stream trading webinar and a wealth manager is also included in this account. The discount on commission is now increased to 75% to provide further incentives to traders. The spreads here are super tight and higher payouts are provided to the professionals.
Apart from these account options, there is one additional account that MarketSpots has added for its clients. This is a demo account that can be used for practicing your trades. It is a great option to try out different strategies without actually putting your money at risk. In addition, it provides traders the opportunity to test the broker’s trading platform before investing their money with them. This allows you to ensure that the company is offering exactly what it claims and not making false promises.
Deposits and Withdrawals at MarketSpots
When you are doing going through the account options and have decided which one you want to open, it is now time to consider how deposits and withdrawals can be made. First off, you have to deposit funds for meeting the minimum deposit requirements of your selected account. Secondly, you need the funds to start executing trades. Eventually, you would want to withdraw your profits as well. Hence, it is best to know how this can be done, in order to ensure it is easy and not too costly.
At MarketSpots, you will find several options available for making your deposits and withdrawals. Traders are provided the option of directly using their bank account to make deposits. If you don’t want to go down this route, you can decide to use debit or credit cards for this purpose, whether Visa or MasterCard. Deposits do not come with any charges and are usually processed instantly. Bank transfers may take some time, depending on your bank. Deposits can be made in the fiat currency of your choice, such as USD, EUR or GBP. If you want, you can also use cryptocurrencies for this purpose, including BTC, Ethereum or USDT.
As far as withdrawals are concerned, the same methods are applicable for it. MarketSpots takes three to four days for processing a withdrawal request. Additional time may be taken by your chosen party, such as bank. There is a minimum withdrawal amount also applicable. It is set at 100 in your chosen currency, whether GBP, USD or EUR, for bank transfers. If you are using another option for withdrawal, the minimum amount is 50 in the selected currency. As far as charges are concerned, the commission is 3.5% of the amount of $30 if it is less.
Customer Support at MarketSpots
One of the most important features of any broker is their customer support. Their dedication to this aspect shows how much they care about their brand and whether you will have a positive experience with them or not. Trading is a very sensitive process and you want to be able to get all the help you need, when you need it, in order to keep your losses under control. MarketSpots provides its clients with 24/6 customer support and they have included an array of channels through which their team can be contacted.
Traders have the option of sending in their queries via email or they can fill out the online contact form that’s available on their website. They also have a phone number that can be used for contacting the team. In addition, you can try out the live chat option on their website if your query is urgent. MarketSpots has put together a multilingual customer support team for catering to traders all over the globe. They are responsive and knowledgeable, so they make an effort to resolve your problem as quickly and efficiently as possible.
You will also find a Trading Academy on the broker’s website and their trading conditions are also quite impressive. Moreover, they have put together excellent tools and resources that can be quite useful for traders. When you consider these facilities, along with the ones mentioned above, it is easy to see that MarketSpots can be a good option to use for trading in the various financial markets from the comfort of your home.