Circle Markets was started in 2016. The firm which is operated by Circle Markets Limited of New Zealand is registered and licensed in Vanuatu. According to the firm’s website, its license number is 40389. Its head office is located at 8 Falls Street, Warkworth, New Zealand. According to City Markets website, Forex traders get to enjoy high-quality STP trading atmosphere in addition to trading more than 35 currencies, 12 world stock market indices and 11 commodities. The traders get to transact all their business on the versatile MT4 trading platform. However, a closer look and one discovers that it is not all rosy at the firm.
Min. Deposit: $200
Trading Platform: MT4
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About Circle Markets
Despite Circle Markets giving a very persuasive argument as to why you should open an account with them, there is a lot of evidence showing that the broker is not very good to its clients. Even though the firm has been registered in Vanuatu, it has been accused of operating a parallel ‘shelf company’ in New Zealand.
Jeffrey McClean is listed as the CEO of the firm. Upon a closer look at the his LinkedIn account, you find that it is fake and no helpful details can be found here. This then means that Circle Markets impersonates seemingly renowned personalities so that traders can trust them and signup with them.
How is trading on Circle Markets?
A relatively low deposit of $50 is required when one wants to open an account at Circle Markets. A trader is able to deposit to their account using credit/ debit cards, bank wire, MegaTransfer E-wallet, Bitcoin, Qiwi and China Union Pay. The accepted currencies include GBP, NZD, EUR and USD. CFDs are also tradable as are cryptocurrencies. Withdrawing funds from the platform proves to be a tall order for many traders which then makes the broker unreliable.
According to the firm spreads start from 0.2 pips on the EUR/USD pair. This applies if a client operates a ProTrade account. A commission of $2 is charged per standard lot per side. In total, a client would end up paying 0.8 pips which is relatively attractive. When it comes to leverage, the maximum level offered by the firm is 1:200. It is worth noting that many brokers do offer higher leveraging like 1:500.
The customer support
There are many things that a new trader is promised once he or she opens an account with the firm. First, one can enjoy a demo account which lasts 14 days. The trading platform is operated in +1 hour GMT time zone. Even though the firm says it has 40 languages as its support languages, there is nothing much a trader should expect other than scammy chats. Before opening an account with Circle Markets, try calling, emailing or chatting them and maybe you will discover for yourself what other traders discovered too late when they had already given out their money.
Can Circle Markets be trusted?
A broker operating as a shelf company in New Zealand when its registered in Vanuatu is by itself not good. It is not licensed by any renowned regulatory body hence making it risky to invest in. There are quite a number of negative trader reviews online and this means it is one of the firms to avoid. The website is also very basic given that it is a Forex platform. Many of the scam websites don’t invest in design because it is not meant to work. This might be the case for the Circle Markets site.