As an investor, choosing the right platform to trade is not an easy decision. You need to consider several factors, such as trading fees, investment options, educational resources, and security.
In this review, I take a closer look at the features, benefits, and drawbacks of Markets.com.
At the end of this Markets.com review, you’ll have a better understanding of the platform and determine if it’s the best fit for your trading and investing needs.
Table of Contents
What is Markets.com?
Markets.com is a global forex and CFD broker that has provided value to traders for over 15 years.
Over the years, it has become a trusted choice for traders in the UK and worldwide. The platform is commission-free, meaning that once you join, they won’t charge you for buying or selling shares.
This feature is great as it allows you to save and optimise your investments.
What sets Markets.com apart is that they offer spread betting exclusively to UK traders. This feature allows you to take advantage of the market’s rise and fall without paying extra taxes.
Markets.com specialises in CFDs and forex. A CFD refers to Contracts for Difference, where a buyer and seller agree that the buyer should pay the difference in the price of an asset’s current value and the value at the time of the contract.
The platform also offers CFDs in investment options such as:
- Shares in popular companies such as Amazon, Apple, Microsoft, and Google
- Commodities such as gold, silver, and natural gas
- Over 20 Cryptocurrencies, including Bitcoin and Ethereum
Account Features & Benefits
When it comes to account types, Markets.com offers two main ones: a standard trading account and a demo account.
The platform has simplified its account creation process to make it easy even for non-tech-savvy users.
To open a trading account on Markets.com, here’s what you need to do:
- Go to their website markets.com
- On the top right, there’s a sign-up button
- Type in your email and choose a secure password
- You can also sign up with your Google or Facebook account
- Verify your details by submitting an identification document with your full name, photo, date of birth, and expiration date. If you don’t have this document ready, you can manually upload your details to their verification centre.
- Lastly, provide proof of residence, such as your mortgage statement or rental agreement
The platform also offers a Markets club for premium users.
The club has three categories: Silver, Gold, and Platinum. Some advantages of being a member of the Markets Club are:
- A birthday treat of £50 in cash
- Exclusive access to the projected market trends for the upcoming week
- Exclusive market report
Markets.com has a flexible and competitive fee structure. Here’s what the platform charges for different transactions.
- Deposits: You won’t be charged anything for depositing in your Markets.com trading account.
- Withdrawals: It’s free to withdraw from your Markets.com account. However, the minimum amount you can withdraw varies. For example, the minimum amount for a wire transfer is £100. On the other hand, the minimum amount for PayPal, debit, and credit cards is £10, and the minimum amount for e-wallets is £5.
- Account Inactivity: If your Markets.com account remains inactive for 90 days, you’ll be charged a monthly fee of $10 each month.
Security & Regulatory Compliance
If you’re wondering if your funds are safe with Markets.com, rest assured that the platform is legit and implements security measures to protect your funds from fraud.
The platform is also regulated by the Financial Services Commission, and it implements other security measures such as:
- Segregated Bank Accounts: The platform stores user funds in secure segregated bank accounts. Meaning that in case of insolvency, users’ money and assets will remain safe, and you won’t lose your money.
- Negative Balance Protection: This is a user-protective measure that means that you can’t lose more money than what you deposit in your trading account.
However, when researching Markets.com, I discovered that the platform doesn’t offer a Two-factor Authentication code that would act as extra security measures to protect traders from cybersecurity threats.
If you’re a beginner trader, you need all the trading tools you can get your hands on.
Luckily, Markets.com provides these three important ones:
- Price Alerts: With Markets.com, you don’t have to worry about getting left behind with market trends. Users receive timely alerts for price movements and news releases that may impact their investments.
- SMS and Email Notifications: If you’re not on your desktop, you won’t be left behind. You can receive SMS and email notifications on your phone about changes in the market.
- Three Order Types: Markets.com also offers Limit, Market, and Stop order types, so you can take advantage of fluctuations in the market when the market price favours you.
As great as these trading tools are, Markets.com doesn’t offer a Fee report that could help traders analyse how they spend their money on trading and their investments.
Here’s an overview of the investor resources that Markets.com offers:
- Free Demo Account: One of the platform’s best resources is a free demo trading account, where users can trade in a risk-free environment. This is great for beginners who want to practise trading without losing their money.
- Webinars: The platform also hosts webinars on various trading topics, allowing you to learn from industry experts.
- An A-Z Trading Glossary: This resource is specifically designed for beginners. It serves as a reference tool to ensure you understand all the terminologies and jargon used in the trading world.
- Videos: If you prefer visual learning, Markets.com has a YouTube channel where they regularly upload videos such as tutorials, analysis of financial markets, and trading tips.
User Experience & Mobile Accessibility
When it comes to user experience, Markets.com goes above and beyond to ensure a seamless and enjoyable trading experience.
Their user-friendly platform has a clean and clutter-free design, making it easy to locate resources and other features on their website.
The website content is also available in several languages, including English, Spanish, Portuguese, and Vietnamese.
Besides its user-friendly interface, Markets.com also offers a mobile app that is available for both iOS and Android users. This app allows you to trade on the go, giving you the flexibility to manage your investments from anywhere.
The app also has features such as responsive news and analysis, where you can get statistics to help you with your trading strategy.
According to Trustpilot reviews, Markets.com provides one of the best customer support among broker firms.
They offer 24/5 support, meaning you can reach them anytime from Monday to Friday. This is great for traders who may need help outside of office hours.
Moreover, you can contact them via multiple channels such as email, phone, and live chat.
The only drawback of their customer service is that it is unavailable past Friday, and if you encounter a problem over the weekend, you’ll have to wait until Monday.
Pros & Cons of Markets.com
Here are some advantages and disadvantages of using Markets.com:
- Demo Account: The platform’s demo account is perfect for beginners. It allows you to practise trading before getting into the real market. This is a great way to gain confidence and refine your strategies.
- Several Investment Options: Markets.com offers investment options in Forex and CFDs in commodities, stocks, and cryptocurrencies that allow you to diversify your portfolio.
- Great Customer Service: Markets.com prides itself on its 24/5 customer support, which is fast and efficient. Whenever you have a question or need assistance during the week, their friendly support team is there to help you.
- Competitive Prices: The free withdrawal and free deposit fee structure is convenient and ensures trading remains accessible and cost-effective to traders of all levels.
- Account Inactivity Charges: the £10 inactivity fee per month after three months can quickly add up and discourage beginners who need to take time to learn the basics of trading.
- Lack of Two-Factor Authentication: The platform doesn’t provide biometrics or a 2FA for extra security.
- High Forex Fees: The platform’s forex trading fees are relatively high.
Alternatives to Markets.com
If you’re interested in exploring other options besides Markets.com, here are some great choices:
- Capital.com: Just like Markets.com, Capital.com offers spread betting for UK traders. The platform is easy to navigate, even for beginner traders. Some of the highlights of Capital.com are a minimum deposit of £20, zero withdrawal fees, low forex fees, and great customer support through email and chat. The downside of the platform is that it doesn’t offer users price alert notifications.
- IG: This forex and CFD broker has offered traders a user-friendly trading platform since 1974. Some of the highlights of IG include several valuable educational tools, zero deposit fees, and a world-class trading platform. The downside is that it has a limited product portfolio of only CFD and options trading and relatively slow customer service. Read my full IG review.
- XTB: This is one of the most popular CFD brokers in the UK that allows clients to invest in ETFs and stocks. Some of the highlights of XTB include commission-free ETFs and stocks that are under 100k invested per month, ease of opening an account, and free withdrawal and deposit. The drawback of XTB is its inactivity fee that they charge if your account remains dormant for one year.
Markets.com Review – Final Thoughts
Markets.com offers several benefits to traders and investors.
Its user-friendly interface, demo account, commission-free policy, and excellent customer support make it a platform worth considering.
However, it also has some drawbacks that you should consider as well.
Luckily, the advantages outweigh the disadvantages, making Markets.com a great option for both beginner and experienced traders.