Broker-scammer MYmarketUK: scam schemes and reviews about the company
MYmarketUK: review and feedback about the company
When it comes to choosing a CFD broker, it is important to be extremely careful. Among them, there may indeed be many scammers. One of such “players” is the company MYmarketUK. It positions itself as a British intermediary, but hides information about its licenses. In the network, you can find many reviews with different stories about how mymarketuk.com deceives its clients. We offer you a detailed review of the scammers “My Market UK”. Let’s consider the methods by which the company conducts its machinations.
Review of the website mymarketuk.com
According to former clients of the company, it is almost impossible to obtain any information about the CFD broker. The mymarketuk.com website lacks any specifics, but there are plenty of empty promises and lies.
On the main page of the “My Market UK,” the company lists its advantages. The company calls itself a “reliable broker” (without argumentation) and claims to have over 250 assets for trading, as well as “personal trading conditions.” However, detailed information cannot be found. The site mainly features optimistic formulations: “favorable conditions,” “high global standards,” and so on.
The main menu of mymarketuk.com contains 7 items:
- “Home”,
- “About the company”,
- “Markets”,
- “Trading”,
- “Language selection”,
- “Login”,
- “Registration”.
Like many fraudulent brokers, on the main page of mymarketuk.com, there are several registration buttons. In particular, they are placed under each “advantage.” Instead of a detailed review of the features, “My Market UK” insists on creating an account.
What assets can be traded on mymarketuk.com?
The mymarketuk.com website provides a brief overview of assets available for trading with the CFD broker:
- currency pairs,
- securities,
- energy resources,
- precious metals,
- cryptocurrencies.
According to reviews from former clients, the choice of assets on the intermediary’s website is indeed extensive. However, this becomes meaningless because MYmarketUK does not allow withdrawals.
Additionally, on the company’s website, you can see its “representations” in various business centers around the world. However, this is a lie because there is no evidence of the existence of such offices.
Trading terminal “My Market UK”
MYmarketUK also offers a trading platform of its own development. The company claims to have two versions of the terminal:
- WEB,
- mobile.
However, “My Market UK” does not provide any reviews or specifics regarding its terminal. Even the suitability for which operating systems the mobile version of the platform is designed remains unknown. It is simply impossible to judge the terminal’s capabilities. Additionally, in this section, the company again urges to open an account.
Company documents review
Reviews from users indicate the company’s lack of permission for financial activities. Indeed, when examining the CFD broker’s license, an amusing detail is revealed. “My Market UK” claims to have 4 licenses for financial activities. It is assumed that they are issued by regulators of the following countries:
- United Kingdom,
- Cyprus,
- United Arab Emirates,
- Bahamas.
Since this number of “licenses” seemed small to the CFD broker, it invented 2 more. In particular, the company added permissions for financial activities from the regulators BaFin (Germany) and MiFid (European Union).
Nevertheless, there is no information about 5 out of 6 Cypriot licenses on the mymarketuk.com website. So, the company states the license number – CySec №124/10. Upon verification, it turns out that this financial activity license was issued by a completely different company – Orbex. No connections between these brokers have been established. This indicates that the scammers have no license, and the number is likely fabricated. The first check revealed the obvious lie of MYmarketUK.
Another interesting point is that the fraudsters turned the license information into an image so that it could not be copied and checked. Presumably, there were hopes that people would be too lazy to manually enter the information into a search engine.
Account types on mymarketuk.com
The minimum deposit on the MYmarketUK website is 500 USD. Scammers often set a high entry threshold to compel clients to immediately deposit a significant amount.
“My Market UK” offers traders 3 types of accounts. The first is Silver, with a minimum deposit of 500 USD. The CFD broker promises instant order execution and trading with a leverage of 1:100.
The second type of account is Gold. Available with a deposit of 1,000 USD. In addition to the advantages of the first account type, the company offers trading in cryptocurrencies and deposit insurance (without providing insurance conditions).
The last account is Platinum. The website indicates a minimum deposit of 500 USD, but this is likely a typo, and the actual deposit amount is 5,000 USD. Here, “My Market UK” offers not only insurance but also some deposit protection, from whom – is unclear.
Review of feedback about mymarketuk.com
There are many reviews about the activities of “My Market UK” on the internet, and, unfortunately, they are all negative. There are almost no positive reviews about this intermediary.
Users in their reviews share stories of how they fell for a scam project. Some traders claim that the company does not immediately block withdrawals but allows withdrawing a few small amounts to convince the trader of its “reliability.” After that, the payments stop, and it becomes impossible to return the invested or earned funds.
How CFD brokers “My Market UK” scam
The scammers from mymarketuk.com are not original. Their scam methods are quite standard. The first is a request for money. Company representatives meet potential victims on social networks and maintain contact over time. They then suggest investing money, promising quick and easy earnings.
The victim believes in this and is provided with the contact of a certain Dmitry Dobrovolsky, who is claimed to live in Denmark. The user communicates with this person, and he starts persuading to deposit funds. The trader agrees (after which they will never see their money). Then they are persuaded to deposit more and more. In the end, the company does not allow the user to withdraw funds.
Users also complain in their reviews about accounts being blocked without explanation.
Summary of the review of “My Market UK”
MYmarketuk.com has no advantages because this broker is fraudulent. However, there are plenty of downsides here:
- lack of withdrawal capability,
- scamming clients for money,
- lack of real licenses,
- attempt to mislead traders by providing others’ documents,
- low quality of the trading terminal,
- lack of documents, except for a few lines of “risk warnings” at the bottom of the website.
During the initial check, the lie of “My Market UK” collapses like a house of cards. The company blatantly deceives users by presenting non-existent licenses and not allowing withdrawals. In the Russian-speaking segment of the internet, MYmarketUK has gained a reputation as a fraudulent broker. We strongly recommend avoiding cooperation with this organization.
If you plan to work with CFD instruments, choose reputable brokers with genuine licenses and a good reputation. Good luck!
Author: Ivan Andrienko