Uncertain about madsfx.com platform? Is Madden Markets a safe or scam broker? Let’s read reviews to know about this forex broker.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
About Madden Markets
Madden Markets otherwise known as madsfx.com is an offshore brokerage with a lot of promises for forex traders. The forex company claims to offer crypto investment services to their clients.
What’s more, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices.
Is Madden Markets Regulation Claim Genuine?
First of, this broker claims that the Madden Markets Limited company holds licences to operate in Canada and the United States.
But Madden Markets Limited is not among the brokers authorized by the Investment Industry Regulatory Organization of Canada (IIROC).
What’s more, the NFA register shows that although there is a company called Madden Markets Limited it is not a member of the NFA and is not subject to NFA oversight. This company is only registered with exemptions for commodity pool operator and commodity trading advisor, which prevents it from providing financial services in the US.
Again, Madden Markets provides no access to its Customer Agreement or other documentation, so we are not certain who we are dealing with and do not know what terms we are agreeing to when we sign up for an account.
Furthering, the broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These drawbacks are for forex traders/ clients to avoid losing money with scam brokers lurking online. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Does Madden Markets Have Account Types?
Madden Markets does not specify its trading account for traders. According to the website descriptions, the broker leverage is capped 1:500 and spread of 2 pips.
This broker offers minimum deposit of $100. This may appear a good start if only the broker is legitimate.
In contrast, you should better stay with a legitimate broker that clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
Madden Markets does not provide any information on its payment methods.
Madden Markets withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Madden Markets Trading Software
Madden Markets uses the industry standard trading platform MetaTrader 5 (MT5). Quite frankly, we were surprised to access this platform even though the version of the software offered is dated back to 2018.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
Frankly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Argument Against Madden Markets Licensing and Regulation
Like in any corporation, integrity is a key to uphold these days. It doesn’t matter if you make a lot of money but you can’t take it out. That is to say, exactly what is happening with non-licensed companies.
Having said that, it is not far from believing that madsfx.com is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Madden Markets located at madsfx.com appears like a genuine trading broker, however, you should not take the words they say and the attractive website layout. By all appearances, this broker lacks one important indicator which is – it license. Following this, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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