January 29, 2024

Siliconmegamarket FX Reviews [2023] Scam Or Reliable FX Broker?

Siliconmegamarket Reviews

Do you want to trade with Siliconmegamarket FX? Is Siliconmegamarket.com a reliable trading platform? See complete Siliconmegamarket review to know about this platform whether to trade or not.

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.

What is Siliconmegamarket?

Siliconmegamarket located at Siliconmegamarket.com is an offshore brokerage company with a lot of promises for forex traders. The company openly presents its office address in Mauritius. Again, the broker claims a fully registered and licensed company in UK.

Address
Address

The broker offers variety of trading account for traders such as. See below

Account types
Account types

In addition, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. More so, it presents a zero spread difference in Buy/Sell.

Deposit and Withdrawal

Siliconmegamarket Minimum Deposit:

Siliconmegamarket deposit is indicated $1000 according to the account type. In contrast, a licensed FX broker 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.

Searching the broker funding methods, it reveals deposit options like crypto wallets as well as bank transfers.

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!

Withdrawal process:

Siliconmegamarket withdrawal leaves us with a $40 wire transfer fee for deposits, and a bimonthly $99 dormant account fee activated after only 3 months of inactivity.

Siliconmegamarket Platform:

Siliconmegamarket platform claims to provide its own web-based trading software. Unfortunately you can’t preview this platform and the broker doesn’t offer any demo accounts.

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.

Nothing is said on Siliconmegamarket leverage. 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.

Won’t you rather trade with a licensed and legit 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, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website

Things You Should Know about Siliconmegamarket.com Regulation

First of, Siliconmegamarket’s biggest claims are an FCA and CySEC licenses. But, this is absolutely false after checking their respective databases.

There is also a clear mention of ASIC, which is one of the top non-EU regulators. Again, Siliconmegamarket presents no real proof that it is regulated by it, and judging by the broker’s incompetency ASIC would never grant it its approval.

Another regulatory claim pertains to the International Financial Services Commission (Belize). But there is no “International” Financial Services Commission, but only the Financial Services Commission of Belize.

What is more, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.

These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.

Siliconmegamarket Licensing and Regulation

It is not far from believing that this broker 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

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

Verdict:

Siliconmegamarket located at Siliconmegamarket.com claims to appear like a genuine trading broker, however, that cannot be ascertained. From all indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. To this end, we urge our readers to rely on regulated brokers like this or any licensed entity.

Did you find this post helpful? Please share with us your experience in the comment section below.

Read earlier reviews on Hotcapital-stox, Innotrade-io , Forextimeprime brokers

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